Is Now a Great Time to Start Your Virtual Assistant Business?
Have you ever considered starting your own small business? If so, you know the thoughts surrounding a new business venture can be really overwhelming.
What kind of business do I start?
Is now the right time to begin?
Can I really do it?
I had those same exact questions. As my business grew, I began working with virtual assistants (VAs) to support me in a variety of ways. And you may have many skills that could lead to a successful VA biz. But is now the right time? Do small business owners really use VAs? And do the benefits outweigh the security of a traditional job? Let’s explore these questions further.
Is It Now Or Never?
The better question might be, “Is there ever a right time to open a business?” In all reality, only you can answer this question honestly. Opening a business - bricks and mortar or an online business - requires hard work and stepping out of your comfort zone. Weigh the pros and cons and thoroughly consider what works best for you and your family. Assess your skills and research the industry(ies) to make a data-driven decision.
Online or virtual businesses have low overhead, and if this is the direction you are considering, Virtual Assistant businesses are a great way to begin an entrepreneurial journey. Is now a good time for a VA biz? Yes, absolutely! Other people think so, too!
In June 2020, Kevin O’Leary, one of the stars of Shark Tank, told CNBC’s Make It,
"If I lost everything and had to start from scratch, I would find a problem everybody had, and I'd solve it." O'Leary continues, "the best way to do that is to start a side hustle as a virtual assistant."
A Virtual Assistant business can be a full-time job or a side hustle. The choice is yours because it’s your business. As a side hustle, you can make the transition from a traditional job to owning a small business much easier. Plus, VAs offer a variety of services to both large and small businesses. The pandemic has shown us that people can work remotely and be productive. VAs solve all types of problems for a business owner and often save them money in the process.
Kathy Goughenour, Founder and CEO of Expert VA® Training agrees. She left a Fortune 500 telecommunications company when she was told she would never advance further in her career. Surprised by this, Kathy wondered and asked why. The answer? She laughed and smiled too much! Ultimately, Kathy left that company and doubled her corporate marketing manager income by becoming a real estate VA. Kathy believes now is the time for VAs to build their businesses, with graduates of her program reporting they earned an average of 130% more in 2020 than in 2019. Given all the change that 2020 brought us, she only sees this trend continuing.
Because Kathy needed VAs to support her and grow her own business, Kathy then decided to create a training program, Expert VA Training, dedicated to this unique industry. Kathy’s training program has helped over 200 women, and a few men, to begin their VA businesses. Known for her tiara and her happy personality, she recently released her first book, Leaving the Grind Behind – A Startup Guide for the Emerging Virtual Assistant. It’s a quick read that gives you insights into the VA industry, and introduces you to several successful graduates of Kathy’s program.
Can I Really Make a Small Business Work?
Whatever business venture you decide on, many small business owners determine that the benefits outweigh the hard work and risk. For example, when I talk to VAs and other small business owners that I serve, I frequently hear the following:
- I am in control of my future. Many people were downsized or lost their jobs due to the COVID-19 pandemic. With a small business, owners enjoy knowing that will not happen again as they control their future.
- I can meet family obligations. Most of us have family obligations of some type that require a role with flexibility. Whether attending kids’ activities or supporting elderly parents and relatives, most people want to be available to their family. As a small business owner, you can give yourself flexibility without having to ask for permission.
- I can make my own schedule. Do you like working late at night? Do it. Do you want to work part-time? That’s your call. Would you like to take a day off? Go for it. As a Virtual Assistant, for example, most clients only care about the end result, and not when the work is completed. Again, setting your own schedule gives you flexibility - and you can avoid a long commute.
- I choose my income goals. You decide your prices or rates and increase them when you see fit. If you provide a service or a product that people appreciate and value, customers will pay for that service.
- I choose what services to offer. When you own your own business, you get to decide what you want to do and, as important, what you do not. If you change your mind and want to do something else, virtual or online businesses allow you to pivot to another niche quickly.
Should I Consider a Virtual Assistant Business?
A VA business is a top consideration for those wanna-be entrepreneurial types who have great skills to offer. And according to the experts, now is a great time to start one. The economic shift to remote workers opens opportunities for all types of VAs. It’s certainly worth considering further, so stay tuned for future posts where I will discuss possible service offerings to VA specializations and so much more. You won’t want to miss it.
Speaking of not wanting to miss out, I have some new and exciting things launching soon at Let’s Build Talent. Stay connected with Let’s Build Talent so you don’t miss a thing. You can find us on LinkedIn, Facebook, and Instagram.