To combat the constantly fluctuating income, I’ve been working to price my services into packages. This also helps me charge more for my services and raise my rates. Plus, it gets away from trading time for money and instead puts focus on the actual value of the work I’m doing for my clients.
One of the questions I’m asked most often by freelancers is how you can raise your rates for virtual assistant work or freelance writing. So, at the end of this post, I’m going to share some of my tips and the EXACT script I use to raise my rates with clients.
But first, here’s an in-depth look at my business income and expenses for February 2017.
VA/Blog Management Services – $6,124.11
Freelance and Ghost Writing – $2,745.00
Advertising on Shoeaholicnomore.com and FinancialConversation.com – $920.00
Coaching – $0.00
Bonuses, Tips, etc.– $0.00
I don’t feel my post would be complete if I didn’t share my expenses with you. It’s great to see how much money a business earns, but to be truly transparent, it’s good to show the expenses too. The further I’ve gotten with my business, the more I’ve realized the saying is true that you can’t make money without spending money.
In the beginning, I spent almost nothing to run my business. That’s because I had time, but I didn’t have money. So I learned almost everything myself by watching others, asking questions, and Googling everything! Then, as my business grew and I had less time but more money, I began outsourcing things and building a team.
The expenses listed below are only what I paid out of my business account this month.
You won’t see a line for internet because that is something I would pay for even if I didn’t have an online business. (But yes, I do get to deduct most of it now that I have an online business.) So keep that in mind. ?
Contract Services – $3,023.99
PayPal and Other Fees – $54.32
Supplies – $47.34
Accountant – $35.00
Board Booster – $9.52
Canva Credits – $50.00
New Computer – $100.00
Consultant and Training – $300.00
Rebrand! – $1,148.50
Total Expenses: $4,768.67
Income less Expenses: $5,020.44
My re-brand is nearly finished now and this very well might be the last income report to appear on this domain. It’s a little sad, but it’s been a long time coming and I can’t wait for you all to see the new site. Don’t worry – whenever you head to this site, it’ll automatically take you to the new domain. 🙂
Since I’ve been working on my re-brand, I also want to grow my audience in preparation for my course launch later this year, so I hired a consultant to give me some training and I’m very excited to start working with her after the new site is complete!
PayPal fees are my least favorite expense to pay each month. It’s crazy that you have to pay a fee in order to get money from your clients, but that’s just how it works with most online payment platforms. I know my PayPal fees would be WAY higher if I didn’t use FreshBooks. I can’t recommend FreshBooks enough if you are a freelancer who is primarily paid by PayPal.
I started using Board Booster a few months ago to help increase my traffic from Pinterest. It has worked well, so I increased to a larger plan in January. The new price is shown above. I also use Tailwind, but I pay for that annually, so that’s why there’s no charge shown for it each month.
I know I say this every month, it’s important to note that I STILL don’t get to “take home” that entire $5,000. My online income has not been taxed, so I set aside a large portion of it each month for taxes and that is not taken out of the figure shown above.
If income reports get you jazzed, you can see all of my online income reports on this page!
Just to see how far I’ve come, I averaged my monthly online income for the 32 months I’ve been freelancing. Even with the smaller months at the beginning, my average monthly online income (gross) is $4,594.97. My 12 month (gross) average is $8,201.98.
The EXACT Script I Use to Raise My Rates!
No one wants to work 24/7, which is why so many freelancers are interested in learning how to raise their rates for writing or virtual assistant services. I know I certainly wouldn’t be making at or around five-figures each month if I was still working for $10-$15/post and $15/hour, which is where I started out.
I’d have to work about 666 hours/month or 166 hours/week in order to earn $10K! That’s not even possible because it would mean I’d be working 23.8 hours/day 7 days/week. WHAT?!
This is why I’ve been working on raising my rates with my clients and trying to move away from charging hourly for most of my services.
So, to help you do the same thing, I’m sharing the EXACT script I use to raise my rates with my freelance clients.
Just enter your email address in the box below to get access to the EXACT script I use to raise my rates. It’s a PDF so you can save it and use it to raise your rates with your own clients!
Trust me, it works!
In the almost 3 years (!) that I’ve been freelancing, I have only been turned down once when raising my rates. Most of the time, my clients agree that I deserve to raise my rates. So, they are willing to continue working with me at my new rate.
But, you can’t just raise your rates all willy-nilly. It does have to be justified! Make sure you follow the steps listed in the PDF before using the script to ask for a rate increase.
Do you have any questions you’d like me to answer in future reports? Let me know in the comments!