Is your virtual assistant business growth stagnant?
Having a business plan is one of the key foundational aspect of a successful freelance business. Developing a business plan is like a road map (GPS or Google Maps, for all the techies out there).
Just like you need a roadmap to get to your destination safely, you also need to take the time to create a freelance business plan. It will get your business to where you want it to be.
Most freelancers skip over this very important step when starting their business, and I have one guess why that is. It is BORING!
Warning – Developing a business plan will NOT be the most exciting part of running your business. However, without it, your business WILL fail.
Here is the plain truth. If you don’t establish a business plan, then plan to fail. It is that simple.
I include a simple business plan template in the Virtual Assistants Making Money Course. There is no need to outsource business plan template creation. You can simply build off of the template already created for you in the course.
Now, let’s explore the 9 ELEMENTS of a solid freelance virtual assistant business plan to get you started.
Element # 1 – A Projected Start Date
Setting a start date is crucial to an effective business plan. Having a date doesn’t mean that the world will end if you don’t stick to it. Setting a date will provide you with the motivation needed to shoot for something with an established goal in mind.
Element # 2 – Your Why Statement
You may have already selected your Why statement through the Virtual Assistants Making Money Course. Remember why it was so important to you. Your Why statement will be an integral part of your freelance business plan because it will be what encourages you to not give up in the process of following it.
Element # 3 – A Business Idea
Your business idea is the reason why you want to create the business, who you will be serving in your business, and what your unique perspective is for the business.
Will it be business coaching? Will you be creating Word Press sites? Are you writing blog content or video editing?
Some freelancers will focus on making customer service a priority, or some have a certification, training or higher education that most freelancers do not.
Your business idea is what will make you stand out from your competitors. It will even make your competitors want or need to work WITH you.
Whether your business idea is networking or affordable price packages, it will help guide your business marketing strategy down the road.
Element # 4 – Your Business Name
Every business needs a name, something to brand yourself with. Once you find the business name you want to use, take the extra step to search that domain name in a hosting site and grab it NOW while it is available.
The Virtual Assistant Making Money Course helps you to work on creating your own website or at the very least, reserving that name for when you are ready to build your website.
Countless businesses do not take this step early enough and find that the business name they want is already taken. Refrain from naming your business too often without checking the domain name first.
The reality is that people WILL steal your name and build on what you have already done. WARNING -Don’t let this happen to you.
Element # 5 – Target Market
Briefly, list whom your target market will be; is it food bloggers, realtors, medical facilities, etc. Your target market is whom you envision working with or serving at this current time.
Research what the companies in your target market are passionate about and what services they are lacking. Their passions and needs will help you fill a gap and will help you market to that group in the future.
Element # 6 – Services
Decide on the type of business services you will provide. Your services may change throughout the life span of your business. However, it is important to start with providing services you know YOU are truly good at.
Element # 7 – Marketing
Marketing is how you plan for your business to grow. The number one question I get from virtual assistants and freelancers is how to find clients.
Finding clients will be a direct result of your marketing strategies. Marketing will be crucial for new freelancers to get their brand name out to their target market and business off the ground.
When, where, and how to market are all things to be included in your freelance business plan.
If you would like to learn more about marketing, I provide a list of the top 10 books for online marketers. Marketing is necessary for growth–no matter where you are in your freelance business journey.
Element # 8 – A Financial Strategy
A financial strategy includes things like what you need to earn or what your financial goals are in the short and long term. Financial strategies consider the number of your initial investment costs and even your projected revenue.
Determine where you would like to be financially in the next one, five, or even ten years and include these in the virtual assistant business plan template provided for you in the course.
Element # 9 – SWOT Analysis
A SWOT Analysis simply examines your business’ Strengths, Weaknesses, Obstacles, and Threats.
What strengths are you relying on to start your business? What weakness may deter your business from growing? What obstacles stand in the way of achieving your business goals? What threats can you encounter in your business journey?
Your strength will be a skill you know can be marketable in getting your business off the ground. A weakness can be not having enough time to dedicate to your business growth.
An obstacle can be not having funds for online courses to learn new skills. A threat can be outgrowing the amount of time you have available to take on more work.
Make sure your virtual assistant business plan template has these listed for future reference.
After developing your freelance business plan, you will see that it may need to be adjusted as time goes by. There is ONE thing that remains certain.
Invest the time NOW in your freelance business plan!
Investing time now will help you further down the road, as to not hit any obstacles or roadblocks that could have been avoided if you took the time to think about the struggles that may come.
WHEN YOU PLAN AHEAD, YOU PLAN TO SUCCEED.
I would love to hear how your freelance business plan is going! Let me know in the comments section below and let’s rejoice together!