Being a business owner sure does follow up with numerous hands on tasks, your to-do list is often ceaseless. But what if there’s a paradisiacal creature who could ease your work-load by assisting with repetitive administrative tasks or assignments that might require you articulate research to do beforehand while also potentially allowing you added family time? Sounds too good to be true right, well virtual assistants are here for your rescue to make sure your business runs without a hitch.
Now, as a business owner you know nothing comes free of cost and often outsourcing activities have a tainted reputation of being heavy on the pocket. But you might be surprised that a VA can save up to 78% in operating costs a year. Think about it, no costs of healthcare, taxes, compensations, paid vacation, paid sick leaves, insurance or office expenses. Oh and also, the time lost in hiring, retaining and water-cooler chat. In fact, a regular social media manager might cost an employer close to $80,000, while a virtual one may cost just $25,000 per year!
Now you might be skeptical if you should look out for a freelancer or a VA company. Well while Freelance virtual assistants begin to dominate the market, they come with the numerous disadvantages that could harm the quality of the work and sticking to a legitimate company might be a safer option! (Check out what's the difference between a Freelancer vs Virtual Assistant company)
So retorting back to the main concern, how much does a virtual assistant really cost? Virtual Assistants can charge you anywhere from $5 to $100 per hour, huge bracket right? This is because of 4 major factors that might determine the cost:
- The Type of Assistance
The cost mainly depends on the service you’re obtaining from then, depending on the complexity and time devotion required, charges may differ. Manual work like data entry or administrative tasks-handling phone calls might be on the cheaper end from around $8-12 hourly and financial assistance of bookkeeping and accounting are mid-ranged from around $12-25 hourly. High technical skills like translation might be around $20 per hour with executive services such as project schedule management and company events planning being on a higher edge ranging from $30-$40+ hourly.
2. The Experience Level
While this might seem like an obvious component where most business owners go wrong. For obvious reasons, virtual assistants with more experience charge higher and comparatively less experienced charge less. Cheap prices attract all and here is where the muck-up happens, let’s find out why:
Now, imagine you have 2 options for a VA: an experienced one charging $15, and an inexperienced one quoting $10.
Being efficient at their role the experienced VA might lead to faster results compared to an inexperienced one that is susceptible to making mistakes. Curating you a bill of: $15* 5 hours VS $10*10 hours, the experienced one drawing you to $75/week and in-experienced one coming off as $100. What’s more economical now? Not to mention the extra time, effort and money you might require to train the inexperienced one for the job!
3. The Geographical Location
While a tea in the US might cost you $3 per cup, the same tea might be less than a dollar in India. Due to that exact reason, most US companies outsource from India & China, due to low labor costs and operating expenses. The average hourly rate for a VA from India or Philippines is around a quarter of the rate of a US-based VA. Now you might think like the experienced vs inexperienced VA, the expertise or the outcome might be impacted, but no! Low wages do not come at the cost of low talent, even in those nations, at a low price, you would be able to spot experienced, talented and performing professionals. For some language might seem like a barrier but did you know India is the second largest English speaking country in the world with 256,000 people claiming it as their primary language.
4. The Complexity & Duration of Project
Certain projects demand more time devotion due to elevated planning and application requirements also classified as “complex tasks.” Compared to a VA that handles and schedules phone calls, a VA helping out with the preparation of financial documents of the company is going to be paid higher particularly because of the intricacy and time commitment expected also particularly because those tasks are “harder.”
Duration and frequency of billing might make a difference in the cost of a VA as those hired on a long-term basis, might be charged less compared to one that is hired for a short time-span project.
Estimating the cost of a VA does not have to be complicated, follow the steps of identifying the service you need, determine the experience level you desire, choose the location you wish to outsource from and the duration of the project and you’ll be good to go! Check out Wishup’s VA services and flexible pricing packages.
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