Do you review your services and rates in your Virtual Assistant business on a regular basis? If yes, when was the last time? Speaking from my own experience I feel this is something you should do at least twice a year. Simply because you and your business evolve over time.
In my own business, I neglected to stop and look at these things until one day when I realized I didn’t enjoy offering a specific service anymore. One of my clients reminded me that it’s my business and that I chose what I offer and if I don’t like something then I don’t have to offer it. Just because you can doesn’t mean you should! Such great advice and one that I sometimes still forget today.
So if you haven’t taken the time to review your rates and services, I challenge you to do it now. There’s no time like the present, right?
Start With Your Services
Look at what you’re currently offering in your Virtual Assistant business and ask yourself a few simple questions for each one. Be sure to jot down your answers.
- Do I enjoy doing this?
- Does this type of work light me up?
- Am I passionate about it?
Be honest with yourself! Remember, it’s your business – your choice. Don’t offer things that you don’t enjoy. Even if it’s making you money. If there is something you’re offering that you no longer enjoy, it’s time to let it go. Simple as that. If a new client reaches out about this service, simply tell them you no longer offer it.
Put Together A Phase-Out Plan
Then devise a plan on how you’re going to phase it out with your current clients. One of the best things you can do is find a referral partner to whom you can “refer” your clients. That way they have an option if they still need this particular service.
Remember, it’s not a numbers game. You don’t have to offer a ton of things. Many specialists only offer 1 or 2 things and do very well because they are recognized as a specialist. On a side note, be sure to check your agreements to see what the clause says when it comes to giving clients notice.
Once you’ve done that exercise for each of your service offerings, time to move on to your rates.
Then Review Your Rates
When was the last time you adjusted your rates? Are you still charging what you were when you first started out? If so, it’s time to increase them because you have more knowledge and experience in that particular service now.
You’re not a “beginner” anymore. Your prices should reflect that. And don’t forget about “perceived value”. Your rates attract your clients. Professionals shop by price, they pay more to work with other professionals.
So take time to go through these exercises and take a hard look at your services and your rates and adjust accordingly. Remember, my motto. Your business – your choice. It’s all about giving yourself permission to grow and change your business to suit your lifestyle.
When was the last time you reviewed your services and rates? I’d love to know. Please take a moment to leave me a comment and share your thoughts.
Thanks for reading and listening – 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.