Hourly rates, flat fees, and why I hate packages | Tips for virtual assistants

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[@leguen193]

Thank you!! Great information for us starting VAs 👍🏽

[@DianaWilson]

Great advice on pricing. It can be hard when you first start.

[@HH-nv5lb]

I have found your videos so helpful in starting my own VA business. In this video you mention another video coming soon on how to talk with your clients about switching from an hourly rate to a monthly/flat rate. Did I miss that video or is it still in the works? Thanks so much for your time and great tips.

[@judeabboud]

This is great advice!

[@sinfulbeauty86]

This was awesome! I’m so happy I found this video. We definitely have the same thoughts lol

[@valenciaburnette3949]

I agree with your method. My whole confusion with packages is what services do you offer? Some VAs offer ALL of their services for a set number of hours and what if the customer wants 2 or 3 services and how do you track that you're giving them everything you say you're giving them. I like your method better, less confusion.

[@teletahoward3893]

Awesome video. Thank you so much.

[@ErinBooth]

Glad it was helpful!

[@gracie1645]

I've downloaded almost all the playlist of your videos so I won't forget and can watch from time to time just in case I missed something important.

[@ErinBooth]

Amazing! SO glad you're finding them helpful!

[@minniem6038]

I currently offer hourly packages and have even trying to figure out how work around it, so thank you! I love the idea of flat fee packages vs packaging hours. I really appreciate your videos!

[@ErinBooth]

Awesome, so glad this sparked some more ideas!

[@kholekamkhize4264]

I love your hair omg ❤

[@thendosadiki8132]

Thank you for this

[@ErinBooth]

My pleasure!

[@optimizedEA]

Here is the issue with charging a monthly flat fee depending on the amount the client *thinks* they need -- the first month ALWAYS utilizes extra hours around onboarding, extra meetings, etc. etc. etc. -- clients don't ever know what hours they actually need -- often times, clients give more and more tasks as they become more and more comfortable The way I do this -- we have a hourly rate -- if they want to pay hourly. For hourly clients, we require a getting started deposit and that deposit is immediately applied to their account. For clients that do "packages" -- the set number of hours in that package is a CAP on hours. There is always a flat fee with that cap and it runs on a monthly or bi-monthly autopay cycle, depending on what is best for them. That means a guaranteed income every month. Any unused hours roll over for one cycle, but we almost ALWAYS use the full amount. If the client goes over their cap on hours that is okay, too. We just send an additional invoice for any hours that go over their cap. We only send this once a month so that I am not always sending invoices. This makes life a lot easier for the client and me because I don't ever have to tell my client they don't have any hours left to use and leave them without support and they don't have to carefully watch their tracked hours so that they don't run out of support for the month. We do occasionally negotiate rates simply because we have clients who need very difficult and niche services while others need very simple tasks done. Because of this, I never give rates upfront or post them anywhere. I only offer rates during our consultation/discovery call once I know a bit more about what they will need. I use to not track hours, but then I realized that I was actually spending more time on client needs than I really realized. Often times it was 5-15minutes here and there in addition to my "allocated" time, but that time adds up and adds up quickly.

[@ErinBooth]

I love all of this, thank you for sharing your insights! Something I'll add about letting clients dictate hours is that I'll give them some guidance, like "other CEOs with similar work use about 40 hours a month." I find that my clients almost never use all of their hours, which essentially increases my rate per hour. I love your take on different rates from difficult clients!

[@TheQueenIsWithin]

Thanks I was really stuck on this. I saw so many package deals I was wondering if I offered a flat rate per hour only if I was not being competitive enough.

[@maheaeleneki4291]

Do you raise prices for existing clients too? Or just new oncoming clients? And if you raise them for existing, how do you go about advising the client of the rate increase/why you’re raising rates?

[@ErinBooth]

Hi! I do like to do incremental raises for existing clients. In fact, I'm about to do a raise at the end of 2022 to even out old clients on lower rates (and bill them at the same rate as my new clients). I keep my rate increases really, *really* simple. 99.9% of the time, I send an email that says "Dear client, as of January 1, 2023, your new rate for services will be $x.xx, which brings your monthly total to $xxx.xxx." For clients I am particular close with, I call them and tell them via phone.

[@jayrock2754]

I was wondering what should I start my pricing at is $14 an hour too low.

[@lee-uf7vx]

Hi, I'm just starting out I did a calculation in AI I saw where it suggested $23-55 hourly because I included what taxes deductions might be and what transaction fees I might pay. Is $15 USD hourly too low if I'm just starting out? Also should I charge hourly rate regardless of the service?

[@Mindfulbiz]

So, I am struggling with my packages I tried to make admin packages and more creative packages, but I think it's too much since I'm new I haven't niche down yet.

[@Chasslercapri]

My question is…when do we charge? Is it a half now half later thing or..

[@chocolatesunflower2386]

Awesome video! Im struggling with how i should price or package things like email management/calendar management/scheduling. Ppl need their emails looked at daily so im not sure how to price that?

[@ErinBooth]

I say charge a monthly flat fee based on the number of hours your clients think they need!

[@user-zg6pf5fm3l]

​@@ErinBoothCan you give an example for clearer understanding if you don't mind?

[@user-zg6pf5fm3l]

I like this idea seems suitable for Fiverr and Upwork. I was just trying to figure what I should do. I have a question so do I discount it when it more hours?

[@GrowEvolve78]

I like the idea of using a monthly flat fee. Could you do another in-depth video on your flat fee? (If you haven't already)

[@ErinBooth]

Sure, do you have any specific Q's about flat fees?

[@kerooney]

Thanks for your video, it was very helpful! How do you track your hours with a client? For example, if you agree 30hrs for the month with your client how do you show them you have done the 30hrs (or more) for the month? Is there an app, or is it down to trust? I can imagine trust builds as a relationship between VA and Client continues, but how do new VA's combat this? Thanks!

[@ErinBooth]

Good Q! When I start with a new client I track hours used using a tool like Havest or Toggl - something that how much time was spent on a specific task. I send emails every Friday with a quick note like “this week, we used 6 hours - you have 24 remaining.” After 4 weeks, I personally stop tracking hours and move to flat rates, where clients get charged a flat amount no matter how many hours they use (or don’t use)

[@kerooney]

@@ErinBooth Thanks so much!

[@user-zg6pf5fm3l]

Not sure if I asked this question already but do you think someone new to VA should charge $15 USD hourly or more? Because previously I thought I should charge twice as my old salary. But then I realized that I have to pay fees to receive the money using PayPal, stripe etc then transfer. I also have to consider electricity and internet access that's not even other expenses yet.

[@april_help]

This was a very informative video. I'm a VA that also provide social media management services. If working on "flat fee" model, would you include that in the flat fee?

[@ErinBooth]

This is a tough one because social media can mean so many different things. If you’re creating strategies, planning the year, running campaigns etc you’re well on the high end - at least $100 / hour and estimate a high number of hours. I have worked with SM managers who charge anywhere from $3 to $5k a month. However if it’s more posting content someone else created, scheduling, responding to comments etc it might be in the $50 range. Can you tell me more about your specific services and we can try to drill down on rate?

[@educate.entertainchannel]

How to apply maam ?

[@toriambrr]

i have this fear that a client will think that i’m being dishonest about how long a task took me just to swindle an extra hour or two out of them. is there a way we can both be sure that i’m being honest about my time spent?

[@optimizedEA]

I use Clockify and send time log reports (there is a great free version that is more than sufficient for a single person business). For any logs over 1hr I always write in the description what I did during that time. I've never had it happen, but I do always strive to be transparent with my clients.

[@lanamiller8934]

Hi Erin! Great video. Do you typically charge clients for a full month upfront? Wondering what the process is for payment.

[@ErinBooth]

Great Q! As the biz owner, you can decide if you want payments upfront or at the end of the month. I opted for payments at the end of each month (so theoretically, I start work on the 1st of the August, and then I receive my first payment on the 1st of September). I prefer direct deposit for payments too, which guarantees payments are sent on time and consistently.

[@lanamiller8934]

@@ErinBooth Awesome! Super helpful. I have been looking at using Stripe for invoicing. Do you recommend using another software instead?

[@ErinBooth]

@@lanamiller8934 Stripe is great! Both my spouse and I use Stripe and Paypal. Having said that, if you CAN get direct deposit, do that. There are no fees associated with DD.

[@lanamiller8934]

@@ErinBooth Makes total sense! I was more thinking that I would send an invoice and have payment through stripe but would rather avoid fees. Sounds like it may make sense to do them separately.

[@NicoleGomez-uk4xv]

Hi - I'm obsessing over how much to charge, can you help? Some background, I have over 15 years of experience working for CEO's and different C-suite executives in Manhattan in 3 different industries. I'm now trying to build my own VA business but since I'm new to VA but not the work, I'm struggling with what my rates should be? I hope you see this, I just realized it's a 2 year old video! :(

[@ChanelCruz33]

I have a question! I have a long standing client that I have worked with for 3 years now. I work for a VA agency and my client is interested in buying me out from the agency (which is allowed). I was averaging 6 hours a week for him but recently business has grown and I have been doing 10. He’s wants to increase my hours to 15-20 a week once I work directly for him. At the agency I make $22/hour but he gets charged $40/hour. If he buys me out, what do you think I should charge? I don’t want to sell my self short but I also don’t want to overcharge.

[@ErinBooth]

Wow what an AWESOME deal. $40/hour is pretty damn amazing - and if you charged him $40, you'd be doubling your personal rate. Plus you already know that he can comfortably afford the rates. What do you think?

[@ezennayajuliet8519]

Hi Erin... As a beginner in Virtual Assistant (Entry level), how much should I charge per hour.....in other not to be too greedy and not to loose a client 🤭 as a beginner. Since it's more like my trial level.

[@ErinBooth]

Great q! Most newbies are in the $15 to $20 hour range!

[@RajeevWalve]

Thanks for your reply, I had watched your video's and they are very informative, in one of your video you have mentioned the qualities of VA , and I am very much confident that i have all the said qualities, and in one of your video you have mentioned that VA are providing services as Customers service representative, so we can start VA and we'll provide services as Customer services representative for US clients, can you help us how to start VA, and also can you get US Contract, we are located in Mumbai India

[@RoyaltyMusicTV]

What about requiring a min number of hours for hire?

[@ErinBooth]

You totally can - I've seen people require min 5 or 10 hours per month. your call!

[@natifhacooper1504]

If the client states they'll need 30 hours a month, but they don't use the full 30 hours, the fee remains the same? Also, a video didn't pop up about price increases :(

[@ErinBooth]

For me - if clients don’t use all their hours - the price remains the same and hours do not roll over!

[@natifhacooper1504]

@@ErinBooth Thank you!

[@newladyentrepreneur5806]

what is the most hours you offer to one client?

[@ErinBooth]

60

[@mikioni]

👍👏☺️🤩🙏😃😊😀