Scale Your Virtual Assistant Business to $50 Per Hour

We go into business for all sorts of reasons: to make our own schedules, to wave goodbye to  insufferable bosses, to help other people in a meaningful way, and to make more money. As a new business owner, how do you measure the progress of your VA practice?

Your mission statement is always a good place to refer back to because it tells you who you’re helping, how you help them, and what results they get from your work together. With these three pieces of information, you can easily perform a quick pulse check of success or progress in all aspects of your business.

One metric your mission statement doesn’t include: revenue.

For many new entrepreneurs, making six-figures a year is a major revenue milestone. And while generating $100K in your business may not be as materially life changing as the coaches and gurus would have you believe, it definitely is a marker of success. It means you’ve got a great service that people want. That’s something worth celebrating!

If you’re billing for 40 hours per week, reaching six figures in annual revenue means you’re charging $50 per hour. That sounds a lot more manageable than the lump sum of $100,000, doesn’t it? So, how do you do it?

Living Wage plus expenses

At the very least, start by charging the living wage of your area. Originally published by Dr. Amy K. Glasmieier of MIT, the Living Wage is defined as the minimum income necessary for a worker to meet their basic needs. Your new business should definitely do that! (Just search your city + living wage.). Remember, as a business owner you have expenses and have to account for taxes and vacation pay and benefits, etc so make sure to add that on when looking at your base per hour rate.

Experience

Stephen Warley of Life Skills That Matter adds a dollar per hour for every year of experience you have. While it may not exactly come from work experience, think of other ways you’ve honed the skills you’re now offering to clients. For example, if you’re starting out as a general admin Virtual Assistant, maybe you have some experience volunteering at your kid’s sports club, organizing fundraisers, or even advocating to your local HOA or council authority for better spending. Those skills can help you manage schedules, anticipate your client’s peripheral needs, and graciously handle customer service inquiries.

Niche

Commit to one specialty or role, such as a General Admin VA or an Email Systems VA. While this may be intimidating in the beginning, remember that niching doesn’t mean that you can’t do other things. Committing to one specialty or role tells prospective clients that you’re an (aspiring) expert at what you do, which can get you a higher investment. It’s a little like hiring someone to fix your sink. A handyman will typically be cheaper than a plumber because the plumber, being an expert, is more likely to have the knowledge and tools to be able to handle whatever issue you’re having with your sink.

Time Efficiency

This isn’t about squeezing more work into less time. Rather, this is about truly becoming the expert. Niching also helps you get faster at the actual work. You spend less time and energy learning, so you can be more efficient and can earn more money for the same amount of time.

Raise Your Prices

Conduct a periodic analysis of your growth, revenue, and expenses. A general guideline is that if you’re 80% booked, it may be a good time to raise your prices. When telling your clients about the price change, include metrics that demonstrate their ROI on your work together. If your business has grown, your clients’ businesses likely have, too! Give your clients ample notice so that they can prepare. To elevate the conversation to #EpicVA status, have a couple of referrals for clients who won’t make the leap with you. And remember: even if you do lose a client, they are making room for someone else who will happily pay what your work is truly worth.

Create A Solid Foundation

Your business will inevitably grow. Make growing smoother and easier by creating a solid foundation to grow on. This includes your mission statement, standard processes, finding and signing your dream clients, choosing the right tech systems, and successfully delegating the right things at the right time. I cover all of this inside The VA Essentials course.

Whether you started your VA practice as a side hustle for some extra cash now or went all in on your business, The VA Essentials course will help you set up your VA practice for $50 per hour and beyond. You’ll nail those foundational principles, tried-and-true processes, and simple mindset shifts you need to build a sustainable, scalable, & profitable VA practice from scratch. Get on the waitlist here.