Starting a virtual assistant business is a great option for those who want to start their own business. Having your own VA business allows you to set your own hours, work with different clients, and generate income. If you are considering a virtual assistant business but not sure what a virtual assistant is and how much do virtual assistants earn when they start their own business? We answer all these questions and more in this article.
What is a Virtual Assistant Business?
The virtual assistant industry has boomed in recent years as more people have taken up the profession. A virtual assistant business provides specialized skills and services to business owners ranging from general administrative tasks such as scheduling appointments to customer relationship management and other services to busy professionals.
Is a Virtual Assistant Business Profitable?
Virtual assistants can generate significant income for themselves, but it depends on several factors such as hourly rate, working hours, number of clients, and more. In the US, the average salary for a virtual assistant is up to $20 per hour, but professionals can charge more or less depending on experience and availability.
Why You Should Start a Virtual Assistant Business in 2022?
There are many reasons to start your own virtual assistant business. If you are not sure how to start a virtual assistant business or why you should, here are some reasons why you should consider it:Set your own schedule: You can work part-time or full-time according to your needs based on what your clients are working on on different projects: Expanding your client base allows you to offer specialized services and work with different clients so there is more variety in your work . Good source of income: A VA business can be a good source of income if you want to earn some extra cash or if you want to go full-time Easy to start: You can start (or quit) a virtual assistant business anytime you want want, and you need very little to get started. Value: You can serve as an important role for small business owners and busy professionals who need your services and provide value to potential customers in a variety of ways.
Starting a Virtual Assistant Business in 15 Easy Steps
Once you’re ready to become a virtual assistant, keep up the momentum and start building your business. We’ll show you how to set up a successful virtual assistant business and how to become a client virtual assistant.
Choose a niche
The first step to becoming a virtual assistant is to pick a niche for yourself. For example, some VA companies focus only on administrative tasks, while others offer services such as maintaining social media accounts, scheduling, and other ad hoc tasks that a personal assistant can provide. Think about your skills and where you think you can provide the most value, and then move on from there.
Know your target market
Once you’ve identified your niche, think about who your target market is. Are you going for a busy professional, such as a solopreneur or a real estate agent? Or would you offer VA services to a small business or corporation instead? Many virtual assistants work as personal assistants or virtual receptionists for companies, while others work with multiple clients.
Create business plan
Your business becomes more official once you create a business plan, which consists of several elements:A business name, business license, and legal entity, if neededInformation about who you target as your marketHow you plan to acquire new customersMarketing materials for your businessBusiness ExpensesRevenue Goals
Set up a business bank account and credit card
Once you’ve come up with a business plan and brand for your VA business, your next step is to organize revenue. With a business bank account and credit card, you can separate your work money from your personal money and make tax filing easier.
Consider taking out our business insurance
Business insurance is an essential step because it protects you from liabilities and gives your business more security. It’s a cost-effective way to keep your business running. It makes you look credible to potential customers and can aid in marketing efforts.
Invest in the relevant technology
VA companies need the right technology to offer their services to busy clients, which can vary depending on the type of tasks being completed. Some important equipment to consider is:
Sort your business structure and register
There are several options for business registration and legal entities that you can use to structure your business and pay taxes.You can work as a sole/independent contractor and report your earnings to the IRS. This option requires you to work with a tax professional to understand how much state and federal taxes to withhold. You can register as an LLC and pay yourself a salary. Another option is to register your business as a corporation, but that may have different tax implications depending on the state you are in
Plan a marketing strategy
Now that your business is up and running, it’s time to think about marketing for small business owners and online businesses.
Be sure to emphasize how virtual you are, how you can provide value to business owners, and be clear about the services you offer. Review elements of your business plan to determine your marketing strategy and which channels are best suited for your services.
Rate your services
When hiring virtual assistants, most businesses often worry about cost, especially small businesses. Being upfront and competitive with your pricing sets you apart from other VA companies.
Before you give yourself a quote, see what others in your area are charging, especially those with a similar level of experience. Some VA companies start with a low hourly rate, such as $15-20 per hour, to entice small businesses, then raise prices once they have an established customer base. You can also charge flat fees and commissions for different services and create pricing packages that appeal to different customers.
Create a business website
Establishing yourself as a new business is essential – a website helps with that and can make all the difference in landing your first customer. You can create a clean and simple website that showcases your services and serves as a business card.
Market your business and find customers
Market your business through various channels such as social media, paid advertising and local newspapers to reach as many people as possible. You can find and apply for virtual assistant jobs on job boards to broaden your customer search. Spend at least some time in the month marketing your current network and finding new customers to build your business.
Search for virtual assistants
You can find virtual assistants to grow your network and expand your service offerings through third-party websites and LinkedIn. This way you have a strong connection with virtual assistants in different locations and areas to increase and expand your customer coverage.
Invest in a time tracking tool
Most virtual assistants start with hourly contracts, which is why time tracking tools are so useful. You can bill customers transparently and also keep an eye on working hours, output and how you can grow your business.
Some great time tracking tools include:
Ask for reviews
Reviews are everything! Once you’ve built a solid customer base and have regular work, ask them for reviews! Glowing reviews can really make a difference in building your customer base, so be sure to ask for them regularly. You can post reviews as testimonials on your website, on professional profiles for networking and other channels as a marketing strategy.
Scale your business
As you build your services and grow your business, think about how you want to expand. Want to offer more personal assistants to businesses to increase coverage? Or do you want to expand your current customer base and try to offer more services to entice them? Scaling your business is about balancing capabilities and resources, looking at what your customers want and how you can bring them more value.
Virtual Assistant Services
There are many specialized services that virtual assistants offer, and different types of virtual assistant jobs depending on the business needs. Here are some of the top virtual assistant services your business should offer:Social Media Management and Maintaining a Social Media PresenceFreelance WritingData InputAdministrative SupportAnswering and Taking Phone CallsSchedulingEmail ManagementTravel ArrangementsCustomer SupportCommunity ManagementDigital MarketingProject Management
How Much Does It Cost to Start a Virtual Assistant Business?
Starting a new business usually involves some costs. When starting your own business, you need to consider business expenses, including equipment, marketing, and other expenses. Starting your own virtual assistant business can cost from a few hundred dollars to more depending on how much you are willing to invest. It is also important to remember that as a business owner, you are also responsible for managing invoices, taxes, and other financial aspects of your new virtual assistant business.
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