After a lot of thinking and weighing options, you decided to embrace the future and start your own small business. The idea of setting your own schedule and taking control of your life was a dream that you had to reach, and you decided to set up a virtual assistant business. Now that you have made the decision, where do you start. Virtual assistant businesses have become an ideal business opportunity for experienced administrators to use their skills in a virtual environment. With all of the available technology, it’s easy and affordable to start your own business. You will have to make a lot of decisions on where to start and there is a world of advice available. Meadows VA school has resources that can guide you through the steps of successfully setting up your business.
Legalities – Getting Licenses and Permits in Place
As a virtual assistant, you’ll discover that there aren’t too many regulations to getting your business up and running. Licensing in each state vary, so make sure to check and see what your state requires. No matter what is required, make sure that you follow your state and Home Owner’s association rules regarding the use of your home for a business. The Small Business Association has, Permit Me, an online tool that will allow you to research the requirements in your state.
One of the earliest decisions that you’ll face is the actual structure of your business. Many business owners opt for sole proprietorship at the early stages. This is an acceptable option, but could ultimately leave you open to financial risks as your clientele grows. Business models such as LLC/PLLC, corporations, partnerships and co-ops will help you separate your personal liabilities from business ones and protect you better. Setting up an LLC is a relatively inexpensive method of establishing your business as a separate entity and allowing you to get an EIN and bank account set up easily. To get an idea which structure will best suit your business, check the resources on sba.gov.
Getting to work
As a freelance business owner, the paperwork that you’ll be facing will be different than any you ever saw as an employee. After you get your business open and start seeing clients, you’ll want to ensure that you have a W-9 filled out for each new client as well as a completed contract. This contract will include a statement of work which will help establish the scope of responsibilities and tasks you are contracted to perform for each client as well as things such as deadlines and client details. Make sure to set up a file for each client to keep all paperwork and calendar details organized.
On the Job
Once you start working and building your clientele, you will have other tasks to deal with. On top of the work you’ll be doing for your clients, you’ll need to be tracking your invoices and expenses. A good accounting program will be essential, and Quickbooks Online is the most highly recommended for independent business owners. It will help you track all the expenses that your business will incur.
Secrets to Building a Successful Business
As you are building a business, you will find yourself wanting to grow it quickly. This is a trap that most entrepreneurs fall into. Make sure that you learn how to manage your time and learn how to say no. It’s okay and often essential to be able to draw boundaries with your clients. This is your business and you have the choice to run it as you see fit.
Any new business venture can be tricky, but with proper tools and resources, you can learn to manage your time and your clients. You can learn to have the work/home life balance that all entrepreneurs are working toward and truly enjoy your life and your career. Meadows Resources and Meadows VA school has the resources you need to get started on the right track. Also, check out our in depth Ebook Meadows VA School Quick Start in our Swipe File Section to learn more.