Here is the thing about being your own boss…
You have to stare your finances in the face. It is scary at first, but it becomes really empowering!
1. Take Inventory
Dive into your bank account and take inventory of your current expenses:
- Personal Expenses
- Lifestyle Expenses
- Business Expenses
Ask yourself what is your break even point?
Which of your expenses can you pause while you are starting your Virtual Assistant business?
Trust the Return On Investment (ROI)!
2. Answer Common Questions and Fears
- Do you leave your 9-5 or do you start as a side hustle?
I recommend starting your business before you financially need the income. Building your business takes time!
- How much are you going to make?
It is really up to you! You can stack how much you make. I recommend starting between $20 and $30 per hour. Once you get more clients and increase your skills you can raise your rates!
Look for a Tax Professional. Track your income and expenses. This makes it easy to communicate with your Tax Professional. I recommend setting aside 30% of your income for taxes.
- What do you invest in when starting your Virtual Assistant business?
You need a laptop or a computer. We prefer laptops because then you can travel with them!
You can invest in invoicing software, but there are also free options you can use.
You may also want to invest in a program to help you get started.
Remember you can expense ALL of your investments when you do your taxes!