It’s something you’ve been dreaming about: The BIG day that you can walk into your boss’s office and do a song-and-dance routine to “Take this Job and Shove It” Quit your career as a cubicle-dweller and begin life as a home-based Virtual Assistant.
Of course, you worry. Will you be able to pay your bills? Where will the money come to pay for little Suzie’s braces? How long will it take to fill your practice with clients? The truth is…if your family relies on a paycheck from you… you should worry and then come up with a solid plan to make sure you don’t end up in a financial crisis while you are in the initial stages of building your business. Here are a few things to think about BEFORE you rap-a-tap-tap on your boss’s door with resignation papers in hand.
- Consider part-time work. Is it possible to reduce your current number of hours with your existing company and free up time for you to start building your VA biz? It doesn’t hurt to ask. Another option might be to seek part-time work elsewhere. As your practice begins to fill with clients you can reduce the number of hours as someone else’s ’employee’ until you hit the level of income you want and need.
- Take care of any big-time financial stuff while you’re still employed. What I mean by that is – you’ll have a much harder time getting a car-loan, line of credit, mortgage, etc if you are ‘self-employed’. Be sure any big banking decisions are taken care of before saying bye-bye to your job.
- Just say no (to the latte’s). Cut back on any ‘not necessary’ expenses and start building up your savings instead. Frivolities like meals out, gym memberships, the movie channel, unlimited talk and text – you get the picture – can often be eliminated. Save even more by getting a huge ‘change jar’ near your entryway. You’ll be surprised how quickly it fills and how much cash you end up with! Plan your weekly meals and shop with a list to axe your grocery bill. Having a cushy amount of savings will make quitting your job and starting your business feel a whole lot safer.
- Make the whole family ‘nerdy’ with braces and glasses! In other words – use your company benefits while you’ve still got ’em. Make sure everyone visits the dentist, gets their eyes examined and any other health issues in check that are covered by your company benefit plan. Once you dump your corporate job benefits…you’ll be responsible for footing the bill yourself.
- You might be pleasantly surprised to note that working from home can eliminate a lot of costs too: Gas from your daily commute (gawd – gas is expensive!) Perhaps you don’t need a car at all? You might eliminate your fancy-schmancy work wardrobe costs, expensive lunches out or the pricey daycare expenses. Consider all of these things as you do the final step which is:
- Create a budget. THIS IS A MUST! Just do it. Sit down with your partner or family and list out all of your monthly expenses. Make sure you have enough to cover them. Period.
If you are trying to build a business out of a mindset of strain, stress and money-worries, you will only bring upon yourself more of the same. Start your Virtual Assistance Business off to be a financial success from the get-go and you will be a much happier, (and richer!) business owner.