Setting up a virtual assistant business is relatively easy, but it's important to have a complete plan of action set out in advance. I'm a firm believer that the initial planning phase of a business is crucial to its success. This ensures that you don't leave any vital steps unaddressed and also prevents any unexpected surprises down the road. Therefore, I recommend first writing a complete business plan for your business. Nothing technical, just how you plan to operate your business including advertising methods, pricing, business hours, equipment and supplies needed, etc.

The next step is to select the appropriate name. Take your time here as you want your business name to be an asset by appealing to your potential clients. Your name needs to clearly express what services you provide and not limit you if you choose to expand your business into other areas. Decide on a name that people would want to call if they have virtual assisting needs.

To operate a business you are required by law to have the appropriate licenses. This is your permit to do business locally. It's a simple procedure that doesn't require a considerable amount of time. Contact your city and county officials under occupational licenses for complete details or go online. Most VAs start out initially as a sole proprietorship and then might change later.

Now it's time to set up your bookkeeping. I find that the most important ingredient to keeping good books is keeping it simple. If it's easy to do, and doesn't require a lot of effort, I tend it do it more regularly. You will want to keep track of all your income and expenses. Save all receipts and pay all your expenses out of your business checking account. A software program such as Quickbooks is ideal for our type of business. Not only does it allow you to keep accurate records, but it also enables you to track exactly where the most money is coming from. This enables you to target your marketing efforts more in that area.

Now you must decide how much to charge. Don't undercharge your services. Many make this mistake. They feel if they price their services substantially below everyone else, they'll get more business. That's true--you might get more business, but you'll also be working outrageous hours and not making the kind of income you should. Call others in your area and see what they are charging. The average prices being charge today are between $35.00 and $100.00, depending on the specialty. I personally recommend starting no lower than $35.00/hr.

Now you need to get those clients. The key to successful marketing is to tell clients what benefits they will receive by answering their main question, "What's in it for me?" Keep in mind, you're not selling your services, you're selling the benefits of your services. What can you offer them that would make their business run more successfully? An example of this would be accurate dependable service done on an "as needed" basis.

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