Congratulations! You have decided to become an entrepreneur. It is a big step and if you are unfamiliar with the process, it can be very daunting. We are going to look
at the steps of starting a virtual assistant business, but these guidelines can apply to any other field. Making sure you have cleared these hurdles will help you plan, prepare, and manage your business more effectively.
Game Plan
If you are serious about starting a business you have to have a plan, specifically a business plan. Even if you don’t need outside funding to get going, you will want to have a plan to get your focus on what your business is and know what you are really going after. Your business plan should have an executive summary, a business description, a market analysis, a competitor analysis, a design plan, a management plan, and a financial summary. Your game plan is your focus. This is your map and directions to achieve your dream.
Legal
Every business requires legal paperwork to get started and legal considerations in operations. A virtual business carries an even heavier burden when it comes to privacy, security, copyright, and taxation. There are many things you must do before you can ever even call yourself a business and this can vary depending on where you live, so make sure you are paying attention to the details and get everything you need. Here is a quick list of the type of legal documentation that must be in place. This is not exhaustive by any means make sure you check with your local governments about all requirements.
- Decide on a legal structure: Is your business sole-proprietorship, partnership, or LLC, etc.? If you are not a sole-proprietorship, everything other structure needs additional legal formation.
- Register your business name with the local state government.
- Register for state and local taxes, including getting a tax identification number if necessary.
- Apply for your business license and any permits needed in your location.
Your First Client
Now things are really exciting! You are all set up and you are ready to take on your first client. Here’s the kicker. How exactly do you do that? A virtual assistant is likely contacted by the potential client via email or maybe a phone call, and you will want to have all you ducks in a row when that first client contacts you. There are a few more things you will want to have ready.
- Pricing structure: You will need to know what you charge for what services. Do you work hourly or by package? Do you charge different rates for different projects? Have this set and formatted where you can provide it for any potential client.
- Hours: If you ask any entrepreneur, they work all the time! And so will you. Your unbillable hours will likely be more than your billable hours as you get your business going. But even though you are up working until midnight, you don’t want clients contacting you at all hours. Set a schedule where you will be available to your clients and make them respect that.
- Account and business management: For your own sanity, you will want to set up some form of business management software. Use something to take care of the business end of things, accounting and bookkeeping, but you should also implement something that will be your project manager. This will help you track hours, due dates, and statuses of all your projects. You don’t want to let anything slip through the cracks.
- Legal contract: You need something to help protect you. You need to have your contracted hours, tasks, wages, and length of contract described and include subjects such as copyright, privacy, time off, payment options, etc. This would be something good to have a lawyer look over, as you will want to implement it with every client.
- Get to know you: As a virtual assistant it is harder to get to know you clients. You are not working with them daily or face-to-face. You will also work with many businesses that may not be in a field that you are familiar with. Make a questionnaire that you can have clients fill out about themselves and their business to help you understand them and their goals to better help their business.
Make sure you do your research. You don’t want to just jump in over your head. If you have everything lined out early, you will have less headache and stress down the road. After you clear the planning, legal, and your first client hurdle, you will have the confidence you need to make your virtual assistant business a roaring success.