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.
Posts Tagged Money and Legal
Knowing what to charge and then asking for it is one of the hardest aspects of freelancing to get your head around. Not only is the area unfamiliar to you, but even talking about money makes most people uncomfortable. But in order to become a successful (i.e. wealthy) VA, you need to nail your pricing strategy otherwise you have 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 naked without a contract!
Unless you live on the moon, I’m sure you’ve heard of the changes to the new EU data protection laws, commonly known as the GDPR. These changes came into force on 25th May 2018 and affect every business whether it’s in the EU or not – so that means you AND your clients. Here’s what you need to know and how to comply.
If you charge by the hour, at some point you’re going to reach an income plateau as there are only so many billable hours you can work in a day. You know you need to raise your rates as time goes on, but you’re also 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.
As a freelancer you are legally required to keep accurate financial records and expenses going back over the last six years. My trainees often ask me how they should record both their own financial records as well as their client invoices, so I thought I’d show you the system I use myself.
People often ask whether they should take out business insurance and, although I usually direct them to various online articles (because well, that’s why Google exists!) I thought I should cover it on my website too. Many Sole Traders I know don’t have any insurance, but here’s a summary of the different types so you can make an informed decision for yourself.
An ongoing debate amongst freelancers is whether or not you should display your rates on your website. Although not everyone agrees and I have my own fixed opinion on the matter, I want to outline the pros and cons of both arguments as well as address common concerns so you can make an informed decision for yourself.
So now I’ve covered how to set your rates, how to track time spent on client tasks, how to avoid time-wasting clients and how and when to fire a client, it’s time to tell you how to invoice a client so they can pay you! This is how to set up easy standard ways of invoicing so you can just do the work and bill your client without any stress, worry or confusion.
One of the hardest things to decide when you become a Virtual Assistant is how to set your rates. 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: