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Hello to all of you,
I have been very busy reading the forums and doing loads of research as I try to learn about the VA industry. I am currently employed but my dream is to be my own boss and becoming a VA seems like a perfect idea for me. I have over 25 years of administrative experience, have been a certified law clerk for 10 years and am also a certified Human Resource Professional. I feel I have alot of skills that could be marketable in this industry. However, my research is not giving me alot of confidence that there is actually any decent money to be made. I have found alot of info about hourly billing rates etc., but what would a VA reasonably expect to be able to bill weekly? Is it unreasonable to earn $50K per year? I have found some established VA's who have been kind enough to provide me with their experiences and I am getting the impression the average earnings are closer to $15K - $20K per year.
I would be so grateful if you could provide me with some of your perspectives on this. I am eager to try it and I really do want to make this type of change in my life, but until I can have a better idea of the earning potential, I just don't know where to go from here.
Thanks in advance for any insight.
Barb
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#2
- MODERATOR & Social Media Coordinator
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Posted 24 June 2010 - 07:38 PM
Barb,
I think the earning potential is all dependent upon each VA as many of us go into this for very different reasons. I think many do work to stay home with family too and be there for their kids, they may only aim to bill 20 hours a week as that is what fits their goals - that type of person may not earn what someone who can put in 8-10 hours a day because that is their preference.
There are many factors that would affect what an average salary would be - many more than just time billed and hourly rate and so really it is hard to say - yes or no that is a realistic goal...
I think the earning potential is all dependent upon each VA as many of us go into this for very different reasons. I think many do work to stay home with family too and be there for their kids, they may only aim to bill 20 hours a week as that is what fits their goals - that type of person may not earn what someone who can put in 8-10 hours a day because that is their preference.
There are many factors that would affect what an average salary would be - many more than just time billed and hourly rate and so really it is hard to say - yes or no that is a realistic goal...
#3
- Supreme VA God/dess
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Posted 25 June 2010 - 03:25 AM
Another earnings issue that is not totally negative, but which will influence the total $$ is the gratis work that is so easy to fall into when we are beginning. Take yourself seriously, do favors generously, but remember they are a gift or a donation, not a low value statement for you.
Your niche will also determine your earnings. Some are more highly paid; some are almost impossible to deliver the number of hours required to earn the higher ratings. There are some extras that can help such as affiliate opportunities that do add up over time.
Examine where you are and where you want to be and all the paths that lead to your goals and choose the one that is best for you. Higher earnings are no overnight. If someone reports high earnings right after opening the doors, I look for two things: negative: over active imagination positive: A GREAT DEAL of pre-planning before beginning. Beginning on a shoestring takes awhile. But, as noted on other threads, a VA is always in development mode and the necessary earnings can come.
Your niche will also determine your earnings. Some are more highly paid; some are almost impossible to deliver the number of hours required to earn the higher ratings. There are some extras that can help such as affiliate opportunities that do add up over time.
Examine where you are and where you want to be and all the paths that lead to your goals and choose the one that is best for you. Higher earnings are no overnight. If someone reports high earnings right after opening the doors, I look for two things: negative: over active imagination positive: A GREAT DEAL of pre-planning before beginning. Beginning on a shoestring takes awhile. But, as noted on other threads, a VA is always in development mode and the necessary earnings can come.
#4
Posted 25 June 2010 - 03:41 AM
Hi Barb
I think initially it's hard to make a "9-5" type salary because you'll be building your client base and your business. I don't know of anyone who has gone from a full-time job and replaced their salary immediately. I do know a lot of VAs who have launched and HAD to make their mortgage payment the next month and so done just about anything to pay their bills.
There are ways of minimising the risk involved (a good resource is The Wealthy Freelancer site for this stuff) but I think the data seems quite gloomy when you look at industry stats simply because it is squiffed by the number of VAs who don't want to work full-time and therefore maybe only work 20 hours a week. If you took out the part-timers, I think you'd find the salary a lot more rewarding.
Having said that, I don't think I make more than I used to as an employee but I enjoy the job infinitely more - and that is I think the main motivation for working like this, rather than the money.
I think initially it's hard to make a "9-5" type salary because you'll be building your client base and your business. I don't know of anyone who has gone from a full-time job and replaced their salary immediately. I do know a lot of VAs who have launched and HAD to make their mortgage payment the next month and so done just about anything to pay their bills.
There are ways of minimising the risk involved (a good resource is The Wealthy Freelancer site for this stuff) but I think the data seems quite gloomy when you look at industry stats simply because it is squiffed by the number of VAs who don't want to work full-time and therefore maybe only work 20 hours a week. If you took out the part-timers, I think you'd find the salary a lot more rewarding.
Having said that, I don't think I make more than I used to as an employee but I enjoy the job infinitely more - and that is I think the main motivation for working like this, rather than the money.
#5
- VA God/dess
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Posted 25 June 2010 - 08:39 AM
You're going to find income ranges all over the board when it comes to VAs. There are many reasons different people have chosen this career path. But, I can tell you that it is possible to earn a decent income. I am single and completely support myself. I have been a VA for 8 years and this has been my only source of income for that entire time. I also purchased a home this year based solely on my VA income (I could have done it a few years ago but didn't have the desire before now).
Lanel
Lanel
#6
- Virtual Bookkeeping Extraodinaire
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Posted 25 June 2010 - 09:25 AM
It takes TIME to build it. You can't expect to make much your first 1-3 years in business. I took me a while. The past 4-5 years I've been, basically, the sole support for my family of 4. We bought a house (mortgage) based on it, 2 cars, etc etc. It is possible to make a darn good living, but you have to be a serious business owner and make smart choices.
#7
- Regular VA Member
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Posted 26 June 2010 - 05:10 AM
Hello Barb,
I'm also new here. But not so new in the VA practice.
When I was starting out, I was so afraid that I would not survive financially. I was also gainfully employed like you, getting mid-5 digit monthly salary (in Philippine pesos). At first, I thought that to be able to maintain our standard of living, I would have to earn the same amount I was getting from my employment. Then I came across an article about the cost to work.
It taught me that I need not target my old salary in order to survive. I sat down to do some math. For me to be able to work, I had to pay for a nanny, and that nanny lived with us, which meant that I have extra expense for her food, plus water and electricity. Then I spent on transportation to get to the office, and to maintain my corporate persona, I needed to update my wardrobe regularly i.e. clothes, shoes and bags. Then there were lunches at the office. Then the little repairs around the house that I could actually do, if I had the time. But since I go to work everyday, I just pay somebody to do it for me. And then doing my grocery shopping at convenience stores instead of the supermarket because they're more accessible and I don't have the time to make the trip to the supermarket, resulting to higher spending because it's more expensive to buy from convenience stores. And the list went on.
I realized then that what I actually take home is a mere fraction of what my salary was. With me working from home, I let go of the nanny, I no longer hire someone to clean the yard, I have no transportation expense, my wardrobe consisted of jeans and shirts, and I plan my shopping, so much so that I get to take advantage of sale items.
My actual take home pay at the time that I was employed became my target earnings for my home office. My fear that we had to make drastic changes with our budget did not happen. And as I learned the ropes of the industry, gaining confidence in taking in more clients/projects, my income started to grow, too.
Your earnings, of course, will depend on your skills (if you can match the demand) and the amount of time that you are willing to spend in your work.
Besides, you're in good hands now that you are here at VANA. A lot of people to hold your hand as you learn the ropes. I wish I had them when I was starting out!
Good luck and God bless!
I'm also new here. But not so new in the VA practice.
When I was starting out, I was so afraid that I would not survive financially. I was also gainfully employed like you, getting mid-5 digit monthly salary (in Philippine pesos). At first, I thought that to be able to maintain our standard of living, I would have to earn the same amount I was getting from my employment. Then I came across an article about the cost to work.
It taught me that I need not target my old salary in order to survive. I sat down to do some math. For me to be able to work, I had to pay for a nanny, and that nanny lived with us, which meant that I have extra expense for her food, plus water and electricity. Then I spent on transportation to get to the office, and to maintain my corporate persona, I needed to update my wardrobe regularly i.e. clothes, shoes and bags. Then there were lunches at the office. Then the little repairs around the house that I could actually do, if I had the time. But since I go to work everyday, I just pay somebody to do it for me. And then doing my grocery shopping at convenience stores instead of the supermarket because they're more accessible and I don't have the time to make the trip to the supermarket, resulting to higher spending because it's more expensive to buy from convenience stores. And the list went on.
I realized then that what I actually take home is a mere fraction of what my salary was. With me working from home, I let go of the nanny, I no longer hire someone to clean the yard, I have no transportation expense, my wardrobe consisted of jeans and shirts, and I plan my shopping, so much so that I get to take advantage of sale items.
My actual take home pay at the time that I was employed became my target earnings for my home office. My fear that we had to make drastic changes with our budget did not happen. And as I learned the ropes of the industry, gaining confidence in taking in more clients/projects, my income started to grow, too.
Your earnings, of course, will depend on your skills (if you can match the demand) and the amount of time that you are willing to spend in your work.
Besides, you're in good hands now that you are here at VANA. A lot of people to hold your hand as you learn the ropes. I wish I had them when I was starting out!
Good luck and God bless!
#8
- VAnetworking.com Founder
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Posted 26 June 2010 - 11:41 AM
VASupportPro, on 26 June 2010 - 06:10 AM, said:
At first, I thought that to be able to maintain our standard of living, I would have to earn the same amount I was getting from my employment. Then I came across an article about the cost to work.
It taught me that I need not target my old salary in order to survive. I sat down to do some math. For me to be able to work, I had to pay for a nanny, and that nanny lived with us, which meant that I have extra expense for her food, plus water and electricity. Then I spent on transportation to get to the office, and to maintain my corporate persona, I needed to update my wardrobe regularly i.e. clothes, shoes and bags. Then there were lunches at the office. Then the little repairs around the house that I could actually do, if I had the time. But since I go to work everyday, I just pay somebody to do it for me. And then doing my grocery shopping at convenience stores instead of the supermarket because they're more accessible and I don't have the time to make the trip to the supermarket, resulting to higher spending because it's more expensive to buy from convenience stores. And the list went on.
I realized then that what I actually take home is a mere fraction of what my salary was. With me working from home, I let go of the nanny, I no longer hire someone to clean the yard, I have no transportation expense, my wardrobe consisted of jeans and shirts, and I plan my shopping, so much so that I get to take advantage of sale items.
My actual take home pay at the time that I was employed became my target earnings for my home office. My fear that we had to make drastic changes with our budget did not happen. And as I learned the ropes of the industry, gaining confidence in taking in more clients/projects, my income started to grow, too.
Your earnings, of course, will depend on your skills (if you can match the demand) and the amount of time that you are willing to spend in your work.
Besides, you're in good hands now that you are here at VANA. A lot of people to hold your hand as you learn the ropes. I wish I had them when I was starting out!
Good luck and God bless!
It taught me that I need not target my old salary in order to survive. I sat down to do some math. For me to be able to work, I had to pay for a nanny, and that nanny lived with us, which meant that I have extra expense for her food, plus water and electricity. Then I spent on transportation to get to the office, and to maintain my corporate persona, I needed to update my wardrobe regularly i.e. clothes, shoes and bags. Then there were lunches at the office. Then the little repairs around the house that I could actually do, if I had the time. But since I go to work everyday, I just pay somebody to do it for me. And then doing my grocery shopping at convenience stores instead of the supermarket because they're more accessible and I don't have the time to make the trip to the supermarket, resulting to higher spending because it's more expensive to buy from convenience stores. And the list went on.
I realized then that what I actually take home is a mere fraction of what my salary was. With me working from home, I let go of the nanny, I no longer hire someone to clean the yard, I have no transportation expense, my wardrobe consisted of jeans and shirts, and I plan my shopping, so much so that I get to take advantage of sale items.
My actual take home pay at the time that I was employed became my target earnings for my home office. My fear that we had to make drastic changes with our budget did not happen. And as I learned the ropes of the industry, gaining confidence in taking in more clients/projects, my income started to grow, too.
Your earnings, of course, will depend on your skills (if you can match the demand) and the amount of time that you are willing to spend in your work.
Besides, you're in good hands now that you are here at VANA. A lot of people to hold your hand as you learn the ropes. I wish I had them when I was starting out!
Good luck and God bless!
Great to see you made this point. It is definitely true, your costs to work will decrease working from home that you have to add to the whole big picture.
Like everyone else has already said in one format or another, you'll get out of it what you put into it. I had replaced my salary within 3 months. How did I do that? I look back and see that I had no other choice or my 3 children and I wouldn't have had a roof over our heads the next month. It's amazing what one can do if they have the passion and drive to push forward and achieve it.
I firmly believe you can bill out 20-25 hours easily (many more if you are a Multi-VA firm) weekly. If you charge a minimum of $35/hr, that's $875/wk X 52 weeks = $45,500/yr.
T.
PLUS...you'll most likely go into a lower tax bracket which will save you additional fund. And, all the expenses above that VASupportPro mentioned you will save on including $6,000 a year if you daily hit Starbucks on your way to work ;)
#9
- New VA Member
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Posted 27 June 2010 - 05:07 AM
When I first started as a Virtual Assistant a couple of years ago I was in huge learning mode so I was probably only bringing in about $500/month even though I seemed to be "working" all the time. Eventually, I settled on "video and webinar recording" as my niche and now I earn an average of $4,000-5,000 month which includes consulting and training work. I also have a couple of corporate clients that give me regular videos to create. So I definately feel like choosing a speciality is going to be more valuable in the long run than trying to do everything for your clients. Now I don't feel like I have to be in constant learning mode.
If you want to see a video I just put up on YouTube explaining how I make my money it is at my VADemoGirl channel at YouTube. Just do a search for VADemoGirl or "How I Make Money as a Video Virtual Assistant".
If you want to see a video I just put up on YouTube explaining how I make my money it is at my VADemoGirl channel at YouTube. Just do a search for VADemoGirl or "How I Make Money as a Video Virtual Assistant".
#10
- New VA Member
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Posted 27 June 2010 - 06:42 AM
Thank you so much to all of you who have taken the time to reply to my post. I am feeling alot more optimistic after hearing what you have to say and you have made some excellent points for me to think on. Trying to make this decision is very difficult - leaving a good salary and steady position at a great employer. I feel I should be happy with what I have and stick with it but this desire to try something new and be my own boss is huge for me.
#11
- Supreme VA God/dess
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Posted 27 June 2010 - 07:07 PM
Hey Barbara,
I think with all the varied and useful responses you just got a crash course in income projections for small biz owners! Heed the advice here - it's all very good.
Other things to keep in mind (sorry if I'm doubling up on what anyone said already):
HTH!
Karri
I think with all the varied and useful responses you just got a crash course in income projections for small biz owners! Heed the advice here - it's all very good.
Other things to keep in mind (sorry if I'm doubling up on what anyone said already):
- you don't have to work hourly; and once you get the hang of it, project rates can be more lucrative (not always, but CAN be)
- make sure to budget enough time each week for non-billable work (admin/bookkeeping tasks/phone calls/email/etc)
- the tax man will take a cut AND there are expenses to running a business - online ones too ;), so get clear about the "gross vs net" idea when projecting sales
- if you can't figure out your niche right away it's TOTALLY OKAY and in fact, sometimes your niche finds you once you just get out there and offer value to the right people
HTH!
Karri
#12
- New VA Member
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Posted 07 July 2010 - 06:11 PM
Hi there, I'm just starting out as well, and I want to thank everyone for all the great imput. I am not sure yet what my 'niche' will be. I'm working on my target market now, as well as making my website. Again, thanks!
Jen
Jen
#13
- VAnetworking.com Founder
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Posted 07 July 2010 - 06:19 PM
JenSheaVA, on 07 July 2010 - 07:11 PM, said:
Hi there, I'm just starting out as well, and I want to thank everyone for all the great imput. I am not sure yet what my 'niche' will be. I'm working on my target market now, as well as making my website. Again, thanks!
Jen
Jen
You are welcome! We have such a giving group of VAs here....thanks you guys! :)
#14
- New VA Member
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Posted 07 July 2010 - 07:44 PM
This is such a great thread/topic! Thanks to all of you on your points/tips/suggestions.
I've had ladies in the past call me and all they cared about was making fast money as a VA. Their desire to have a VA business didn't exist it was all about FAST money. I tell people you have to like what you are doing and enjoy it to make the money you want to make.
For me when I started my kids were just babies so the amount of time I put into it was not as it is today. As they have gotten older I have taken on more and do well for what I want.
It's all up to you and how much your desire is to being a VA.
Thanks again!
Leona
I've had ladies in the past call me and all they cared about was making fast money as a VA. Their desire to have a VA business didn't exist it was all about FAST money. I tell people you have to like what you are doing and enjoy it to make the money you want to make.
For me when I started my kids were just babies so the amount of time I put into it was not as it is today. As they have gotten older I have taken on more and do well for what I want.
It's all up to you and how much your desire is to being a VA.
Thanks again!
Leona
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