Episode 154: Why Virtual Assistants Undercharge and How to Change It Forever

Full Episode Transcription:

(00:07):
Welcome, welcome back to another episode of Quick Tip Thursday here on the Ditch the Classroom Podcast. Today’s question is, how do I price myself fairly as a virtual assistant and make sure that I’m not undercharging? Now, how do you know if you’re undercharging? The easiest way is to look at the level of effort that you spent on the project, the amount of time that you spent on the project, the long-term value to the client, and if you’re feeling resentful and it like you didn’t make enough money, you’re probably undercharging. So many of my students in the Teacher Turned Freelancer Academy are constantly asking me, what is the fair price to charge for my services?

(01:56):
The only problem with that is that there’s no set fair price for the different virtual assistant services standard across the entire industry. There is no magic set amount that you can charge or that you should be charging or that you’re allowed to charge. You get to decide how much to charge for your services, and then you get to go out and find clients willing to pay that much. Now, you may be thinking, oh, it’s that easy. If it was that easy, everyone would be doing it, but number one, the first reason that people undercharge is because undercharging and undervaluing go hand-in-hand. So many times I see new virtual assistants under charging because they don’t think that they’re bringing that much value to their clients. They also struggle with imposter syndrome, worrying that someone will think they don’t have enough experience and then go and tell all of the other businesses so they don’t charge that much because then they don’t have to risk that much.

(03:07):
The second reason that new virtual assistants undercharge, or not even new virtual assistants, but a lot of virtual assistants undercharge, is because they think, you know what? If my client is not successful, what if they don’t go and do their business? Once I’ve implemented this service for them, then they lost this money that they invested into my services and then it’s gonna be my fault. You guys, you can’t accept responsibility for the things that are not your responsibility. The decision to invest in your services and the decision to utilize that service after it’s built, that’s not your responsibility. It’s your client’s responsibility. Your only job is to make sure that they have all the information they need to make the best decision for them, and that they have all the resources they need to implement whatever service you’re doing for them. The third reason that virtual assistant’s undercharge is because they have a fear of money.

(04:12):
You guys, it is not your job to save your client’s money. It is your job to create a tool or a system for them that allows them to make more money. When I first became a virtual assistant, I undercharged because I had it all wrong about what my role is in their business and their bank account. You also might be worried that if you say too high of a number, someone’s gonna wanna negotiate or they’re gonna be like, how dare you charge that much? Or, you’re way too expensive. I could go on another freelancer website and go find someone to do it for a fraction of the price that you’re doing it. So in order to avoid that, you pick a price that feels safe or that makes a client say yes to you because your services are the cheaper option. You also just might want any money no matter the amount.

(05:03):
So you figure if you charge less, you’ll definitely get the job instead of chasing someone away with higher prices. Have you done that? I’m raising my hand over here. The fourth reason that so many virtual assistants under charge is because they have a fear of responsibility. So tell me if this is your thought process. If I don’t charge you that much, then you’re not gonna have that high of an expectation of me. You won’t expect everything to be perfect. You won’t expect that I’ll be able to deliver at a high level because I fear the responsibility of all of that. You don’t wanna hold that level of responsibility for your client, and so you think things like, what if they pay me and then they don’t get the results that I promise and all the things so you charge less. You guys, all of these four reasons that virtual assistants under charge have one thing in common.

(05:56):
It’s that you’re focused on yourself. You’re like, I’m self-taught. I can’t handle that much pressure. I don’t have the skills. I wouldn’t invest that much in my own business. I just need the money. I’m afraid of talking about money. I’m worried if I’m taking from my clients. I don’t know if I can charge that much. If you’re undercharging for any of those reasons, you are too focused on yourself. The good news is that the fix is super simple and totally within your control. Number one, put the focus on your clients and what they’re going to be able to create in their own lives and their own businesses as a result of working with you. That’s the mindset shift that you need to be working on. It is not about you, it’s about your clients. Second thing you need to do is to stop comparing yourself to other virtual assistants.

(06:52):
Stop looking at their websites, their prices, their packaging, all of that. Number three, learn how to overcome your fear of talking about money. I give you tips for how to talk about money in your discovery calls in the Teacher Turn Freelancer Academy, but one of the ways is just by practicing practice on your own, practice with a friend, practice with another virtual assistant. Practice, practice, practice. Fourth way to stop undercharging in your virtual assistant business is to work daily to overcome your imposter syndrome. This is another thing that we focus a ton on in the Teacher Turned Freelancer Academy. We’ve got tons of mindset strategies like writing out your why, affirmation statements, journaling, overcoming those negative thoughts. This is such a huge piece of becoming a virtual assistant, something so many virtual assistants struggle with, and so we talk about this a lot in the very beginning of TTFA.

(07:52):
Fifth thing you need to do to stop under charging in your virtual assistant business is to stay out of your client’s wallets. It is not your job to decide how they spend their money. You just have to give them all the information that they need in order to make their own decisions about what they can and can’t afford. Their bank account is none of your business, okay? It’s none of your business. Tough love there, but I know you guys need to hear this because so many of y’all are undercharging or going to undercharge. Now, I mentioned it a few times in this episode. The Teacher Turn Freelancer Academy is where it’s at. If you wanna get all the tools, support, accountability, you need to grow your virtual assistant business, take it from zero to 60 and replace your income A S A P. The cart is still open.

(08:48):
You still have the chance to get a couple amazing bonuses. Make sure you get registered for that. You can can go to teacherturnedfreelancer.com, check out everything that’s included. I cannot wait to support you and give you all of the help you need to uncover what’s inside of you so you can become a virtual assistant and start working from home with your babies. Again, that’s at teacherturnedfreelancer.com. Let me know if you have any questions. I’m an open book. I wanna make sure this is a good fit for you and that you don’t waste your time and your money. So feel free to ask me any questions you have, and I cannot wait to see you back here on the next episode.