3 things I wish I knew when I first started out as a Virtual Assistant

If you are reading this, chances are you are thinking about becoming a virtual assistant yourself. There are so many opportunities for you in the VA world. Becoming a VA is exciting and fun! But it is also a business, so you need to run it like a business. These are the 3 things I wish I knew when I first started out as a VA. 

1. PAY YOUR TAXES

   1. Being a VA means you own your own small business. This also means that you are not getting a regular paycheck (Unless you register your business this way). Instead, you are invoicing your clients biweekly, or monthly, for the work that you do. This also means that you are responsible for paying your own taxes. 

   2. As a business owner, you have to pay quarterly taxes. The best way to be prepared for this is to put aside 30% of whatever you earn into a separate account. If you are good about keeping track of your business expenses, you likely won’t have to pay for the whole 30%, but it is important to set that aside so you do have the money when tax season comes around. 

2. BUSINESS EXPENSES

   1. Speaking about business expenses, did you know that the best way to reduce your taxes is to write off anything that is a business expense? Anything that you use for your business is considered a business expense. This could be courses that you take to level up your skill, food that you buy for business meetings, new equipment you purchase like a new laptop, or your phone bill if that is what you use to operate your business. 

   2. The best advice I can give you is to take a day to sit down and organize your finances. Save all of your receipts (or get them online if you can!) and see what can be deducted as a business expense. Staying organized from the start is the best way to ensure that you won’t have a massive headache during tax season. Keep track of everything and make sure to report EVERYTHING!

3.  INVEST IN YOURSELF

   1. The industry is changing every day, so you need to keep up with what your potential clients are looking for. This means investing in courses, books, programs, that will not only level up your skills, but also allow you to charge more in the long run. 

   2. Not only are you learning and leveling up your skills, you can also deduct whatever you learn as a business expense. So you really have no excuse! Some of the most coveted skills are web development, graphic design, social media marketing, and business administration. If you are unable to afford any courses to help you along with this, the internet has SO many amazing free resources for you to learn from! Invest time in yourself, and you will see how it impacts your business.

Did you find these tips helpful? If you are a VA, what are some things you wish you knew when you first started out?