Virtual Assistant Business Plan
You’ve come to the right place to create your Virtual Assistant business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Virtual Assistant companies.
Below is a template to help you create each section of your Virtual Assistant business plan.
Executive Summary
Business Overview
Kayla For Hire is a new company based in Lexington, Kentucky that offers administrative virtual assistant services. Some of these services include scheduling appointments, responding to emails, and managing social media accounts. Kayla For Hire aims to provide high-quality services and great customer service in order to establish long-lasting relationships with clients and partner companies.
Kayla For Hire is run solely by Kayla Smith, who has been providing administrative assistant services for ten years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, Kayla Smith is ready to establish her own administrative virtual assistant business and help clients worldwide.
Product Offering
Kayla For Hire offers a variety of administrative virtual assistant services to help companies and solopreneurs. Some of these services include:
- Scheduling appointments and manage calendars
- Scheduling travel arrangements
- Making and taking phone calls
- Writing and responding to emails
- Researching leads
- Basic accounting tasks
- Social media management
Customer Focus
Kayla For Hire will work with any companies or solopreneurs in need of a temporary or permanent administrative virtual assistant. Though the company is based in Lexington, Kentucky, the company operates remotely, which makes it available to most companies in need of these services.
Management Team
Kayla For Hire is run solely by Kayla Smith, who has been providing administrative assistant services for ten years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, Kayla Smith is ready to establish her own administrative virtual assistant business and help clients worldwide.
Success Factors
Kayla For Hire will be able to achieve success by offering the following competitive advantages:
- Client-oriented service: Kayla For Hire will tailor its services to meet each client’s needs. Kayla Smith will work to establish trust and a relationship before starting work so that the company knows that she is the best assistant for their needs.
- Management: Kayla Smith has been extremely successful as an administrative assistant and has years of experience in most of the tasks that clients will request. Her knowledge and skills will provide a high-quality experience.
- Relationships: Having been an administrative assistant for ten years, Kayla Smith has established a great rapport with many of her previous employers. Therefore, she has many testimonials and recommendations that will help her build a strong client base.
Download the Virtual Assistant business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Kayla For Hire is currently seeking $50,000 to launch. Specifically, these funds will be used as follows:
- Equipment: $15,000
- Three months of overhead expenses (payroll, rent, utilities): $20,000
- Marketing costs: $5,000
- Working capital: $10,000
The following graph below outlines the pro forma financial projections for Kayla For Hire.
Company Overview
Who is Kayla For Hire?
Kayla For Hire is a new company based in Lexington, Kentucky that offers administrative virtual assistant services. Some of these services include scheduling appointments, responding to emails, and managing social media accounts. Kayla For Hire aims to provide high-quality services and great customer service in order to establish long-lasting relationships with clients and partner companies.
Kayla For Hire is run solely by Kayla Smith, who has been providing administrative assistant services for ten years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, Kayla Smith is ready to establish her own administrative virtual assistant business and help clients worldwide.
Kayla For Hire History
Kayla Smith incorporated Kayla For Hire as an LLC on May 1st, 2023. The business is currently being run out of Kayla’s home office but will move to an office location once the lease is finalized.
Since incorporation, the company has achieved the following milestones:
- Found office space and signed Letter of Intent to lease it
- Developed the company’s name, logo, and website
- Hired an interior designer for the decor and furniture layout
- Determined equipment and fixture requirements
Kayla For Hire Services
Kayla For Hire offers a variety of administrative virtual assistant services to help companies and solopreneurs. Some of these services include:
- Scheduling appointments and manage calendars
- Scheduling travel arrangements
- Making and taking phone calls
- Writing and responding to emails
- Researching leads
- Basic accounting tasks
- Social media management
Industry Analysis
Virtual assistants are the backbone of any business. No company can operate without the administrative tasks that a great virtual assistant can provide. Traditionally, companies would hire a receptionist or administrative assistant to take on these duties. However, with the growth of the freelance/gig economy and the popularity of remote work, virtual assistants are quickly taking over this position. Virtual assistants provide all the work of administrative assistants but save companies an enormous amount of money. Therefore, these essential employees are in greater demand than ever.
Many markets and industries have responded positively to the availability of virtual assistants. According to PRNewswire, the virtual assistant industry is expected to grow at a rate of 11.79% over the next few years. This is substantial growth and just goes to show how essential virtual assistants are for companies. Therefore, there has never been a better time to start a virtual assistant business.
Download the Virtual Assistant business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Kayla For Hire will provide services to businesses and solopreneurs across the globe. Since Kayla For Hire is a remote virtual assistant business, Kayla Smith will be open to helping most companies or entrepreneurs who need administrative help.
Customer Segmentation
Heritage Farm will primarily target the following customer profiles:
- Small businesses
- Medium-sized businesses
- Solopreneurs
Competitive Analysis
Direct and Indirect Competitors
Kayla For Hire will face competition from other companies with similar business profiles. A description of each competitor company is below.
Time etc.
Time etc. is a virtual assistant company that connects companies with a network of experienced virtual assistants. Each virtual assistant that works for the company has five to eight years of experience, meaning clients are ensured great quality work and professionalism.
Though Time etc. is full of quality virtual assistant companies, the company itself needs to make a profit, so its services are often more expensive than just hiring a virtual assistant directly. This keeps many companies from utilizing their services and finding a virtual assistant they can hire directly instead.
Upwork
Upwork has been the most popular freelance platform in the world for years. Companies have instant access to millions of freelancers who provide a variety of services, from writing and translation to coding or legal services. Companies can post a job for freelancers to apply to our purchase service packages that freelancers offer.
Though Upwork has been the #1 freelancing platform for years, the platform is often flooded with freelancers that vary in their quality, and it can be hard to find the right virtual assistant for one’s needs. Furthermore, the platform can be confusing to navigate, making the hiring process much more difficult.
Fiverr
Fiverr is another freelancing platform that connects businesses with millions of freelancers located all around the globe. Businesses can find freelancers that offer all sorts of functions, from writing and marketing to data entry and coding. Whatever project or service is needed, a business can find a freelancer to help them out.
Despite Fiverr’s popularity, it is not a great service for companies looking to form long-term relationships with their virtual assistants. The primary form of connecting with a freelancer is by purchasing a one-time service. This makes it hard to find a virtual assistant to help out with ongoing tasks and responsibilities. Virtual assistant services are often ongoing, meaning it is not a great platform to find a long-term virtual assistant.
Download the Virtual Assistant business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Kayla For Hire will be able to offer the following advantages over their competition:
- Client-oriented service: Kayla For Hire will tailor its services to meet each client’s needs. Kayla Smith will work to establish trust and a relationship before starting work so that the company knows that she is the best assistant for their needs.
- Management: Kayla Smith has been extremely successful as an administrative assistant and has years of experience in most of the tasks that clients will request. Her knowledge and skills will provide a high-quality experience.
- Relationships: Having been an administrative assistant for ten years, Kayla Smith has established a great rapport with many of her previous employers. Therefore, she has many testimonials and recommendations that will help her build a strong client base.
Marketing Plan
Brand & Value Proposition
Kayla For Hire will offer the unique value proposition to its clientele:
- Client-focused virtual assistant services, where the company’s interests are aligned with the customer
- Service built on long-term relationships
- High-quality work across a variety of services
Promotions Strategy
The promotions strategy for Kayla For Hire is as follows:
Website/SEO
Kayla For Hire will develop a professional website that showcases Kayla Smith’s experience, portfolio, and professional services provided. It will also invest in SEO so that the company’s website will appear at the top of search engine results.
Social Media
Kayla Smith will create social media accounts and invest in ads on all social media platforms. The company will use targeted marketing to appeal to our target demographics.
Referrals
Kayla For Hire understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other individuals by providing discounts on future services for every new client produced. This strategy will increase in effectiveness over time.
Special Offers
Offers and incentives are an excellent approach to bringing in new customers. The company will introduce special offers to attract new consumers and encourage repeat services, which will be quite advantageous in the long run.
Pricing
Kayla Smith will charge her services on an hourly basis of $20/hr. This hourly rate will remain the same no matter what client she works with or which services she provides.
Operations Plan
The following will be the operations plan for Kayla For Hire.
Operation Functions:
- Kayla Smith will be the sole employee for Kayla For Hire. She will manage all the contracts, bookkeeping, and marketing functions in addition to providing virtual assistance to her clients.
Download the Virtual Assistant business plan template (including a customizable financial model) to your computer here <–
Milestones:
Kayla For Hire will have the following milestones completed in the next six months.
- 07/202X – Finalize lease agreement
- 08/202X – Design and build out Kayla For Hire
- 09/202X – Kickoff of promotional campaign
- 10/202X – Launch Kayla For Hire
- 11/202X – Reach break-even
Management Team
Kayla For Hire is run solely by Kayla Smith, who has been providing administrative assistant services for ten years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, Kayla Smith is ready to establish her own administrative virtual assistant business and help clients worldwide.
Financial Plan
Key Revenue & Costs
Kayla For Hire’s revenue will primarily come from the fees charged for the virtual assistant services.
The major cost drivers include the purchase and maintenance of equipment and the lease costs.
Funding Requirements and Use of Funds
Kayla For Hire is currently seeking $50,000 to launch. Specifically, these funds will be used as follows:
- Equipment: $15,000
- Three months of overhead expenses (payroll, rent, utilities): $20,000
- Marketing costs: $5,000
- Working capital: $10,000
Download the Virtual Assistant business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.
- Number of contracts per year
- FY 1: 12
- FY 2: 20
- FY 3: 28
- FY 4: 32
- FY 5: 35
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Virtual Assistant Business Plan FAQs
What Is a Virtual Assistant Business Plan?
A virtual assistant business plan is a plan to start and/or grow your virtual assistant business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
What are the Main Types of Virtual Assistant Businesses?
There are a number of different kinds of virtual assistant businesses, some examples include: Administrative virtual assistant, Bookkeeping virtual assistant, and Social media virtual assistant.
How Do You Get Funding for Your Virtual Assistant Business Plan?
Virtual Assistant businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Virtual Assistant Business?
Starting a virtual assistant business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Virtual Assistant Business Plan - The first step in starting a business is to create a detailed virtual assistant business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your virtual assistant business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your virtual assistant business is in compliance with local laws.
3. Register Your Virtual Assistant Business - Once you have chosen a legal structure, the next step is to register your virtual assistant business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your virtual assistant business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Virtual Assistant Equipment & Supplies - In order to start your virtual assistant business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your virtual assistant business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful virtual assistant business: