5 Ways to Price Your Virtual Assistant Services

Pricing is usually one of the trickiest things to figure out in your business, no matter what industry you’re in. The trick is finding the balance between making enough money to support yourself (and then some) and charging a price people want to pay!

In this episode, I cover a variety of pricing structures and the pros and cons of each. That way, you can choose which ones work best for you and your Virtual Assistant business.

Mentioned in this episode:
5 Ways to Price Your Virtual Assistant Services blog post: https://desiretodone.com/price-your-virtual-assistant-services/

You can find the VA Rate Calculator here: https://introvertvaclub.com

My website:
https://desiretodone.com

My membership for VAs:
https://introvertvaclub.com

Join my email list and get weekly VA tips:
https://desiretodone.com/newsletter

--------------------------------------
🖥️ Visit my website: https://desiretodone.com
💌 Sign up for my newsletter: https://desiretodone.com/newsletter
📺 Subscribe on YouTube: https://www.youtube.com/@desiretodone
🦄 Join my membership program: https://introvertvaclub.com

Hello, hello! It’s your host, Billie Gardner. Welcome to episode 2 of the Desire to Done podcast! This episode is for you if you are in the research phase of your business, are just starting out, or need a refresher on the different types of pricing structures you can offer in your biz. If you’re more advanced, I’ll be covering VIP Days in more detail next week so if that sounds like something you’d like to learn more about, be sure to tune in next week.

Ok, on to today’s episode, 5 ways to price your virtual assistant services!

The good news is, there’s a variety of pricing options to choose from. You get to choose what works best for you and your business.

Another great thing is that you don’t have to choose just one pricing structure! You can mix and match them and even change them down the line. Your pricing is never set in stone.

As a side-note, I recommend that you invoice your clients prior to doing any work. This ensures you don’t get stiffed at the end. Nobody’s got time to chase down their money!

In this episode, I’ll be covering a variety of ways to price your services and the pros and cons of each. You might want to jot down notes. Better yet, I’ll be publishing a blog post soon that will have all the info I’m covering today. Once I publish the blog post, I’ll add a link to it in this week’s episode description.

Here’s a breakdown of the different ways you can price your VA services:

The first way is with an Hourly Package rate-The client purchases a set amount of hours, and once they run out, they can purchase more. These hours can roll over month to month and typically expire after 3 months or so. Think of it like a punch card for classes at a yoga studio.

Examples of services you could offer at an hourly package rate:

Almost anything! Admin assistance, website updates, setting up software, writing and sending emails, writing and formatting blog posts, etc. You can even list the type of tasks and software you can help with and let the client choose.

PRO:

• Easiest way for you to set up your services. Like I just mentioned, you can offer a menu of services, and the client can choose which ones they need.

CONS:

• No guarantee of ongoing work once the hours are used up. You will constantly need to renew or bring in new clients

• You will have to track your hours

• The hours you work each month will fluctuate according to your clients’ needs. This means you could be working more hours one month than another

• You are trading your time for money which means you're capping your income based on how many hours you can work

Another pricing option, one that I’m a big fan of, is a Retainer Rate- A retainer rate is a monthly package of hours. These hours don’t roll over month to month like an Hourly Package Rate. Instead, the client must use those hours up each month. If not, they will expire.

This is how I priced my services when I became a VA, and I’m so glad I did. With retainer rates, the client has an ongoing work relationship with you, which means you have consistent money coming in each month. This also creates a solid foundation so that you can offer other types of services and rates.

When I was an Online Business Manager, I oversaw the projects in my clients’ businesses and also updated websites, created graphics, and curated and scheduled social media. I worked with the same clients each month, which is perfect for introverts because you get to really know your clients.

PROS:

• Steady work, which means more steady income

• You’ll develop valuable (and fun!) relationships with your clients

• Perfect for introverts because you really get to know your clients. You also don't have to have as many discovery calls with potential clients (score!)

• You’ll work with the same clients each month so you’ll spend less time marketing to find new clients.

CONS:

• You will have to track your hours

• Clients may expect a lot of work all at once (like at the first of the month when their hours renew)

Examples of services you could offer at a retainer rate: Blog management, customer service work, database maintenance, managing social media accounts, or doing a variety of tasks on an ongoing basis.

The third rate I want to cover is the Project Rate- With this rate, you’ll charge a flat rate fee to complete a project.

To calculate a project rate, you will first determine the following:

• how much you want to charge hourly

• how long it will take you to complete a particular service, including any edits if needed

• How long it will take to onboard and offboard a client

PROS:

• You’re not trading your time for money like you are with hourly or retainers. An added bonus is that as you gain experience, you’ll become quicker and more efficient, which in essence is a pay raise for you!

• This could be an ongoing service if you offer a monthly service

• You don’t need to track your hours unless you want to for your sake

• When you focus on one type of project(s) rather than multiple tasks, you are saving your energy, you get better at the service the more you do it, and you can eventually charge more and become the “go-to person” for this type of project

CONS:

• If it’s not ongoing work, you’ll need to get new clients constantly

• Your hourly rate will be lower if a project ends up taking longer than expected

Examples of services you could offer at a project rate: eBook formatting, video editing, web design, logo design, eBook cover design, creating a package of graphics, webinar creation, setting up shopping carts, etc.

The fourth rate is a Package Rate

With the package rate, you package up a group of services and charge a flat fee.

The pros and cons of a package rate are the same as those of a project rate.

PROS:

• You’re not trading your time for money. As you gain experience, you’ll become quicker and more efficient which in essence is a pay raise for you!

• This could be an ongoing service if you offer a monthly service

• You don’t need to track your hours unless you want to for your sake

• When you focus on doing the same type of tasks regularly, you are saving your energy, you get better at the service the more you do it, and you can eventually charge more and become the “go-to person” for this type of service

CONS:

• If it’s not ongoing work, you’ll need to get new clients constantly

• Your hourly rate will be lower if the service ends up taking longer than expected

Examples of services you could offer at a package rate:

blog post writing and formatting, Pinterest management and pin creation, ebook writing and design

The last type of pricing structure I want to cover is called VIP Days (sometimes referred to as VA for a Day or Day Rates).

A VIP Day is when a client books you for a day (usually anywhere between 3-8 hours) for a specific project or set of tasks.

PROS

You can charge more than your normal hourly rate since you are dedicating your time and energy to one client.
You have the ability to work less overall if there’s a demand for your VIP day, and you’re able to book clients consistently.
When the day is over, the project is over. No scope creep where the client wants something added and edited.
VIP Days can help boost your income whether you solely focus on them or offer them in addition to other services and pricing structures.
Focusing on one client and one type of task(s) is easier than bouncing around doing different tasks for multiple clients.

CONS

It can be very tiring for introverted Virtual Assistants – it’s a good idea to schedule recovery time at the end of the day.
You will need to constantly find clients vs. a retainer rate where you work with a client on an ongoing basis and can count on consistent income.
Not everyone can afford a VIP Day, so you’ll need to get really clear on your ideal client for this service and find them. (It will typically be people who have been in business for a while and have the budget for it.)

Examples of services you could offer for a VIP Day:

Copywriting – sales pages, sales emails
Social Media – writing posts, creating graphics, scheduling
Website Page Design – set up certain pages for an existing website
Coaching/Consulting – be available for client questions as they work on a project
Admin tasks – a variety of tasks
Email Cleanup – clean up and organize a client’s inbox

You can learn more about VIP days, including what to offer, benefits, and more, in next week’s podcast episode. Be sure to subscribe to this podcast so that you’ll be notified when it’s available!

As you can see, there are many options for pricing your services. My best advice is to start somewhere. Don’t get caught up in your head about the pros and cons. You can always change your prices, services, and pricing structure!

If you need help with figuring out your hourly rate, we have a Rate Calculator Kit inside the Introvert VA Club! It’s a spreadsheet that will help you Calculate your hourly rate based on your expenses, hours, and how much time you want to take off. You’ll have access to it and much more once you join! Just go to introvertvaclub.com to learn more.

Thanks for listening! If you’re enjoying this podcast, please subscribe, and I’ll talk to you next week!

Desire to Done Podcast for Virtual Assistants and Introverts

5 Ways to Price Your Virtual Assistant Services

Listen to this podcast on