How to Successfully Start Up a Virtual Assistant Business to Make Money

Last updated on September 21st, 2024 at 10:28 am

 

Like any other business, to get started you need to know how to successfully start up a virtual assistant business to make money with this work-from-home side hustle. Back then most employers preferred to work with employees at the office physically but things have changed nowadays.

Virtual assistant workers are rapidly changing the way things used to be with most of the administrative office work, marketing, and specialized services done online no matter where you’re with a computer or laptop.

And most employers now find that virtual assistant services are cost-effective compared to the traditional office setting.

Though some employers have not yet embraced virtual assistant services, it’s where we are going like it or not. Starting up a virtual assistant business now before it’s too late would be positioning yourself right for the future.

There’s no free lunch in this world, to successfully start up a virtual assistant business the process can’t be straightforward. The business process has lots of ups and downs that you must put into account for success to present along the way.

Many don’t want to think about the challenging side of business but that’s what makes the business we can’t avoid it. Let’s now deep into virtual assistant services and how to get started with best practices that work.

Who Is A Virtual Assistant?

A virtual assistant is a freelance worker hired to offer administrative services remotely for a business. You don’t work from an office setting hence you can work from wherever you’re around the world.

Compared to an office setting where you’re needed from 9 to 5, with this business idea there’s flexibility when it comes to service delivery since you manage your working schedule throughout.

When you get started with virtual assistant work doing things correctly, it’s hard to get back to the 9 to 5 office setting due to convenience and other benefits.

But guess what? To get started as a virtual assistant, you don’t need too much experience as long as you have some office practical skills.

Yes, there’s a lot of normal office work that you do only that here you’re working on your own as a contractor offering administrative services, business marketing, and specialized services. Again, you don’t have to go back to school to become a virtual assistant.

Types of Virtual Assistant Services Offered

Working as a virtual assistant you can walk your way into general administrative duties, business marketing, and specialized services.

General Administrative Duties include attending to emails, customer support, scheduling meetings, and more.

Business Marketing tasks include social media management, content creation, sending emails and newsletters, search engine optimization (SEO), affiliate management, branding, and so on.

Specialized Services include tasks related to previous working experience for example website development, proofreading, data capture, transcription, and accounting.

There are lots of services that you can offer as a virtual assistant but you just need to get started, other things get to work out on the job.

Pros and Cons of a Virtual Assistant Business

Before starting any business you need to assess whether it’s right for you or not.

Pros

• Low Startup Costs

An internet connection and a simple laptop or desktop computer can get you started.

• Flexibility at Work

With the virtual assistant business, you’re the one managing your working schedule throughout. It’s you to determine the working hours, the type of activities to undertake, the clients to work with, the amount to charge, and more.

• No Working Experience

Starting a virtual assistant business you don’t need any prior experience to get deals. Yes, normal office practice and communication skills are just enough.

• Good Profit Margins

Compared to the investment capital in the business, the profits gotten are high.

Cons

• Marketing Costs

Like some other businesses, you need to put in money to market the services offered to get potential clients.

• Working Time

At times you may find yourself working long hours to make money despite the customizable work schedule.

• No Employee Benefits

Since you’re the owner of the business, there are no employee benefits like insurance covers hence all costs are on you.

How to Start Up a Virtual Assistant Business: 12 Easy Steps

To start a virtual assistant business, there are steps that you must follow to succeed in the process. Without further ado let’s get into the detailed step-by-step process for best.

1. Get a Niche

Always first things first, get to know the services you want to offer to clients in business as a virtual assistant. There are lots of things that one can do as a virtual assistant hence the niche chosen should be in line with the services to be offered.

When just beginning you don’t have to offer a lot, start with the little you can like office and business management services which include mail management, customer care, scheduling meetings, and more.

Picking a niche in your area of competence is best practice because you offer service with a high level of competence which builds a brand. If you’re a blogger with an interest in working as a virtual assistant, you connect with bloggers in need of virtual assistant services.

Yes, they are your immediate clients and you have a thorough understanding of the blogging business. You’re a trusted source of information in that niche hence clients can easily contact you to offer service to their online businesses.

2. Make a Business Plan

Before going any further, you need to create a business plan to work things out well for the start-up. This is what helps you figure out the business essentials and it also gives you a broad picture of the business.

Some important items that are put in a business plan are the business name, competition, service charges, and startup costs.

The business name should be in line with your niche for clarity, use web domain availability and other sources to ensure that the name is not used by any other entity to protect it.

At this point, we need to also put into consideration the costs involved in starting up a virtual assistant business whether short or long-term. Some items will cost the business continuously and should be budgeted for accordingly.

Despite business startup costs, is the business worth the costs? Starting a business without a target market for the services offered is no business and you won’t easily cover the costs incurred.

When the business is worth it, then you need to determine the money-making best practices, terms of service, and pricing tiers.

3. Form a Legal Business

Whether you want to form a sole proprietorship, Limited Liability Company, or a corporation, it should be registered to gain business legal status. The virtual assistant business can then fully settle business in its name and any legal proceedings.

When selecting a business type to register, this should depend on things like business particulars and personal liability to the start-up. But also you can talk to a business consultant for advice about how to go about it the right way.

After making thorough research and consultations about the business type, then registration can be done depending on your location.

4. Get a Business Bank Account

As a legally registered business, it should have a business bank account through which to settle transactions for the business. Personal and business accounts should be separated to avoid any legal risks.

Business transactions involving the use of banking services like filing tax returns, loans, expenses, and more are effectively settled through the business account.

5. Business Tax Registration

Even though you’re just starting, you should register for taxes in time before business resumes to avoid inconveniences from the state.

You don’t have to worry about tax registration after all getting the Employer Identification Number (EIN) is at no cost to you at all from international revenue service.

I don’t know about your business location, but some tax laws differ depending on the state where the business operates. Take time to find out the types of taxes your business has to cover for accountability purposes.

6. Business Permits and Licensing

Permits and Licenses in most states are operational legal requirements hence you can’t work without them. And failure to comply may result in getting dragged to courts of law.

Licensing is very crucial when it comes to serious business transactions where clients are entered into contracts.

The licensing requirements for the business depend on the state where your business operates. If you’re in the United States check out licensing requirements with Small Business Administration.

7. Insuring the Business

After you have gotten licensed, the business has to get insured such that in case an insured event happens it can work on any losses without closing.

In most states, you can’t operate a business without insurance coverage for any liabilities that may happen. And operating without insurance may result in fines and penalties to the business.

Pick insurance covers for risks that are specific to the business or talk to an insurance service provider for assistance to get the right covers.

There are lots of insurance covers that you can consider for the business like workman’s compensation, professional indemnity, cyber insurance, motor vehicle, and more.

8. Invest In Business Management Tools and Software

Even though the business is insured, there’s still some more to be worked upon to fully get started with work. There are management tools and software that a virtual assistant must possess and without them, it’s hard to keep going.

But despite all the other tools in place, in this business, you can’t work without a laptop computer or a desktop and an internet connection.

Most of the time you don’t physically get in touch with the clients and operations are done online, definitely, an internet connection and a computer must be in place for work to get done.

Additionally, some other management tools and software to invest in money include project management software, accounting software, social media platforms, and a business website.

9. Create an Online Presence

There’s no way you can successfully manage a virtual assistant business without an online presence. It’s one of the best investments that you can ever make for the sake of marketing the business.

Here are some of the different platforms that you can use to create an online presence.

• Social Media Platforms

This is one of the easiest and cheapest ways to get started with an online presence for little to no costs at all. Some commonly used social platforms include Facebook, Twitter, Instagram, and LinkedIn.

Actively get involved in social media discussions on platforms to connect with people that are interested in the services online.

• Business Website

After designing social media platforms, another alternative would be creating a business website but here you need to invest some money when you’re not competent about the setup.

Ensure to create a professional business website that will attract visitors to check out your services for bookings. The website should contain all the necessary informational content for your clients.

On a business website include the services offered by the business, contact information, business location, working hours, the charges for services offered, socials, and more.

10. Work upon Branding

Let people get to know about your business in a way that makes it stand out. Branding is an indirect marketing strategy from a business perspective.

You need to create a company logo, a well-designed business website, and other well-branded features that can sell business out to the public to make money. Branding is an important aspect of marketing when it comes to building a successful business.

11. Market the Business

With all the above available it’s now high time to extend the business in the eyes of target clients to get deals. Let now the social media platforms and the business website fully get started doing the work of selling and connecting the business with potential clients.

A well-designed marketing plan for a virtual assistant business must put into consideration the services offered, promotion, pricing, location, packaging, and people.

• Services Offered

You should let clients know about the types of services that you offer as a virtual assistant for them to make the right choices.

• Promotion

This is one of the best ways to spread awareness to the public about business existence and the available services. Promotions may be done in the form of discounted offers, offering free services, and gifts.

• Pricing

Determining the right prices for the services offered is part of marketing. Compare price charges for virtual assistants in business to come up with a competitive charge.

Sure, when your services are good you’ll get more clients due to price-friendly charges to clients.

• Location

Business location is another very important thing in marketing. Whether physical or online presence, it should be convenient for clients. When a business is strategically located it can easily be accessed by clients in need of the services.

• Packaging

The way you present services to the public makes them either want more or seek other alternatives.

• People

Get to know who your potential business clients are and what they need. These are the people that need the services.

12. Packaging and Pricing

Last but not least, another very important thing to put into consideration when starting a virtual assistant business is the packaging and pricing of services offered. Clients need to know the prices attached to the services offered before contacting the business.

You don’t just come up with what you think is right but take time to compare with other businesses in the same industry to charge with a competitive edge.

Some commonly used packaging and pricing models used include hourly packages, hourly rates, monthly retainer, service packages, and more. All packages have different charges attached to them but you have to stay in check for the best offers to clients.