Know Your Numbers

When I started my Virtual Assistant business in 2010, my goal was to replace my six-figure corporate salary. I chose my rate, $50 an hour, and calculated by billing eight hours a day for five days a week, I would hit the mark.

I had a coach who encouraged me and confirmed that clients would be willing to pay $50 for the services I offered, so I got busy spreading the word and telling everyone I knew about my business.
The first year I was a Virtual Assistant, I made $70,000; for the next ten years, I consistently made $100K or more a year.

Here’s why this worked:

1. I did the math. I knew what to charge per hour and how many billable hours I needed to hit the goal. Most VAs don’t do that. They set their hourly rate to what they think people will pay, usually much lower than they could charge, and do the equivalent of a Hail Mary in football; they throw the ball, close their eyes, and hope it all works out. Don’t do that.
   
   Here's the simple calculation needed to decide your hourly rate:
   
   Revenue = Hourly Rate x Billable Hours
    
2. I got the work. Calculating your rate to meet your financial target is the start. Then, you need to make sure you have enough client work each week to reach your goal.
   
   There are many ways to keep the billable hours rolling in; read about my four favorites here.
    
3. I minded my own business. It’s human nature to compare ourselves with others, but it rarely leads to success. If you suffer from imposter syndrome, you must stop looking around and focus on your business. It doesn’t matter what people are charging in your town or halfway around the world. Don’t waste precious time focusing on anything but your plan and path to success.

With so much conflicting information and endless distractions on the internet about working as a Virtual Assistant, it can be confusing and overwhelming. Stop looking for the quick fix and get back to the basics that not only work but also make sense.

That’s how you grow a successful business.