Starting a virtual assistant business from home can be a lucrative move. But so many people try to start without making any plans at all. The fact is, when you start any business, writing a business plan can be very helpful. A business plan basically includes a description of your business, your marketing strategy, and how you are going to operate your business. If you are going to ask for financial assistance, a sound business plan is a necessity to show potential investors.
Even if you don’t plan to ask for investments, a business plan is needed for your virtual assistant business to clarify how you plan to build your business. It gives you a better understanding of your competition so you can grow your business quickly.
What to Include in Your Plan
There are seven things you need to be sure your plan includes.
Executive summary. The summary tells the reader what you want to accomplish in a nutshell. Make sure this is written with concise language so there is no confusion. Usually this is written last even though it is placed first in the plan.
Business description. The description should be of the industry overall, as well as how your business specifically fits in with the industry. Include a present outlook of your business. You also need to include market information that may benefit or hurt your business.
Market strategies. This could be difficult to write if you are not a business person. You will need a market analysis (ask someone more familiar for help if you are not sure what you need) so you can be familiar with all the parts of the present market. You need to know this so that you can make sure your business is in a position to attract clients.
Competitive analysis. A competitive analysis is used to show the weaknesses and strengths of other businesses within the same area as yours. This can give you a huge advantage as you can learn from their mistakes and build on their strengths. Describe how your business will fill in the gaps left by others.
Development plan. This section will show possible investors a more detailed plan of how you are going to build your business and a budget to show how you are going to reach each of your goals.
Operations and management plan. This part will show how you plan to function daily and the financial requirements you will have operating your company.
Financial factors. At the end of your plan include all financial aspects in one place for easy analysis using charts and graphs. Make sure your budget is clear and includes everything you will need to run your company.
Having everything written down organizes your plans. It can help you remain on track so you can meet your business goals. A business plan also gives you a chance to check your math for all of your expenses and expected revenue. Ideas can sound great in meetings, but look bad on paper. Writing down you financial plans can show where you need to focus.