Tips for Setting a Fair Market Rate as a Virtual Assistant

virtual assistantsReady to work as a Virtual Assistant?  There’s a growing market out there for you.  But before you take the plunge, find out how much you could stand to earn from this great job.  Here are a few things you need to know about setting fair market rates as a Virtual Assistant:

Income can be good or very good.
If you’re new to the industry, you can’t expect to make a lot.  This is because you need to have the expertise and background experience in order for clients to ask for your services.  The more experienced you are, the more trusted you become.  And the more reliable you are, the more money you can make.

How much to charge?
That depends on the jobs entailed and on how long the project will be.  To help you set a fair market rate for yourself, look to other virtual assistants and how much they actually charge their clients. 

The going rate is between $20 to $50 an hour, which brings the average to $35 per hour.  Those rates should be enough to cover the basic services you will be offering.  However, if you will be working using only a few services, you can charge less.  If you will be offering more specialized services, by all means, charge more. 

Before sending your rate cards to your prospective client make sure you can cover the expenses for the following operational cost

  • Proffessional fees
  • The software, equipment and office supplies used
  • The advertising expenses
  • Utilities
  • Rent
  • Transportation expenses
  • Web hosting and maintainance

However, your may incurr some other expenses aside from the above list, you can always adjust your operational cost depending on the resources you have used and don’t forget to include your professional fees.

What about a retainership?
If you have a regular distant support client, this is an efficient charging method to use.  Simply block off a number of hours a day you will spend working for that client.  Multiply that by your rate per hour and you have a figure you can use as basis for your retainer’s fee.  Even if you will be servicing one client exclusively for a month, you will have charged a fair market rate for your services as a virtual assistant.

  • You didn’t mention what currency you quoted the rates in. Don’t forget you have a global audience and that the Virtual Assistant industry is also global. Some countries have a far lower cost of living and won’t be charging as much per hour, and others a higher cost of living.

  • Hello Kathie,

    $ represents US Dollar

    thanks,
    melo

  • great post :)

  • You’ve posted some very helpful information. I have personally been interested in a virtual assistant for quite some time, and may soon take the leap.