{"id":3227,"date":"2022-10-24T07:00:00","date_gmt":"2022-10-24T11:00:00","guid":{"rendered":"http:\/\/www.yourvamentor.com\/blog\/?p=3227"},"modified":"2023-02-24T13:47:20","modified_gmt":"2023-02-24T18:47:20","slug":"is-it-time-to-raise-your-virtual-assistant-rates","status":"publish","type":"post","link":"https:\/\/www.yourvamentor.com\/blog\/2022\/10\/is-it-time-to-raise-your-virtual-assistant-rates\/","title":{"rendered":"Is It Time to Raise Your Virtual Assistant Rates?"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">If you are wondering if it\u2019s time to raise your Virtual Assistant rates, then it\u2019s probably time.<\/h3>\n\n\n\n<p>Raising your rates is a natural step in any business \u2013\nand if you don\u2019t have a plan in place to do it regularly, you should put one in\nplace now.<\/p>\n\n\n\n<p>How do you know if it\u2019s time to raise your rates?<\/p>\n\n\n\n<p>Well, if you are thinking about it for any reason, then\nyou probably know it\u2019s time.<\/p>\n\n\n\n<p>But here are a few reasons that you should be thinking\nabout it:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If you have\nworked with a client for a period of one year and have not increased their rate<\/li><li>If you have\nstarted providing newer or higher-level services through experience and\ntraining<\/li><li>If you\ninitially set your rate too low<\/li><li>If you are\nclosing sales easily and your clients are not batting an eye when you tell them\nyour rate<\/li><li>If you are\nstruggling to make a profit because you haven\u2019t accounted for certain expenses\nin your business<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">There are a lot of reasons that you should be adjusting\nthe rate for your VA services. <\/h3>\n\n\n\n<p>But a lot of Virtual Assistants already struggle with\ntalking to clients about money. So how do we raise our rates as painlessly as\npossible?<\/p>\n\n\n\n<p>It\u2019s quite simple, really. You create a policy and then\nyou notify your clients.<\/p>\n\n\n\n<p>If that sounds difficult, you\u2019re going to need some\npractice, because it\u2019s a necessary part of your business that you\u2019ll have to\ntalk to your clients about over and over again.<\/p>\n\n\n\n<p>And it\u2019s just business \u2013 it\u2019s not personal. Don\u2019t make it\npersonal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2023\/02\/YVAM-Raise-Rates-1.png\" alt=\"\" class=\"wp-image-3383\" srcset=\"https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2023\/02\/YVAM-Raise-Rates-1.png 1200w, https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2023\/02\/YVAM-Raise-Rates-1-300x157.png 300w, https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2023\/02\/YVAM-Raise-Rates-1-768x402.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n\n\n\n<p>Let\u2019s look at all of the reasons above to create a better\nmindset over rate increases:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Working with Client for Over a Year<\/h3>\n\n\n\n<p>When we sign our clients, we usually provide them with a\ncontract that details the scope of work and the rate, among other things. But a\nlot of VAs then never raise their client\u2019s rates. But an annual increase should\nbe the least of what you are doing to account for your own expense increases\nand inflation. Just like any job you have, plan to do an annual increase with\neach client. And if you want, you can also do the equivalent of a \u2018performance\nevaluation\u2019 \u2013 to talk to the client about what\u2019s working, what needs to change.\nIt\u2019s a great way to keep your work with your clients fresh and exciting.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">New or Higher Level Service Offerings<\/h3>\n\n\n\n<p>It\u2019s inevitable as a VA to learn new things \u2013 whether\nit\u2019s as a result of your client\u2019s asking you to do something new for them, or\njust our natural thirst for knowledge. When you learn a new skill, your\nexpertise increases. And when you are better at what you do, you need to charge\nmore for it. That\u2019s not to say that every time you watch a YouTube video you\nneed to increase your rates, but if you start to move your VA services into a\nnew area, you need to consider what that service is worth to the clients you\nare supporting.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Initial Rate Too Low<\/h3>\n\n\n\n<p>This is the only reason for an instant rate increase, and\nunfortunately it happens far too often for VAs. If you set your initial rate\ntoo low, you need to raise it as soon as possible, if you want to stay in business.\nYou will want to do the math to figure out the correct rate for your services \u2013\nand don\u2019t forget to incorporate those expenses!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Clients Saying Yes Too Easily<\/h3>\n\n\n\n<p>This sounds like a funny one, I know. Trust me, when my\nbusiness coach told me to do this it felt funny. But it\u2019s absolutely true. If\nyou are doing discovery calls or sales conversations and your clients are\nsaying yes without hesitation, it means there is room to move \u2013 and you should\nmove. When we work with our ideal clients, they can dictate our value, and by\nnot having anyone question your rate, you know they value you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Struggling To Profit<\/h3>\n\n\n\n<p>This usually goes hand in hand with a low rate, but not\nalways. If you didn\u2019t calculate your expenses properly when you set your\nbillable rate, you will probably not be seeing much profit. And profit is what\ndrives your business. It\u2019s a business, not a hobby, and you have to make money\nin order ot keep doing it. Whether you started off wrong or incurred a new\nexpense, you have to adjust your rates to accommodate that. <\/p>\n\n\n\n<p>Raising your rates sometimes seems stressful, but when\nyou are looking at things from a business perspective, you should be able to\nsee why it\u2019s essential to get it right.<\/p>\n\n\n\n<p>From the few situations I have outlined above, if you\nwere advising your client \u2013 what would you say?<\/p>\n\n\n\n<p>Now say the same thing to yourself and get those rates up\nso you can continue providing the amazing service to your clients that you know\nyou can. And make good money doing it.<\/p>\n\n\n\n<p>Remember, it&#8217;s not personal, it&#8217;s\nbusiness. You need to understand the motivation behind setting proper rates to\nproviding high quality services to your clients.<\/p>\n\n\n\n<p>Let&#8217;s get you on the right path\ntoday!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What You Should Do Next:<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2022\/09\/The-Virtual-Circle-MM.png\" alt=\"\" class=\"wp-image-3146\" width=\"426\" height=\"214\" srcset=\"https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2022\/09\/The-Virtual-Circle-MM.png 600w, https:\/\/www.yourvamentor.com\/blog\/wp-content\/uploads\/2022\/09\/The-Virtual-Circle-MM-300x150.png 300w\" sizes=\"auto, (max-width: 426px) 100vw, 426px\" \/><\/figure>\n\n\n\n<p>If you need some help setting or raising your rates, <a href=\"https:\/\/www.yourvamentor.com\/tvc\">The Virtual Circle<\/a> is where you need to be. It is a small group of professional VAs who are getting things done in their business through weekly support and training.  It\u2019s a low cost, high-value coaching alternative to private coaching. A monthly mastermind group that helps you get to where you want to go.  <\/p>\n\n\n\n<p> If you are struggling through your VA business, <a href=\"https:\/\/www.yourvamentor.com\/tvc\">check out this group<\/a> to see if it\u2019s the right time for you! Registration is open now. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are wondering if it\u2019s time to raise your Virtual Assistant rates, then it\u2019s probably time. Raising your rates is a natural step in any business \u2013 and if you don\u2019t have a plan in place to do it regularly, you should put one in place now. How do you know if it\u2019s time&hellip;&nbsp;<a href=\"https:\/\/www.yourvamentor.com\/blog\/2022\/10\/is-it-time-to-raise-your-virtual-assistant-rates\/\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Is It Time to Raise 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":[58],"tags":[195,213,248],"class_list":["post-3227","post","type-post","status-publish","format-standard","hentry","category-business-strategy-tips","tag-business-lessons-for-virtual-assistants","tag-feeling-stuck-in-your-virtual-assistant-business","tag-pushing-through-fear-in-your-virtual-assistant-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is It Time to Raise Your Virtual Assistant Rates<\/title>\n<meta name=\"description\" content=\"If you are wondering if it&#039;s time to raise your Virtual Assistant rates, it&#039;s probably time. 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