One of the things our Virtual Assistant Industry Survey has shown us year after year is that Virtual Assistants are not charging enough.
When a Virtual Assistants doesn’t charge enough, it’s difficult, impossible even, to create a profitable, successful practice–the kind that allows you to quit your day job (or in the case of single moms, create the kind of real livelihood that will support their families). When you aren’t earning well, you begin to question your worth. Feelings of resentment often arise.
To make more money, many VAs think the only option is to take on more clients. But that’s not exactly the answer, especially if you’re already managing at capacity. Overwhelm and burnout soon ensue.
Some think the only way to make more money is to turn into a virtual staffing agency. But, again, that’s not the only answer. You have to drum up even more business and be on more of a hamster wheel and become more of a people manager in order to create any kind of profit in that kind of business. The overhead increases. The marketing increases. The administration increases. And the people doing the work don’t work for free, you know. So your profit margin becomes even smaller–you can actually end up earning exponentially less even less money than before!
Many VAs know that they aren’t charging enough. But fear holds them back. They’re afraid if they increase their rates, they’ll lose their current clients.
Sometimes it’s a lack of confidence because they are new in business, not sure of themselves and still carrying over employee mindset.
I won’t lie to you. If you raise your rates, you may lose some current clients. It’s always hard to make change with those who have gotten used to your devaluing of yourself. But some loss is a sign of growth, of growing into your strength and standing for your place in the world. You won’t grow if you don’t ever upset the status quo in your business and aren’t willing to accept risks. It’s important to understand that there are always going to be clients that you outgrow throughout the life of your business.
And when you do, you make room for the more ideal in your business–those new clients who come into your life having more appreciation for what you do for them.
It may never feel completely comfortable raising your rates. But clients aren’t the only ones who have a right to their dreams–you do, too. But you won’t ever reach those dreams if you don’t step outside your comfort zones. You can be bold or you can take baby steps–either way, it’s all forward growth. So just do it!
Now ask me for some tips and strategies 
Don’t forget to take the 2009 Virtual Assistant Industry Survey. Please retweet!
