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.
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