People will pay a premium for services that make their lives easier, and as a virtual assistant, your clients likely believe that you’re an investment that’s worth every single penny. And as your books continue to grow, it’s a natural next step to increase your prices.
But even though you’re an expert in your field with a high-demand skill set, you’re still a human, which means the idea of increasing your prices as a virtual assistant and talking about money probably sends a shiver down your spine.
Friend, I get it.
When I started my Virtual Assitance business, I undercharged because honestly, I didn’t know any better. I was new to entrepreneurship and being a virtual assistant and was thrilled to be making a liveable wage. But as my services expanded and my clientele grew, I knew it was time for my prices to reflect my offer accurately.
It wasn’t easy, but I knew I had to take that leap. Here are some steps I followed to increase my prices successfully, and I hope they help you too:
1. Evaluate Your Current Virtual Assistant Rates and Services
First things first, take a good look at your current pricing structure. Are your rates competitive with others in your niche? Do they reflect the value and quality of the services you provide? Sometimes, the easiest way to realize you’re undercharging is to compare your rates with industry standards. Remember, you’re not just charging for your time. You deserve to be paid for your expertise and the results you deliver.
2. Communicate Value to Your VA Clients
When you decide to increase your prices, it’s crucial to communicate the value of your services to your clients. Highlight the benefits they’ve experienced by working with you. Whether it’s the time you’ve saved them, the tasks you’ve flawlessly executed, or the additional services you’ve introduced, make sure they understand why your services are worth the higher price. You may get pushback from clients but don’t worry, we’ll get to that soon!
3. Give Advanced Notice
No one likes surprises, especially when it comes to money. Give your clients enough notice about the upcoming price increase. This shows respect for their budget and allows them time to adjust or discuss any concerns with you directly. Typically, a good rule of thumb is to give a 30 to 60-day notice.
4. Offer a Transitional Period or Grandfathering
To make the transition smoother, you can offer a transitional period where current clients can enjoy the old rates for a few more months before the new prices kick in. Alternatively, consider grandfathering loyal clients, keeping their rates the same while new clients pay the updated prices. This is an opportunity to reward loyalty and ease any potential conflict.
5. Be Confident in Your Decision
Confidence is key. You’re not just raising prices for the sake of it; you’re doing it because your skills, experience, and the value you provide have increased. Stand firm in your decision and be prepared to explain your rationale if necessary. Confidence will reassure your clients that they’re making a worthwhile investment.
6. Be Open to Feedback
Be prepared for some clients to have questions or concerns. Listen to their feedback and be open to what they have to say. Sometimes, this can lead to better client relationships and even help you identify areas where you can add more value or adjust your services. On the other hand, some clients may choose to discontinue working with you. That’s okay, too.
7. Improve and Expand Your Services
As you increase your prices, it’s also a good time to evaluate and possibly expand your services. Are there new skills you can learn or additional services you can offer? Investing in your professional development not only justifies your price increase but also keeps you competitive in the market.
8. Update Your Marketing Materials
Make sure your website, social media, and any other marketing materials reflect your new pricing. Clear and transparent communication is essential to avoid any misunderstandings or awkward conversations down the line.
Raising your prices is a significant step in your business journey. It acknowledges your growth, the value you provide, and your commitment to delivering top-notch services. Remember, you deserve to be compensated fairly for your expertise and hard work.
So, take a deep breath, trust in your value, and raise those prices. Your clients will understand, and the right ones will stay with you because they know the quality of your work is worth every penny and then some. You’ve got this, and I’m rooting for you!
Want one-on-one support? Join the waitlist for Next Level VA, my brand-new coaching program for existing Virtual Assistants ready to take their business up a notch.
