In a word, Yes. When people ask me what I do for a living, I used to respond with, “I’m a Virtual Assistant,” which usually garnered either a blank stare or a quizzical look, followed by the question, “what’s that?” Although the Virtual Assistance industry is a million – possibly even billion-dollar industry, it is still somewhat unknown, especially on the Canadian side of the border. After launching into my 15-second elevator speech on what a Virtual Assistant does, the “ahhhhh, I see – so you’re a secretary?” prompted me to change my approach. Now, when someone asks what I do, I respond with, “I work for myself from home doing database management and web development.” No longer do I receive blank stares, but it creates interest, and the question is now, “so how much do you make doing this?” I’m always amazed at this question – I don’t usually go around asking people what their annual salary is, but when you are self-employed, it seems as though you are free game. I have determined that most people dream of working for themselves from home, and often wonder if they could do the same thing. So, naturally, they wonder if they can sustain themselves on my salary. I quickly forgive them, and respond with “enough to make me happy.” Working as a Virtual Assistant is not an easy ride. It is not a get rich quick venture. And it will not make you a millionaire. Starting a business is an expensive proposition, and being a VA is no different. I would estimate that I invested about $10,000 in the first year getting the business off the ground, and approximately the same amount every year just to keep it running. As a small business owner, you have expenses that range from the outlay of cash for computer hardware and software, to ongoing expenses such as Internet connection fees. A telephone is an absolute must, a website is a necessity, and advertising can eat up your profits more than one would think.
Being a Virtual Assistant is the same as owning your own business. Aside from all the work you perform for your clients, you also have to run the administrative side of the company. Just the accounting alone is mind-boggling, especially at tax time. For the first six months of operation, I may have put in 12-14 hour days, but only 3-4 hours of that might have ‘billable’ to clients. The rest was off the clock and out of my own pocket. In my first year of operation, I had only earned enough to barely pay for my expenses, and it was not a financially lucrative company.
However, after getting everything in place, setting up my website, and gathering a very loyal client base, in my second year, I actually made a *small* profit, which I put right back into the business. Since then, the income has remained at a sustainable level, and although it will be a few decades before I make my first million, it is enough to make me happy and continue doing what I do.
Posts
17 comments:
So I searched your site looking to answer my question "how much can a virtual assistant make?" A dollar amount would be helpful as no one would know how much money you need to pay your expenses etc. I take from what I read that being a virtual assistant is a crappy existance and not a lucrative business... I am wondering if that is what you were trying to get across??
On the contrary ... if it were a crappy existence and not lucrative, I wouldn't still be doing it after a decade or so :-) ... The first year was definitely a challenge (as with any start up company), but each year, it became a little easier. The point I was trying to get across was that it was not a get rich quick venture, and not something to jump into lightly. It takes hard work and sheer determination to start up a business, and virtual assistance is no different. As I mentioned, the $$ was (and still is) enough to make me happy :-) As far as a number? ... sigh ... my rates range from $35 - $55 per hour, depending on the type of work and I usually work a 35 hour week. Does that help? :-)
Thank you for your post. I've been looking into this and most of the literature on the internet is mostly propaganda, so I appreciate your candid take on it.
Can I ask what drove you to start this business and what kept you going that first year? I'm not particularly looking to work from home or even to get rich, I like to be around people and I mainly want to make a decent living, but I've recently moved to a small rural town and its proven a challenge to find work. Most of my experience is in office support type work (for various industries) so I've been considering the possibility of becoming a virtual assistant, but am concerned with how long it might take to actually make a living off of it. Do you think your business could have gotten off the ground if you were only doing it part-time for instance? Thanks!
Thanks for your comments! ... Congrats on the move and kudos for considering starting your own business! ... I started simply because I did not wish to return to a traditional job following the arrival of our first child. What kept me going the first year was the fun that I was having, the people I was meeting, and the overall sense of accomplishment when I had a job well done, or won a client's business, etc. As far as how long it would take to make a living, or if I could have done this part time, it boils down to what you consider a decent living. If you are comfortable making a part-time income, then your success is measured by your own goals.
i dont know if you are still taking comments, but this is one of the few places i could find an honest assessment of what it would take to make this business work. thanks so much!!!
Hi ladysawfan ... thank you for your kind words! I hope that this information is helpful to you, and feel free to touch back at any time!
Nice write-up! you bring up an interesting topic. This type of job probably sounds like a great idea when you are looking for career opportunities that will allow you to stay home. People choose to work at home for a variety of reasons, including having children at home, or not wanting to drive far for work. These jobs also work out well for the employer. Many times, businesses will hire a virtual assistant when they need help, but do not need a full time employee. So, you can work for one company and work part time, or assist several companies to work as much as you want. In fact, you can make great money as a virtual assistant—anywhere from $20 to $45 an hour depending on the job and your location.
Regards,
Charlie
Charlie -- thank you for comments! It's true that a Virtual Assistant is an excellent solution to those not wishing to hire a full-time employee!
Thank you for such a honest blog post. Enjoyed reading it...
Thanks very much, Sandy! I certainly enjoyed writing it too ;-)
Well said Kerrie - I'm totally with you on this topic. Setting off in this career field can be daunting at first, but is actually easier than you think. Persistence on your point will help you to begin as a freelance employee. The best way to begin is to apply to many openings at first. Just like applying for traditional jobs, it takes time to get the first job. Once you are hired for the first time it will be easier to promote yourself in this atmosphere. Most companies like to rehire you as they need you. Keep this in mind when you are completing an assignment. Your performance is crucial to rehire and so you should maintain the best product you can provide.
Jaime
Can you talk a little bit about how you drummed up business? What kind of advertising worked best for you? Did you join a VA website that generates leads for you? Thank you for your post, it's so helpful!
Hi nikallen17, and thank you for your kind words ;-) ... I did join a number of VA groups, but not any that generated leads for me -- more of the forum/networking style groups where I was able to learn ideas from veteran VA's and bounce ideas back and forth. It certainly helped me in setting up the business. As far as advertising, in the beginning, I advertised locally through direct mail marketing -- very time consuming and labour intensive (and not exactly the least expensive option), but it did generate one of my longest standing clients! ... After about a year, the greatest advertising for me was (and still is today!) through word of mouth, and asking for referrals and testimonials. Hope this helps!
Good morning Kerrie Jean,
I would like to know if you think one could be a Virtual Assistant from a remote location, without having to meet with clients,etc?
The reason I ask this is that my husband and I are currently living aboard our sailboat in Mexico, and I am looking for a way to replenish the cruising kitty while down here.
I have previously worked in office situations as an Accounting Clerk and Administrative Assistant.
Thanks in advance for your comments, and your honesty in this matter.
Absolutely! ... If you have access to an Internet connection, a phone and a fax machine, you can work virtually anywhere! ... I have worked with many clients whom I have never met face to face -- it is all done via phone and email. And it does not need to be a huge distance between you either. One client of mine lives only an hour a way, but it took us six years before we met in person! The possibilities are endless ;-) Good luck, and happy sailing!!
I have heard that like other professional service providers, Virtual Assistants operate remotely from their own places of business and utilize today's technology to deliver their services and communicate with clients.
I am interested to know more about it.
Hello -- Good article, thank you. I'd be interested to know if you took any formal training or obtain certification, or did you simply apply skills you already had from previous work experience? Is there any value in formal training or certification? Many of the training programs I've found online seem to be either administrative skills or basic business start-up, in both of which I already have experience. Thanks again.
Post a Comment