So, if you’ve been looking at hiring a Virtual Assistant you probably know that they charge between £20 and £40 per hour. But do you know how much a VA actually costs? Let’s take a closer look.
What’s your hourly rate? By doing just a one-hour admin related task, how much would you be losing in revenue? If you are a business coach for example charging £100 per hour, for every hour’s administration you do or unpaid task, you’re losing that in revenue. Add that up over a working week, that could be £500. And let’s face it, who only spends one hour a day doing unpaid work in their business?!
However, outsource that task to a VA, freeing up your time to do more chargeable work, that Virtual Assistant isn’t actually costing you anything. In fact, they are allowing you to make £60 per hour (if you base it on the higher charge, even more if your VA charges less). Average that out over the working week as we did before and that is a £300 pay rise per week! How many other ways do you know of that could instantly boost your income that quick?
So, based on the above it makes sense to get some help, right? But what about hiring a permanent member of staff?
The employee vs. Virtual Assistant argument often focuses on the operational costs for example you not being responsible for tax, NI, holiday, and sickness pay etc. for a VA whereas you would be for an employee. But are there more savings to be had?
When hiring an employee there is always going to be recruitment costs. At the very least, the cost of placing an advert. Then there is the time spent reading through applications and arranging and conducting interviews. Very often for that reason, many businesses opt to use recruitment agencies. And with that can come very high costs. Many agencies will charge 10% of that employee’s salary, so you can be looking at thousands of pounds. With a Virtual Assistant however, you are very likely to know of someone already using one or you could pop a post on LinkedIn and you would find plenty of recommendations for good VAs. Your shortlisting is already done for you! It is probably a good idea to have a discovery call with them too and read through their terms of business, but even doing this you would still be saving yourself hours as well as saving those costs of recruitment.
Of course, you would also be saving yourself other set up costs. If we base it on remote working, as we are all being encouraged to work from home at the moment, the main cost saving is the equipment. A professional laptop or desktop can cost anywhere from £800 upwards; a VA will already have that equipment in place. If you are working in the office then there is the physical workspace, stationery and all the little bits that add up.
And, not forgetting, we need to consider all the paid loss of time if using employees. Very often, you will have an employee on contracted hours. But, how much of that time is spent working? A study shows that if you add up all the time spent chatting over the copier, in the kitchen while making a coffee, chatting about the weekend to Shelley when dropping off that file, scrolling through social media, the average time spent procrastinating is 2 hours, meaning the average employee only working 73% of their contracted time. Compare that to the Virtual Assistant who only gets paid for the work they do, you get 100% productivity.
So, when considering how much a Virtual Assistant costs, remember that it is more than just looking at their charge rate. A great VA will add value to your business, help increase productivity and in turn, revenue.
If you would like to discuss outsourcing to a Virtual Assistant and the costs this may involve, get in touch for a chat on 07977 640119 or email email@example.com.