Calculating your rate

EagleVAServices

New Member
Office Goddess, your name fits you to a "T"! :thumbsup: Thank you so much for the upfront calculations. I knew I'd have to pay taxes, but I had no idea they would take up so much of my income!

As a newbie, this information is priceless! Now I know that what I'm charging is right in line with where it should be. Like so many others, I struggled (and continue to struggle) with coming up with a figure that would accurately reflect the worth of my services. I thought it was too high, but thanks to your input, it's right on the mark...thank you, thank you, thank you!!

I'm going to take advantage of the spreadsheet, if it's still available... I need all of the help I can get :book:

Cheryl
 

LASiler

New Member
I've been thinking more about this and I've come to the conclusion that focusing on an hourly rate is not the right approach. We are supposed to be highly qualified professionals, charging by the hour doesn't make sense to me, there are only so many hours in a day and only so many of those hours available for actual "billable hours" -- after all, if you're running your own business, at least 2-3 hrs/day has to be devoted to that.

I've decided to focus on offering a customized menu of services for a reasonable monthly rate instead.

Anyone else thinking along these lines?

Lori
 
I guess it probably depends on your services. Some things I have been considering offering in a monthly package, like social media updating and things of that nature where there is a clear limit on how much time it will take me.

Where I would run into a problem is with the work that I do for attorneys. If I bill my assistance to attorneys as part of a flat rate per month, I could potentially short change myself. For instance, preparing one deposition summary could take me two hours and another could take me two days, depending on the deposition. I figure that if professionals like attorneys and CPA's can bill hourly, then it makes sense for me to bill that way too.

So I guess it really depends on the type of work you are going to do if charging a monthly flat rate would make sense for your business. Good luck!
 
Wow those costs are high. My mortgage is $600 and my cell bill is $12 a month. Have you ladies never heard of coupons? lol $200 for gas and groceries - you work from home. Where are you driving?! lol. I guess this may be a regional thing. No wonder my rates are so low. Maybe I should be charging as if I had all these expenses? lol
 

GabiR

New Member
Yet another helpful post! Thank you for that great example. I will definitely use this to calculate my rate
 

Virtualify

New Member
This is a great template and can be applied to any currency/living situations by adjusting some items :) Thanks for this!
 
I believe you need to have 25 posts on VAF to be able to pm. Nonetheless, I have a free budget spreadsheet download on my book site. Click on the link below my signature and at the bottom of the page click on "I want the sample" to get the budget spreadsheet.
Office Goodness that is a phenomenal breakdown. I've always charged $50 per hour and $65-$100 for critical of labor intense work. I've never had an issue with a client paying me what I request. If you present yourself as being worthy of a $100 per hour you'll get it. Plus I do more than just general admin work.
 

Jennifer Cruse

New Member
I just joined this forum and this is exactly the issue that I am struggling with at the moment. Finding a balance between knowing your worth and over valuing the product has proven very difficult. Your breakdown is extremely helpful!
Thank you!!
 

KKatsos

New Member
Wow, this post is very beneficial as a soon to be open market VA. I will be assessing my next move based on this rate guide. All things start with a desire, but the rewards are in the details. Thank you!
 

LaWill

New Member
Quick question: I'm a newbie and working on setting up my website. What's the general thought behind posting your rate online? I've visited a bunch of other VA sites and and I've seen it both ways so I'm not sure what would be my best way to approach it on my site. Thoughts?
 

SaraD

New Member
This makes it very clear - thank you for doing this. Selling my services on Fiverr for $5/hour will NOT get me anywhere.
 
Cannot thank you enough for the overview! The one thought that came to mind not included was "vacation time". I have not had a paid vacation since I left a corporate structure in 2010. So when the opportunity arises for some leisure time, my conscience does not let me enjoy it as much as I should! I thought it important enough to factor in the cost (or loss of income) for taking the equivalent of a two, or three, or six week vacation/sick bonus and the need to add it to my hourly fee - for a paid vacation! Thanks's again!
 
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