How Much Can You Earn
as a Virtual Assistant
Oni Lestari
Virtual assistant, copywriter, SEO-expert
Virtual assistant, copywriter, SEO-expert
27/02/2024
Nowadays, the Internet has changed how we work. Jobs at the office with set hours are not a must, making room for people to work from anywhere. This leads us to virtual assistants, individuals who use technology to redefine work. As we dive into the world of these digital workers, an important question pops up:
How much do virtual assistants earn? And what do they do?
Let’s find out!
Table of Contents
How much do virtual assistants earn? And what do they do?
Let’s find out!
Table of Contents
The definition of virtual assistants is partners who help businesses with administration, management, or creative tasks from the online space. This role is not new, it started in 1996 when Anastasia Stacy Brice pioneered this job as a full-time secretary working from home for her international clients.
Recently, the COVID-19 pandemic significantly impacted the virtual assistant industry, as it contributed to remote work and de-urbanization trends. This made virtual assistants more popular and increased demand.
As businesses adapt to the demands of the digital age, they are cultivating new needs, especially in technology and those skilled in it.
Today, virtual assistants play a key role in increasing brand visibility through digital marketing, providing technical support, handling managerial tasks such as project management, and much more. The various duties and responsibilities of a virtual assistant are also tailored to the client’s needs. So, the services of a virtual assistant for one client may be different from another client.
Fees for virtual assistant services vary based on many factors, such as:
Fees for services like digital marketing and other services that require additional skills and knowledge are usually higher than administrative support or personal assistance services. Basic administrative tasks may range from $5 to $10 per hour, while specialized services like digital marketing or project management can command higher rates, often ranging from $10 to $25 per hour in the Southeast Asia region.
Recently, the COVID-19 pandemic significantly impacted the virtual assistant industry, as it contributed to remote work and de-urbanization trends. This made virtual assistants more popular and increased demand.
As businesses adapt to the demands of the digital age, they are cultivating new needs, especially in technology and those skilled in it.
Today, virtual assistants play a key role in increasing brand visibility through digital marketing, providing technical support, handling managerial tasks such as project management, and much more. The various duties and responsibilities of a virtual assistant are also tailored to the client’s needs. So, the services of a virtual assistant for one client may be different from another client.
Fees for virtual assistant services vary based on many factors, such as:
- Experience and reputation
- Specialized skills
- Project type and complexity
- Software and equipment
- Market demand
- Geographical location
Fees for services like digital marketing and other services that require additional skills and knowledge are usually higher than administrative support or personal assistance services. Basic administrative tasks may range from $5 to $10 per hour, while specialized services like digital marketing or project management can command higher rates, often ranging from $10 to $25 per hour in the Southeast Asia region.
Who is the Virtual Assistant
Calculating Potential Earnings for a Beginner VA
With businesses relying more on virtual help for remote work, being a virtual assistant is a smart choice. Here's the exciting part; recent stats say the virtual assistant industry grew by 41% in 2020, and it's still going up in line with the emergence of many online businesses (source: truelist.co).
If you're considering starting out as a beginner virtual assistant, you might wonder about how much you can earn. Just like any other job, the fees for virtual assistants also vary based on many factors, such as experience and skillset.
Virtual assistants typically charge clients based on hourly rates, project-based rates, or even monthly packages. The chosen structure often depends on the nature of the tasks and the preferences of both the virtual assistant and the client.
If you're considering starting out as a beginner virtual assistant, you might wonder about how much you can earn. Just like any other job, the fees for virtual assistants also vary based on many factors, such as experience and skillset.
Virtual assistants typically charge clients based on hourly rates, project-based rates, or even monthly packages. The chosen structure often depends on the nature of the tasks and the preferences of both the virtual assistant and the client.
Hourly Rates
As a beginner, setting a competitive yet reasonable hourly rate is crucial. From our survey, the hourly rate for a beginner virtual assistant is $10 per hour or $300 per month from one client. If we calculate, you can get that amount with 1-2 hours of work a day. Because of that, you still have plenty of time for other clients, or to upgrade your skills so you can increase your rates.
Project-Based Rates
For specific projects, virtual assistants might charge a flat fee. Project rates vary widely based on the complexity and duration of the task. For example, a landing page project starts with 24 hours of work or a week (source: onix-systems.com). If we calculate with hourly rates of $10 per hour, you could get $240 for a landing page project. A well-calculated project rate ensures fair compensation for the virtual assistant's time and effort.
Monthly Packages
Offering monthly retainer packages is another approach. These packages provide a set number of hours for a fixed monthly fee, ensuring a consistent income for the virtual assistant. Let’s take an example of a monthly package that includes social media services, creating 4 posts per week and a total of 16 posts for the month. If it requires 30 hours a month and the hourly rate is $10 per hour, then $300 will be invoiced to a client every month. Again, it only takes 1-2 hours of work a day for one client, and you still have plenty of time for other clients, for family, or to upgrade yourself.
Imagine you're helping three clients. Two of them pay you monthly for managing their social media for 30 hours, and the third one pays for a project, like creating a landing page, which takes 24 hours. In total, you could earn $840 each month by working 4-5 hours a day.
As a beginner, setting a competitive yet reasonable hourly rate is crucial. From our survey, the hourly rate for a beginner virtual assistant is $10 per hour or $300 per month from one client. If we calculate, you can get that amount with 1-2 hours of work a day. Because of that, you still have plenty of time for other clients, or to upgrade your skills so you can increase your rates.
Project-Based Rates
For specific projects, virtual assistants might charge a flat fee. Project rates vary widely based on the complexity and duration of the task. For example, a landing page project starts with 24 hours of work or a week (source: onix-systems.com). If we calculate with hourly rates of $10 per hour, you could get $240 for a landing page project. A well-calculated project rate ensures fair compensation for the virtual assistant's time and effort.
Monthly Packages
Offering monthly retainer packages is another approach. These packages provide a set number of hours for a fixed monthly fee, ensuring a consistent income for the virtual assistant. Let’s take an example of a monthly package that includes social media services, creating 4 posts per week and a total of 16 posts for the month. If it requires 30 hours a month and the hourly rate is $10 per hour, then $300 will be invoiced to a client every month. Again, it only takes 1-2 hours of work a day for one client, and you still have plenty of time for other clients, for family, or to upgrade yourself.
Imagine you're helping three clients. Two of them pay you monthly for managing their social media for 30 hours, and the third one pays for a project, like creating a landing page, which takes 24 hours. In total, you could earn $840 each month by working 4-5 hours a day.
Minimum Acceptable Rate (MAR) is a baseline that ensures services are not undervalued. It represents the minimum amount that a virtual assistant is willing to accept for an hour of skilled assistance, considering factors such as expenses, taxes, and desired income. There are steps on how to determine MAR:
Calculate Monthly Expenses
List all monthly expenditures, covering essentials such as rent, groceries, and insurance. Also, business-related costs like internet, software subscriptions, office equipment, marketing expenses, certification, and taxes. Include both fixed and variable expenses to get a comprehensive view of financial needs.
Calculating monthly expenses provides a clear picture of the minimum income required to cover basic living costs and sustain business. It forms the foundation for establishing a realistic MAR.
Decide Working Hours
Identify the hours that can realistically be dedicated to clients. Consider factors such as the desired work-life balance, non-client-related tasks (e.g., marketing, administrative work), and any potential downtime.
Let’s calculate the working hours. Here’s an example:
Calculate Monthly Expenses
List all monthly expenditures, covering essentials such as rent, groceries, and insurance. Also, business-related costs like internet, software subscriptions, office equipment, marketing expenses, certification, and taxes. Include both fixed and variable expenses to get a comprehensive view of financial needs.
Calculating monthly expenses provides a clear picture of the minimum income required to cover basic living costs and sustain business. It forms the foundation for establishing a realistic MAR.
Decide Working Hours
Identify the hours that can realistically be dedicated to clients. Consider factors such as the desired work-life balance, non-client-related tasks (e.g., marketing, administrative work), and any potential downtime.
Let’s calculate the working hours. Here’s an example:
Set Up Minimum Acceptable Rate (MAR)
Minimum Acceptable Rate
From that table, we have 221 working days. And if we only can spend 5 hours of work each day. We have 1,105 working hours per year. Establishing working hours helps in defining the scope of availability for clients’ projects. It allows the calculation of the total number of billable hours that can be offered, influencing the calculation of MAR on an hourly basis.
Divide total expenses by the number of billable hours that plan to work. This calculation provides a foundational hourly rate, representing the minimum amount needed to charge to cover living costs and business expenses.
For example, if the expenses per month are $770, and multiply it by 12, we will get $9,240 as expenses per year.
Then, we got $8.4 as the minimum acceptable rate. Setting a MAR helps to avoid the pitfalls of undervaluation, ensuring that compensated fairly for time, effort, and expertise. It serves as a financial safety net, preventing burnout and fostering a sustainable virtual assistant career.
Conduct Market Analysis
Once you've known your Minimum Acceptable Rate (MAR), do some market analysis. Check out what other virtual assistants are charging by researching on Upwork or other similar freelance platforms. Understanding the market not only informs you about what clients expect but also helps you set your rates just right.
Now, let's discuss what makes you stand out as a virtual assistant. Take a moment to reflect on your strengths and what makes your services unique. Understanding the extra value you bring to clients by showcasing your distinctiveness will give you the confidence to set rates that match your specialized services.
Now, let's discuss what makes you stand out as a virtual assistant. Take a moment to reflect on your strengths and what makes your services unique. Understanding the extra value you bring to clients by showcasing your distinctiveness will give you the confidence to set rates that match your specialized services.
Conclusion
Virtual assistants are becoming more important in today's remote working world and help businesses with different tasks. For beginners, it's essential to set rates that are both competitive and fair, considering factors like experience and the complexity of projects. A beginner virtual assistant might decide on a $10 hourly rate or secure $300 per month from a single client.
To ensure they receive fair pay, virtual assistants can establish a Minimum Acceptable Rate (MAR), which is the least amount they are willing to work for, considering their expenses and desired earnings. By understanding the market and showcasing their skills, virtual assistants can confidently set their rates.
To ensure they receive fair pay, virtual assistants can establish a Minimum Acceptable Rate (MAR), which is the least amount they are willing to work for, considering their expenses and desired earnings. By understanding the market and showcasing their skills, virtual assistants can confidently set their rates.
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