Want to be a Virtual Assistant?
Maybe you've dreamed of going out on your own for years, no more boss or supervisor. You might be tired of long travels and traffic getting to work or you just want to earn on your own terms. Being a #freelancer or #VirtualAssistant might be the answer. Some get in as full-time freelancers; others are still holding down a 9-5 job, but doing "side hustles" in their free time. Interested in joining #freelance work? Here’s what you need to know.
Freelancer/Virtual Assistant
What exactly is Freelancer/Virtual Assistant?
A #freelancer/#VirtualAssistant is a self-employed person or an independent contractor who offers services to clients, and often to multiple clients at a time. These services are usually offered to businesses. It is a good way to work with people and stay in the comfort of your own home.
Nearly every type of service needed by most businesses could be provided by a freelancer, including data entry, #transcription, web research, #socialmedia marketing, email handling, advertising, (such as web programming), creative works such as graphic design, and financial support such as #bookkeeping.
Ask yourself what you're good at. What is it that you do better than just about anyone else? In what areas do you excel? Can businesses or individuals use your skills?
What are the advantages and disadvantages of Freelancing?
Advantages of Freelancing:
Set your own hours. #Freelancing is flexible. You can often work full- or #part-time on projects of your choice.
You're an independent contractor. Although clients can—and usually will—set specifications for the work they want done, a #freelancer/#VirtualAssistant is still an independent contractor, not an employee. You'd be free to control how the work is completed.
Get paid what you're worth. Freelancing allows you to set your own price for your services. Make sure you charge enough to cover your overhead and to compensate you fairly for the time it will take you to do the work.
It's often #affordable. If you have the ability to provide a certain service, you most likely also already have the equipment or software you need to deliver it. You shouldn't face steep startup costs.
You can pick and choose your clients. You'll probably want to take on any client who will hire you when you're starting out, but you also have the option not to take on difficult clients, especially as you grow. You can even fire them.
Disadvantages of Freelancing:
Your clients have schedules, too. Yes, you can set your own hours for the most part, but if a client can only see you at dawn on Tuesday, you'll need to get up with the crows.
The work isn't always consistent. You turn the finished product over to your client, and that's the end of it—you have to find a new client who wants your product so you can create another one and be paid for it. More seasoned #freelancer/#VirtualAssistant can avoid this issue by finding clients with a substantial volume of consistent work, and impressing them so that they become regular vendors or service providers.
You probably won't be super-successful overnight. Getting enough clients to support yourself and your family through #freelancing can take a while, and many #freelancer/#VirtualAssistant experience an ebb and flow in heir work. You'll have to plan for lean times and be ready to work hard to deliver work on time when work is plentiful.
Managing multiple clients and projects can be a challenge. Although some people like the variety of working on several projects at once, others might find it difficult to keep track of deadlines. Great time management systems and organization are key.
You'll have to pay for your own benefits. You'll lose out on perks like employer-sponsored healthcare and retirement plans.
You'll have to pay self-employment tax. This is the flip side of paying taxes on less income. You'll have to pay both halves. This is commonly referred to as the self-employment tax.
Getting started as Freelancer/Virtual Assistant
Virtual Assistant - Freelance Services
Getting started as #freelancer/#VirtualAssistant can be as easy as visiting one of the freelance sites to find work and networking within your current sphere of influence to find your first client. Consider using a freelance site, such as #Upwork or Onlinejobs.ph to find work. They might pay less than you want, but this can be a great way to get your name out there.
Determine your target market. Who needs what you have to offer? This is the time to decide your brand and your unique selling proposition.
Create an online portfolio. Build a profile that promotes what you have to offer. Eventually, you'll want to invest in business-building tools, such as creating your own website that can offer you more customization and flexibility, but LinkedIn is free and it's a great online resume that can help you promote your service. You can also create an FB page, customize your twitter and instagram.
Taxes - Things are different when you're on your own. Independent contractors don't have their taxes deducted automatically, but they still have to pay them. Usually when you sign on with a new freelance client, you'll need to fill out a W-9 tax form so that your client can report what they paid you to the government. You should also be keeping track of your earnings over the course of the year, determining roughly how much you owe in taxes as the year goes, and then making those estimated tax payments on a quarterly basis.
On the bright side, being a business owner means that those expenses you incur as part of your business operations can be deducted from your taxable income.
Getting paid - This can be one of the more frustrating and time-consuming aspects of #freelancing. When you start a #freelance work, in most cases you'll want to have a contract specifying the terms of your relationship with the client, the deliverable, and the compensation; if the client doesn't have a standard contract for their vendors and service providers, you might need to draw one up yourself.
This will likely also involve negotiating the rate you'll be paid. Some businesses will have a standard rate they pay to their contractors; some contractors will have a standard rate they charge clients. If those numbers are far apart, then be prepared to negotiate. And be prepared to walk away if they don't meet your standard.
The work doesn't end when you agree on a rate and draw up a contract. In many cases you'll need to produce and send an invoice for all the work that you do, either on a monthly basis or every time you submit work to the client.
Benefits - What it all comes down to is that being a #freelancer/#VirtualAssistant means taking a lot of responsibility for your own finances, whether that's negotiating your pay, finding insurance, or paying taxes. But if you love the freedom, flexibility, and earning potential that comes with being independent, that's a price you're likely willing to pay.
Happy #Freelancing! God bless! :)