So what do you charge for the services you provide? Not sure you have it all figured correctly? How can you be sure you're charging the right rate?
This can be a difficult process. You want to make sure you are earning enough money to cover your business expenses, and, of course, earning a profit. However, you don't want to charge more than the market can bear. Unfortunately, there isn't a universal formula to help you do this; factors such as experience, where you live, who your target clients are and the services you provide all play a part in setting your rates.
As a starting point, use this calculator to get an idea of what you will need to make to cover your expenses.
The most important thing to remember is that once you set your rates, don't fluctuate! If you start changing your rates for different clients or projects, you will likely end up short-changing yourself and making less than you should be. Not to mention you may be making a big mess in terms of bookkeeping which can be a nightmare -- and very costly -- to resolve.
Of course, your rates will not stay static for the life of your business. As you get more experienced and as the cost of doing business increases, so will your rates. Let your clients know well in advance so they can plan their budgets...and so no one gets an unexpected surprise.
This post is expanded from Chapter 6: My Top 20 Secrets to Success in the book, VA Secrets Revealed! An Insider's Guide to Being a Successful Virtual Assistant. Grab a copy and follow along as I blog chapter-by-chapter!
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