A learning lesson: In the spirit of empower emerging VAs, or those struggling to find clients, please consider when you lower your rate to land a client you are choosing to sacrifice your business for another’s business. I’m going to say that again because it is that important: You are choosing to sacrifice your own business for someone else’s business.
You deserve more.
You deserve to have a thriving, sustainable business.
You owe it to your existing clients to be in business for a long, long time to be around to serve them.
Just because a prospective client has a lot they want done with relatively little budgeted doesn’t mean you must give up anything. It simply means that the prospective client needs to hire within their budget.
I may want to drive a fancy Ferrari but can only afford a jalopy. Does that mean the Ferrari dealership will bend over backwards to give away their luxury car just to get my business? Absolutely not. (And if anyone knows a real dealership that would do this, give them my name.) It’s unrealistic and upside down business.
Doing It Better
A better approach is to ask for the full budget amount and outline what level of support and service that amount can buy. The prospective client may want the whole package but can realistically afford half…or a quarter. That’s okay. It gives them something to work towards.
As their business grows they can purchase more support and services. No one needs to give up earnings to gain a client. Ever. Think about it. What kind of client are you really gaining? Will you be happy month after month earning so little, resenting the person for not being able to afford more and when you do finally raise your rates they don’t continue services with you. It happens. It’s not the client’s fault. They were living beyond their means. They told you their budget ceiling and you lowered hoping you could convert them later on…just to keep the lights on in your own business or just to have $$ coming in.
Those posting ads noting low hourly rates are fishing. They are looking for hungry business owners who don’t know their own worth and potential. Never let them see you hungry.
You deserve more.
You deserve to have a thriving, sustainable business.
This is a great. Well written and to the point. I’d love to tweet it out! Let me know if that’s ok.
Kathryn
Appreciate you reading the blog, Kathryn. Absolutely, feel free to share this on social media.
This is just what I needed today! A potential client wanted me to lower my hourly rate since she needed a lot of hours per week.
Glad you came across my article. Remind the prospective client that as you help them in other areas it actually frees them up to work on generating more income, meet and network with their customers, and work on product development to create additional income earners. Before they know it they can purchase more services from you and keep the wheels turning.