{"id":2928,"date":"2021-06-04T09:00:00","date_gmt":"2021-06-04T13:00:00","guid":{"rendered":"http:\/\/www.yourvamentor.com\/blog\/?p=2928"},"modified":"2021-06-03T18:17:29","modified_gmt":"2021-06-03T22:17:29","slug":"set-virtual-assistant-rates","status":"publish","type":"post","link":"https:\/\/www.yourvamentor.com\/blog\/2021\/06\/set-virtual-assistant-rates\/","title":{"rendered":"How to Set (or Fix!) Your Virtual Assistant Rates"},"content":{"rendered":"\n

Setting your rates can be one of the most challenging things to do in your VA business. <\/h3>\n\n\n\n

There is often a confidence issue that rears its ugly head when you are starting out \u2013 you think you have no experience, you aren\u2019t sure your rates are even competitive, and you don\u2019t want any clients to say no when you tell them what you charge.<\/p>\n\n\n\n

And if you have been in business for a while, you may still struggle to raise your rates when you need to (especially if you started out much too low).<\/p>\n\n\n\n

But in order to run a successful VA business \u2013 and stay in business \u2013 you need to set your rates properly.<\/p>\n\n\n\n

Either way, it\u2019s not hard to figure out how to do this.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

How Much Do You Need to Earn?<\/h3>\n\n\n\n

Start by calculating how much you need to bring in every month. Usually we look at replacing the salary at our job. So if you made $40,000 at your job, what was your take-home pay? That\u2019s where you can start if you want to earn the same amount from your VA business. Let\u2019s call it around $2,000 a month.<\/p>\n\n\n\n

But then you also have to factor in what you need to pay out in your business.<\/p>\n\n\n\n

How Much Do You Need to Pay Out?<\/h3>\n\n\n\n

Expenses are an important part of business \u2013 and tracking them is the first step. You definitely need to allow for your taxes (work with 30% in most areas to make sure you are covered for taxes). <\/p>\n\n\n\n

Write out any expenses you will need to allow for in your business \u2013 and for easy math, even if you just pay something annually like a web host, divide that amount by 12 to get a monthly amount, so you can do the expenses math properly.<\/p>\n\n\n\n

Here is the important part: instead of subtracting these expense dollars from your monthly \u2018need to earn\u2019, which is naturally what you think you need to, ADD them to the original $2000 you need to earn. <\/p>\n\n\n\n

So if the expenses you will incur are around $300 per month, plus taxes at 30% ($600), you will then need to bring in $2900 a month to make sure your take-home \u2018pay\u2019 remains where you need it to be. Make sense? <\/p>\n\n\n\n

How Much Can You Work?<\/h3>\n\n\n\n

Once you know your monthly revenue goal, then figure out how many hours a week you can bill to clients. Make no mistake that most hours are billable to your clients for their work \u2013 but as a business owner, you will also have to make sure you save enough time to RUN your business. Admin, marketing, networking, and more have to be factored into your calendar as well \u2013 and those costs are not hard billed to clients.<\/p>\n\n\n\n

So say you can bill out 5 or 6 hours a day, because the rest of the time you will need to be tending to admin or marketing tasks, then that is 30 hours a week, or 120 hours a month. <\/p>\n\n\n\n

$2900 divided by 120 hours = $24.16. So your billable rate has to be at least that in order to meet your revenue and take-home goals.<\/p>\n\n\n\n

That\u2019s basically it. You can certainly charge more (don\u2019t charge less than $25 even when starting out. Just don\u2019t!) but now you know that you can get to where you want to go because you have done the math.<\/p>\n\n\n\n

When you take the time to do the math around your rates, you will understand where the money will end up when it comes in, and you can make better plans and better decisions.<\/p>\n\n\n\n

Set your rates properly from the start (or if you didn\u2019t do it then, do it right now!) and your business will be more stable, more profitable, and you will be much happier!<\/p>\n\n\n\n

I\u2019d love to help you set or adjust your pricing. Private coaching is a great option to help you choose your best service offerings, check out your market\u2019s viability and set rates that help you run a profitable business working with great clients. Learn more about private coaching here: www.YourVAMentor.com\/services<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Setting your rates can be one of the most challenging things to do in your VA business. There is often a confidence issue that rears its ugly head when you are starting out \u2013 you think you have no experience, you aren\u2019t sure your rates are even competitive, and you don\u2019t want any clients to… Read More »How to Set (or Fix!) Your Virtual Assistant Rates<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[56],"tags":[225,223,153],"class_list":["post-2928","post","type-post","status-publish","format-standard","hentry","category-service-offerings","tag-calculating-your-rates","tag-setting-your-virtual-assistant-rates","tag-business-strategy-tips"],"yoast_head":"\nHow to Set or Fix Your Virtual Assistant Rates<\/title>\n<meta name=\"description\" content=\"If it\u2019s time to set or raise your rates, find out the best way to determine your rates so you can build a successful business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yourvamentor.com\/blog\/2021\/06\/set-virtual-assistant-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Set or Fix Your Virtual Assistant Rates\" \/>\n<meta property=\"og:description\" content=\"If it\u2019s time to set or raise your rates, find out the best way to determine your rates so you can build a successful business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yourvamentor.com\/blog\/2021\/06\/set-virtual-assistant-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Learn to Be a Ridiculously Good Virtual Assistant\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/yourvamentor\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-04T13:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2021\/06\/YVAM-Set-VA-Rates-1.png\" \/>\n<meta name=\"author\" content=\"Tracey D'Aviero\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@tracey_d\" \/>\n<meta name=\"twitter:site\" content=\"@tracey_d\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tracey D'Aviero\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.yourvamentor.com\/blog\/2021\/06\/set-virtual-assistant-rates\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.yourvamentor.com\/blog\/2021\/06\/set-virtual-assistant-rates\/\"},\"author\":{\"name\":\"Tracey D'Aviero\",\"@id\":\"https:\/\/www.yourvamentor.com\/blog\/#\/schema\/person\/abe20fc729af3323a907d3e58f3aacf5\"},\"headline\":\"How to Set (or Fix!) 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