We all have financial goals we want to fulfill. As a VA, you might think that your only option to make more money is to add more and more clients, but that’s not true at all!
Raising your rates is one way to make more money. But what if that’s not something you want to do?
Well, you’re in luck! In this post, you’ll learn a variety of ways to make more money with your business, even if you’re already booked out or don’t want to raise your prices.
Are you excited? Me too! Let’s hop in!
This article may contain affiliate links, which means if you make a purchase through the link, I get a small percentage at no additional charge to you. See my disclosure for more info.
5 WAYS TO MAKE MORE MONEY WITH YOUR VA BUSINESS
1) HIRE A VA
The first strategy that I want to cover is hiring a VA to help you out. Yep! VAs hire VAs too!
Handing over work to another VA will free up your time to either take on more clients or focus on other money-making strategies listed in this post!
You can hire a VA to either help you with your business tasks or client work.
Your Business Tasks
You can hire a VA to help you with various tasks that you already do in your business.
Examples of some tasks you can hand off:
- Social media
- Email management
- Blog writing
- General admin work
- Website maintenance
If you hire a VA to help you with your business, you’ll sign the contract they provide and pay them according to their terms.
Another option, which is something I touched upon above, is to hire a VA to help you with your client load. This option is a little more complex than hiring help for your own business but is an excellent option.
Examples of how you can use a VA for client work:
- If you’re a social media manager, a VA can help you create graphics, curate images, or write and schedule posts.
- If you’re a Pinterest manager, a VA can help you create pins, grab analytics, and use Tailwind to schedule pins to boards and pin to Tailwind Communities.
- If you design websites, a VA can do the technical parts like setting up the domain and hosting or certain design pieces of the process.
- If you write and format blog posts, a VA can do the blog formatting.
If you hire a VA to help you with client tasks, you’ll need to create a contract and payment terms. You’ll find a VA Associate Contract that you can use inside the Introvert VA Club.
Whichever option you choose, you’ll want to make sure that you have SOPs for them to follow, train them properly, and communicate well.
Resources for hiring help:
- Steps for Hiring Your First Virtual Assistant
- Must-have Tools to Train & Work with Virtual Assistants
- Hire a Virtual Assistant Workbook
2) CREATE AN AGENCY
Another option is turning your business into an agency. Typically, with this strategy, you’ll take on the role of CEO and no longer work with clients. Instead, your team will do all of the client work.
This route is quite complex. My recommendation is to first try hiring and working with several VAs at one time before trying to start an agency. If you find that you enjoy working with other VAs, feel comfortable handing over all your work, and want to focus on the marketing aspect of your business instead of interacting with clients, do some research on creating an agency to learn more.
How to Make MORE Money with Your Virtual Assistant Business Click To Tweet
3) OFFER COACHING OR CONSULTING
If you’d like to shift things a bit, you can do 1:1 coaching or consulting. With this option, you’ll show people HOW to do something instead of doing it for them.
There are lots of ways you can offer this service. Here are some examples:
- 1-hour sessions
- monthly sessions
- group coaching
- VIP days where you work with them for several hours
To figure out what you can coach or consult on, think about what you’re really good at. What do your clients get stuck on that you can help with? What do you know a lot about?
Tips for coaching or consulting:
- Set up your systems and automate as much as you can. I’ve been really happy with Acuity Scheduling. People can schedule their coaching call, pay, and receive automatic email reminders and a follow-up email that includes a link to your feedback form.
- Get creative! Zoom or phone calls make you nervous? Try Voxer coaching (communicate over the Voxer app), or if you’re doing consulting, consider recording a video of your suggestions instead of a live call.
4) CREATE PASSIVE INCOME
Passive income is exciting stuff! It’s something you create and sell that doesn’t typically require a lot of work to maintain. It also allows you to make money while you sleep (or take a vacation, or anything really).
There are tons of passive income ideas out there. Below, I’ve listed some of the more popular ways to bring in extra money, along with some helpful resources.
- Ebooks/workbooks – DPD to sell and distribute your product.
- Ecourses – Teachable to host and sell your courses.
- Templates – DPD to sell and distribute your product.
- Printables – DPD to sell and distribute your product.
- Skillshare Class – Sign up to be a teacher here.
- Print-on-demand products – Printify to create and ship your products. Etsy to sell your products.
- Paperback books – KDP to create a book on Amazon.
- Kindle books – KDP to create a Kindle book on Amazon.
- Listenable audio courses
- Memberships – Membership Academy to learn about starting and running a membership site.
- Create licensed designs for products
- Create and sell fonts, clipart, templates on Creative Market
5) PROMOTE AFFILIATE LINKS
Affiliate Marketing is another type of passive income. You’ll promote other people’s products with a unique link, and when someone purchases the product through your link, you receive a portion of the money earned, just like a commission.
Each affiliate program has different terms. For instance, how much you’ll make and how long the cookie length is (the amount of time someone has to purchase the product).
If you want to try out affiliate marketing, the best place to start is to make a list of all the tools, software, apps, programs, and educational products (books, ebooks, courses, memberships) that you thoroughly enjoy. Then check to see if they have an affiliate program.
A lot of times, you can go to the website, scroll down to the bottom footer, and you’ll see a link to learn about their affiliate program or become a referrer or ambassador. Then you can learn what their terms are and how much the payout is.
Sometimes you’ll have to dig a little or reach out and ask.
Sometimes, instead of money, you’ll earn a credit on your account.
- Start small. Pick only 3-5 products to promote first. Promote the heck out of them and then add more if you like.
- Create a spreadsheet with who you reach out to, their terms, and your affiliate link for quick access to info.
- Put a disclosure in your website’s footer and always disclose when you’re sharing an affiliate link. You’ll find a disclosure for your blog post and website in the Introvert VA Club.
- Using a link manager like Pretty Links is a must (a plugin for WordPress). You can keep all your links organized and create shortened links that are easier to remember—for example, yourwebsite.com/affiliatename instead of affiliatewebsite.com/ref/12diual;sdfjlkaf. Also, if the affiliate program changes your link for any reason (it happens), all you have to do is update the main link in your link manager instead of all 100 places you’ve shared it!!
- Don’t be afraid to share your affiliate links with clients! For example, if you help people set up their ConvertKit accounts, have them sign up through your affiliate link. Same with Pinterest management – have them sign up for Tailwind through your link (if they don’t already have an account). Or, if you design websites have the client sign up for the domain name, hosting, and website platform through your links, if possible!
- Making Sense of Affiliate Marketing is an excellent course if you want to learn more.
Now that you have an idea of how you can create extra income in your biz, it’s time to decide what you want to start with first!
- Pick one strategy that you want to try.
- Once you have one strategy down, move on to another.
- Mix and match strategies to create multiple streams of income.
- Start as early as you can because some strategies take longer than others to gain traction.
Want to learn more about these strategies and get support as you build your business? Join us in the Introvert VA Club!