Basic Finance for Starting Virtual Assistants

Starting a career as a virtual assistant is an exciting and lucrative opportunity. Partner yourself with the right VA agency and you can find yourself working with numerous clients on a long-term basis. However, the rules of basic finance for starting virtual assistants need to be understood and followed. Otherwise, you run the risk of failing to capitalize on the opportunities on offer from your VA agency.

Why Should You Become a Virtual Assistant?

Before we drill down into the basic finance for starting virtual assistants, we need to take a closer look at why you should become a virtual assistant. What exactly is it that’s on offer? And how can you build a career out of it? These are valid questions, so let’s look at the appeal of being a virtual assistant:

Flexibility:

As a virtual assistant, all you need to get started is an internet connection. This allows you to work from virtually anywhere. Therefore, you have the flexibility to work from home or even when you’re traveling. Additionally, many virtual assistants can work outside of traditional office hours due to the time-zone differences on offer from international clients.

Skill Development:

One of the perks of being a virtual assistant is that you get to develop new skills due to the numerous different niches on offer. You could easily find yourself working as a social media virtual assistant or even a legal virtual assistant. A good VA agency will be able to offer you a diverse range of industries to work in and allow you to upskill yourself.

Work/Life Balance:

Ever since the impact of the pandemic, the benefits of a better work/life balance have frequently been held up as the approach to adopt. And, for a virtual assistant, this is especially true. Eliminating the need to commute, for example, instantly grants you more time for your family, health, and hobbies. Your wellbeing will be prioritized and you’ll notice that your happiness in both your professional and personal life will skyrocket.

Independence:

Life as a virtual assistant gives you a higher level of independence than you would get in a traditional job. Naturally, you’ll still have responsibilities to your clients and VA agency, but you’ll still be governing how and when you work. This puts you in direct control of your future and means your decisions are the crucial factor towards your success.

Cost Savings:

We live in uncertain economic times, so it’s important that we can make cost savings where possible. Luckily, one of the facts about basic finance for starting virtual assistants is that you save significant costs as a virtual assistant. After all, there’s no need to pay for travel costs, work clothes, or dining out for lunch. Being based, for example, at home allows you to save on all manner of costs.

Increased Job Opportunities:

Following the pandemic, virtual assistants have been seen as the new normal, and this means demand for virtual assistants is high. So, with more organizations understanding the benefits of remote workers, more and more job opportunities are waiting to be snapped up by virtual assistants. This maximizes your chances of constant employment in the industry.

Financial Advice for New Virtual Assistants

Understanding the best basic finance for starting virtual assistants is vital if you want to be successful and pay your bills every month. But entering a new industry, with all its unknowns, can be intimidating. What if, for example, it doesn’t work out and you find yourself in financial peril? It’s a scenario that puts off many potential virtual assistants. However, if you can discover what the best basic finance for starting virtual assistants is, you’ll find life much easier.

Acquiring this information can be difficult, but luckily for you, Pineapple is a VA agency who are happy to share this and get you off to the perfect start. So, make sure you follow this basic finance for starting virtual assistants:

Define Your Financial Goals:

If you want to build your finances and gain a sense of purpose, it’s important to establish a set of financial goals. These goals will detail what your short and long-term financial objectives are as a virtual assistant. A short-term objective could, for example, be earning enough to pay for a vacation. A long-term objective may present itself as something more substantial e.g. saving for a deposit on a house. Regardless of the objective, setting out these milestones will allow you to carefully focus your finances.

Create and Maintain a Budget:

Once you’re partnered with a VA agency, you can expect a regular income stream. But this doesn’t mean you should take an eye off your income and expenses. Instead, you need to create a meticulous budget that takes into account every last cent coming in and out of your account. This not only gives you a greater understanding of how your finances are being allocated but regularly reviewing your budget allows you to determine where potential cost savings can be made. Apps such as Goodbudget and SoFi can be very helpful for a new virtual assistant in creating a budget.

Invest in Yourself:

An undervalued piece of advice when it comes to basic finance for starting virtual assistants is to invest in yourself. Yes, that’s right, make sure you allocate some of your income towards upskilling yourself. A good VA agency will be able to offer you numerous different industries to work in – such as graphic design and health and wellness niches – but you need to demonstrate that you have the skills to deliver in these areas. Therefore, draw up a list of industries that interest you and invest in courses based around these to strengthen your chances of succeeding in them and increasing your income.

Keep Emergency Savings:

Life is unpredictable, so you need to plan for future emergencies. It’s recommended that, in the case of something major happening, you can rely on at least three to six months’ worth of expenses. This will, firstly, allow you to survive and, secondly, provide reduced financial stress and allow you to overcome any obstacles with a clear focus. Start creating your emergency savings by factoring this into your monthly budget. And remember, even once you hit the three to six months total, it won’t hurt to continue topping this up.

Work with Quality Technology:

While your VA agency will be able to secure you the very best clients, it’s paramount that you back this up by investing in your technology. A powerful PC is the most important investment you can make, so don’t be afraid to over-invest in this area. A PC that is both reliable and capable of processing large amounts of data will ensure you can cope with the demands of your clients. Also, it’s important to invest in a high-speed internet connection that delivers fast connections and minimizes dropouts.

Minimize Your Overheads:

One of the best tips on basic finance for starting virtual assistants is to minimize your overheads. The luxury of working from anywhere may feel like the perfect excuse to work from a coffee shop all day or while traveling the world. But this approach to remote working can be costly, and all-day servings of coffee can quickly mount up. Accordingly, working from home is the perfect way to minimize your overhead. Likewise, investing in low-cost business tools – such as pens and paper – makes more financial sense for virtual assistants.

Consult with a Financial Advisor:

It may be expensive to consult with a financial adviser, but the long-term benefits can easily pay for this initial outlay. The complexities of local tax laws can be complex, and it’s vital you understand how to navigate these correctly. And this is what a financial advisor can do for you. Also, their experience in finance puts them in the perfect position to help guide your early steps in budgeting and defining your financial goals.

Embrace Basic Finance for Starting Virtual Assistants

Once you start adopting the best basic finance for starting virtual assistants, you’ll find that your future is much more assured. The connection between financial worries and stress is well documented, so it makes sense to plan carefully for your future as a virtual assistant. The first step, of course, is to align yourself with a quality VA agency.

Pineapple has been helping virtual assistants connect with clients for many years. We understand how to partner the best virtual assistants with the perfect clients. This leads to repeat business and long, happy working relationships. So, once you combine the impact of a successful VA agency with the best basic finance for starting virtual assistants, you have the potential to enjoy a successful working life.

But how do you start off on this journey? Well, wonder no longer as you’re in the right place. Pineapple is constantly looking for new recruits to populate our books and give our clients what they’re looking for. All you need to do is get in contact with us here, and we can then start helping you build a new future.