Increasing Your Rates the Smart Way

February 26, 2008

In your virtual assistance business, do you find yourself quoting a rate and then wishing you hadn’t said that? Maybe thinking something was ‘easy’ at first but realizing you should have charged more and now being in a spot where you don’t know how to ask for what you deserve?

I’ve been there too.

Now, I’ve developed a system that helps me to continue to earn what I deserve and to deal with existing clients rates too. I wanted to share my system with all of you in case you are feeling slightly boxed in when it comes to your rate.

The first thing to remember is that you are a business owner and you decide your rates. You are not an employee asking for a raise and you certainly don’t have to set your rates according to what other people think you are worth.

The second thing to note is that you can increase your rates once you gain new experience. The best way to do this is to charge your new clients a higher rate and keep your old clients at their issued rate for at least six months to a year. When that time comes that you feel comfortable making a rate change, e-mail the client at least 30 days in advance and tell them about the rate increase and explain why you are increasing your rates.

The third thing is to feel confident about your new rate. It’s easy to feel insecure about charging a higher rate but if you don’t, other people will and you’ll be the virtual assistant doing the same work for lesser pay! So, be proud of the fact that you’ve reached a stage in your business where a rate change makes sense and honor that. Stay proud, confident and know why you are worth it.

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