Resources To Start Your Virtual Assistant Biz Do you want to start a VA business ( you know you can do it ), but feel left in the dark on the process HOW? This Masterclass is about painting the entire picture for you so you
Resources To Start Your Virtual Assistant Biz
How Much Money Do Virtual Assistants Make?
It’s VERY likely that you are not earning as much $$$ as you could be! A lot of women under price and undervalue the business services they offer, but I am here to tell you: NO LONGER!!
This Masterclass will help you know how much your services are worth and encourage you to start taking control of your income.
In this Masterclass, we are going to discuss the problem with accepting a rate that is too low, thinking creatively about money, and the 3 phases to virtual assistant income potential. Go ahead and hit play above to get the full Masterclass experience or continue reading to pick up on the highlights!
The problem with accepting too low of a rate
I get it.
A client wants to work with you!
You get excited.
You want to take it.
You are ready to leave your 9-5.
You need the money.
But . . .
There is a very vicious cycle you can unknowingly fall into if you accept a rate that is too low.
When you accept a rate that is too low, you do not make enough money. When you do not make enough money, you can’t afford to drop the low paying client to make room for a higher paying client.
If you get into a toxic dependent relationship with a low paying client, you literally cannot afford to drop them.
Let’s start thinking creatively about money!
As an online business owner what you earn is no longer linear. An example of something that is linear is a salary: You know what you are going to make this year. You know what you are probably going to make next year. There are no extra avenues where additional money is coming in. There is not a lot of flexibility.
This “salary” way of thinking is a linear way of thinking, which is what most of us are accustomed to.
However, we now get to take our financial creativity muscles to the gym! Think of it like stretching an elastic band: How can I be making money? How can I diversify my sources of income?
This is how entrepreneurs think. This is how online business owners think.
Your earning potential gets to be stretchy! You can have multiple ways of meeting your income goals!
Let’s think about an Uber driver. An Uber driver’s income is not linear. Why? Uber rates change depending on how busy it is during the day. A driver might pick up more rides as they are approaching Christmas or the holidays. A driver might pick up a ride while they are running their own errand! They are stacking their income. They are getting creative.
Where can I start making money?
Where is money available to me?
Money is constantly available to all of us, and we just need to get creative on how to magnetize it towards us.
You get to take this muscle to the gym and it gets to get bigger and bulkier. We get to see income earning opportunities everywhere!
It’s like finding clients. I have this motto:
Everyone is a potential client or they know a potential client.
You have been walking through the world passing all of these people and then one day you wake up and realize that these are all potential clients. You start to see things differently. That is what I mean about taking this muscle to the gym.
This is going to take time.
Virtual Assistants can make anywhere from $20 to $50 an hour. If you think you are going to wake up one day and make $50 an hour, that is not true. You have either invested a ton of time leading up to that moment or you need to invest in a lot of education leading up to that rate.
Virtual Assisting has incredible income potential, but not overnight. Yet that doesn’t mean that it’s not going to be fun! Building Rome is fun! It is going to take time and we are going to enjoy every brick we lay. It’s an adventure!! It’s entrepreneurship! It is so freaking cool!!:
3 Phases to Virtual Assistant Income Potential
Phase 1 is normally where virtual assistants start. How long you are in each phase is really up to you! It depends on what skill level you come into the business with and it depends on how much you hustle. Phase 1 of Virtual Assisting Income Potential is:
1. DOLLARS FOR HOURS
You have an hourly virtual assistant rate, you track your hours, and you get paid for the hours you work. There is this direct connection. I worked 10 hours, I get 10 times my hourly rate. That is how much money you make.
This is where most Virtual Assistants start.
Depending on the expertise you come into virtual assisting with, Virtual Assistants can make anywhere between $20 and $50 an hour. Please DO NOT accept less than $20 per hour. You simply do not have to!
This rate may feel uncomfortable, maybe it is more than you are currently making per hour… but you need to remember as a Virtual Assistant you are a contractor! Your clients do not have any additional expenses for you like they do for an employee. With an employee, they have to pay for an office. They have to pay for the desk. They have to put money into the 401k. They have to pay for health insurance. They have to pay for benefits…
As a Virtual Assistant, your clients don’t pay for that, so you get to charge more per hour! If $20, $30, or $35 an hour sounds like, “WOW! I have never made that before,” welcome to working for yourself!!
Plus, within 3 – 6 months, you are going to be raising your rates with your clients. Why? Because at the beginning of your virtual assisting business your learning curve is so steep!
Here is some math:
You start with charging $30 an hour while working for 30 hours a month.
$30 x 30 hours = $3,600 / month
Then you raise your rate by $2.50 an hour, not too scary. Now we have:
$32.50 x 30 hours = $3,900 / month
The $2.50 makes a difference!
Over time, your experience increases and your services have become more valuable.
Not all of your clients have to be on the same rate. Your first client might be on your starting rate, but by the time you get your second client, you are a better VA. You can have multiple clients all at different rates.
Remember: We have to move away from the linear way of thinking.
You can also stack your packages during the dollars for hours phase. An example of stacking packages would be a private chauffeur picking up Uber rides while they are waiting for their private client to get out of a meeting. The driver is making money from his private client while also picking up extra income on the side. Similarly, As a virtual assistant, you can also stack your packages.
You could have some retainer packages. I know VAs that have a retainer package that is a flat rate of $5,000 a month. Then they stack this with projects, and now they are making more than $5,000 a month.
You could have a bunch of clients that are on 10 hour and 20 hour packages, and then someone asks you to whip up a landing page for them. You are going to charge this at a premium because this client isn’t going to stick around. If someone pops in for a one time thing, you charge a premium.
See! There is a lot of earning potential here!
2. BUILDS + EXPERTISE
You can enter into this phase of virtual assistant income potential when you have acquired a skill either before or during your VA business.
Is there a program you feel really confident in setting up for someone?
There might be a client that wants to bring a CRM like Dubsado into their business. If you know this software, you can audit Dubsado systems for clients who are not familiar with this program and show them how to set it up more efficiently. You get to charge a premium because the client is paying you for your skillset, not just your time.
Are you familiar with a specific industry that could use some updating?
You can help a 9-5 industry digitize their business. Since the pandemic hit, business owners have increased awareness of the need to digitize their brick and mortar businesses. If you are already familiar with their industry you can serve as a bridge between the old and the new systems.
AND before you rule out a specific skill you already have or your ability to show up as an expert in a certain industry just because you know someone else who is already doing this… STOP!
There are lots of mechanics that can fix your car. It doesn’t mean that there are too many!
The industry is not saturated!
You get to charge more for your expertise!
There is someone in our WVA family that is a podcast producer. This is an example of an expertise! Podcast producers can start at $45/hour or they can charge a couple thousand per month.
Becoming an Online Business Manager is a very natural next step for Virtual Assistants. They start at $65 to $150 per hour. You may be thinking “How long do you have to be a virtual assistant before becoming an OBM?” and the answer is: however long you need for it to feel right!
There is no set pace that you are allowed to grow at.
You do not have to wait for someone to die for you to be promoted into their position. It is NOT an old boys club. You do not have to earn your place with seniority.
When you work for yourself online, it is as fast or as slow as you want.
You get to play by your own rules!
Now we are no longer exchanging dollar for hours because not only do you have the hours, but you also have the ability! This is worth more than an hourly rate.
We get to shift our thinking: Our expertise is getting our clients results.
A copywriter might write a sales ad that leads to a million dollars in profit. It may have only taken them an hour to write it, but that hour is worth way more than $20.
You might build a sales funnel and charge $100 for the funnel PLUS 10% of the sales that come from it.
It’s not about how long it takes you to do something, it is about the value of it.
3. ADDITIONAL FORMS OF INCOME
In this phase we add additional forms of income into our business. Think evergreen or “passive” income. Offers you create once and then continuously sell in the background.
Additional income can come from:
- Course for your redundant tasks
- Course on your unique expertise
- Program set-up courses + support
For example, a Dubsado expert could have you start your journey with them via their course in order to properly set up your account. Only after you have taken the steps to set up the account do they come in and customize the system to support your needs. They can then come in and train your team to use it to its maximum ability.
Similarly, a graphic designer might want to create pin designs for Pinterest and offer the templates on a subscription. Each month the graphic designer whips up fresh pins to send to their subscribers and the subscribers just swap out their colors and are good to go!
In order to transition between each phase, you need to take your money mindset, financial creativity, and income potential muscles to the gym. Start to think about how you can increase your income potential. This does not mean you are greedy. This does not mean you have to be wealthy. This only means you are thinking in a certain way so that you can make a conscious decision.
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See you next time!
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Quotes from Alumni
LFP was amazing and i did it all right after bringing home my sweet baby boy! I couldn't have become a Virtual instructor. She was there the whole way ...whenever I needed anything. So thank you LFP for the knowledge, motivation and changing my life!
Before I joined LFP I had no idea where to start, but I knew I wanted to work from home and have freedom. LFP gave me all of the resources, confidence and support I needed to get my business started!
My life has changed so much since LFP. I am the mama I wanted to be always and I am kicking ass in my business. Listen to the advice you are given and you will dominate in your business. Love you guys!
LFP was worth every single penny. The confidence, skills, and real-life experience I gained from this program were so incredibly valuable! Two Months in, I had my first client. If I tried to become a VA on my own, it may have taken me years to get where I am now.
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