So many people are trying to work out how to create a viable of income around family or health-related limitations and for some, being able to apply their administration background to a home-based business can sound too good to be true.

With “make easy money from home” offers being touted far and wide, it’s no wonder people are sceptical about what can really work and what won’t.

I’m here to tell you that the Virtual Assistant Industry is a thriving one – but it’s not going to work for everyone. This is because of a number of factors, the most significant being that not everyone is cut out to be self-employed.

Being self-employed is tough. What you charge for your service is not what ends up in your pocket. Finding and securing clients becomes paramount, as does keeping and wowing existing clients. Running the various aspects of a business is not billable. You have to network, network, network.

These are just a handful of considerations that really affect some people who plan on working for themselves.

Just yesterday, for example, I was talking to some family members about how someone I knew was charging up to $40 per hour for a very hands on service. They thought $40 per hour was great. I didn’t. They clearly thought I was greedy – who wouldn’t like to walk away with $40 for an hour’s work?

But what I knew wasthat this person who is charging $40 per hour is not getting annual leave, is not getting sick leave, is not getting superannuation and works many unbillable hours on her business. Not to mention all of her business expenses. At the end of the day, I really don’t believe she’d be taking home more than $15 per hour – and that’s for a LOT of work and a lot of hours. And the type of service she offered could only be done by her, and charged hourly – so there is no room for subcontracting, product sales or residual income. And her work is exhausting!

In many ways, when people are starting up as a Virtual Assistant they are in a similar situation. Until you really get to know your service offering, the way you are delivering it and who your clients are, it can be very hard to subcontract/outsource or package your products. So you will often be starting on an hourly rate. You need to factor in your own superannuation, sick leave and annual leave into that rate so you know you will always have a buffer in the bank the day you get sick or need a holidayYou will also be managing your own business administration which is not billable at all. Not to mention the costs associated with computer, software, internet, phone and marketing.

You can definitely keep some of these costs to a minimum when starting out, although I do recommend you remember the value of investing in your business. If you are determined to get past the challenging start-up phase (which can last at least a good 12 months) then you have the potential to see the light at the end of the tunnel.

The last main factor is your driver. What is your inspiration, your end goal? Why are you doing it? If it’s just for some money – it may not be enough because there will be times when that’s just not coming in. But if you want to be able to work from home and be there for your kids, if you are determined to achieve a business goal by a certain age, if you never ever want to work for someone else again – make sure you are really strong in this mission and keep reminding yourself along the way. A vision board and a business plan can be really helpful with this.

With your hard work you will discover what services you can offer and how, which can be subcontracted or outsourced, where the best networking opportunities and marketing opportunities are and who your ideal client is. Knowing all of this can help you really love what you do, and package it in such a way that your clients absolutely love it too.  Once you discover this, you’re well on the way tomaking a good income from it.

It’s definitely viable – I’ve been doing it for 10 years and have people on my network who have been around for even longer. But it takes hard work, determination, and some real business sense to get there.

Remember:

  • You aren’t pocketing the same amount that you are charging your clients;
  • You can’t build your business without networking (online AND off);
  • You will have plenty of unbillable time;
  • You need to factor in the business expenses: annual leave, sick leave, software, marketing etc when considering your rates;
  • You need to have a really strong driver to get through the tough parts.
  • It can be simply amazing!

 

If this sounds like you – fantastic!!! Make sure you contact me as I’d love to help you start up your Virtual Assistant business and guide you through those bumps! We also highly recommend you check out this amazing hard copy book “VA VA Voom: how to be an amazing Virtual Assistant and every client’s most Valued Asset”