Business Plan for Virtual Assistant

Part 1

“Make no little plans.  Make the biggest one you can think of and spend the rest of your life carrying it out.”
~ Harry S. Truman

Writing a business plan for a virtual assistant business is very important to the success of your new venture.  Not only does it list out what you have and what you need for the new business, but it also points out possible problem areas that your competition may have had to deal with, solidifies your business goals and illustrates your devotion to your business. 

Business plans are used to test the feasibility of new business ideas, give your new business it’s best possible chance of success, help to secure funding for your new business or work out financial plans for self-financed companies, make planning effective and manageable and can help to attract investors or clients.

When setting up a new VA business and writing a business plan, one must answer a few questions before taking on this time-consuming task…

Who is your audience?  Are you writing this for only yourself and perhaps some business partners to have your goals written down and made easier to visualize?  Are you going after funding and need a more formal business plan? 

Writing a business plan for investors or bankers is much more of an undertaking and goes into much more detail.  Because of the amount of analytical sections, it would be a good idea for you as a first-time business plan writer to speak with an experienced business plan writer.  A formal business plan is written up with the following (simplified) outline:

1.  The Executive Summary
This section is generally written last, even though it appears first in the order.  This is a summary of the key elements appearing in the rest of the business plan.

2.  Industry Analysis
This is an overview of the industry sector your business will be taking part in.  For Virtual Assistants, the history of our profession is somewhat new, so there’s not as much “trend information” to be found.  We can easily focus on how much demand there is for a good VA now, as opposed to fifteen or twenty years ago, as well as how our new industry has exploded.  Include a list of leaders in the industry and estimated industry sales.  Fortunately, as VAs, we are in a helpful profession.  It’s more than likely that if you approach a seasoned VA with a few questions about how they got set up, how long it took to get their first client and how their business has expanded, they will be more than happy to help you out with a few answers.  This section should also include a summary of your business’s place within the industry, including what niche you want to fill and if it’s already an oversaturated area or if it’s a relatively new field of Virtual Assistance.

3.  Market Analysis
This section provides an examination of your primary niche market for your products and/or services.  It needs to include geographic location, demographics, their needs and how these needs are currently being met.

4.  Competitive Analysis
This section requires a lot of research and some “undercover work.”  Investigating your direct and indirect competitors, complete with an assessment of their competitive advantage and how you will overcome any barriers with your niche market, may mean calling your competitors and asking questions as a “potential client” or requesting information be sent to you.  Because the Virtual Assistance industry eliminates the need for a “local” office, it would be wise to investigate this according to your niche market or VAs offering similar services, as opposed to other Virtual Assistants in your local area – if there are any – who may or may not be offering similar services.

5.  Marketing Plan
A detailed explanation of your sales strategy, pricing plan for services and any products you offer, proposed advertising and promotional activities, and your service’s or product’s benefits.

6.  Management Plan
This section includes information about your business’s legal structure and management resources, including your internal management team, external management resources, and human resources needs. 

7.  Operating Plan
Including a description of your business’s physical location, facilities and equipment, the kinds of employees or contractors needed, inventory requirements and suppliers, and any other applicable operating details are all important in this section.

8.  Financial Plan
This would include any assets or funding you currently have, what you need, your detailed financial statements and a financial statement analysis

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