Not sure what payment option to use when working with Virtual Assistants and their team? Fortunately, there are many payment options available. You can work with them on an hourly basis, retainer basis, utilize their service packages, and even hire them to work with blocks of time. Dependent on the client and their needs, a plan can be customized and implanted specifically for them. This is especially beneficial for those clients who aren’t exactly sure what their needs will be. Let’s break it down.
Here are several payment options to explore:
Hourly Rates – This is the base rate charged for work done on an hourly basis. Normally it’s a higher rate than say your retainer rate, but it still can be effective. With the hourly rate, you have one rate for every hour worked. Most online support businesses, however, normally recommend their client go with a small block of time as opposed to hourly so the client receives the maximum benefit.
Retainer Rates – With retainer rates, you retain services for so many hours a month, and normally the service provider’s rate goes down the more hours retained. The hours are to be used during that month. The benefit of retainer rates is not only do you receive a lower rate than the hourly option, but also you are guaranteed the Virtual Assistant and their team will be available for those hours.
Blocks of Time – You purchase a block of time (say 5, 10 or 15 hours) and once the time is up, you can purchase additional blocks of time. The beauty here is there is no rush to get work to your Virtual Assistant at the end of the month as with the retainer option. With blocks of time, a set price is usually in place and you can order the block of time that fits best for you. However, some companies do offer a lower rate for larger blocks of time (say 20 to 30 hours).
Packages – As the title suggests, this option refers to grouping together services for one fee. You can have add-ons to that fee, but the main package is set. For example, you can purchase a package for a WordPress blog and the support needed to get it up and running. You can also buy packages for such things as having a press release written and sending it out to a designated number of places.
What’s great about offering payment options is no matter what type of business you own or what your specific needs are, Virtual Assistants can customize an option to fit. Speakers and coaches especially benefit because often their projects differ each month with the events they have ongoing. Not sure which one would fit your needs best? Just ask. We will be glad to discuss your needs and help determine the option right for you and your business.
Diana Ennen is the President of Virtual Word Publishing, www.virtualwordpublishing.com and the author of numerous books on starting a virtual assistant business including Virtual Assistant the Series: Become a Highly Successful Sought After VA and accompanying Workbook and also Corel WordPerfect’s Office Ready Virtual Assistant Solution pack. E-mail her at firstname.lastname@example.org to receive your free Business Informational Package. Article is free to be reprinted as long as bio remains intact