Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written for our readers.
You’ve made up your mind to hand in your two weeks’ notice and escape the 8-to-5 grind that’s virtually taken over your life. You desperately wish to regain control of your life, maintain a healthy work-life, and spend more time with your loved ones. Or, you’re just looking to escape a toxic work environment.
After extensive research, you’re dead-set on becoming a virtual assistant and enjoy the freedom that comes with working from home.
Naturally, you’re concerned about how much money you can make as a virtual assistant as you’re determined to build the life of your dreams.
What’s a Virtual Assistant’s Earning Potential?
A little Googling shows you virtual assistants across the globe earn between $3 and $60 per hour and more. The massive discrepancy in wages only piques your curiosity.
Further research shows that the pay rates vary significantly across the world, but it ultimately boils down to a few crucial factors:
- Level of expertise. Virtual assistants fall into two broad categories – generalists who hand basic tasks and specialists who have mastered specific crafts. If you’re highly competent and committed to lifelong learning, you’ll scale the heights of success as a VA.
- Your Experience. Your skills and experience determine the value you offer your clients, and that determines your income. Clients pay higher rates to seasoned experts since they can tap into their vast knowledge to come up with ingenious solutions. Also, because they have mastered the art of working in an unstructured work environment.
- Target clients. Established companies and high net worth individuals offer higher rates than most small businesses and solopreneurs. Your client’s area of specialization also counts as it determines their ability to generate revenue.
- Your location or nationality matters because it determines the cost of living. Remote workers in Europe and the USA charge more than their counterparts in Asia and Africa who aren’t as cost-burdened.
As a VA, you’re not entitled to retirement benefits and medical insurance. Therefore, you must factor these costs into your rates to earn a comfortable living.
What Are Some of the Most Lucrative VA Roles?
You don’t have to start at the bottom of the totem pole. Not when you’re a skilled VA with an efficient job search strategy.
You can have your pick from these rewarding VA sectors:
- Rookies make up to $6/hour, while seasoned experts command as much as $45/hour.
- E-commerce store administrator. Rookies make up to $25/hour while experts make as much as $70/hour.
- Graphic designers. Rookies make up to $10/hour while experts make up to $37/hour.
While many factors influence your earnings as a virtual assistant, skills and abilities are the most critical. Honing your skills to an art form lets you snag lucrative contracts and lowers the amount of competition you’re up against.