How to Charge the Right Rate As a Virtual Assistant

It's that time of the year when I sit down with my accountant and see how much money I've earnt over the past 12 months. It's been a profitable year - my most profitable yet.When you're starting out in your Virtual Assistant business it's tempting to charge a low rate to bring in business. It's easy to make the mistake of thinking that you won't have many expenses and overheads because you're working from home.If you engage clients at a rate that is not high enough to cover your expenses, retirement funds, the time spent on the project AND make a profit (after all, going into business is about making a profit), then you may as well not be in business.I'm sorry if that sounds a little harsh but I want you to be successful in your business. In order to be successful your rate must factor in:Of course, there will be times where you'll be asked to provide an overall project estimate. You may get this wrong, underestimate the time you'll need to spend on it and end up putting in a few unbillable hours. That's OK, just so long as it doesn't become a habit!

3. Holiday and sick payIf you are looking to work with an already established VA and have them outsource work to you as a shortcut to working from home, then remember that you won't be getting paid as much as you would if you were working directly with the client. That's because the VA that is outsourcing to you has to cover marketing expenses and client administration, and so will be paying you less than the full hourly rate.

Remember that you won't be working 52 weeks a year, every year. As an employee you get paid for sick leave and annual leave. Now that you're self-employed, you'll need to allow for your own holiday and sick leave. Therefore you need to charge enough to cover this aspect as well.