3 Ways to Make More Money in Your Online Virtual Business (+ how to execute on them)
Most of the women who come to me for 1:1 mentoring are doing so because they’re looking for the magic pill to making money (or more money) in their virtual done-for-you business. They’re Virtual Assistants and Online Business Managers and Social Media Managers who either aren’t sure WHERE to start online OR, need support around making it to that next income level.
So, the question of “how do I make more money online?” is one I’m quite used to helping women figure out the answer to.
Now listen, my friend. Before we hop into some of the ways I help my clients make more money in their businesses I need to make sure we’ve covered some non-negotiables. It’s only possible for you to continue to grow your business using the steps I’m sharing below if you:
Are a good person
Do great work for your clients
Truly care about the work that you do and the people you serve
That might sound silly if you’re currently shaking your head going “DUH SARA”, but not everyone starts a business to do good work in this world. Some people are here for quick money and only themselves. And if that’s you, you can close out this window right now. But if that’s NOT you, and you’re here to serve your clients by leveraging your existing skills and learning new ones, then this is 100% the blog post for you.
So now that we’ve got that one out of the way, let’s jump right into 3 Ways to Make More Money in Your Online Virtual Business (+ how to execute on them, too).
Raise your rates.
This probably sounds silly, but it’s something so many of my clients struggle with. They’re so afraid of raising their rates on their clients because the think that if they do, their clients are going to leave them.
Personal experience here: I’ve done it and I’ve helped my clients do it. People RARELY stop working with you over a small increase.
Think about if you were a full-time employee. Each year, you’d likely get a raise as you mastered your job, learned more skills and helped your employer to be more successful.
Since you work for yourself and contract for your clients, it’s YOUR JOB to give yourself the raise.
Now listen, we’re not talking about going from $35/hour to $55/hour. I usually recommend a $5 increase at a time. While it’s not THAT much, if you raised your rate by $5 across the board with 5 clients who had contracted with you for (10) hours each per month, we’d be looking at an additional $250 more per month and an additional $3,000 more per year. And that ain't chump change, girl.
Ready to execute on this one?
Go send your oldest client a rate increase email now. Give them at least 30 days notice and as an added bonus, let them know that this increase locks them in at that rate for the rest of this year (so they know you’re not going to keep raising your rate every few months). Want a template for this? Shoot me an email or DM me on Instagram and I’ll send you a google doc with all the verbiage you need to confidently and kindly send a rate increase email this week!
2. Raise your retainers.
At the beginning of their businesses, I often advise my clients to take on project-based clients. These are folks who don’t want to commit to a monthly retainer package, but just want some graphics created in Canva, a PDF designed, e-mail support around a launch, etc.
While this is a GREAT idea at the beginning of your business because it gets cashflow coming in, gives you exposure to more skills/platforms/people and raises your confidence levels significantly, I don’t recommend it as a long-term strategy for most people.
Because getting your clients on monthly retainers is how we set your business up for cashflow success. Consistently knowing how much work you’re going to need to do each month (in hours) and how much money is coming in the door is how you’re going to be able to manage your cash flow from month-to-month, make more more money, make bigger investments in your business and be able to budget for your life.
Ready to execute on this one?
If you’re currently offering project-based rates and are ready to up the ante in your business, start offering a (5) hour minimum retainer. If you’re at a (5) hour minimum retainer and are ready for the next level, move to (10).
Then, you’ll be better able to manage your cash flow in your business and actually know how many hours you’ll be working each month and how much room you have until you’re full.
3. Focus on and conquer 1 thing before you move onto the next.
This one is the least glamorous but the most impactful as it relates to your bottom line so listen closely!
It is so tempting to get distracted and lose focus on a goal, especially when it’s a big scary one.
All too often I see women start a business and either:
not get results as quickly as they hoped (which was usually in an unreasonable and unlikely amount of time anyway) and then move on to something else OR
try to do too many things at once (splitting their focus) and then never achieve any of them
And honestly, it breaks my heart. Because what I know to be true deep in the depths of my soul is that anyone can be successful at online business if they’re a good person doing good work. Most of the people who are successful didn’t get there because they’re the smartest or quickest or best at what they do, it’s because they stuck with ONE THING over an extended period of time even when the going got tough, before moving on to the next.
This is exactly why when I first start with a new client I ask them to identify their top 1-3 big goals to focus on at a time because that’s how we get big results. When we split our focus between too many goals, we split our time and energy as well and often end up with lots frustration and zero results to show for it.
Keep your eyes on the prize and notice when you want to either bail on the plan because it’s scary OR when you want to introduce a new goal because it’s easier than the one you’re currently pursuing. The grass usually isn’t greener.
Ready to execute on this one?
If your BIG goal is to get visible in your business and execute on a digital marketing plan, here’s a promise I can make to you. If you get visible and show up consistently for 90 days there is just about a 0% chance you don’t get lots of clients from it.
If your BIG goal is to fill your client roster with virtual work, here’s a promise I can make to you. If you focus only on tasks that will accelerate and amplify that goal (like getting visible, engaging more, reaching out to potential clients, serving your existing clients well) consistently for 90 days there is just about a 0% chance you don’t end up filling your roster.
Seeing a pattern? Whatever you want to achieve, dedicate the next 90 days to it and don’t allow yourself to get shiny object syndrome. That means if you want more clients, don’t start working on a passive product until you’ve achieved your goal ;). Catch my drift?
So, what did you think? Were these 3 Ways to Make More Money in Your Online Virtual Business (+ how to execute on them, too) helpful? Which one do you think will be the easiest for you to execute on? Hop on over to Instagram and let me know!
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Inside the document, I’ll:
Prompt you through all the boundary setting questions you need to answer to set yourself up for a successful and balanced relationship with your clients
Give you access to a FREE Canva boundary setting document template where you can fill in your boundaries and easily send this to your clients as you onboard them.
Sara Wiles is an Online Business Mentor for done-for-you service providers. She helps Virtual Assistants, Online Business Managers and Social Media Managers go from frazzled to focused, stark to sold out and bewildered to balanced.
Through her unique, personal mentoring style she supports her clients through confidence building, clarity gaining, mindset managing and massive action taking.
She spent 8 years traveling the US producing high-end corporate (and a few celebrity) events before becoming an entrepreneur. After just 4 weeks of starting her business, she filled her roster, replaced her 9-5 income and brought on a team. Sara is also a wife, mama, dog mama, exercise enthusiast, champagne connoisseur and four-letter word addict.
Click here to book a free call to talk more about your business goals and to see if mentoring would be a fit to help you achieve those dreams.