Virtual Assistant Business Plan Template
If you want to start a virtual assistant business or expand your current virtual assistant company, you need a business plan.
Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of virtual assistant business plans.
The following virtual assistant business plan template and example gives you the key elements you must include in your plan. In our experience speaking with lenders and investors, the template is organized in the precise format they want.
Example Business Plan For Virtual Assistant Businesses
I. Executive Summary
Business Overview
[Company Name] is a new company based in [location] that offers administrative virtual assistant services. Some of these services include scheduling appointments, responding to emails, and managing social media accounts. [Company Name] aims to provide high-quality services and great customer service in order to establish long-lasting relationships with clients and partner companies.
Services Provided
[Company Name] offers a variety of administrative virtual assistant services to help other companies and solopreneurs. Some of these services include:
- Schedule appointments and manage calendars
- Schedule travel arrangements
- Make and take phone calls
- Write and respond to emails
- Research leads
- Basic accounting tasks
- Social media management
Customer Focus
[Company Name] will work with any companies or solopreneurs in need of a temporary or permanent administrative virtual assistant. Though the company is based in [location], the company operates remotely, which makes it available to most companies in need of these services.
Management Team
[Company Name] is run solely by [Founder’s Name], who has been providing administrative assistant services for [X] years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, [Founder’s Name] is ready to establish her own administrative virtual assistant business and help clients worldwide.
Success Factors
[Company Name] is uniquely qualified to succeed due to the following reasons:
- [Founder’s Name] has a track record of success as an administrative assistant.
- [Company Name] is fully online and remote, meaning it can serve companies from all over the world.
- Virtual assistants are in high demand worldwide by companies of all industries and markets.
Financial Highlights
[Company Name] is currently seeking $50,000 to launch. Specifically, these funds will be used as follows:
- Equipment: $15,000
- Working capital: $35,000 to pay for marketing and lease costs until [Company Name] reaches break-even
Top line projections over the next five years are as follows:
| Financial Summary | FY 1 | FY 2 | FY 3 | FY 4 | FY 5 |
|---|---|---|---|---|---|
| Revenue | $560,401 | $782,152 | $1,069,331 | $1,379,434 | $1,699,644 |
| Total Expenses | $328,233 | $391,429 | $552,149 | $696,577 | $776,687 |
| EBITDA | $232,168 | $390,722 | $517,182 | $682,858 | $922,956 |
| Depreciation | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| EBIT | $225,168 | $383,722 | $510,182 | $675,858 | $915,956 |
| Interest | $6,016 | $5,264 | $4,512 | $3,760 | $3,008 |
| Pre Tax Income | $219,152 | $378,458 | $505,670 | $672,098 | $912,948 |
| Income Tax Expense | $76,703 | $132,460 | $176,985 | $235,234 | $319,532 |
| Net Income | $142,449 | $245,998 | $328,686 | $436,864 | $593,416 |
| Net Profit Margin | 25% | 31% | 31% | 32% | 35% |
II. Company Overview
Who is [Company Name]?
[Company Name] is a new company based in [location] that offers administrative virtual assistant services. Some of these services include scheduling appointments, responding to emails, and managing social media accounts. [Company Name] aims to provide high-quality services and great customer service in order to establish long-lasting relationships with clients and partner companies.
[Company Name] is run solely by [Founder’s Name], who has been providing administrative assistant services for [X] years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, [Founder’s Name] is ready to establish her own administrative virtual assistant business and help clients worldwide.
[Company Name]’s History
[Founder’s Name] incorporated [Company Name] as an LLC on [date of incorporation]. The business is currently being run out of the [Founder’s Name]’s home office but will move to an office location once the lease is finalized.
Since incorporation, the Company has achieved the following milestones:
- Found office space and signed Letter of Intent to lease it
- Developed the company’s name, logo, and website located at [website]
- Hired an interior designer for the decor and furniture layout
- Determined equipment and fixture requirements
[Company Name]’s Products/Services
[Company Name] offers a variety of administrative virtual assistant services to help other companies and solopreneurs. Some of these services include:
- Schedule appointments and manage calendars
- Schedule travel arrangements
- Make and take phone calls
- Write and respond to emails
- Research leads
- Basic accounting tasks
- Social media management
III. Industry Analysis
Virtual assistants are the backbone of any business. No company can operate without the administrative tasks that a great virtual assistant can provide. Traditionally, companies would hire a receptionist or administrative assistant to take on these duties. However, with the growth of the freelance/gig economy and the popularity of remote work, virtual assistants are quickly taking over this position. Virtual assistants provide all the work of administrative assistants but save companies an enormous amount of money. Therefore, these essential employees are in greater demand than ever.
Many markets and industries have responded positively to the availability of virtual assistants. According to PRNewswire, the virtual assistant industry is expected to grow at a rate of 11.79% over the next few years. This is substantial growth and just goes to show how essential virtual assistants are for companies. Therefore, there has never been a better time to start a virtual assistant business.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will provide services to businesses and solopreneurs across the globe. Since [Company Name] is a remote virtual assistant business, [Founder’s Name] will be open to helping most companies or entrepreneurs who need administrative help.
Customer Segmentation
Though [Founder’s Name] is open to working with a variety of businesses, she expects to work primarily with the following three customer segments:
- Small businesses: Small businesses often see rapid growth and find themselves overwhelmed with all the day-to-day functions as they expand and take on new customers and clients. They need an experienced virtual assistant to help with the basic administrative tasks so they can focus on their services and products.
- Medium-sized businesses: Though medium-sized businesses are often stable enough to hire their own team of administrative assistants, many still look to virtual assistants to help with certain mundane administrative tasks and to cut down on costs.
- Solopreneurs: Solopreneurs often take on quite a bit of work but don’t have the resources to do it themselves or hire a large team. Therefore, they are often eager to hire a virtual assistant to help them with some of the more basic and routine tasks.
V. Competitive Analysis
Direct & Indirect Competitors
The following companies and establishments are popular within the virtual assistant industry and, therefore, directly or indirectly compete with [Company Name].
Time etc.
Time etc. is a virtual assistant company that connects companies with a network of experienced virtual assistants. Each virtual assistant that works for the company has five to eight years of experience, meaning clients are ensured great quality work and professionalism.
Though Time etc. is full of quality virtual assistant companies, the company itself needs to make a profit, so its services are often more expensive than just hiring a virtual assistant directly. This keeps many companies from utilizing their services and finding a virtual assistant they can hire directly instead.
Upwork
Upwork has been the most popular freelance platform in the world for years. Companies have instant access to millions of freelancers who provide a variety of services, from writing and translation to coding or legal services. Companies can post a job for freelancers to apply to our purchase service packages that freelancers offer.
Though Upwork has been the #1 freelancing platform for years, the platform is often flooded with freelancers that vary in their quality, and it can be hard to find the right virtual assistant for one’s needs. Furthermore, the platform can be confusing to navigate, making the hiring process much more difficult.
Fiverr
Fiverr is another freelancing platform that connects businesses with millions of freelancers located all around the globe. Businesses can find freelancers that offer all sorts of functions, from writing and marketing to data entry and coding. Whatever project or service is needed, a business can find a freelancer to help them out.
Despite Fiverr’s popularity, it is not a great service for companies looking to form long-term relationships with their virtual assistants. The primary form of connecting with a freelancer is by purchasing a one-time service. This makes it hard to find a virtual assistant to help out with ongoing tasks and responsibilities. Virtual assistant services are often ongoing, meaning it is not a great platform to find a long-term virtual assistant.
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Client-oriented service: [Company Name] will tailor its services to meet each client’s needs. [Founder’s Name] will work to establish trust and a relationship before starting work so that the company knows that she is the best assistant for their needs.
- Management: [Founder’s Name] has been extremely successful as an administrative assistant and has years of experience in most of the tasks that clients will request. Her knowledge and skills will provide a high-quality experience.
- Relationships: Having been an administrative assistant for [X] years, [Founder’s Name] has established a great rapport with many of her previous employers. Therefore, she has many testimonials and recommendations that will help her build a strong client base.
VI. Marketing Plan
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
[Company Name] seeks to position itself as a respectable and highly rated virtual assistant company. Clients can expect to receive professional virtual assistant services for a moderate hourly rate.
The [Company Name] Brand
The [Company Name] brand will focus on the Company’s unique value proposition:
- Client-focused virtual assistant services, where the Company’s interests are aligned with the customer
- Service built on long-term relationships
- High-quality work across a variety of services
Promotions Strategy
[Founder’s Name] seeks to position herself as a high-quality, friendly, and convenient administrative virtual assistant. Clients can expect to receive high-quality services and create a long-lasting professional relationship with [Founder’s Name].
Website/SEO
[Company Name] will develop a professional website that showcases [Founder’s Name]’s experience, portfolio, and professional services provided. It will also invest in SEO so that the company’s website will appear at the top of search engine results.
Social Media
[Founder’s Name] will create social media accounts and invest in ads on all social media platforms. The company will use targeted marketing to appeal to our target demographics.
Referrals
[Company Name] understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other individuals by providing discounts on future services for every new client produced. This strategy will increase in effectiveness over time.
Special Offers
Offers and incentives are an excellent approach to bringing in new customers. The company will introduce special offers to attract new consumers and encourage repeat services, which will be quite advantageous in the long run.
Direct Mail
[Company Name] will blanket local businesses surrounding its locations with direct mail pieces. These pieces will provide general information on [Company Name] and [Founder’s Name], and provide incentives to utilize her services.
Publications
[Company Name] will advertise its services in key publications, including newspapers and area magazines. Additionally, the company will print brochures and place them at local businesses that may be interested in hiring a virtual assistant.
Pricing Strategy
[Founder’s Name] will charge her services on an hourly basis of $20/hr. This hourly rate will remain the same no matter what client she works with or which services she provides.
VII. Operations Plan
Functional Roles
In order to execute [Company Name]’s business model, the Company needs to perform several functions, including the following:
Service Functions
- Schedule appointments and manage calendars
- Schedule travel arrangements
- Make and take phone calls
- Write and respond to emails
- Research leads
- Basic accounting tasks
- Social media management
Administrative Functions
- Correspond with clients
- Create invoices
- Marketing functions
Milestones
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Launch [Company Name] |
| [Date 6] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name] is run solely by [Founder’s Name], who has been providing administrative assistant services for [X] years. She operated as an administrative assistant for a variety of companies, juggling a large list of responsibilities that are essential for a business’s survival and growth. After mastering multiple skills and receiving many positive testimonials and reviews, [Founder’s Name] is ready to establish her own administrative virtual assistant business and help clients worldwide.
Hiring Plan
[Founder’s Name] will solely run [Company Name] as a solopreneur and therefore doesn’t have a plan to hire other personnel at this time. However, if the company is in great demand, she will consider hiring other virtual assistants to take on some of the load.
IX. Financial Plan
Revenue and Cost Drivers
[Company Name]’s revenue will primarily come from the fees charged for the virtual assistant services.
The major cost drivers include the purchase and maintenance of needed equipment and the lease costs.
Capital Requirements and Use of Funds
[Company Name] is currently seeking $50,000 to launch. Specifically, these funds will be used as follows:
- Equipment: $15,000
- Working capital: $35,000 to pay for marketing and lease costs until [Company Name] reaches break-even
Key Assumptions
The following table reflects the key revenue and cost assumptions made in the financial model:
| Number of client contracts per year | |
|---|---|
| FY 1 | 8 |
| FY 2 | 14 |
| FY 3 | 20 |
| FY 4 | 27 |
| FY 5 | 35 |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
