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 Tagged Money
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.
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.
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.
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:
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.
If you’re a Virtual Assistant who charges by the hour then you’ll need a way of recording your time. Clients need to know they’re paying solely for the time you spend on their task, and it kinda helps if you know how much to bill them for! If you charge by the project then you probably won’t need a time tracker, but if you charge an hourly rate then you will.