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Going Solo

OS magazine, December 2009/January 2010

Richard Grace, Joint MD Gordon Yates, heads up OS magazine’s regular Career Clinic. The recession is inspiring many people to rethink their career paths Here he advises how to decided whether to set up on your own.

I’ve been working as a PA in the City for almost 20 years but it’s getting harder to juggle my home life with the daily commute and long hours. I’d like to try working from home and I’m wondering whether working as a virtual assistant would be right for me. What do you think – is there much demand for this kind of work and could I make a decent salary? I’m currently earning £30,000 pa and wouldn’t want to drop below £25,000. I’m also not sure of the best way to get work, as I’ve never had to market myself before!  I’d appreciate any advice you could give me.
Patricia Rowe


Whether or not working as a Virtual Assistant is right you for depends on your personality and motivations. 

I’m sure you’ve already worked out the advantages of working for yourself: flexibility, being your own boss, a better work/life balance, less stress and so on. There are an equal number of drawbacks too. As well as the irregular income and worry of finding work, you may miss the structure and camaraderie of office life. 

Giving up a regular salaried job is a culture shock. I did this over 25 years ago and can still recall the panic when I realised that my monthly pay cheque was no more!      
 
Successful self-employed people are self-sufficient, organised, proactive, comfortable working alone and able to face the rejection that seeking work often involves. Only you will know whether this is for you. 

If it is, what is the market for virtual support? Microsoft’s recent research shows that 78% of people believe that traditional office hours no longer exist. In the increasingly flexible workplace, more companies are open to the idea of using support off-site. The market may be small, but it appears to be growing. 

Virtual assistants provide a vast range of services and, as a City PA, you no doubt have a wide range of skills. Think carefully about which services are most in demand and what you want to offer.
 
I imagine that you plan to exploit your existing network of contacts, starting with your current employer. Your knowledge and experience of the company puts you at a great advantage and your business is likely to grow through word of mouth recommendation. Beyond this, warm networking is far easier than cold calling. Social networking is growing rapidly and networks such as Linked In could prove invaluable.
 
Finally, could you reasonably earn at least £25,000? To this you should perhaps add the value of your current benefits, which typically increase a salary by 20%. Rates for VAs vary widely, but let’s assume £20 per hour.  Allowing 28 days holiday, this leaves you 230 days (or 1,725 hours) of work per year. To meet your target, you would need to work about 70% of the time. This sounds reasonable, but it only leaves about 2.5 hours each day for admin, financial matters, finding business and even sick leave. Building a business can be time consuming and expensive and you may need to account for the cost of any marketing materials and publicity. All in all, you may have your work cut out to gain financially from the move.  

No doubt you’re also seeking advice from one of the governing bodies, such as the Society of Virtual Assistants. If working as a VA is right for you, then I’m sure you’ll make a success of it – good luck!

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