How to start a Virtual Assistant Business foundations

My why

• Empowerment, working from home, creating my own paycheque

What motivated you to buy this course?

• Why are you looking to make this change in your life?

• What are your desires?

What are your goals with starting this business?

• What would you like to achieve through this new chapter of your life?

Are you determined to stick it out?

• You need perseverance

• You did to be resilient

• Adaptability

• Self-motivation

• Resourcefulness

You might come back to this at the end of the course.

My description of a Virtual Assistant is someone who removes the noise and clutter from a small business owner or entrepreneur allowing them to focus on the areas of the business they love most and are good at. A VA is also someone who works for themselves, generally working remotely and from a home office.

A growing small business needs relief from admin responsibilities and they need to become more efficient, here are some examples of who would need your services:

• Real Estate Agents

• Coaches

• Social Media Companies

• Event Planners

• Financial Planners

• Lawyers

Ideal clients and industries.

• Think about your previous jobs and which industries you loved the most

• Make a list of the types of businesses you think could need your services

• Narrow down to 3 or 4 max so that you can target your content and networking later.

What I did - said yes to everything.

• Pros: opened me up to identify my strengths and weaknesses

• Cons: I did a lot of work I did not enjoy

List your skills and experience

• Take some time and break this down, look back at your career and maybe even your cv, and pull out all the skills you have developed over the years

From that list what do you love doing the most

• Let's get deeper, now you have this list that shows you how talented and skillful you are! Well done! Now what excites you the most on that list?

Do you have a niche service or can you provide multiple services?

• What did you discover about yourself from building these lists?

• Do you have one core strength?

• Or do you have a group of services that you can offer?

• Choose 3 if you have a few.

What I did - I just winged it and developed my services as I went along and tried to please everyone.

• Pros: I made money immediately

• Cons: A lot of troubleshooting and time-wasting

This section will help you create a name and slogan that reflects your brand identity.

Creating a vision statement can be a powerful tool to help clarify your goals and guide your decision-making.

Create your vision statement

• Identify your values and passions: Think about what you care about most and what motivates you. What are your core beliefs? What do you want to achieve in your personal and professional life?

• Visualize your ideal future: Envision what your life would look like if you achieved your goals. Think about the impact you want to make, the people you want to help, and the legacy you want to leave behind.

• Write it down: Start by writing a draft of your vision statement. Keep it concise and focused on your desired outcome. Use inspiring language that reflects your values and passions.

• Refine your vision statement: Take some time to review your draft and make any necessary revisions. Ask yourself if your vision statement is specific, measurable, achievable, relevant, and time-bound (SMART).

• Share your vision statement: Share your vision statement with people you trust, such as friends, family, or a mentor. Get feedback and incorporate their suggestions to refine your statement further.

• Use your vision statement: Once you have a finalized vision statement, use it to guide your decisions and actions. Keep it visible and review it regularly to ensure that you stay focused on your goals.

Create your mission statement

• Define your values: Start by listing your values, beliefs, and principles. These could include things like honesty, integrity, creativity, innovation, teamwork, service, or any other values that are important to you.

• Identify your strengths and passions: Consider your unique talents and strengths, as well as your passions and interests. What do you excel at, and what brings you the most joy?

• Consider your audience: Who will be reading your mission statement? Will it be potential clients, customers, or partners? Or is it just for yourself? Knowing your audience will help you tailor your statement to their needs and expectations.

• Write your statement: Use your values, strengths, passions, and audience to craft a clear and concise statement that captures your purpose and direction. Your statement should be short, memorable, and inspiring.

• Refine and revise: Once you have a draft, review it carefully and make any necessary changes. Share it with trusted friends, family members, or colleagues for feedback. Keep refining and revising until you have a statement that truly represents who you are and what you stand for.

• Use it to guide your decisions: Once you have your mission statement, use it as a guide to help you make decisions and prioritize your goals. Refer back to it regularly to make sure you are staying true to your purpose and direction.

The difference between the 2:

• A mission statement is a concise statement that describes an organization's purpose and how it intends to achieve that purpose. It outlines what the organization does, who it serves, and what value it provides to its customers or stakeholders. A mission statement helps to guide an organization's day-to-day operations and decision-making.

• On the other hand, a vision statement is a statement that describes an organization's aspirations for the future. It articulates where the organization wants to be in the long term, what it hopes to achieve, and how it will impact the world. A vision statement is more aspirational and forward-looking than a mission statement, and it helps to inspire and motivate employees, customers, and stakeholders.

Brainstorm ideas: Start brainstorming name and slogan ideas that align with your brand identity. Write down as many ideas as possible, even if they seem silly or unrealistic.

Consider your target audience: Your business name and slogan should resonate with your target audience. Consider their preferences and values when creating your name and slogan. You might refer back to Lesson 3 where we worked on your ideal clients and industries.

Make it memorable: Your business name and slogan should be easy to remember and catchy. Avoid using complicated or long names.

Check for availability: Once you have a list of potential names, check to see if they are available. You can do this by searching online for existing businesses with the same or similar names.

Get feedback: Once you have a shortlist of names and slogans, ask for feedback from family, friends, and potential customers. This can help you identify which names and slogans resonate the most with your target audience.

Finalize your name and slogan: After considering feedback and availability, finalize your business name and slogan. Ensure it accurately reflects your brand identity and will be memorable to your target audience.

Remember that creating a business name and slogan can take time, but it's important to get it right. A strong brand name and slogan can help you stand out in a crowded market and attract more customers.

Find a good accountant that can help you check the name availability and register your business and lock in that name!

As a virtual assistant, you can calculate your rates using different approaches, such as hourly, project-based, or retainer-based rates. However, a common formula for calculating hourly rates is Hourly Rate = (Monthly Income Goal / Billable Hours) + Expenses + Taxes

• Monthly Income Goal: the amount of money you want to make per month. It's recommended to research the market and see what other virtual assistants with similar skills and experience charge to determine your income goal.

• Billable Hours: the number of hours you expect to work per week or month, excluding non-billable time such as administrative tasks, marketing, or training.

• Expenses: the cost of running your virtual assistant business, such as software, hardware, internet, phone, website, marketing, and professional development.

• Taxes: the amount of money you need to set aside for taxes, depending on your location and tax laws. Talk to a local accountant.

• Budgeting

  • You Need a Budget (YNAB)

  • PocketGuard

  • Goodbudget

  • Old school Excel

  • Check out Investopedia where they do a comparison of all the top budgeting apps

• Note that this formula is just a guideline, and your rates may vary depending on your skills, experience, industry, location, competition, and client's budget. It's important to price your services appropriately to cover your costs, make a profit, and attract the right clients. - Do lots of research!

What I did: worked with the client's budget and compromised a lot

• Pros: got a lot of work

• Cons: looked unprofessional and came across as a junior VA instead of a business owner

Short tutorial on how to create your:

• Logo design

• Colors

• Fonts

• Email Signature

• Business Card

Client Contracts

• What should be in it?

  • Who the contract is with of course

  • Purpose of the relationship

  • Fees/rates

  • Scope of work

  • Non-disclosure and Intellectual Property

  • Term and Termination

  • Privacy Policy

• Work with a professional - don't do this on your own unless you have the expertise

Invoicing

• Stripe

• Xero

• QuickBooks

• Sage

Payment methods

• PayPal

• Wise

• WorldRemitt

• Business Banking for local

Password Vaults

• 1Password

• Zoho Vault

The onboarding process for your clients

• What should be in it?

• Use the brand kit you developed in Lesson 8

Managing your time and projects/clients

• ClickUp

• Monday.com

• Hubspot

Communication Tools

• Whatsapp

• Slack

• Google Voice

• WeChat

• Discord

Video Conferencing Tools

• Zoom

• Google Meet

• MS Teams

Electronic Signing Tools

• PDF Reader PRO

• DropBox Sign

• PandaDoc

• DigiSigner

Scheduling Tools

• Calendly

• World Time Buddy

• Asana

File Sharing and Storage Tools

• DropBox

• WeTransfer

• Gsuite

Testimonials

• When to ask for one?

When to leave your day job?

• When you can cover your current income and some.