How to Start a Virtual Assistant Business?

Virtual assistants are one of the fastest-growing industries. Virtual assistant work is just what you need if you’re looking for a way to earn extra money or start your own business.

There are over 30 million virtual assistants worldwide, with the US having the highest-paid assistants. According to Indeed, virtual assistants in the US get paid $19.37 per hourly rate, summing up to $58,344 annually.

Running your own VA business has many benefits, including long-term flexibility and control over your time because you can work remotely. During the pandemic, many ventured into virtual assisting, allowing them to work from home, at their own schedule, without needing to commute daily.

The popularity of this field has grown so much. Many companies now offer virtual assistant positions even without prior experience. Virtual assistant agencies have also grown in popularity, servicing clients from different industries.

If you are interested in starting a virtual assistant business, you’re in luck! This article provides a step-by-step guide to kickstart your own virtual assistant business.

What is a Virtual Assistant?

A virtual assistant is a remote employee who offers different services to clients. They can connect with their clients online through various websites or apps.

You don’t need a lot of experience or training when starting as a virtual assistant. Still, it is essential to have some qualifications.

A virtual assistant offers flexibility to their clients (individuals or small business owners) by working remotely from anywhere in the world. They don’t require constant supervision, which is great for time management.

Most importantly, a virtual assistant works directly with clients, so no middlemen are involved. They usually work as independent contractors and can set their terms and pricing.

They will handle time management for their clients so that the client doesn’t have anything else going on but answering questions from potential clients. If a VA has multiple clients, they can schedule appointments around each client’s availability to avoid conflicts.

On the other hand, some virtual assistants do their freelancing under agencies ranging from startups to more established ones. If you’re under an agency, you can be trained and matched to clients instead of finding them alone. 

What are Virtual Assistant Services Offer?

Virtual assistant tasks differ based on their client’s needs. They can offer administrative support to a client’s business, usually part-time.

They can also do the tasks of an executive assistant, including scheduling appointments, making phone calls, booking flights or accommodation, and organizing emails. Moreover, virtual assistants also take on creative tasks such as graphic design, video editing, social media accounts management, and content writing.

Here are the most common services that a virtual assistant offer:

Administrative Support

A virtual administrative assistant or admin VA is trained to do routine work, usually office tasks. A virtual assistant who offers this service helps keep businesses afloat.

Their tasks usually include email, phone, and chat support to answer concerns or queries about the products and services a company offers. They can also provide lead generation and lead nurturing, essential tasks to identify and engage potential customers.

Data Entry

Data entry virtual assistant is one of the most significant assets in running a business, especially if you’re dealing with a massive volume of data. Data entry VAs compile, segregate, and manage data and information for a business.

They are essential in ensuring that the data within the company are accurate and secure. To become a data entry VA, you should have quick typing speed, knowledge of different software or applications, and excellent communication skills.

Social Media Management

A virtual social media manager or assistant maintains the social media presence an individuals or companies.

Virtual social media assistants create content, schedule posts, and manage accounts across different platforms, including Facebook, Instagram, Twitter, and LinkedIn. They also identify and engage target audiences online by creating posts tailored to each social channel.

Graphic Design

A graphic design virtual assistant is essential for businesses that use high-quality designs. Graphic design VAs can work for a single project or long term.

They design logos, branding kits, website graphics, social media graphics, and designs for print materials. They can also edit images, venture into video editing, and create animations.

Bookkeeping

Virtual bookkeeping assistants manage the day-to-day finances of small business owners. They take the repetitive accounting load off so business owners can improve their work-life balance.

They help companies have financial transparency and track the inflow and outflow of money. Organized financial data helps companies make better decisions, which makes bookkeeping one of the most in-demand VA services.

Online Marketing

Online marketing or digital marketing virtual assistants handle ongoing marketing campaigns or handle administrative tasks to ensure the smooth operation of the department.

Their tasks include conducting market research and analysis, updating inventories, and delivering promotional activities. They are also responsible for the small businesses online presence and usually work with a social media manager.

Customer Service

Customer service virtual assistants deal with customer interactions and provide support through different platforms. They assist in handling customer complaints, tracking orders, and dealing with returns and refunds.

SEO Services

Search engine optimization (SEO) is crucial in optimizing your visibility online. SEO specialists or SEO virtual assistants make sure that your target audience finds your business in a relevant search.

They conduct onsite and offsite SEO using different online tools. SEO virtual assistant works with content writers or produces content themselves.

How to Start a Successful Virtual Assistant Business

Now that you have an idea of the services virtual assistants offer, here are seven steps that you can follow:

1. Identify your purpose and goals for starting a virtual assistant business

Having a clear sense of purpose is essential before starting any business. A clear understanding of purpose will help you develop your focus and business strategy.

Before you can start a virtual assistant business, you’ll need to decide what your purpose is. This way, you can set your short-term and long-term goals accordingly.

After identifying your purpose for starting a virtual assistant business, there are important questions that you should answer next.

Do you want to do everything yourself or outsource some tasks? How much time will it take before the work starts generating revenue? Will this be something that will help with other goals (like saving money), or should this be its own goal in its own right?

The answers will affect how much investment of time and energy goes into starting your business—and whether or not it continues after those initial expenses have been paid off.

Consider focusing on one area of expertise rather than multiple areas. Hence, choosing a niche and target market is essential before starting your virtual assistant business.

2. Research the essentials of running a virtual assistant business

Before starting a virtual assistant business, you must research the essentials of running a business. Aside from that, you should also know what skills and tools are required to run your company successfully.

You can start by drafting a VA business plan, one of the most challenging steps you will take during your first months. To give you an idea, you can perform a competitor’s research to see what services they offer.

Of course, any business requires some legal permissions. Fortunately, online companies have fewer required documents.

You can establish a legal business entity as a limited liability company (LLC) or corporation. Forming a legal entity can protect you from being held personally liable if your business is sued.

After establishing your virtual assistant business’ legal entity, you should register for state and federal taxes. The first step is to apply for an EIN through the IRS website, via fax, or by mail.

3. Identify your niche and target market

Narrowing down your niche and target market will help you focus your efforts and resources more efficiently.

One way to find your niche is to write down your skills and interests. Choose which skills and interests are valuable for the clientele you want to serve. If you have experience in healthcare, you can assist with medical records management or insurance claims processing.

Moreover, you can identify your target market by going back to the goals you set and the business plan you created. You can also check freelancing sites like Upwork, Fiverr, and We Work Remotely to see the clients you can work with.

4. Choose a name for your virtual assistant business

When starting your virtual assistant business, choosing the right name for your company is essential. A good name will help people recognize and remember what you do later.

There are several benefits if your virtual assistant business name is registered as a sole proprietorship or a partnership. However, your brand name doesn’t have protection, which means that a company with the same name as yours won’t have any trademark infringement issues.

On the other hand, if you have the same business name as another incorporated company, there might be legal grounds for disputes. So, make sure to research appropriately beforehand.

5. Decide how to price your services

Virtual assistants are in high demand and can make serious money. You can earn anywhere from $5 to $35 for each client for part-time or full-time schedules.

Of course, the more complex skills are required, the higher the pay. The hourly rate also depends on the load of work a virtual assistant can take.

Virtual assistants commonly use three (3) pricing types: by the hour, by the package, and per period. This type of pricing is usually used by solo virtual assistants who work with different clients.

By-the-hour pricing is advantageous if you’re balancing your time for multiple clients. It also pays higher than package rates, so this is a good option for those who want to earn more.

Next is the package pricing. This pricing entails paying a particular amount upfront each month.

Virtual assistants who want to avoid the hassle of tracking time can choose this type of pricing. The client and the VA should decide beforehand the hours or deliverables required each month.

Invest in a Time Tracking Tool. Most virtual assistants start with hourly contracts, which Is why time tracking tools are so useful. You’ll be able to bill clients with transparency and keep an eye on working hours, output, and how you can grow your business. Some great time tracking tools include Everhour Clockify ClickUp.

Lastly, the per-period pricing is like paying for a retainer for a particular period. It is a subscription payment structure and depends on the agreement if the client pays the VA monthly, quarterly, or yearly.

6. Learn how to market yourself as a virtual assistant

As a virtual assistant, you’re in the business of helping others. You do this by completing tasks for your clients and earning their trust and respect. If people see that you’re reliable, they will hire you again and again. The first step is to market yourself as a virtual assistant online—there are many ways to do this!

One way to market yourself to get new clients is by creating a business website or online portfolio featuring your previous works and services. You can create a simple website using free accounts on WordPress, Wix, GoDaddy, and more.

You can also publish your portfolio using Canva and share it on social media sites like Facebook and LinkedIn. This way, potential clients get acquainted with you while browsing their newsfeeds.

7. Cultivate connections in the virtual assistant communities

Although most virtual assistants work solo, no one is an island! Working as a virtual assistant requires connecting with people, not only with potential clients but with people who work in the same field.

Being part of a community with like-minded people offers support and a safe learning space. An online community is an excellent start for a beginner since they can provide tips or answer your queries.

Additionally, you can connect with other virtual assistants to help run your business.

For instance, you can outsource or hire other VAs to work as accountants or bookkeepers to help you manage your finances. Hiring other assistants can help you keep track of tax forms, pay bills on time, and perform other administrative tasks.

Takeaway

Starting a new business can be daunting, and the first step is always the hardest. However, once you set clear goals and the right strategy, you can kickstart your VA business.

If you’re a beginner and you need more confidence to start, you can take time to upskill and build your portfolio. You can also enroll in online classes or seek a mentor to help you build that confidence!

Do you want to run your own virtual assistant business? Follow this quick guide to help you get started!