How to work out the affordability of a virtual assistant
Hiring a virtual assistant (VA) isn’t just a cost; it’s an investment that can save you time, reduce overheads, and help grow your business. But how can you determine if it’s affordable? Here’s how to work it out:
1. Calculate the value of your time
The first step is to assess how much your time is worth. Break down the tasks you spend your time on—such as responding to emails, managing social media, or scheduling meetings—that could be handled by a VA. If your hourly rate is £100, and you spend ten hours a week on admin tasks, you’re effectively losing £1,000 of billable work. Hiring a VA at £35/hour would cost £350 for those five hours, saving you £650 while allowing you to focus on higher-value work.
For more on this, check out 3 reasons to give a virtual assistant another try, where I talk about how doing everything yourself is losing you money.
2. Factor in overhead savings
Hiring a VA comes with built-in cost savings. You avoid the need for office space, equipment, or employee benefits such as holiday pay, sick pay and pensions. VAs are paid only for the hours they work, making them a cost-effective solution for small business owners. This flexibility allows you to adjust your level of support without the complications and long-term costs of hiring or training staff.
I discuss these benefits further in What is a virtual assistant? A guide to services, benefits, and how to hire one for your business.
3. Estimate your ROI (Return on Investment)
Once you’ve calculated how much time a VA can save you, it’s crucial to think about how you’ll use that time to generate more revenue. For instance, if outsourcing 10 hours of admin work per month to a VA (costing £350) allows you to bring in an extra £1,000 of revenue, the return on your VA investment is clear. The time saved can free you up to take on new clients or projects that further boost your business growth.
4. Consider flexible retainer packages
Our flexible retainer packages start at 10 hours per month for £350, making it easy to get started with VA support. You only pay for the help you need, and as your business grows, you can increase the number of hours you delegate. This flexibility allows you to scale your VA support without the commitment of hiring employees. For example, if you initially need support for customer enquiries and later need help with marketing tasks, you can adjust the hours accordingly.
5. Estimate your monthly VA costs based on tasks
To work out exactly how much a VA will cost, break down your current tasks and estimate how long each one takes. For instance:
Inbox management: 3 hours per week.
Social media support: 2 hours per week.
Website and blog updates: 1 hour per week.
This totals around 24 hours per month, costing approximately £840 at £35/hour. Understanding this will help you clearly see how VA support fits into your budget and helps you plan for growth.
6. Avoid hiring hassles
Hiring employees comes with recruitment costs, training expenses, and long-term commitments. A VA eliminates these complications. You gain expert support without the headache of managing staff, as your VA can hit the ground running. In my post on finding your ideal VA, I explain how I match you with a VA who aligns with your specific needs, ensuring a seamless and productive working relationship.
Ready to boost your productivity and grow your business? Get in touch today and I’ll help you find your ideal VA match!
TDLR: Hiring a virtual assistant is an investment that saves time, reduces overheads, and boosts your business growth. By calculating the value of your time, factoring in overhead savings, and estimating your return on investment, you’ll see how a VA can help you focus on high-revenue activities. A VA is a scalable, cost-effective solution that eliminates the hassle of hiring in-house employees.
