As a VA business owner, it’s easy to forget about your prices, once you have clients. You get into a routine of working with your individual clients and before you know it, it’s been years since you implemented a price increase! But as with any business, it’s normal to increase your pricing. Yet it’s often the one thing many VA businesses avoid.
Many VAs avoid it, as they worry about losing clients or pricing themselves above the standard rate (or their competitors!). But as with any business, your pricing isn’t just about setting a standard rate or being lower than your competitors. Your prices reflect who you are, the people you work with, the training you’ve invested in and completed, as well as your availability and the value you offer your clients.
So with all that being said, here’s how you can increase your pricing without losing clients in your VA business!
Give your clients some notice of your pricing increase
Don’t spring an unexpected surprise on them – let your clients have some notice! By giving them fair warning of a price increase you’re enabling them the time to adjust. It’s also a chance for clients to review their options and make necessary changes to cover the increased investment with you.
Thank your VA business clients for their loyalty to you
If you’re looking to increase your pricing, start by thanking your clients for trusting in you. No matter how long they’ve been with you it’s nice to be appreciated and acknowledged. Thanking your clients helps build relationships and helps them feel valued.
Share the value your VA clients are receiving
Talk about the real value they glean from staying with you. Remind them of the value they receive from you and share some of their wins. But make this personal for them, so you’re emphasising how much you value and know them. It’s also worth mentioning what other benefits the price increase will mean for them – such as enabling you to work with fewer clients on a deeper level, or being able to respond to client questions faster. [Check out this blog on easy ways you can add value to your clients.]
Look to accommodate those clients you know are on a tight budget
If you’re looking to increase your pricing without losing clients, you need to accommodate those who are on a tight budget. This doesn’t necessarily mean giving them a lower rate or discount – but if you’re happy to do that to keep them, of course go ahead. But other ways you can accommodate those on a tight budget is to reassess the hours they need, streamline the services you’re providing, or offer alternative solutions (such as working with your Associate etc.).
Be prepared for things to shift when you increase your pricing
And be prepared for the price increase to create a shift somewhere – for your clients and you. Viewpoints, opinions, clients, mindset, they can all change when you increase your pricing. If you’re stepping into charging more to better reflect your worth or level of experience, your attitude and work focus could improve. Clients may appreciate what you do more or want more accountability from you. So be prepared for things to shift in subtle ways.
Remember you have nothing to be sorry for – price increasing is normal! The key to successfully implementing a price increase is to be open and honest about it. You don’t need to apologise for increasing your pricing and, if you follow the tips above, you’ll be sharing why it’s a positive thing for both you and your clients.
Increasing your pricing is just one of the things you can do, to take your business to the next level. If you’d like access to more support and advice about growing your VA business, check out our VA Membership. It’s a monthly membership site that gives you affordable and practical support and expert help to build and grow your VA business. You’ll find all the details on VA Membership, here.