Do you feel like you’re working all available hours without enjoying the financial recognition for what you do for your clients?
As a virtual business manager you have the capacity to earn more while working for less clients than you would as a VA.
While a virtual assistant’s time is based on hours, a VBM is retainer based. Some VBM’s work on a retainer + incentive basis. Because you are an integral part of your client’s business success, involved in the execution of their vision and ultimately the growth of their business … you’re rewarded accordingly.
There are three common ways of pricing this type of service:
- A fixed project fee
- A monthly retainer
- A monthly retainer plus incentive
If you choose an incentive on top of your retainer we suggest discussing this in your initial discovery meetings. Set an expectation that the first 90 days are retainer only. At the end of this period you’ll be an integral and trusted part of their business with a plan in place to meet discussed goals over the next 90 day period. An incentive is then paid based on the KPI’s you both agree on.
In terms of earning capacity, the sky’s the limit. If you’re successful as a virtual business manager you can leverage your time by taking on your own VBM contractors. Pairing them up with clients who want to work with you because they’ve seen the results you deliver. Your clients will be your biggest advocates.
Rates themselves vary depending on the country you’re working in and the clients you choose to work with. Consider having criteria your clients must meet in order for the relationship to work. Criteria such as:
- 6 figure annual revenue
- Has a small team already
- Works with a coach or strategic partner
In Australia rates range from AUD50 to AUD130 per hour while here in New Zealand our own rate is NZ80 (for a 40 hour per month retainer package).
There you have it! An indication on what you can expect to earn working as a virtual business manager.
And a reminder, if you haven’t already taken our quiz to find out if the role of VBM is the right path for you, click on the button below. The first step to your possible new career starts with one click.