Now, you probably have a lot of ideas brewing and have hopefully hired a virtual assistant already. However, DON'T OVER HIRE! It's very tempting to hire a bunch of virtual assistants for specific tasks, but the last thing that you want to is be in the position where you are spending more money than you are taking in. Doing that is a quick way to lose the confidence of your VAs and potentially lose your business.
Start with one until they earn enough to support themselves
The first goal that you have is to get your VA to the point where they are paying for themselves. For example, my VAs cost me about $1,200 -$1,400 a month for 5 of them., full-time. I made sure that I created retainers for some of my clients that ensured that I received a stable monthly income. After that, I don't care what my VAs do since they are paid for. Hopefully, they are making me even more money (which they do).
If you don't do this first, you'll be dead in the water within a month or two.
Hire more when it hurts
In the book Rework, the author talks about how you should only hire when it hurts. This means that when you find yourself spending too much time on something, or when your VAs have too much on their plate, then you should consider hiring more people.
Payment Method and Schedule
With my virtual assistants, I use Paypal and pay on the 1st and 15th of each month. I also pay bonuses depending on how well they do and generating me income.
The reason I pay twice a month is because a lot of VAs get taken advantage of by people. I've heard horror stories of a VA working for an entire month, only to get stiffed. That's pretty rotten, and it ruins it for honest employers looking to pay on a monthly basis.
The actual vehicle payment I use is PayPal. When you have multiple VAs, you can use their Mass Pay option and each transaction only costs $1. However, you need to have a PayPal balance in order to do Mass Pay.
Action Item: How is your VA making you money?
Your virtual assistant should be paying for themselves – how are they doing that? If you haven't hired a VA yet, how do you plan on them paying for themselves?