This is the second part of my ‘7 Ways to Boost Your VA Income’ feature.
You can refresh your memory on Part 1 here.
Here are FOUR more tips to help you focus on getting more money in for your business.
Boost #4 – Create a New Offer
A simple way of boosting your income is to create a new offer for your clients.
This could be a product or a service, or a combination of the two.
Create an e-book or guide. What topics are of interest to your market?… productivity? Design? Creativity? Presentations? Training? If you can put together relevant and high-value content for people, they’ll be more likely to buy.
Create bundles or packages for your services. Make what you do look and sound as compelling as possible. Make it easy for people to see what you offer, recognise the benefits of the package and make the investment.
You’ll probably know that offering different levels of service – e.g. Bronze, Silver, Gold, Platinum – is very popular. There’s a reason for that. It gives people choice, according to their needs, wants and budget.
Get creative. See what other people doing (in the VA field and in other sectors) for inspiration.
Boost #5 – Raise your Prices
This is one of the simplest ways to boost your VA income.
You might, if starting out or in the early part of your business journey, feel a little nervous about raising your prices. Let me give you some encouragement.
As a VA you offer value to clients. You do things they either cannot do, don’t want to do, or simply don’t have the time or energy to do.
What you charge your client is the reward for a job well done. If you can deliver on your services – and offer great customer service with it – people will be happy to pay.
The market (and testing different price points) will tell you if your pricing is way off or close to the mark.
Let’s say you charge £20 per hour. Try raising it to £22 or £25 per hour. You could always ask for £25 and settle on £22
Been charging £30 for a few years and never changed it – even though you have more experience, skills and knowledge to offer?… take it up to £35 or £40 per hour. See how people respond.
Working at a more premium rate? The same principle applies.
If you already have clients, explain the increase. Demonstrate and remind people of the VALUE you deliver for them. Don’t assume people will object or stop using your services. They may actually say “We were wondering why you charged so little for so long for what you do for us.”
Remember, you can always raise your individual hourly rate and keep the option to offer a lower rate if people agree to a regular ‘package’ of hours or a retainer.
Think smart. Negotiate from strength.
Boost #6 – Adopt a Portfolio Lifestyle
If you’re already well established in your VA business, congratulations. I know what it takes to build something on your own.
You may have a solid income and feel that as long as you can keep that coming in you’re good with that.
If you’re just starting out and the VA side of things is part-time for now, you may want to consider another alternative to putting all your focus on going full-time.
Increasing numbers of self-employed professionals are looking at having a portfolio income.
This means they earn a living from more than one skill or area of expertise. For example, a trainer might also be paid as a writer, a speaker or as a consultant. They might, in addition, run an online membership or programme and receive recurring subscriptions from that.
If they have another interest or hobby, they might be able to make some income from that as well; making toys, knitting, fixing cars, creating greeting card ideas and designs… it could be anything.
You can supplement your VA earnings with a part-time job or other options for boosting your income: getting paid to complete market research surveys, be a mystery shopper, sell someone else’s products or promote someone else’s products as an affiliate.
There’s no rule that says you can’t have a VA business AND other income streams. You do what works for you. You do what you need to do to get you through.
Everyone has to start somewhere.
And even if you are running a well-established full-time VA business, you may also want to find ways to top up your income. As extra financial security, for a special event, as a treat or gift, or even to help you retire a little earlier.
Money does not guarantee happiness, of course. But it does give you more options.
Boost #7 Learn a new skill
If there’s a demand for a product or service and you can supply, it (at a price people are willing to pay) … you can make money. You’re in business.
The more scarce or sought after that product or service, the more money people are willing to pay for it.
That is brilliant news for the smart and highly skilled VA, Executive Assistant or PA who is like my Veronica F.R.O.G. – Fast, Reliable, Organised and Great.
Because if you have a complete understanding of Microsoft 365 and its standard applications you are going to be in demand.
Clients expect VA’s to know their onions when it comes to Word, Excel, Outlook and PowerPoint. If you’re working with corporates you can increasingly expect them to want you to know the ins and outs of Microsoft Teams – you may even ask you to teach their people how to get the best from it.
Your skills and knowledge matter. The more highly trained you are, the greater the opportunities for boosting your income.
Naturally, if you realise it’s about time you updated your practical know how I can help with that.
Check out all the individual Microsoft 365 topics I cover.
All my online courses give you a complete step-by-step guide. They cover EVERY essential task or function you’re ever likely to be asked to do or use. There’s no waffle or padding. Just clear, precise ‘how to’ delivered as if I were by your side.
You owe it to yourself and your business to be the best you can be.
You can get fully up to speed in one specific application at a time. Or, if you know you are going to be using the whole suite from Microsoft 365, you can save money by investing in my complete set of courses.
Whichever approach you take (single or The Full Monty) you choose how you go about it. Watch and learn in any order. Dip into what you need or fancy first. Or go through it systematically, ‘season by season’.
And there you have it. Seven Ways for boosting your income.
Do let me know if you use any of my suggestions and what the outcome is. It’s great to share people’s success stories.
P.S. If you missed the tips in Part 1 you can catch up with them here.