When you decide that you’re going to become a Virtual Assistant and take over the Universe, one of the things you’ll need to do is tell the Government you’re no longer working for The Man but for many men (and women) instead. The information below is based on current UK tax laws so please check what your own government requires if you live outside of the UK.
Posts Categorized Money & legal
Members of my Facebook group often ask whether they need insurance and which type to get. Because the options can be hard to understand, here is a summary of the various different policy types so you can make an informed decision for yourself. Many sole traders I know don’t have any insurance, but are they making a mistake?
If you’re a Virtual Assistant who charges by the hour, at some point you’re going to reach an income plateau as there are only so many billable hours in a day. You know you need to raise your rates as time goes on, but you’re worried you might lose some of your clients if you do. Here’s how to up your prices like a pro along with a customisable email template.
Because the VA industry is unregulated, people often try to take advantage of the situation for their own personal or financial gain. From amateur “experts”, dodgy clients and outright scammers, unethical practices appear to be on the rise. But if you know what to look out for, you’re far less likely to be taken for a ride.
Knowing what to charge and then asking for it is one of the hardest aspects of freelancing. Not only is the subject of pricing unfamiliar to new business owners, but the whole idea of talking about money seems to make most women uncomfortable. But in order to become a successful (i.e. wealthy) VA, you will need to nail your pricing strategy otherwise you will end up with a hobby and not a business.
Every Virtual Assistant needs to have legal contracts so they don’t get sued or screwed. Clients expect you to have them and they’re there to give both you and your clients peace of mind if it all goes south. It may start out all rainbows and fairies but client relationships can sour – and you do not want to find yourself stark naked without a contract!
Unless you live on the moon, I’m sure you’ve heard of the European Union’s General Data Protection Regulation. Commonly known as the GDPR, these regulations affect every business whether it is based in the EU or not – so you AND your clients need to comply with it. Here’s what you need to know about global data protection and how to stay compliant.
One of the hardest things to decide when you become a Virtual Assistant is how to price your services. If you charge by the hour then you’ll never earn more than there are hours in the day, which is why it’s better to get a client on a retainer or charge a project rate. “But how does that work and how do I do that?!” I hear you cry. Well let’s look at those options in more detail.
When I started out as a Virtual Assistant I thoroughly researched other VA websites and noticed that many of them mentioned contracts or terms and conditions – yet when I asked another Virtual Assistant in my area about them she said she never used a contract and simply trusted her clients. So what did I do?
At some point during your VA career, you’re going to get some late-paying clients – it’s just the way things are. Some clients are fantastic and pay your invoices immediately, some like to cut it fine, and some will really test your patience. Here’s how to deal with the late payers without going all Daenerys Targaryen on them.