The VA Biz 101 - Topic #1

Virtual Assistant - The Definitive Definition. Or not.

Topic Objective: This topic explores just what a VA is and the industry that is growing up around it.

The Virtual Assisting Industry is relatively new and evolving very quickly. While this means great opportunities abound it also means that definitions and best practices are evolving. This can be a bit confusing but fun and rewarding, too - you can put your own personal imprint on the industry!

The most basic and generally accepted definition is that a Virtual Assistant is someone who provides administrative services to business people from a remote location. The term is often used to reference teleworkers, remote workers (employees) and freelancers who perform a variety of tasks such as marketing support and web development and design. In the strictest sense, however, a VA’s work is administrative support in scale and scope. They are not consultants or coaches, not marketing specialists and not bookkeepers. However, much of what we discuss here will apply to anyone who wishes to work virtually no matter where they fall of the definition spectrum.

It is important to understand that Virtual Assistants are business owners who provide a service. VAs use technology to replace much of the “bricks and mortar” logistical framework. They do not have employee status and are responsible for their own taxes. Clients may report their income via a 1099.

As a VA, you might choose to specialize in a niche, targeting a specific market such as authors, sales people, entrepreneurs, or real estate agents. Clients often find this helpful, as the VA understands the language and logistics of their business. We will discuss how to market to niches in more depth in the marketing topics.

VA’s generally charge by the hour or offer rate packages and some require a retainer. The rate, while determined by the VA, is influenced by what the market will bear. Like best practices, fee structures are evolving as well. In other words, you may feel you are worth $50.00 per hour but if no one will contract with you at that rate, it won’t matter what you think! But - you don’t want to undervalue your services either.

Here are some guidelines to setting your fees. We’ll talk about this more later too.

Administrative Support

• General Office
• Clerical VA’s
• Range $8.00/hour to $25.00/hour

Internet Business VA

• Web and tech savvy
• Shopping cart set up and maintenance
• Website maintenance
• Auto responder management
• Social media marketing
• Range $15.00/hour to $35.00/hour

Online Business Manager

• More of a partnership role with client for a mutually beneficial relationship
• $25.00/hour to $100.00 per hour
• Or base plus bonus/commission

It may take a little getting used to but it is imperative that you keep in mind that you need to reinvest in your business and yourself. The income into your business minus business expenses and business savings equals your paycheck.

Best Practices and Industry Standards

As I mentioned earlier, the industry is still very young, not quite in its infancy any more; it is more like toddlerhood. It is still seeking a common identity and terms are not universal. There is much confusion in the media and even within the industry itself. A tour of current industry and VA websites and blogs shines a spotlight on this identity crisis.

The VA Industry also faces competition from outsourcing companies (BPOs) and this adds to the confusion, as some clients do not make a distinction between the two.

The Future of the Industry

The United States is historically a country of entrepreneurs. Everyday we read news stories about corporations downsizing and more people becoming self-employed. With more home-based and small businesses starting up, the need for VAs is growing. These new entrepreneurs know their product/service but need help with the business logistics. As a VA, you can help your clients with more than Word and Excel - you can share what you learn here to help them develop strong foundations for their own business. You have the opportunity to develop a strong relationship and play a key role in their success. From personal experience, I can tell you, it’s a very rewarding experience - and lots of fun too!

This is your business - you are an entrepreneur.

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