Let’s have a serious talk about how to make money as a Virtual Assistant (as a business owner, not an employee). I’m not talking about all those false claims that you can make $10k in your first 30 days with no experience. I call BS on this type of hype that seems to be running rampant in our industry. Please don’t fall for it! It’s possible to make that kind of money BUT it takes time, work, and a bit of hustle.
#1 – Offer In-Demand Services
First, please keep in mind that admin-based services are not considered in-demand anymore. When the industry started over 20 years ago, they were but not today. The industry has changed to meet the demands of online business owners. Clients need help with the technology that makes their business possible and profitable.
Remember, these are my definitions, you may hear other versions from other people. Specializing in one or more of these services, whether they’re in the same service category or different ones, will help you make money as a Virtual Assistant. These are in-demand services that clients want and need and I have categorized them into three simple categories.
Run the day-to-day business operations for clients.
- Online business management (think OBM).
- Certain administrative skills such as inbox or calendar management.
- Customer service.
Use Digital Marketing to make money for your clients.
- WordPress or Squarespace website design and management.
- Social media management for Facebook or Pinterest.
- Email marketing setup and management using tools like Aweber or ConvertKit.
- Anything else that falls under the Digital Marketing umbrella.
Setting up the technology that delivers your clients’ products and programs.
- Setting up technology to deliver an online course, for example in a tool like Teachable or Kajabi.
- Working with clients to develop a strategy and then designing the tech stack they need to implement their strategy.
#2 – Charge Premium Rates
Did you know that your prices attract your clients? There are people who will only pay for the cheapest and there are others who will only pay for the most expensive. The question is which type of clients do you want? And which type of client do you think will help you make money as a Virtual Assistant easier and faster?
Professionals want to work with other professionals and many times they’re looking at your rates to make a decision whether or not they want to work with you. It’s called perceived value – have you heard of it? In a nutshell, it’s a customer’s perception of your product or service and the price they’re willing to pay for it.
Higher prices to many means more professionalism than say someone pricing their services at rock bottom. What services you offer and the skills you bring to the table are directly related to how much you can charge. But so many Virtual Assistants are undercharging for their expertise. So it might be time to start charging premium rates for the services you provide.
#3 – Sell Your Expertise, NOT Time
Stop selling your time. That’s the long and short of it. The perception is that time is worth less than expertise. Plus, it’s much harder to sell your time and put a specific value on it. Switch to selling expertise-based service packages. Besides sooner or later you will run out of time to sell and then what?
#4 – Have Multiple Revenue Streams
Did you know that the average millionaire has seven different revenue streams? Revenue streams are just different ways to make money in your business. How can you use that to make money as a Virtual Assistant business owner? Well, you can start by creating different expertise packages.
- For example, I had 5 different ways I could make money off my WordPress expertise by creating 5 different packages to sell. This is another benefit of packaging. You create multiple revenue streams by creating multiple packages using the same expertise.
- Another way is to have multiple clients. Each one is its own revenue stream. Having just 1 client is a NO-NO since you’re putting all your eggs in one basket.
- You could also look into selling simple information products such as templates, checklists, etc. Not only will this create another revenue stream, but it also creates passive income.
#5 – Set Up Recurring Income
Last but certainly NOT least is making sure you have recurring income in your business. It’s money that comes in every week or month. It’s one of the easiest ways to make money as a Virtual Assistant because you simply create a monthly management package that includes a minimum duration.
For example, I had a monthly WordPress management package for $50 a month. When clients purchased this package, they had to sign a minimum 6-month contract. It meant I would get $50 a month for the next 6 months…so it’s recurring income.
Look at ways where you can set up recurring income with your monthly retainer plans (hours) or packages. And, definitely consider using minimum contract durations vs month to month so you can count on that money.
Do you have all 5 of these in your business today to help you make money as a Virtual Assistant? If not, pick one of the five to start with. Please feel free to share which one you’ve picked in the comments below. I’d love to know.
Thanks for listening and reading – Susan.
P.S. Ready to ditch the timer and be paid for your expertise, NOT your time? Do you want to learn how to create lucrative service packages that you love and make you more money? Then my 90-minute Lucrative Packaging Workshop is the right thing for you - even if you're offering admin or specialty-based service.