I’ve seen Virtual Assistants’ prices range from $15 to $70/hr depending on the VA’s experience, specialty, and the project. One of the most common concerns with a new Virtual Business is what to charge for their services.
A common mistake made by new Virtual Assistant businesses is underestimating the value of their services. The more specialized your service is the more you may be able to charge for those services. Here are some guidelines:
Peek in on your competitors
Visit other Virtual Assistants’ websites to see what they are charging for similar or the same services. Look for areas you can improve and perhaps provide a service that they don’t. Find your USP (Unique Selling Proposition or Point). In other words, what sets your business apart from others like it.
Calculate your expenses
Your price should at least cover your expenses. Expenses can include but not limited to:
- Your Time (Yes, I said your time)
- Office supplies, Equipment, and Software
- Marketing (Online and Offline)
- Utilities (Electricity, Gas, Telephone, Water, etc)
- Insurance (Business, Health, etc.)
- Web Hosting and Web Maintenance
- Travel and Transportation
- Continuing Education
These are just a few that I can think of off the top of my head. Once you have calculated your expenses you will have a general idea of what you need to at least cover your expenses. Of course you don’t want to just cover your expenses, but make a profit as well.
Price your services according to your target market
Your target market is another factor to consider before setting your virtual assistance price list. If your target market is business executives or college students then naturally you could charge the business executives more than you could college students. Why? Well…college students may be on tight budgets, work part-time, and/or may still be depending on their parents for financial assistance. Business executives are pretty much established and tend to have bigger budgets. Do you catch my drift?
Price your services according to supply and demand
If you provide specialized services and the demand is high but the supply is low, not many VAs offering the same services, you can charge more for those services. However; if the supply is high you may want to consider being more competitive with your prices. If you want to lower your prices and still make a profit you will want to cut your expenses also.
After considering all of the above it should give you a general idea of how to set your virtual assistance price list. This is just a basic and general guideline so nothing is set in stone 🙂