The AVA State of the VA Industry Report – Following the Mindset Money Trail
Don’t worry if you don’t know how to follow the mindset money trail. By the end of this blog, you will know exactly how to follow the money trail and the mindset it takes.
When it comes to money and the earning potential of a VA, the first question many will ask is, “How much money can I make as a Virtual Assistant?” in order to help make a decision on the career path. It’s valid because money is something we all need and don’t want to be limited in our earning potential. It’s why the AVA created the Industry Standard Pricing Guide as well: to provide you with the minimum that you can begin to earn right out of the gate.
We were thrilled that the majority of the responses collected came from North America and Europe at 75%. Collecting data from these countries is crucial because most of the data collected thus far on the VA industry has come from Asia. For someone searching for fiscal data in North America and Europe, this was very disheartening. Those wages are far less than minimum wage in Western nations
Our survey asked each respondent what they made an hour if they had to break it down that way (not all VAs charge by the hour). For those in North America, Europe, and Australia It was exciting to see that the majority, 57.7% are earning the minimum industry standard of $26-50 an hour. A smaller group of VAs, 23.5%, are making $10-$25 an hour. There are virtual assistants making more, $51-$100, 17.7%.
The average income per month (in USD) shows that 32.6% are earning $2,001-$5,000 a month. For 26% of our respondents, their average monthly income is $1,001-$2,000. Some VAs, 11.3% are making $5,000 + a month.
This is the data needed for you to decide if you want to join the industry and begin your journey on the trail. As you know, a trail can lead you down many paths so it is very important to follow the path that leads to money. So where does mindset find you on the trail?
Mindset finds you usually the first time you have to say your prices out loud. Remember back to the dreaded job interview question where you were asked your salary requirement? Most candidates are afraid of saying the wrong thing. They don’t want to say a number too high that would cause them to be passed over. Nor do they want to quote a salary too low and miss out. As a VA you don’t have this conversation just once or twice in the employee interviewing process; as a VA you have this conversation often. The more often the better!
Worth becomes the next step. How do you charge and get clients to pay you what you’re worth? What most won’t share with you is that clients will never pay you what you’re worth. Who enjoys or brags about paying full price? The key ingredient is to get the client to understand and pay for the value of your work and be as excited as scoring half-off deals!
Every client will value something different. In the survey, we asked the primary reason why the VAs believe their services are valued and a whopping 65.6% said it had to do with their skillset. Skillset is an important step you take on the money trail because different skillsets lead to different values and outcomes.
Here is where the survey data gets really interesting.
- When we asked if the VAs had any certifications the clients would value 56% said no. 56%!
- When we asked the surveyors how much they invested in their professional development each year, sadly 50.4% of VAs spend $500 or less on their professional development each year.
- When we asked if VAs if they were earning what they’re worth, just over half 54.5% said no.
Take a look at all those numbers. Numbers don’t lie. These numbers clearly have something in common.
- Certifications demonstrate value
- Investment in skillsets and businesses
- Worth earnings
This is you following the mindset money trail. Notice it is not just your mindset it is the mindset. That’s because if you don’t take into consideration what your clients value they won’t be paying you what you’re worth.
Not earning what you’re worth is obviously directly tied to your skillset. Remember, virtual assistants, listed skillsets as the number one reason clients value their services. Without the certifications, and without investing in your business in the skillsets that are directly tied to your value as it pertains to clients, it’s no doubt VAs will have a hard time getting ahead and the gaps in the market will grow wider and deeper. The VAs who don’t invest will lose thousands and tens of thousands of dollars each year by not investing more into their skills and business and providing for their team members to become certified as well.
In case you need more data, if we look closely again at the top earners at $51-$100 an hour, it mirrors those VAs who invest, 17.7%, more than $500 in their professional development each year.
We won’t stop there. When we look at how virtual assistants are being valued it would have to be tied to being able to raise your rates and not lose clients. A large percentage, 69.5% of VAs have been able to raise their rates and keep their clients. Ultimately, what the data shows is how valuable VAs are.
There is no greater measure of how much someone loves what they are doing than a recommendation for someone else to join in the industry and do what they are. Our respondents, 98% said that they would recommend becoming a VA to somebody else. That is a powerful statement to what freedom and flexibility in your life will create for others.
Want to receive the full AVA State of the Industry Report when it is released? You can download our Industry Standard Pricing Guide or the VA Business Blueprint and this will add you to our email list and you’ll be automatically notified when the full report becomes available.
Not a member of the Association of Virtual Assistants yet? Join today and don’t walk the trail alone!
We see you. We hear you. We value you.