So, you’re a new (or aspiring) Virtual Assistant who’s stressed out because someone’s interested in working with you, and you have no idea what your virtual assistant services rates are!
First of all, “hello, and welcome to the club”. Don’t worry, it’s not just you! We’ve all been there. And, it’s an issue that even the most seasoned VA’s struggle with from time to time. Each time you land a new client or decide to offer a new service, the subject of price rears its ugly head.
And if you’re wondering “I’m not a VA, I’m a Social Media Manager, will this still be applicable to me?” Yes! VA is used as an umbrella term for most online businesses and includes social media managers, online business managers, copywriters, coaches etc. If you run a service-based business online, then these 5 different pricing structures will definitely be relevant to you.
So, let’s start by taking a look at the…
Different Virtual Assitance pricing structures
1. Hourly rates
Hourly rates are like a pay-as-you-go service. You carry out the work and invoice the client once it’s completed. This pricing structure is great for VA’s who are still finding their feet and figuring out how long tasks take. To help you do that, you can use free time tracking apps such as Clockify to keep track of how much time you’re spending on each task.
At the end of the week/ month (whatever you decide with the client), download the time report and attached it with your invoice.
Whilst hourly rates might seem like the simplest option, they can be risky. One month you might be rushed off your feet, the next you’re twiddling your thumbs. Not only does it make it difficult for you to plan your schedule, but you also have no idea how much money you’re going to be earning from one month to the next.
This can be a real struggle for VAs which is why I’ve created the Capacity Calculator to help you plan your workload and achieve your income goals.
2. Retainer
Retainers are similar to an hourly rate, except you tend to invoice the client in advance for a set and agreed number of hours. That means you can plan your time better. Plus, you will know exactly how much money is coming into your bank each month.
Top tips:
- Don’t be tempted to discount your hourly rate on retainers! Lots of VA’s do this as we’re naturally ‘helpful’ and want to please the client. But, it still takes you the same amount of time to complete the task.
- Don’t roll over any unused hours! The client is paying to reserve your time. If they don’t use the hours, they lose them (rolling hours over can get messy).
I know some VAs worry about selling retainers to clients, you might be wondering “but what is in it for them” – but it’s actually better for the client too for two reasons: your time is guaranteed, they know they have access to your support as a priority over any other ad hoc work, they can also plan their outgoing monthly costs much easier.
Example of a VA retainer package
You’ve landed a client who needs help with email and diary management. You agree on 10 hours per month at £25 per hour. If their emails are slower than usual, or they don’t have as many dairy commitments one particular month, and you only end up working 9 hours – you’ll still get the full £250.
On the flip side, if you think you’re going to go over the agreed hours, let the client know in advance. You can then agree to either stop the task or carry on for an additional fee.
3. Package rates
Package rates come in all shapes and sizes. They work best for VA’s who bundle tasks together such as social media, email marketing or creative services, and these are repeated every month.
The best thing about package rates is that it’s a win-win for everyone. The client is happy because they’re receiving a service at a set price, and they know how much they’re spending every month. And, you don’t get penalised for doing a task quicker, like you would when charging by the hour.
The client also doesn’t put a value on the time with a package, but the value lies in the output of what they are getting. For example, if you charge £25 per hour to manage their social media, the client doesn’t necessarily understand the outcomes of what they are getting and so they focus on the time it takes to do certain tasks. But if you charge like the example below, the client focuses on the output and the value you are giving them for the overall cost.
Example of a VA package rate
You’re a social media VA and one of your packages is; creating and scheduling 5x graphics and captions per week, plus 1-hour community engagement per week. You’d estimate how long completing those tasks will take you and then multiply it by your hourly rate (plus a bit extra so you know you’re covered).
If the package above would cost a client £300 per month for example. You then consider the value of your package i.e ask yourself, would a client pay more than £300 per month to have all of these tasks taken off their hands?
You can also create different package tiers, making it simple for the client to upgrade your services as their needs grow.
4. Project rates
Project rates tend to be used for one-offs projects such as designing a website, creating a sales funnel, or writing a welcome email sequence.
With project rates, it’s super important to know the full scope of the tasks you’re going to be carrying out, and how long they’re going to take you. This not only gives you more clarity on what is required, but it also helps manage clients’ expectations.
Make sure every little detail is outlined in your contract. That way, if the scope of the project changes – you’re covered!
Example of a VA project rate
A client wants you to design 20x social media templates in Canva. You charge a set fee based on how long you think the project will take, plus a bit extra for contingency (and any value additions too).
5. Maintenance/ support rates
Maintenance and support rates are often overlooked in the VA industry. However, they’re a great option to VA’s who offer maintenance services such as WordPress maintenance, or file clean-ups.
Example of a VA maintenance/ support rate
You’re hired to maintain a client’s WordPress website. Each month you’ll log in, back up the website, update any plug-ins, check and fix any broken links. You’d estimate how long these tasks are going to take you, adding a little extra because some months there might be more updates to do than others.
Which Virtual Assistant pricing structure should you use?
If you’re a new VA, I’d recommend starting out with either hourly rates or retainers. That way, you’re going to get a better understanding of 1) the types of tasks you enjoy doing and 2) how long those tasks are going to take.
If it’s not your first rodeo and you’ve already got a grip on the services you’re offering, you’ll be better off ditching hourly rates and focusing on the other VA pricing structures.
How much should you be charging as a Virtual Assistant?
The average hourly rate for a Virtual Assistant in the UK is £27 per hour. But, what you decide to charge is going to massively depend on your experience and the types of tasks you’re carrying out. Some people charge less, others more. It’s completely up to you (perks of being your own boss).
When figuring out your hourly rate, it’s important to also consider how many hours per week you want to work, how many holidays you want to take, and any expenses such as TAX and NI.
Hopefully, this has given you some more clarity around what your Virtual Assistant services rates are. But, if you’re still scratching your head when it comes to pricing your services or packaging up your offer – I can help. In my ‘no fluff’ 60-minute Strategy Session we’ll deep dive into what’s blocking your growth. You’ll come away with actionable steps to help you break through those barriers and achieve your goals.
