The Visionary VA Podcast - Holly Copsey

In a recent episode of the Visionary VA Podcast, host Holly Copsey and guest Robin Waite, founder of Fearless Business, unpacked a wealth of strategies for virtual assistants (VAs) looking to transition from trading time for money into building scalable, high-value agencies. Robin, a renowned pricing expert, keynote speaker, and best-selling author, shared his insights on overcoming common business challenges, productising your offer, building a winning team, and maintaining a healthy work–life balance through what he calls "blue sky living." Read on for a comprehensive breakdown of their discussion.

Holly Copsey, the Director of Virtually Priceless, founded the business after a successful career in the City, where she supported senior leaders in the financial services sector, including serving as Executive Assistant to the Global CEO of Barclaycard and the Chairman of Lloyds Banking Group. With a degree in Business Studies and a Pitman Executive PA qualification, Holly is now committed to building a talented team of virtual assistants who provide exceptional executive support. She is particularly passionate about helping business owners navigate periods of rapid growth, offering strategic advice and flexibility tailored to meet their unique needs.

What We Discussed on the Visionary VA Podcast

1. Trading Time for Money Challenge: The episode highlights the limitations of charging by the hour, where finite time and undervalued expertise can cap earnings and strain client relationships. It underscores the need to shift focus towards outcome-based services.
2. Productising Your Offer: Robin explains that transforming services into clearly defined, fixed-fee packages enables virtual assistants to move beyond hourly billing. This approach provides clarity for clients and builds a scalable business model.
3. Clear Value Proposition: By productising services, VAs can present a tangible outcome that clients understand and appreciate. This method ensures that clients know exactly what they are paying for.
4. Pricing Strategies for Growth: The discussion emphasises the importance of setting fixed fees aligned with financial goals. Regular price reviews and strategic rate calculations can help VAs achieve sustainable growth.
5. Aligning Income Goals with Rates: Establishing realistic income targets and calculating billable hours is crucial for setting competitive and profitable rates. This process ensures that pricing reflects both the service’s value and the market demand.
6. Building a Winning Team: As the business scales, delegation and systemisation become vital. Hiring based on shared values and clear processes ensures consistency and long-term success.
7. ‍Achieving Work–Life Balance: The conversation touches on the significance of maintaining a healthy work–life balance. By adopting strategic approaches like “blue sky living,” VAs can manage growth without sacrificing personal well-being.

The Challenge of Trading Time for Money

The Hourly Rate Conundrum

Many VAs begin their journey by charging an hourly rate for their services. However, as Robin explained, this model comes with significant limitations:

• Finite Time: With only a fixed number of hours in a month, your earning capacity is naturally capped.
• Underpricing Your Efforts: Hourly charging can often result in undervaluing your expertise, especially when juggling various business responsibilities.
• Client Resentment: Examples shared during the episode highlighted how clients can become frustrated when additional hours are added unexpectedly, leading to a mismatch in perceived value.

A Case in Point: The Web Designer Analogy

Robin illustrated the pitfalls of the hourly rate model with a comparison of three web designers:

• Designer One: Charges £50 per hour, estimates 20 hours, but delivers a subpar product, leaving clients unsatisfied.
• Designer Two: Also charges £50 per hour but, thanks to extensive experience, completes projects in 10 hours—resulting in lower overall fees despite superior quality.
• Designer Three: The "website ninja" who productises her service. She offers a fixed fee of £10,000 backed by a guarantee of delivering tangible outcomes (15–20 qualified leads), ensuring her clients see clear value.

Productising Your Offer: Moving Beyond Hourly Rates

What Does It Mean to Productise?

Productising your service means packaging your expertise into clearly defined, outcome-based offerings rather than selling your time. This approach shifts the focus from hours worked to the results delivered.

Key Benefits Include:

• Clear Value Proposition: Clients understand exactly what they are paying for.
• Scalability: With a standardised offer, you can delegate and build a team around your core service.
• Enhanced Profitability: Shifting away from hourly billing can lead to higher effective hourly rates and improved profit margins.

How to Productise Your Service

• Define a Tangible Outcome: Identify the one key result your service delivers.
• Set a Fixed Fee: Price your package based on the value and results provided rather than time spent.
• Create a Repeatable Process: Develop systems and processes that ensure consistent delivery of results.
• Niche Down: Focus on one specific type of client or service to build a reputation as an expert in that area.

Pricing Strategies for Sustainable Growth

Setting Income Goals and Calculating Rates

Robin emphasised the importance of aligning your pricing with your financial goals. For example, if a VA aims to earn £60,000 per year, they need to work out how many billable hours are realistically available each month—and then set their hourly or package rates accordingly.

Consider These Points:

• Account for Limited Hours: Remember that family commitments, holidays, and business administration reduce your available working hours.
• Ensure Profitability: When working with associates, aim for a minimum of a 50% gross profit margin.
• Regular Price Reviews: Don’t be bound by arbitrary pricing rules. Adjust your fees as your experience, skills, and results improve.

Moving Away from the “Sales Cycle of Doom”

• Avoid Overloading on Clients: Instead of continually chasing new clients to make up for undercharging, focus on fewer, higher-value clients.
• Create a Virtuous Cycle: With the right pricing and productised offerings, satisfied clients can lead to referrals and repeat business, reducing the pressure to always find new work.

Building a Team and Scaling Your Business

Delegation and Systematisation

As your business grows, building a reliable team becomes essential. Productised offers make it easier to delegate repetitive tasks and focus on high-value activities.

Tips for Effective Team Building:

• Hire Based on Shared Values: Ensure new team members align with your vision and understand your processes.
• Develop Clear Processes: Document your systems (as Robin did with his content side hustle) to ensure consistency and ease of training.
• Adopt a “High, Slow, Fire Fast” Approach: Take your time hiring the right people and be prepared to let go if they aren’t a good fit.
• Focus on Consistency: Your brand’s reputation hinges on delivering consistent results, so maintain high standards across the team.