1. Understanding pricing models and strategies

Hourly rates: This is where you track your time and bill weekly, bi-weekly, or monthly based on the hours worked.

• Pro tip: It's common practice to round up or down to the nearest 15-minute increment.
• The good: Some clients like to be billed by the hour and it's a way to get your foot in the door.
• The not-so-good: It's very hard to budget and have predictable income coming in. Plus, you get paid after the work is done, not beforehand.

Retainer: This is the most common pricing model used. The client purchases a block of hours upfront and then you work backward to use this time up.

• Hot take: Most VAs no longer allow hours to be rolled over month to month because it creates debt on your books.
• Word of caution: You don't want to bring on clients who are not going to use your services. They are not ideal.
• Real talk: The truth is many clients don't know how to use a virtual assistant. It's your job to seek this out (we'll cover more in the niche and ideal client modules).
• The good: Predictable income and a clear budget for the client.
• The not-so-good: Usually only if the hours are not used by the client. Then the client will have lost money and are likely to move on.

Project-based fees: This is a missed opportunity for VAs. Performing short-term work for clients is a great way to retain long-term clients.

• Think of it as: Seasonal work.
• The good: It often leads to long-term clients and can most often lead to VIP days and a new niche income stream.
• The not-so-good: It can often be unpredictable and sporadic. It's simply the nature of project work.

Package pricing: These are recurring month-to-month packages. Your work is not tied to hours, but rather the deliverable.