Have you reached a plateau in your freelancing career? Once you hit the point where you cannot take on any more clients or charge higher rates, it can feel like your career has stagnated. If you want to keep growing, it’s time to think a little bigger! Pivoting from freelancer to full time business owner is a great way to take your virtual assistant gig to the next level, earn more money, and even generate some passive income working full time from home!
With a little knowledge, planning, and support, starting a business is easy. Online tools and professional service providers, like The Raxx Creative, will prove invaluable! Here are some of our best tips to help you get started.
Prepare to Hire Employees
Part of scaling your VA gig into a full time business involves onboarding a few team members. Before hiring employees, make sure you understand your tax and legal obligations! Keeping track of things like pay, taxes, and benefits is easy with a robust payroll system. Look for a payroll service, like QuickBooks, that includes mobile app integration, real-time reporting, and tools that track your billable time. Time tracking software simplifies team management and streamlines the entire payroll process.
Get Comfortable with Automation
Today, you can automate nearly any business task. Taking advantage of automation tools is a great way to free up your time and reduce your labor costs as you get your business off the ground. Start by handing over time-consuming administrative tasks to automated platforms. For example, think about how much time it takes to book a consultation call with a new client. Automating every step in the client booking process can save you several hours every week! As Venture Harbour explains, it’s also easy to automate ongoing tasks like social media posting, email marketing, bookkeeping, and analytics reporting.
Restructure Your Business
If you never registered your freelance business, you’re operating under the default business structure of a sole proprietorship. While operating as a sole proprietor is simple and cheap, it will not protect you from personal liability in the event of a client lawsuit or an overdue business debt. Consider forming an LLC for legal protection as you pivot from freelancer to full time business owner. You can never be too careful!
Grow Your Client Base
Once your business is all set up, you can finally start taking on new clients. Aim to grow your client base by landing loyal, long-term clients that turn to you whenever they need the support of a virtual assistant. Try to build personal rapport with your clients instead of focusing solely on the transactional relationship. Make sure your clients feel that you care about them! Keep them up to date on any projects you’re working on, offer alternative solutions to problems they’re facing, and keep their overarching business goals in mind so you can add value to every project.
Struggling to land new clients? Consider choosing a niche for your VA business. Finding a niche will give your business a unique angle and help you narrow down the types of clients you work with. This will allow you to charge higher rates, make it easier to market your business to a specific target audience, and land repeat business.
Establish Long-Term Goals
What do you want your new business to look like in a year? How about in five years? Establishing a long-term plan for your business will help you make effective decisions that will get you where you want to be. For example, your end goal might be to run a virtual assistant agency instead of doing hourly work yourself. Keeping this goal in mind will push you to onboard and train employees who can handle your growing workload instead of plugging away at the same type of work you were doing as a freelancer.
If you’re looking to expand your virtual assistant career, launching a business is a great next step. You already know there’s demand for your services—you have the clients to prove it! Take the leap and start transitioning your side gig into a full-fledged business today.
Looking for business support? The Raxx Creative can help you handle all of those time-consuming tasks congesting your daily schedule. Visit the website to apply for support.