Is it really necessary for Virtual Assistants to create a business plan? It certainly is. As with any new endeavor, you need to be equipped with a compass so you will not get lost along the way.
You need to establish your own set of guidelines in running your business. This way, your career will be able to move along on a definite course and not wander aimlessly.
Do not downplay the importance of having a solid plan just because you will work at home. Many businesses have folded up or failed to even take off due to lack of direction, so get things in order as soon as you have decided to start your own Virtual Assistant business.
Begin by writing down your vision for your business. Follow it up with a mission statement. Next step is to work on the following components of your business plan.
Business Details. This refers to the operational aspects of your business. You must work in an environment that is conducive for maximum productivity.
Home office. Make a list of everything you need for your office and plan a date for setting it up.
Determine your niche. You need to specify the skills that you will offer to your clients. This is one of the most important things to focus attention on.
Marketing strategy. Determine your target market and ways on how to promote your business. What social media platform will you use? Will you handle marketing or outsource it? When do you plan to launch your website?
Business procedures and policies. A contract is vital to your business relations with clients. Prepare a draft so that you can just revise it accordance to your agreement with a client.
Training courses. You need to allot funds and time for learning new skills. If you want to stand out in the business you must continue to offer more services.
Time table. This spans from planning to execution stage.Set a monthly target to help you keep tabs on your progress.
Financial Details. Planning ahead will ensure that you have enough funds to sustain your business. Take into consideration the following:
Cash flow projections. Prepare a monthly and an annual forecast. This will help you keep track on how your business is doing financially.
Expenditures. Prepare an annual expense projection. Do not presume that this is not necessary because home based work entails minimal expenses. Planning ahead will motivate you to work harder on obtaining income to sustain your business. A balance sheet will help you figure out if your business is earning or dwindling.
Rates for your service. Research on the standard rates for your kind of service so you can be competitive.
Do not match the rates of the more experienced ones since you are a newbie in the business. Dropping your prices for the sake of landing a client will not benefit you as well.
Payment terms. Virtual Assistants may charge per project or on hourly basis. This will depend on the type of job you signed up for.
Projected Revenue. Every business owner aims to come out with a profit at the end of the year to be able to ensure continuity. Set your financial goal to keep you going even on lean periods of your business. Let this be your motivation to stick to your plan and do what is necessary to make your Virtual Assistant business flourish.
One of the most sought- after qualities in a Virtual Assistant is having a strong sense of organization. It is not enough that you extend this skill to your clients. You must likewise work to organize your business as well.