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How to determine the price of your services

One of the most difficult decisions that virtual assistants have to make regarding their business is how much to charge their clients. When beginning their business, they may hesitant to charge what they feel they are worth, but still want to be able to make a living by providing their services. There are steps that will be beneficial in helping you determine what to charge for your services.

The first thing you should do is to determine whether you want to bill your clients by the hour or the project. Each method has its perks, but each can also have disadvantages. Billing per project tends to be easier for you and the client. Additionally, the client accepts the method over an hourly rate because they are able to know exactly what a project will cost upfront. Hourly rates can be helpful when you cannot decide how long a job may take you to complete.

Once you have the billing method chosen, consider what other virtual assistants are charging as their rates. In the online world where everyone is easily assessable, you want to ensure that you have competitive fees that will not be much more expensive that others offering the same services as your business. If it is possible to receive quality work for a lower price elsewhere, many prospective clients will opt for the more affordable virtual assistant, however, usually the saying “you get what you pay for” holds true. You should never undercut yourself on fees. You must consider your target market, your skills, and the going rate, but charge what you feel you deserve.

Be sure that you charge according to the services you offer and the experience you have. While it is important to stay competitive with other VAs, you also do not want to work for less than you are worth. Highlight your education and experiences on your website, and refer to these if a potential client mentions that you are charging too much. If you find yourself in need of more work, you can offer a limited time discount in order to get more clients interested in your business.

You must set rates that will allow your business to survive. Factor in the cost of items that are necessary for your business, such as electricity, Internet service, telephone service, printer paper, ink, and other expenses. If you cannot afford the necessary items and services to run your business, it will simply not stay afloat. Additionally, your rates should cover your expenses while also allowing you to profit from your services.

One way to determine your fees is to figure out how many hours you can reasonably bill per week. Then divide that by how much you need to live after expenses and taxes. This may seem like a strange way to determine your fees but this is how many professionals determine what they charge. Once you determine your fees you can then make sure to provide the best quality performance to your clients that you can.

About Stephanie Watson

Mom | Wife | Virtual Assistant | Content Strategist
Stephanie has been working from home for over 20 years as a virtual assistant, template bender, and content writer. She's currently transitioning to business coach. You can learn more about her at her website http://www.barrypublishing.com.

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