A common dilemma that many who are starting out on their entrepreneurial journey as a virtual assistant face is: What should I charge for my rate? They look at their competitors and set their price on the lower end of the price range that they observed .. or worse, compare to those rates on bid-to-hire sites, which are notoriously low. The reasoning behind this seems to make sense, they want to compete and they don’t want the price tag to be the reason they didn’t get that customer. So let me be clear: This is NOT a good strategy. Period.
People too frequently confuse affordable with cheap; I see the two as being very different from each other. Cheap is exactly that, it costs very little and has no value. Affordable on the other hand is measured not just in how much it cost, but in how much value that cost returned. Help your clients to see and identify the value in your service, what obstacles and challenges you will be able to help them overcome, how you will be able to help them move themselves and their business forward, and how much time you will be giving back to them.
When you are looking to hire a virtual assistant, the most common question haunting your mind is why to pay $40, $45, $50 or more per hour when you got quotes for $15 per hour. As a result of the tough competition from the foreign markets, new VAs are flooding the scene offering lower and lower and lower quotes. This is not unique but, rather, quite common. Prospective clients feel they got a big deal by having to pay only $15 per hour.
But is it really a big bargain? What are you getting when hiring an inexpensive virtual assistant?
“What is your rate?” they ask, and your response is … There is no one-response-for-all. Products and services are totally different and different processes are involved. Although you can sell both, your response will be different with product selling than…
Having your own virtual assistant business can conveniently fit into almost any lifestyle, but what does it entail? Virtual assistants are administrative experts, providing a variety of administration, technical and marketing services to clients, often remotely. Communicating with clients is…
Even for experienced virtual assistants, determining rates can be a tough process filled with doubt and conflict. The key is knowing your market and having rates that are easy to understand. Important considerations for any virtual assistant in determining rates include your experience, what your operating profit needs to be (per hour), and knowing what other virtual assistants are charging in your locale and area of expertise.