When (and How!) to Raise Your Prices as a Virtual Assistant
When you work in a standard corporate career setting, you can expect a performance review and (with any luck!) a raise on an annual basis. But what happens when you are your own boss? Do you still get those annual pay bumps?
One of the biggest questions I get from my VA Bootcamp grads is “When can I raise my prices?” Honestly, the answer to that question can depend on the situation, but here are some general guidelines for increasing your rates.
Put in your time: I don’t recommend raising your prices with a client until you’ve been with them for at least six months. This gives you a chance to get to know one another and prove your worth and value to their business.
Give plenty of notice: Whether you’re looking to raise your rate for just one client or across the board, it’s a best practice to give at least a 30 day notice so your client(s) can ask questions and budget for the change.
Review your progress yearly: Schedule an annual check-in with each of your clients to assess your workload, brainstorm ways you can expand your work together, and evaluate your pay to ensure it aligns with both the value you provide and the industry standard.
Asking for money is always a bit awkward, but don’t sell yourself short! MOST clients anticipate and expect these types of changes on an annual basis - so don’t be shy - and remember, the work you do is an integral part of the company’s success, so make sure you’re getting paid accordingly! You got this.
If you’re ready to start your own business from home - watch this FREE 30 Min Training on How to Start your Virtual Assistant Business and send me a DM on the ‘gram afterwards to let me know you watched it. I’d love to answer any of your questions!
xo Helen
Helen Peterson is a work-from-home mom who has established herself in the online business industry as a Virtual Assistant & Launch Strategy Specialist. Along with helping her clients with launch strategy & successfully creating & selling their online courses, she also coaches other women in starting their own Virtual Assistant business (regardless of their current career path).
Her passion stems from guiding women into living the life they've always dreamt of with no financial boundaries & the flexibility to live & travel the way they want to.