Virtual Assistant

Startup Costs: Under $2,000
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No

Clients hire virtual assistants to tasks off their plates. VA's support and sometimes run the back end of a client's business so that the founder can concentrate on growth and high-level strategies. This work can be conducted remotely during off hours or during set times, depending on the arrangement. The work done by virtual assistants can range from everyday tasks like scheduling meetings or arranging travel to highly specialized tasks like website updating. While there is plenty of work for those who can take on day-to-day tasks, having specialized skills and experience can set you apart from competitors and develop a lucrative niche. Some of the most sought-after skills include writing, web design, project management, and research.

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How much money can you make as a virtual assistant?

According to the VA State of the Industry Report conducted by the Association of Virtual Assistants, 58 percent of virtual assistants earn $26 to $50 per hour, 23 percent earn $10 to $25 per hour, 18 percent earn $51 to $100 per hour, and just 1 percent earn more than $100 per hour. Thirty-eight percent of respondents worked 20 to 30 hours per week, while 26 percent said they worked more than 40 hours, 24 percent worked 10 to 20 hours, and 11 percent worked 1 to 10 hours.

Breaking that down in terms of monthly income, 33 percent reported making between $2,001 and $5,000 per month, 26 percent made between $1,001 and $2,000, 16 percent made between $0 and $500, 14 percent made between $551 and $1,000, and 11 percent made more than $5,000.

Related: Check out the entire stock at Entrepreneur Bookstore

How to get started

Working from home as an independent contractor means that you have all of the freedom you want, but it also means you are solely responsible for running your operation. You will need to:

• Find and manage your clients
• Market and promote your business (online and in the real world)
• Handle bookkeeping, accounting and billing
• Keep your skill set up-to-date
• Manage your deadlines

Look to platforms like Upwork and Fiverr to connect with potential new clients and pick up How to Start Your Own Virtual Assistant Business for a fully detailed guide to setting up your business, expanding your customer base, and turning your expertise into a new revenue stream.

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