Building Your Business ~ First Things First
Have you had an idea for starting your own virtual assistant business for a while now, but don’t know where to even begin? What does building a business from the ground up look like? What things do you need to think about as you start your journey to becoming a virtual assistant?
First Things First
The first thing to do when building your business is to answer some foundational questions. If you think of it like a building project, answering these questions is the blueprint for your foundation. By laying a strong foundation, everything that you build on that foundation is stronger and more stable. These building blocks will allow you to communicate what your virtual assistant business is about and who you are here to serve with clarity. So, what are the questions you need to ask yourself?
Develop a Business Plan
When building your own business, the first thing you should do is to develop a clear and concise business plan. A business plan serves as a blueprint for your virtual assistant business, outlining your goals, strategies, and tactics to achieve them. Here are some key areas to think about and questions to ask yourself as you are building your business.
Mission, Vision, and Values
These three components are the building blocks for your virtual assistant business. They shape and mold every aspect moving forward.
- What is your mission statement?
- What is the vision you have for your business?
- What are the key values that drive you as you work with clients?
Market Analysis
Understanding your niche (what types of businesses you work with) and your ideal client avatar (who you work with) is essential to building a business you love.
- What industry interests you?
- Who is your ideal client avatar?
- Where can your ideal client be found?
Services and/or Products
Deciding what to offer and how to offer it is a major factor in building your business. As you grow, this will change and grow with you.
- In what areas are you most proficient (tech, writing, graphics, admin, etc.)?
- What are the services you offer?
- Will you offer products, or specialized service packages?
Marketing and Sales Strategy
Finding clients is the number one priority of any service provider, whether they are retainer or project-based. Once you know what you offer, it’s time to find clients who need you.
- How will you market your services or products?
- How will you price them?
- Where will you be visible, so future clients ‘see’ you?
Management and Organization
As a virtual assistant, you are a business entity – be sure to create a separation between work and home life (even if you work at home).
- What are your office hours?
- What legalities do you need to address (bank account, contract, business name, etc.)?
- Do you plan to scale and become an agency?
Financial Projections
The sky is the limit when you work for yourself. Understanding your expenses and what you need to invest in, will help you plan your profits.
- How will you bill clients?
- What platforms do you need to invest in to run your business?
- What are your good/better/best goals for monthly income?
Funding Requirements
It is possible to bootstrap a virtual assistant business – many people have done it. But if you have access to funding, mapping out your plan is a smart way to start treating this as a business.
- How much will you need to invest to start your business?
- Where do you plan to get your startup funds?
- How much will you need to invest each month to grow your business?
Lay the Foundation for a Successful Business
Becoming a VA and building your business is possible! Developing a well-written business plan can help you clarify your business goals, identify potential challenges, and create a blueprint for success. Take time to review your business plan each quarter and be sure you are on-track to achieving your business goals.
We’d love to know how you’re doing. Leave a comment and let us know if you’ve created your business plan.
