By Anastacia Brice

One of the biggest questions asked about working as a virtual assistant is, "Can I earn sufficient income as a VA, and how do I go about replacing my benefits?"

Depending on what "sufficient" income is to you, you certainly can. The average new AssistU trained VA is billing $30 - $35/hour, plus expenses are billed to the clients. More experienced VAs are billing at higher hourly rates.

VAs who have earned the CPVA (Certified Professional Virtual Assistant) designation are billing at still higher rates, and those who have earned the coveted CMVA (Certified Master Virtual Assistant) most of all. VAs who have developed professional niches (a niche for a VA is a client type, not a work orientation or specific proficiency) are also billing at significantly higher rates.

To illustrate that point, when I closed my VA practice to focus on AssistU and training the finest VAs in the world, I was deeply niched, working only with best-selling authors, and speakers. I was billing at $100+ per hour. I have no doubt that if I were still working with that niche, I would be billing at rates of about $150 per hour — and not struggling at all to get people to work with me.

Another consideration is how much one wants to work. Some VAs want to work "part-time" — something less than 40 hours/week. Others want to work "full-time," which, for a VA, is going to be about 40 hours/week, with only 30 of them being billable hours. Remember, when you own your own business, you have non-billable time that's devoted to running your own business. If you bill 40 hours/week and then do your own business work, you'll then have something looking more like a full and part-time job — who wants that? The more you work, the more you make. It's really as simple as that.

Rates are based on who you are and what kind of value you create for your clients, not on where you're located. If you live in a town where the economy doesn't support fees at the level I'm describing, you simply work with people elsewhere. Being virtual makes it all possible.

It's important to remember that conventional business wisdom says that it takes three to five years for a new business owner to get his/her business where he/she wants it. You have to be prepared for your own business to take that long to build. Know, however, that we're seeing the average trained VA do it in a little more than one year.

Downsizing Your Needs

With regard to the benefits you have now that you would no longer have, or would need to replace on your own, it's important that you weigh what you need in your life before you make any decisions. Be sure, however, to look at all of what you need. Most people look at just what they need financially. But realize that the average person is spending far more than is necessary or smart. Especially here in the US, the "dream" is about a bigger house, more things, better/bigger cars, expensive vacations, expensive clothes, etc. There's a statistic that shows that the average two-car garage attached to the average house in the US today is bigger than was the entire house for a family of four in the 1950. Amazing, isn't it?

Are you running faster, working harder, spending more time away from home working in order to afford things you don't have the time to enjoy? That's the case for a huge number of people! If it's true for you, and especially if you're tired of it, that might be something to think about as you consider what you most want for yourself. Maybe what you really want is a more simple life — a manageable house, smaller mortgage, fewer things — and more time to enjoy them. And maybe fitting into that is a home-based business, whether as a VA or something else.

Will health insurance be more expensive if you own your own business? Absolutely. But it's also tax-deductible, an added benefit. So can be your home-office. So is continuing education, travel for business, and any number of other things you may now also be paying for. Additionally, you no longer have the same kinds of expenses you currently may have — your car insurance may be less expensive because you'll have no commute, you'll spend less for gas, you'll no longer need a business wardrobe of the same kind. Gone, too, will be the lattes, business lunches, parking, and other things you may currently spend money on at the office.

The expenses incurred as you work in your VA practice are largely expensed to your clients. Those that are yours are factored into your fees. In case you're thinking of creating a VA practice on your own, know this — you cannot earn a profit if you bill at a rate of less than $30/hour. If you bill at a lower hourly rate, your earnings will not cover your expenses, and pay you.

Value of Freedom

So, expense-wise, it's likely a wash — what benefits you have now, vs. what you'd have when self-employed. Yet still to consider are the benefits for which there's no monetary gain — the ability to call your own shots, control your own destiny, say "no" when you need to or want to, build a business that honors who you are, work with clients who respect, admire and value you, fully contribute using all of your gifts and skills, take time off when you want or need to, have absolute flexibility during your day... and these just scratch the surface! Whatever you value most, know that you can have that if you own your own business. You'll never have it working for someone else.

In light of recent world events, people are incredibly fearful about their job security. It's possible that the term, "job security" is actually now an oxymoron. Given that companies are downsizing and laying people off in droves, consider your options and whether you might have more security trusting yourself to create your own success and prosperity, and whether or not it's now time to take a chance, or risk a bit to have something of your own that contributes to your having a high-quality life.

In the end, that's really the question you need to answer. Once you have it, you'll know which direction to head in, and which path to look for.