Virtual Assistant Hourly Rates

Here are some points to contemplate before setting your virtual assistant hourly rate.

Standard VA Rate

I know you’re hoping I can tell you the "going rate" here, but actually there is no such thing as a standard rate for virtual assistant services. The virtual assistant industry is a very broad one, including extremely low-priced offerings and people who are such incredible experts in their fields that they can command a high enough rate to allow for a six-figure salary. Individuals who start virtual assistant businesses have a huge variety of backgrounds, some with twenty years of experience, others who are jacks-of-all-trades who have dabbled in so many areas that the sheer variety of skills offered must be factored into the rate equation.

Another thing that eliminates the possibility of any standard virtual assistant rate is the fact that virtual assistants do not even offer the exact same services or skillsets. A virtual paralegal may well choose to set a higher rate than a virtual assistant who does mainly call answering or simple transcription.

Too Low

Be very wary of setting your rates too low as you start your virtual assistant business. You must set your rate high enough that you can actually live off of the income and operate your business properly. You may be okay to start your business on a shoestring, but eventually you will need to upgrade some of your equipment or get a new logo designed. You also may not be taken seriously by business owners or other virtual assistants, as real business owners realize that if you are charging too little your business won’t be sustainable in the long term and therefore you are risky person to partner with.

Too High

While there are likely virtual assistants who have significantly hefty fees, and clientele willing to pay them, be sure that you don’t set your rates higher than may be appropriate, particularly factoring in the rates that your target market is able to bear. Pricing yourself very high also means you have to have a lot of patience to find those clients that truly value you and what you offer them, and that may take a little longer to cultivate.

Just Right

If you want to set your virtual assistant rates just right, you may want to consider use a calculator (the Freelance Switch calculator is a fabulous tool to get you started), consider your special skills, personality traits and experience and don’t forget to allow room to give discounts (for retainer clients or special promotions). Also remember that you should re-evaluate your rates on a regular, at least yearly, basis to make sure they are allowing your business to prosper and grow appropriately.

It can be an overwhelming process but it is absolutely essential that you spend a good amount of time evaluating your needs, your business goals and your market so that you get your virtual assistant rates set just right for you.

About the Author:
Laurie Mapp started Halo Secretarial Services, a virtual legal assistant practice, in 2008 and loves being her own boss! Her 3 boys are much tougher to please than any lawyer she's ever worked with, and she's not sure if teaching them her Starbucks order was quite what she had in mind when she pictured being a work at home mom, but becoming a VA was definitely the best career decision she ever made.