Do I need a Business Plan?

The answer is YES! All businesses, even if it is a home-based-business, should have a business plan. A business plan is the first step in building your virtual assistant business. In fact, it is the most important step in starting your business. As with any business you start you must establish your mission, your goals, and also your objectives. This will help you determine which direction you want to take your business and where you want to be in the future. Your business plan helps you keep your business on track and headed towards the success you want to achieve.

A business plan can be as formal or informal as you like. Virtual Assistants, however, who wish to obtain funding for their business, are required to have a formal business plan. Anyone who is considering investing in your business will want to see a formal business plan that includes your ideas, background and experience, how much money you will need, how the money will be spent, how you will repay the loan, and much more. It is very important to include every component within your business plan so that investors will feel confident that your business is worth the investment.

How do I Create a Business Plan?

A business plan is fairly simple to create. You can actually create your own business plan without the help of a professional. Many of the Virtual Assistants books you purchase today often include a sample of a business plan, explaining each section and guiding you through the creation of your plan. One great book that can help you build a business plan is “The Virtual Assistant – The Series” by Diana Ennen and Kelly Poelker. This is a great book that helped me get started with my virtual assistant business. And I am sure that it will help you.

Below I have listed many of the components that are included in a business plan in order for you to understand what information you will be placing within your business plan.

Cover Sheet

Table of Contents

Business Summary

• Description of your business
• Your mission
• Your vision
• Your business goals
• Your objectives

Marketing Plan

• List services you will offer
• List the rates you will be charging clients
• List your target market
• List your competition
• List your strengths, weaknesses, opportunities, and threats
• List your advertising and promotional approach
• List your sales strategy

Operations Plan

• List the operations of your business (legal form of business, physical set-up, regulations, and more)
• Operating Expenses

Financial Plan

• Start-up Costs
• Projected Cash Flow
• Projected Income Statement
• Projected Balance Sheet
• Break-Even Analysis

Can I Get Help Creating My Business Plan?

Of course! If you would like help creating your business plan you should check out the Virtual Assistance Chamber of Commerce. The Virtual Assistance Chamber of Commerce offers business plans as well as a variety of different business forms specifically for Virtual Assistants at a reasonable rate. It is a great website and one you should check out.

NOTE: Whether you write a simple business plan or a more formal plan, it is important to remember that your business plan will help you realize what you really want out of your business, what clients you want to target, where you want your business to be in the future, and much more. Whatever you do, you should not skip this step. It will help to keep you on the road to success.