virtual office business plan pdf

Powered by Kisi

Business Plan Checklist for Your Coworking Space

The coworking industry is becoming a lucrative worldwide phenomenon , and now is the perfect time to break into the business. And as COVID-19 induced lockdowns and social distancing hopefully become a thing of the past, remote workers will be looking to find ways to connect with like-minded individuals now more than ever. A coworking space is a perfect place to do that!

Below, we've put together a step-by-step checklist to help you envision, assemble, and scale your own unique space. Whether you're brand new to the industry or you already know the ropes, you can use these tips to improve efficiency, define your brand and strengthen your space's community.

Looking for our full coworking space business plan?

We offer a comprehensive guide to operating a coworking space. Download it free here .

1. Define Your Vision

Why do you want to open the new space? To make a living? To cross-finance your own startup? To create a national coworking chain? To help your local community?

All are valid answers, but this important first step will help define your entire strategy. You will have to adapt your strategy over time, but your vision should stay intact to make sure your brand is consistent and your members feel valued. Take WeWork for example. Their initial vision — to create spaces for people to come together and innovate — still hasn't changed, even as their business has scaled up .

A look into the future of Coworking Spaces

The co-working market is about to be disrupted. Let's see how

2. Solve a Specific Problem

There needs to be a niche for your new coworking business, and thankfully there are plenty of options available. Maybe your area has a high demand for coworking spaces beyond coffee shops and libraries. Maybe the existing spaces in your area are too focused on one type of worker. On the other hand, maybe the other spaces around you are too broadly focused.

You're now in the business of problem-solving, so starting with a focus and expanding from there should be your main goal. For example, Google started out as a simple search engine that used links to determine the importance of individual pages on the internet. Today, they still dominate their niche, but they also offer dozens of services on top of that: Think products and services include mail, calendars, maps, and even phones. To create something bigger, you need to begin with one small thing. Start by analyzing your competitors and conducting a competitive analysis .

3. Define Your Space

Envision your target market's dream coworking environment . Is your space a premium facility for companies or an affordable solution for freelancers? Is your primary audience big business or small teams? Will your facility integrate with your city's business environment through events and partnerships, or will it be an independent space open to anyone?

Answering these questions will help you more easily plan out your membership pricing, amenities, marketing, and location. Being generic doesn’t cut it in the coworking market. Think deeply about how to stand out against the rest and add value to your new space.

4. List Your Business Goals

This is the tough work that will help you the most in the long run. If your space is fully leased, plan out the number of desks you can offer and monetize. Shoot for using 30 to 40 percent of your total space as desk space. Then, use this figure to calculate how much revenue your space can generate, including comparing the number of hot desks against the number of permanent desks.

Start to formulate a financial plan for your vision. Use our very own free financial ramp-up calculator to get started. The next step is to think about goals further down the line. When will you break even? How much revenue will you generate? How much turnover do you expect? Which amenities and cosmetic choices can you afford?

Now think about the investment you'll need. This includes set up costs, like furniture and internet service; opening costs, like a launch event; and ongoing operations, like maintenance and salaries. There are more costs than you might initially imagine, so research more with coworking guru Alex Hillman's online guide .

Additionally, you should define your value proposition, cost structure, revenue streams, customer segments, key channels, and marketing strategy. You'll need to know these answers inside and out.

5. Pick Your Team

Every great business starts with a great team . Consider every side of the plan: a technology expert, an operations manager, and a marketing person are essential, whether you hire them, do those jobs yourself, or outsource to freelancers.

Similarly, you’ll need to look into real estate partners, investors, and other day-to-day employees to round out your core group. A solid team will increase your space's value and pave the way for future growth.

6. Coworking Business Model

What is your unique selling point what value do you bring.

Do you offer lots of space for large teams to rent out, or individual desks to pay for by the hour? Do you offer bare-bones facilities like wifi and a seat at a desk, or cold brew on tap and gym access? You should always aim to offer the work necessities that aren’t available in free spaces like coffee shops: printers, reliable high-speed internet, writing utensils, scanners, and other office supplies. You may want to cater to a specific industry, like offering a space where entrepreneurs can network and bounce ideas off of each other. Are you geared towards providing networking opportunities, or a quiet space for optimal productivity? Or do you cater to bigger clients who want more private meeting spaces or long-term rentals? The answers to all of these questions will begin to define how you sell your space.

Who is your audience?

Are you catering to individuals, businesses, or both? How will you accommodate those who will stop in sporadically versus members who need a steady 9-5 workspace? Will you lease specific desks and offices or just grant people entry as needed? Are there entire floors that companies can rent out, or private meeting spaces for remote teams? Or maybe you don’t exist in a physical place but are more of a club? These parameters will help you think about what type of space you should occupy.

If you’re offering a space primarily for people to meet outside of the usual 9-5, maybe you operate out of a building that is in use only outside of normal business hours, like a restaurant or church. If you’re catering more to the 9-5 crowd, think about how you can utilize your space outside of business hours. Perhaps you’ll host nighttime events like book readings or networking cocktail hours. Maybe you’ll cater to parents by offering childcare or irregular hours.

What are your revenue streams?

Most revenue will come from membership fees, but those can take several forms. You can have members pay monthly or annually, or charge hourly for the use of workspace. You can offer both hot desks, which can be rented out for specific times, and dedicated desks, where a member can leave their things and return at their leisure. A mix of both will ensure you’re filled to maximum capacity. Also consider offering corporate memberships, which can be a great way to get tons of people in the door and allow companies to extend perks to remote teams.

You can also bring in revenue through amenities like a cafe, and build different levels of membership based on these smaller perks. For example, a higher-tier member might get unlimited coffee, free guests, or free access to events.

Another popular revenue stream for coworking space is something called a “virtual office,” in which startups or remote teams pay for a business address where they can send and receive packages, even while working from a different place, like their homes.

What are your marketing strategies?

A good marketing strategy is key to getting your coworking space off the ground. It’s also highly connected with who your audience is. You may run advertisements on local news or in niche magazines that cater to your audience. You should definitely have an attractive website and a strong social media presence. Many places find success in offering perks to existing members for referring friends.

Try and get creative! Can you work with influencers that your audience might follow? Should you have a booth at industry fairs, or offer freebies to those passing by at a local farmers market or on a busy street?

What partnerships can you form?

To get off the ground, many coworking spaces rely on investors. They provide an initial revenue stream and source of capital, plus they provide a networking tool that can be sold to members. If your coworking space hosts a number of entrepreneurs or start-ups, you may want to consider offering to connect them with your investor for a small fee.

Think about smaller-scale partnerships as well, such as different local businesses and entrepreneurs you can collaborate with. Perhaps a local coffee shop would be interested in opening a cafe in your space, or a local restaurant could offer customers special discounts. You could offer members discounts at a nearby gym, or host instructors for fitness classes right in your coworking space.

If you plan on hosting events, begin to compile a shortlist of people who would make a good fit. Are there local entrepreneurs who could give an inspiring talk, or authors who might draw a crowd? Perhaps artists would be interested in having their work on display, or a local library could sponsor a small lending library in your space.

7. Coworking Business Model Template

There are tons of helpful coworking business model canvases out there that are helpful to estimate your startup costs, brainstorm partnerships, cater towards your target audience, and build your business. You can save this checklist, as well, to help you start planning your space.

Target Audience : Who is your dream client? Who do you wish to attract?

Partners: Will you be looking for investors? Who will be your internet service provider? Will you partner with local businesses, or bring in local experts for events?

Added Value: What’s your selling point? A quiet space for remote workers to use instead of a home office? Networking opportunities? Speakers and events?

Key Resources: What do you need to be successful? An entire building or just an open floor? Wifi? Cold brew? Fax machines?

Advertising: How will you spread the word? Through local businesses, social media, billboards, or word of mouth?

Key Activities: What will your space be used for? Workspace for startups? Collaboration for entrepreneurs? Events open to the whole community?

Revenue Streams: Will membership fees be fixed or will there be different plans? Will you recruit investors? How many hot desks versus conference rooms? Will you charge a fee for events?

Customer Segments : What different customers do you hope to attract? Freelancers? Remote workers? Entire companies?

Download this Coworking Space Business Model Canvas today and start planning!

Remember: This is a broad overview. While these are some of the main questions you'll need to address when shaping your business plan, there will be plenty of other things to evaluate more in-depth. We've collected a more extensive overview of how to launch and run a coworking space in 2021 with our updated guide, which you can download for free .

And get excited! Coworking is showing signs of massive growth, and this is your chance to improve the world of business while setting yourself up for success.

Carlo Belloni

Carlo is the Project Manager and SEO Specialist at Kisi.

Save your community manager 41 hours each week—learn how The Yard did it with cloud-based access control.

Most Viewed

Largest Coworking Companies

Alberto Di Risio

Thriving In Smaller Markets

Access Control vs Smart Locks

Offering More Value

Protecting Network Security

Are Coworking Spaces Safe?

Coworking Space Management Guide

A comprehensive guide to help you manage your coworking space.

Related Articles

Security in Shared Workspaces

Coworking Podcast on a Budget

Coworking Stereotypes to Avoid

Get expert advice on setting up and scaling your space

Free access to our best guides, industry insights and more.

We use cookies to enhance your experience and for marketing purposes. By clicking “accept”, you agree to this use.

Virtual Office Business Plan Template & Guidebook

Starting your own virtual office business can be a daunting prospect, but with the right plan and the right tools, it can be an incredibly rewarding and profitable endeavor. To get you one step closer to success, we present to you The #1 Virtual Office Business Plan Template & Guidebook - an invaluable resource to help you plan, strategize and launch your virtual office business in no time.

Get worry-free services and support to launch your business starting at $0 plus state fees.

How to Write a Virtual Office Business Plan in 7 Steps:

1. describe the purpose of your virtual office business..

The first step to writing your business plan is to describe the purpose of your virtual office business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a virtual office business:

Our mission at Virtual Office is to provide entrepreneurs, freelancers, and small businesses with a convenient virtual office space, along with access to a variety of resources to help them be successful in their ventures. We strive to create an environment that is conducive to collaboration and innovation, while offering a secure and reliable platform for employees and customers alike.

2. Products & Services Offered by Your Virtual Office Business.

The next step is to outline your products and services for your virtual office business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your virtual office business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your virtual office business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your virtual office business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a virtual office business?

To run a Virtual Office business, you will need the following:

• A good quality computer with an up-to-date operating system and reliable internet connection
• Dedicated phone line with a VoIP service like Skype or other communication system
• Business email accounts and web hosting services
• Software and tools for managing documents, scheduling, accounting, and more
• Potential permits necessary for running a legitimate business in your area

5. Management & Organization of Your Virtual Office Business.

The second part of your virtual office business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your virtual office business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Virtual Office Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a virtual office business varies based on many different variables, but below are a few different types of startup costs for a virtual office business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your virtual office business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your virtual office business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your virtual office business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Virtual Office Business Plans:

Why do you need a business plan for a virtual office business.

A business plan for a virtual office business is necessary to help define the company’s purpose, outline the strategies and objectives for success, establish financial goals, and secure external funding. It also serves as a road map to ensure that the business is heading in the right direction and helps identify areas of improvement or opportunity. Additionally, it provides stakeholders with an overall picture of the company’s plans and values and allows the company to measure progress toward those goals.

Who should you ask for help with your virtual office business plan?

It is recommended to seek help from a business consultant, a financial advisor, or a professional who specializes in virtual office businesses. Additionally, your network of peers and colleagues with experience in this industry can be a great source for ideas and insights.

Can you write a virtual office business plan yourself?

Writing a virtual office business plan can be a daunting task, especially if it's your first time. It is important to first do research and understand the virtual office industry before constructing a cohesive plan. Consider researching the market, writing out a detailed business strategy, creating financial projections and developing a long-term vision for the success of your business. Additionally, include an executive summary that outlines the key points of your business plan. Finally, seek professional assistance or advice from a certified public accountant or attorney if needed.

Related Business Plans

Home Inventory Business Plan Template & Guidebook

Home Inspection Business Plan Template & Guidebook

Home Decor Business Plan Template & Guidebook

Health And Wellness Business Plan Template & Guidebook

Hauling Business Plan Template & Guidebook

Hardware Business Plan Template & Guidebook

Handyman Business Plan Template & Guidebook

Hair Extension Business Plan Template & Guidebook

Handbag Business Plan Template & Guidebook

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

• Consultancies
• Professional services

How to start a virtual office business: the quick n' easy guide

Table of contents

Many business owners wanting to change their working style will eventually look into how to start a virtual office business. Even though you no longer need a brick & mortar location, you still have to go through a few setup steps.

But what are the differences in the steps? What will you have to do in order to ensure your virtual office starts off on the right foot. Read on to find out the basics on how to set up and provide virtual office services.

Note: If you want to be equipped with all the tools to start a virtual office business, try Bonsai. We offer a business bank account, invoicing, proposals, contract and tax software to track expenses. All one place. Claim your 7-day free trial today .

What Is a Virtual Office?

A virtual office offers the same type of service as a physical office space (i.e., tools, workplace, equipment), but by means of the Internet.

Overall, the services that are often provided by a virtual office rental business include:

• Phone numbers
• Virtual office address
• Meeting rooms
• Virtual receptionist
• Temporary private offices

To put it simply, a virtual office business will provide a team with the necessary systems so that they can work remotely. They also offer the means necessary for you to improve your brand image, so that you may gain more potential clients.

Benefits of a Virtual Office Space

Virtual offices come with various benefits that you may be able to enjoy. This includes, but is not limited to the following:

Low Startup Costs

A virtual office space is quite easy to set up, as you won't need big startup capital. There aren't any long-term leases to worry about, nor are there any rental deposits that you need to remember.

Plus, with a virtual office, there's no need to spend loads of money on furnishings and office equipment. You also save money on daily consumables such as cleaning supplies, stationery, utilities, and so on.

Increased Flexibility

With a virtual office business, the teams and the people running it get much better flexibility. Since you will not be stuck in a physical office, you will have a better work-life balance, mainly because you may organize everything yourself.

Plus, as less time will be spent commuting, one may use that time to either be productive or relax. As everyone will be able to work in an environment of their choosing, they shall also be much more productive.

Whether you need tax software such as Bonsai Tax, CRM software, or a checking account, it's easy to find most of these services online. This will allow you to get your virtual office space going in no time.

With a physical office, you would have to go through the procedures from one place to another, signing up for the necessary services. However, with virtual office services, it will only take a couple of minutes for you to sign up for them online.

Easy Scalability

Perhaps the best part about a virtual office space is that you can easily scale up your business if that is what you want. When your office space is in a virtual setting, you will no longer look for a bigger property, furnish new spaces or buy new equipment.

All you have to do is to increase your team size and perhaps update some of your subscriptions. You can also expand your business wherever you feel you may want it, as you aren't geographically bound to any office location.

Steps to Set Up a Virtual Office Business

Setting up virtual office businesses requires you to go through some steps. Sometimes, it may depend on the state where you are registering your virtual office service. However, for the most part, here is what you need to do if you wish to be successful.

Understand the Industry

To set up a virtual office, you need to first understand precisely what the industry entails. Owners of virtual offices pertaining to the leasing of serviced offices industry, and the operator will provide virtual tools as well as lease meeting rooms for those requiring the space.

As a result, while the majority of the business is done online, you also need an office facility available. People will be coming to you, so make sure that your location is in a district with a high business profile.

Decide on a Niche

Like every other industry, not every virtual office will be the same. Some will rent or lease workplaces that were fully furnished. Others may lease virtual offices or outsourcing services. Some focus on telecommunications whereas others offer meeting rooms or conference rooms.

Like every small business owner, you need to figure out where your niche is. This way, you will be able to differentiate yourself from your competition so that you may bring the right clients your way.

If you don't select a niche and try to become a Jack-of-all-trades, then you may seem unreliable to teams looking for a virtual office. Here are some businesses to start if you have no ideas . Very often, these teams know what they want, and if they see that you don't have a focus on what they need, they may start looking elsewhere for services.

Create the Business Plan

Once you grasped the business idea, it is time to create a business plan, just like you would with any other small business. While doing so, take a hard look at the needs of your business.

Some things that you may want to add to your business plan include:

• Company description
• Design ideas for the company logo
• Executive summary
• Competitor and industry analysis
• Services that you plan on offering
• Organizational breakdown and management of the structure
• Financial projections and budgets
• Sales and marketing strategy

Once you have a base idea of where you are planning to go with your business, you may be able to determine the staffing for your virtual office space, your resources, and any other needs. Having this plan up front is essential for the success of your virtual office rental business.

Recruit the Employees

Virtual office businesses, unlike your regular startups, will need employees - especially as the business starts gaining speed. Remember, since most of the work is done remotely, you can hire people from pretty much anywhere - so, simply focus on hiring the right people for the job.

Many people are attracted by the idea of working in a virtual office, as it provides more flexibility. However, not everyone is really suited for this kind of work. Look for those that have the ability to focus and prioritize, have excellent communication skills, and have high intrinsic motivation levels.

You should also decide whether you want to hire personnel for payroll, HR, marketing, sales, and so on. If you don't, then you may want to outsource these tasks to a virtual assistant, as they can do most of these tasks. Make sure you thoroughly check the skills of those that you are hiring.

Register Your Business

You may be an online business for the most part, but this does not mean you can skip on the business registration part.

Choose which type of legal entity you want to be ( LLC, S-Corp, or C-Corp ) and get a business license. You need to provide various pieces of information, such as your name, physical address, and virtual office address.

Make sure that you are also properly registered to the IRS . If you are making a profit from your virtual office rental business, then the IRS will want to know about it. This way, they can tax you accordingly.

Set Up a Phone System

To be a professional business person, you need your clients to be able to contact you. When you have a virtual office space, you may want to set up a virtual phone system.

This includes the main phone number of your virtual office, toll-free numbers, local numbers, call center services, and so on. The advantage here is that nowadays, you do not even need to buy hardware for these tools, as you may simply get a mobile application for your smartphone.

Get a Virtual Business Address

You may be the owner of a virtual business, but you still need a physical address where you can get your mail. You may receive tax papers, bills, letters, and all types of content designated for your business.

Some virtual mailing address companies will receive your mail, scan it, and then send it to your digital mailbox. This mail forwarding is a good option if you are the kind of business owner who is constantly on the road. Plus, all your clients will see is a professional address.

Moreover, you require an office address for your temporary conference room. After all, as a virtual office space, you have to provide a space where your people can meet with their respective clients. Select a business address for that as well.

Get an Email Address and Domain Name

As a virtual company, your online presence is essential to you. As a result, you should make sure that all of your online links are in order. For example, if up until now you've been using a Gmail account , then you should consider switching the email extension to the name of your company. For instance, [email protected].

You also require a domain name and this usually comes with a fee. However, if you are looking for a more professional image, a domain name is essential to the virtual office owner.

Make sure that you choose the extension right. The most popular extensions include:

• . com - The most common extension, usually representing online commercial enterprises.
• .net - Another extension that small businesses use, in the event that ".com" is not available. This extension is short for "network."
• .biz - Fairly common for small businesses that are just starting out

Each domain has its own benefits, so whichever you choose will make you look more professional.

Get the Right Tools

When starting up a virtual office, you need to determine what tools you are going to use in order to kick off your business. Each virtual office arrangement is different, so you must see what pieces of software work best for you.

First things first, you need to set up a system to pay your employees or those that you are outsourcing to. An online invoicing tool such as Bonsai can help you make the payments online, allowing you to save both time and money.

Next, you need to think about a document management system. After all, since you won't be using an office facility with your employees and partners, you must be able to exchange documents somehow. Cloud storage may prove quite useful in this scenario.

Think about setting up a backup and recovery solution as well. There are many options that can help you out - cloud storage included. This way, if something goes wrong with your connection, you won't lose the data.

Last but not least, you should also get a tool that can help you with your virtual office productivity management. After all, your team will be working remotely, so you must make sure that they are keeping to their attendance records and are making actual progress.

Set Up Communication and Collaboration Methods

You may have a virtual business structure, but this does not mean that no one will ever be talking to one another. Employees need to find information Also, lack of communication may cause them to feel isolated and completely out of the loop.

For this reason, as the owner of a virtual office business, you need to set up access to communication methods, as well as collaboration methods. This way, your team can still act like a team, even if they do not share an office.

There are some handy tools that you may use here. For one, you may get instant messaging apps to encourage communication and project management tools where you may lay down the tasks, promoting productivity. Social media, telecommunication services, and video conferencing may also be useful in this regard.

Create the Organizational Culture

When you have a physical business location, it's easy to create an organizational system. However, outside the traditional office, it might be rather difficult to organize yourself. For this reason, a virtual office leader has to create an organizational office for their virtual office team.

First, you should set the working hours of your virtual office. You might think that remote work means no schedule, but without these hours, one of two things can happen: the employee may either work more than they should, or they may procrastinate and skip on their tasks.

Even if your staff lives in a different time zone, your workers should have a certain standard hour set that they will need to follow. Not only will this improve team productivity, but it will also help your people enjoy a proper work-life balance.

Bonsai's business account for Finances

As a virtual office, you have to make a number of payments to the staff and suppliers and receive payments from those using your services. As a result, you need a checking bank account and a cash management system to handle your finances.

Bonsai's business account offers a physical card for those that wish to make such payments from a physical office address. They also offer virtual cards to those who are only using the virtual office. This way, regardless of their location, people should be able to make a payment with their phones or other devices.

The online bank also accepts credit card payments, collect invoice payouts, and tracks your expenses. You can take pictures of your receipts so that every expense is accounted for. If you just started out and you don't have an accountant yet, Bonsai's business account can help you out.

Bonsai's business account has a very useful feature called "envelopes." This allows you to organize your finances with sub-accounts so that you do not accidentally overspend. For example, you may set envelopes for equipment expenses, taxes, payroll, and many more, putting the money there so that you don't tap into it.

Bonsai Tax for Taxes and Accounting

Bonsai Tax is also a tool that can help track your expenses and allows you to keep your peace of mind during tax time. This software enables you to take pictures of your receipts so that you may set the money aside for tax purposes.

The Bonsai Tax software will automatically identify the expenses that are tax-deductible. This will make it easier for you at tax time, as you will no longer miss potential deductible taxes. In fact, the average users saves at least $5,600 from their tax bill.

The tax software will also track your income so that it can provide an estimated quarterly tax. It can automatically connect with your bank account or credit cards, importing and organizing your tax receipts.

Concluding Remarks

A virtual office does not have a physical facility's challenges and overhead costs. In terms of benefits, it is a good choice for those who prefer a remote setup. That being said, you need to be careful how you set it up, especially if you want your business to be successful. Follow our guide, and you should be able to get a good start.

Unlock creativity and boost ROI with our 2024 advertising agency workflow guide! Expert insights, trends, and strategies for success.

Discover the secrets to agency planning and learn proven strategies for rapid growth. Expert tips to craft your blueprint for success.

Unlock success with our guide to agency resource management! Master principles and discover essential tools for optimal efficiency.

Related Articles

7 simple steps to create a successful virtual office setup

Interested in virtual office setup ?

A virtual office is a smart way for your start-up or SME (small to medium enterprises) to cut down on any overhead cost and increase profits while expanding its reach. 

As a virtual office operates primarily online, you can manage operations from anywhere — whether it’s your home office or a coffee shop. 

However, while a virtual office offers several benefits such as flexibility and scalability, setting up your virtual office company can be challenging.

In this article, we’ll cover a seven-step process for a successful virtual office setup. We’ll also highlight the necessary tools, resources, and processes to help you get started.

This article contains:

(Click on the links below to go to a specific section)

• What is a Virtual Office?
• 7 Steps to a Successful Virtual Office Setup
• What are The Advantages of a Virtual Office?

Let’s get started. 

What is a virtual office?

A virtual office is a service that offers the same resources (workspace, tools, equipment) that a traditional office does — but via the internet .

Virtual office service companies offer systems necessary for your team to engage in remote work . They also provide services that can improve your remote company’s brand image so you can gain more potential clients.

Some common services these companies provide include:

• A virtual business address.
• Phone numbers.
• Meeting room services.
• Virtual receptionist services.
• Temporary private office. 

7 steps to a successful virtual office setup

Here’s how you can set up your own virtual office solution: 

Step 1: Map out your plan

The first step to setting up a successful virtual office is having a business plan , as you would with any other traditional business. 

While creating a plan, consider your business’ specific needs. 

Some of the things you should include in your business plan are:

• Executive summary.
• Company description.
• Industry and competitor analysis. 
• Breakdown of your organizational and management structure.
• Services/products you’ll offer.
• Marketing and sales strategy.
• Budgets and financial projections.

Once you’ve developed this plan upfront, you’ll be able to determine your staffing, resources, and other needs. These are all vital to ensuring the success of your virtual business. 

Step 2: Recruit the right people

When you work from a virtual office, you have access to a broader pool of talent. 

You can recruit the best people from anywhere in the world — so focus on recruiting the right people for your business.

Although most people are attracted to a virtual office’s flexibility, not everyone is suited to work in a virtual office environment . 

Decide whether you’ll be hiring staff for HR, payroll, sales, marketing, etc. or whether you’ll outsource these tasks to a virtual assistant . 

When hiring a virtual worker, there are specific characteristics you need to look for, including: 

• The ability to prioritize and focus. 
• High level of intrinsic motivation as virtual work involves minimal supervision or none at all.
• Excellent written communication skills as communication will occur primarily online.

Step 3: Set up a phone system and office address

There are several virtual office phone systems and companies that can provide you with a virtual business address and phone numbers. 

Having a physical address and office landline serves more than just a practical purpose; it also conveys a professional image. 

Let’s take a look at both of these services in detail:

A. Phone system

A virtual phone system can provide you with one main phone number , local numbers, toll-free numbers, call center services, etc. 

For example, RingCentral provides features such as caller ID, voicemail, music-on-hold, conference calling, call forwarding, unlimited extensions, three-way calls, etc. 

The best part is that you don’t need to purchase hardware for these virtual office tools. They offer “Mobile Office” smartphone applications, available for Android and iPhone devices. 

B. Business address

Even though you are operating a virtual company, you’ll need a business address to receive your mail. 

Additionally, you may need a temporary conference room for client meetings.

All of these services can be provided by a virtual office company like Servcorp , Regus , etc.

They offer a virtual mailing address (also known as a virtual business address) — a permanent street address where your mail is delivered.

When your mail is received, it’s scanned, and an image of the envelope is uploaded to your digital mailbox. You can view and request to have selected letters opened, and the contents scanned.

Step 4: Acquire a domain name and email address

If you’re a small business owner, who’s currently using a Gmail account, you should consider changing your email extension to your company domain. For example, [email protected]. 

A domain name is the hostname used to identify your website on the internet. 

You can get affordable internet domain registration with pricing as low as $0.99 from companies like GoDaddy.com . 

Before you settle on an available domain name and pay to register it, you should learn more about domain extensions to use the right one for your business. 

These are the three main extensions available:

• .com: The most popular and sought-after domain extension for domain

Names. A “.com” extension represents online commercial enterprises.

• .biz: Usually used for small business websites. 
• .net:   Another domain extension used by small businesses if the .com

extension is unavailable. “.net” is an abbreviation for the term “Network.”

Step 5: Adopt the right tools

You’ll need to ensure your team is equipped with functional laptops and an internet connection. 

Depending on your business’s nature, you’ll have to decide on the right software solutions for your company.

A. Billing and invoicing solution

Decide on the system you’ll use to pay employees and freelancers , and send out invoices. 

With online invoicing tools like InvoiceNinja or Xero , you can easily send and receive invoices via email — saving you time and money.

Many online invoicing solutions also let you accept credit card payments, set up recurring billing, send PDF format invoices, etc. 

B. File sharing and document management system

Next, you’ll need a document management system that allows you to store, manage, and share documents online. 

Cloud storage systems are handy when you need quick access to your documents. 

You can access them from anywhere and on any mobile device, PC, etc. You can also easily share documents with your team members and collaborate in real-time.

Some examples of online file storage and sharing systems include Google Drive and Dropbox .

C. Backup and recovery solution

You also need to have a backup system in place to protect your information. 

The advantage of using online backup solutions versus traditional backup services is that you can access important documents and files anytime you need them — thanks to cloud storage.

Some companies that offer online recovery solutions that can keep your business running smoothly are Quest and Veritas.  

D. Productivity management 

If you hire a remote team for your virtual office, you’ll need a way to manage attendance remotely.

A productivity management system like Time Doctor will help you keep track of your team’s working hours and attendance records. 

Here’s what else you can do with productivity software:

• Gauge employee productivity with reports.
• Track the project’s progress in real-time.
• Manage leaves and time-offs.

Step 6: Focus on communication and collaboration

Maintaining proper communication is even more critical in a virtual office than in a physical office space. 

A lack of communication can become a significant concern for virtual companies, and employees can feel isolated and out of the loop as a result. 

In a virtual office, managers and supervisors should communicate more often with employees to build a working relationship. 

Your employees need to have access to the virtual communication and collaboration tools needed to work together as a team.  

Here are a few ways teams can communicate in a virtual office:

• Instant messaging apps: For teams to stay in contact, apps like iMessage, Slack , etc., are useful. Many of these apps also allow for document sharing.  
• Project management tools: For project management and task collaboration, you have tools like Asana , Trello , Basecamp , etc. 
• Social media: To establish your social media presence and connect with your team, social media apps like Workplace from Meta and Linkedin are great options.
• Phone calls: VoIP apps like Skype and Slack let you make voice calls over the internet, so no dedicated receptionist or telephone line is needed. 
• Video conferencing software : You can avoid the misinterpretation of emails by using instant video calling apps like Zoom and Google Meet .

Step 7: Establish the organizational culture

In a physical office, delegating responsibilities and sharing company rules, and having face-to-face meetings, is easier than in a virtual office setup. 

You also need to establish an organizational culture for a virtual team. 

Here are the areas you should pay particular attention to:

A. Set working hours

In a virtual company, employees need to be provided with a structure as you would do in a regular office. 

That’s why it’s essential to implement virtual office hours . 

This way, employees know when they are supposed to be working and won’t be tempted to work more or fewer hours than they should. Even if you have employees across time zones, set some standard hours when everyone should be available.

Time and productivity management tools like Time Doctor can help ensure that your team members are working a certain amount of hours each day so that they can enjoy an excellent work-life balance. 

B. Ensure employees are clear about their duties

In an environment where each employee is responsible for themselves, it’s crucial to assign clear responsibilities . 

When onboarding new team members, iron out all the details regarding the company policies , goals, and duties.

Managers should give each team member detailed instructions from the start, including how to use the software tools provided and how to communicate effectively. They also need a reliable system for distributing and evaluating work. 

Encourage your employees to ask questions and adopt collaboration software such as Tandem .

C. Look for team building opportunities

Encouraging team bonding is usually more challenging in a virtual office. 

It’s common for a remote employee to feel a lack of connection to their co-workers and the company they work for.  This can impact their morale and productivity. 

Building relationships in a virtual office isn’t impossible if you look for opportunities to connect with your team. 

For example, virtual games can help create that camaraderie and support system that the remote worker often lacks. 

Remote Office Trivia and Virtual Bingo are some games that can get your team engaging with each other without being in the same work space or room.

For more team building ideas, read our article on virtual team building activities your team will love.  

What are the advantages of a virtual office?

If you have a business idea that you’re eager to get off the ground, opting for a virtual office business will help you start up relatively quickly and easily. 

Here are some of the advantages of choosing a virtual workspace:

1. Low start-up costs

A virtual office isn’t expensive to set up because:

• There are no rental deposits and long term leases to worry about. 
• You can also avoid spending a fortune on office equipment and furnishings. 
• You save money on the everyday consumables needed in a physical office space like stationery, cleaning supplies, utilities, etc.

2. Easy to set up

Whether your company requires CRM software like FreshWorks , accounting software like Sage , or sales software like Salesforce , you can acquire all of these services online. 

This means that you can start operating in practically no time, without the hassle of sourcing an adequately sized office. 

It’s much more comfortable setting up these processes online than in the real world, and it usually just takes a few minutes to sign up for most software services. 

3. Increased flexibility

You and your team will benefit from the flexibility associated with a virtual office space. 

Not being stuck in an office has a positive impact on work-life balance . 

More balanced individuals are happier and healthier – they take less time off and spend more time being productive. 

Increased flexibility will also help your company attract top talent because it is a workplace characteristic that most employees value. 

4. Scalability

As a business owner, a virtual office arrangement affords you the privilege of scaling your business more quickly and easily. 

By having virtual offices, you can scale up without having to: 

• Look for larger premises.
• Buy more equipment.
• Furnish your new office etc. 

Additionally, you can increase your team size and expand your company’s reach in new areas fairly quickly when you’re not geographically bound. 

Final thoughts

Opting for a virtual office rather than a physical one has its benefits. 

However, you’ll need to be more careful with a virtual office setup.

While the setup does require some initial thought, you’ll be able to get a successful virtual office up and running quickly. All you need to do is have a clear plan, create the perfect remote team, and use the right tools for your virtual office.

Follow the steps we’ve laid out here, and you’ll be able to get started with your virtual business!

View a free demo of Time Doctor

Liam Martin is a co-founder of Time Doctor which is software to improve productivity and help keep track and know what your team is working on, even when working from home.

8 tips to create an effective employee attendance improvement plan

What is virtual project management, related posts, navigating proximity bias in the age of remote work, 8 strategies that can help optimize remote team structure, no promotions for dell’s work-from-home employees, how remote work is reshaping ireland, the 10 best countries for remote work in 2023, amc and zoom transform movie nights into meeting days.

Virtual Assistant Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their virtual assistant businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a virtual assistant business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Virtual Assistant Business Plan?

A business plan provides a snapshot of your virtual assistant business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Virtual Assistant Agency

If you’re looking to start a virtual assistant business, or grow your existing virtual assistant business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your virtual assistant business in order to improve your chances of success. Your virtual assistant business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Virtual Assistant Businesses

With regards to funding, the main sources of funding for a virtual assistant business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for social media marketing businesses.

Finish Your Business Plan Today!

If you want to start a virtual assistant business or expand your current one, you need a business plan. Below are links to each section of your virtual assistant business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of virtual assistant business you are operating and the status. For example, are you a startup, do you have a virtual assistant business that you would like to grow, or are you operating virtual assistant businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the virtual assistant industry. Discuss the type of virtual assistant business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of virtual assistant business you are operating.

For example, you might operate one of the following types of virtual assistant businesses:

• Administrative virtual assistant : this type of virtual assistant business focuses on a variety of tasks such as bookkeeping, email management, scheduling appointments, preparing expense reports, and filing paperwork.
• Bookkeeping virtual assistant: this type of business specializes in keeping accurate records for their employer’s company and supports the finance teams and small business owners.
• Social media virtual assistant: this type of virtual assistant is responsible for managing social media accounts on behalf of their employer. They keep track of all posts, schedule posts in advance, write posts, and manages comments.

In addition to explaining the type of virtual assistant business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of employers served, type of work completed, number of positive reviews , etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the virtual assistant industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the virtual assistant industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your virtual assistant business plan:

• How big is the virtual assistant industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your virtual assistant business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your virtual assistant business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: small businesses, social media content bloggers, finance and accounting firms, and real estate agents.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of virtual assistant business you operate. Clearly, prospective clients would respond to different virtual assistant skills than real estate agents, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most virtual assistant businesses primarily serve customers in larger cities or towns, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Virtual Assistant Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other virtual assistant businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes temp agencies or staffing agencies. You need to mention such competition as well.

With regards to direct competition, you want to describe the other virtual assistant businesses with which you compete. Most likely, your direct competitors will be virtual assistant businesses with the same skill set as you.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What types of products and/or services do they provide?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide a better variety of  services and/or availability?
• Will you provide services that your competitors don’t offer?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a virtual assistant business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of virtual assistant company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to virtual assistant services, will you provide accounting, human resources, or any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Promotions : The final part of your virtual assistant marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Online advertising 
• Social media marketing 
• Reaching out to local businesses

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your virtual assistant business, including managing schedules, compiling expense reports,creating social media posts, and daily bookkeeping. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your 10th business client, or when you hope to reach $X in revenue. It could also be when you expect to expand your virtual assistant business to a new industry.  

Management Team

To demonstrate your virtual assistant business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing virtual assistant businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing and running small businesses .  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you obtain one new client per month or per quarter ? And will revenue grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your virtual assistant business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a virtual assistant business:

• Office Location lease (if necessary)
• Cost of computer equipment and supplies
• Payroll or salaries paid to staff (if necessary)
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include past examples of virtual assistant work you have completed in the past.  

Putting together a business plan for your virtual assistant business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will have an expert virtual assistant business plan; download it to PDF to show banks and investors. You will really understand the virtual assistant industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful virtual assistant business.  

Virtual Assistant Business Plan FAQs

What is the easiest way to complete my virtual assistant business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Virtual Assistant Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of virtual assistant business you are operating and the status; for example, are you a startup, do you have a virtual assistant business that you would like to grow, or are you operating a chain of virtual assistant businesses?

Don’t you wish there was a faster, easier way to finish your Virtual Assistant business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.

Other Helpful Business Plan Articles & Templates

• Event Organisers

THE COMPLETE GUIDE TO VIRTUAL OFFICE

• April 25, 2022

Do you wish to gather remote employees, executives, clients, and partners all in one place? It’s time to move your workplace online. An online workspace streamlines the workflow among your on-site and remote teams. Creating a replica of your physical office location in digital space helps you earn the interests of a global clientele. For that matter, businesses now move their business operations online to a virtual office. It is a highly accessible and convenient option for your workforce around the world. Precisely, everything is happening on the cloud, and no physical station is required. Forget about driving to work. Now, with a few clicks, you reach your digital office. 

You do not have to be a small business owner or an online business to create a virtual office for your business. Instead, a virtual workspace is beneficial for anyone and everyone aiming to expand their business reach worldwide. So, going forward with the latest business trends, a virtual workspace is necessary to operate within the metaverse. Yet again, the virtual platforms come to the rescue when setting up a virtual office within the digital space. All we need is a feature-enriched and customizable 3D virtual events platform. 

How Do You Define a Virtual Office? 

Basically, a virtual office is a custom-designed branded virtual environment depicting your company culture. You now have an online business address and a 24/7 live office with a unified communications system. It is a safe space for your employees, clients, and customers to engage in b2b and b2c communications. It has ample space with reception, lobby, halls, booths, roundtables, meeting rooms, exhibit halls, and conference rooms. In addition, the company’s representative avatars encourage real-life interactions among workers residing at far ends of the world.

The best part about your virtual office is that it is accessible to a large number of people. On top, it is sustainable for all your business communications and customer interactions. Overall, the platform is most suitable for a hybrid work model. 

But why do we need a virtual office? Let’s face it; It is impossible to manage online business activities through zoom meetings alone. So now you need a workplace where all your employees can show up at work, interact with fellow team members, welcome your clients online and engage in b2b meetings with remote industry professionals.

Why Do You Need a Virtual Office?

Having a virtual workspace for all your business networking and interactions can make a big difference. In fact, bringing the headquarters online is the first step in the future. A virtual presence markets your brand before the world. Businesses now wish to interact with you and make online connections. Be it a business meeting, conference, or roundtable discussion, online interaction is preferred over a physical one. 

Basically, it is about gathering all the executives, business partners, and industry professionals online to operate in a coworking space. Thus, a company-specific and personalized virtual office is the right place to streamline all your business communications. 

Today, companies encourage remote hiring. But, after a lengthy virtual recruitment process, the organization struggles to accommodate these remote teams. So, accomodating a large team of remote workers, a virtual office becomes the ultimate platform for hosting virtual conferences, meetings, and roundtable discussions. Also, check  why virtual offices will be the next big thing.

How to Set up a Virtual Office Space?

Now the question arises: how do we set up a virtual office. Firstly, partnering with a virtual platform gets you in the game. It is best to look for a platform that offers a customizable 3D virtual workspace with abundant networking, engagement, and support features. An office should be a place to keep all the important files, documents, and records safe with accessibility at all times. Information and resources should also remain confidential at all times. 

The coworking virtual office should accommodate all the coworkers in one place and offer them a chance to operate throughout the day. For instance, the employees may sign up at the workspace first thing in the morning, attend meetings, engage with clients and work remotely through their shift. Hence, the year 2022 demands reformed practices for businesses aiming to cross the market and win maximized revenue. 

Create a Branded Virtual Space 

The first step to creating a virtual office for your business is to personalize the workspace. To begin with, a 3D virtual environment is created with visuals, graphics, and animations. Basically, a virtual walkthrough space provides you with an exact replication of your physical office. The virtual environment is entirely customizable, from the main hall to the reception. For instance, virtual platforms use the following branding features to replicate your physical office environment.

• Company logo 
• Color scheme
• Building structure
• Company representative avatars 

It becomes the second home for the remote teams who have not had the chance to visit you physically. To illustrate, a virtual workspace is the combination of the following:

• Reception 
• Meeting rooms
• Conference rooms
• Roundtables
• Executive rooms 
• Coworking space
• Exhibition halls 
• Webinar halls
• Walkthrough building 
• Recreational rooms

Thus, a virtual platform offers complete branding of the environment to help organizations create a personalized virtual office. In addition, a custom-designed workspace is an attraction for the workforce and encourages routine attendance. 

Host Meetings at Virtual Roundtables  

Are you confused about your routine discussions with coworkers? When gathering your employee base online, remember that the teams need a safe space to carry on their routine meetings. If HR wishes to hold a private meeting with an employee, they must engage in a discussion at the  virtual roundtable . Also, the roundtables easily accommodate up to six individuals with one moderator. So, for any discussion to take place, a virtual roundtable with inbuilt chat and conferencing options allows coworkers to interact in real-time. A scheduled virtual meeting among the team members helps discuss important business matters, share ideas and reach a final decision on the topic of discussion. 

Interestingly, the virtual workspace has built-in alerts and notifications that inform the workers about their meetings or discussions with others. Similarly, a meeting scheduler option is available that facilitates executives to schedule roundtable meetings with clients, customers, or employees. It is a formal and traditional method of carrying out business communications. On the whole, virtual roundtable meetings offer tons of benefits. To name a few: 

• Allows sharing of quality information
• Help share varied perspectives 
• Engages everyone in the discussion 
• Expert ideas help make decisions 
• Action-oriented discussions 
• Executing projects with ease
• Closing deals within the platform 

Engage Employees in Virtual Conferences

A  virtual conference  gathers a large sum of people together to inform workers on the new business trends, course of action, and input required from the workforce. For that matter, the virtual platform becomes the ultimate source of information sharing. For example, a custom-designed hall allows hosting a live, semi-live, or pre-recorded webinar to educate employees. In addition, there is a resource vault available on the portal, which allows employees to save the information, videos, brochures, and files to access later at any time. In fact, the conferences expand the networking and engagement opportunities for the workforce and clientele. 

A conference hall exists within the virtual office, yet it has the capacity to accommodate double or triple the number of your employees. A text, audio, or video chat option is available for you to engage in one-on-one or group meetings. In addition, the workspace has an in-build attendee database search option that acts as the match matching tool for your organization. Overall, the virtual workspace offers tons of engagement opportunities, such as:

• Text, audio, or video chat
• Hold live Q&A sessions
• Engage in live polls and quizzes 
• Gamification features
• Alerts and notifications 
• In-built chat option 
• Meeting scheduler 
• Reserve chat slots 

Use Virtual Library for Documentation 

Remember how office documents took up most of the space on your table? Filling up the drawers or cabinets with heavy documentation on the business deals, clientele, and the employees was one way to do it. But, with the rise in digital technology, large files get stored in digital folders. Moreover, there is no limit to saving data compared to older office documentation methods. Thus, to facilitate the workflow for your digital workplace, a virtual library is set up. All the data is stored and secured within the virtual library, from heavy videos and files to extensive business documents. For instance, secure folders allotted to each employee help them through routine tasks, meetings, and presentations. 

Use Webinar Rooms for Official Presentations 

Fortunately, a virtual office helps successfully host routine official presentations. The webinar rooms in the office space make it easy for work presentations to take place. Presenters either host live, semi-live, or pre-recorded presentations to educate and inform coworkers about their research. Likewise, the webinar rooms help executives hold official presentations before the clients. The speakers use the platform to their advantage and host multiple presentations within the virtual workspace. In fact, it can go all day long. 

On the other hand, the guest speakers also use feature-rich virtual office space to present their work before the chairs. An on-demand webinar option is also available. Also, there is no condition on the number of attendees for each presentation. Anyone or everyone can attend an official presentation. The platform facilitates presenting any kind of digital content through the presentation. It is highly engaging for the attendees. For instance, the presenters engage the audience in live chat, Q&A sessions, and live polling. 

Streamline 24/7 Business Communications 

Your virtual office is open for business communications at all times. The digital headquarters are accessible to your workforce joining from anywhere in the world. In addition, you now have a permanent address and contact for your company.

Virtual Business Address:

Your global clientele is looking for ways to interact with you more effectively. Therefore, a virtual business mailing address works in favor of you and your customers. Now, the most credible clients have access to your business and get to engage with you at any time. 

Receptionist on duty:

The office space has a receptionist available live 24/7. This representative attends to all the queries and guides you through the workplace. All the business correspondence takes place in a safe and confidential manner—moreover, the receptionist books all your meetings and schedules presentations right within the virtual office platform. Thus, the clients or customers joining the office space have a guide at their disposal. In fact, the customers receive professional treatment just as they receive when visiting a physical office. 

Shared Workstations:

A coworking space facilitates business communications among teams or clients. The shared workstations are made accessible to all at all times. Thus, there exist no communication gaps or delays due to the time difference between most parties. Hence, a business project runs efficiently through a shared workstation. 

How do Virtual Offices Benefit You?

A virtual office sets you apart from the competition. An online presence markets your brand before the world and expands your reach globally. Therefore, it is only beneficial for you to set up a virtual office and offer a coworking space to your workforce. 

Contributing to Green Environment

By moving your workspace online, you cut down on the carbon footprint. In addition, a virtual presence helps save the environment from harmful impacts on the atmosphere, health, and overall planet. For instance, all you need is an uninterrupted internet connection, a laptop, or a mobile device to access your office. It does not matter if your employee is from Timbuktu or the Sahara; a virtual workspace gathers all in a safe green environment. It ensures the air outside is breathable for you and that your work does not pose a threat to the environment. Also, check  how the virtual industry is fighting for a green environment . 

All in all, your initiative saves the environment from:

• Air pollutants
• Carbon emissions 
• Energy waste
• Paper waste
• Electricity consumption
• Transportation emissions

To rectify this, the virtual office contributes to the green environment through:

• Gathering people in a 3D virtual space
• Makes use of digital tech and tools 
• Offers a breathable air for the masses
• Diminishes the need for transportation and traveling
• Ensure improved health conditions 
• Overall stable climate conditions  

Cost-effective Approach 

If you are a startup or company operating on a low budget, then you must be familiar with the expenses of establishing a corporate office. You expect the costs of building, equipment, and employee accommodation. Plus, the overhead costs of running a company weigh you down. Saving your day, virtual offices help you cut the expenses of renting out a building. 

The absence of a physical venue helps save on the building maintenance costs, caretaker expenditures, and routine expenses. Also, your staff does not need to travel to a location each morning. It helps save fuel, vehicle maintenance, and local traveling expenses. So just with a few clicks, they sign into the workspace and enjoy their work from home. Now, everything is happening over the internet and backed by tech and tools featured by the virtual platform. 

Facilitates Remote Hirings

A virtual office fights all the physical barriers for your organization. Interestingly, the shift to a virtual platform facilitates remote hiring for your business. Onboarding remote employees and familiarizing them with your in-house team is the best use of a virtual workspace. In fact, the platform has become the central hub for remote communications, networking, and business interactions. For instance, a remote team presents new ideas and discusses possible solutions for the project at a virtual roundtable discussion. Thus, a virtual office seamlessly integrates remote teams within the organization and offers ample opportunities for virtual engagement. 

Markets Products and Services Worldwide

Showcasing the products and services to a wider audience helps market the brand to a global clientele. Therefore, an online presentation of your business is highly beneficial for the success of your business .  For that matter, a virtual office becomes the virtual showroom for your products and services. The clients step into your workspace and easily engage with the services. The product demonstration videos, guides, and catalogs guide the customers toward an honest purchase. Your clients need not visit a physical showroom to make the purchase. Instead, a virtual showroom gets displayed on their laptop screens. 

24/7 Technical Support

A physical office is dependent on the constant support of your IT team, technical support, and account management. You need good resources and teams to support the swift functioning of your business. To overcome this, the virtual support team takes up all the hassle for your IT, tech, and software. It helps organizations focus on the core company tasks and trust the platform with all the technical support.

In Conclusion

If you wish to have access to your company’s resources at all times, then a virtual office is the right place for you. Be it remote teams, clients, or in-house employees, a virtual office gathers all under one roof. Not just that, it accommodates, facilities, and supports global teams, partners, and industry professionals when it comes to hosting a virtual meeting, webinar, or conference. It is the central hub for all your business communications and global networking. Fortunately, partnering with a virtual platform eases the process of virtual operations of your organization. Leave it up to a virtual platform to facilitate your online interactions, accelerating global leads and covering all the technicalities. 

Virtual Days welcomes global organizations, businesses, and enterprises to build their online presence within the marketplace. Creating a virtual office in 2022 is a step in the right direction. The benefits and perks are innumerable when it comes to gathering people online in a safe and secure environment. So, why wait on spreading your wings? Turn to Virtual Days and set up a personalized virtual space for all your business executives, partners, and employees.

How Does Global Recruitment Work?

How to Set up a Hybrid Trade Show in 2024?

How Can We Build Strong Communities Through Virtual Events?

How to Promote an Upcoming Event in 2024?

Sign up for our newsletter.

• Virtual Days AB
• Nybrokajen 7, 11148, Stockholm, Sweden
• Company No. 559312-2053

Become a Booked out virtual assistant - free training!

Free Checklist & Starter Kit

business entrepreneurship virtual assisting

Free virtual assistant business plan template, abbey ashley.

If you’re looking for a free Virtual Assistant business plan template, you’re in the right place sweet cakes.

Well, kind of.

Let’s be honest here.

I don’t ACTUALLY believe that you need a business plan to start a Virtual Assistant business.

I know, right?

Here’s the thing…

You don’t necessarily need a business plan in the traditional way that most people talk about business plans.

Generally, you need a business plan when you’re looking at taking out some kind of funding, trying to get a loan or investment, or you’re going into some kind of a partnership agreement.

Do you need ANY of that to start your own at-home VA business?

Being able to start a Virtual Assistant business is so simple that typically you don’t need any outside funding.

Most Virtual Assistants are able to bootstrap their business, which means you don’t need the formal 20-page business plan that most people SAY you need whenever you’re starting a business. You don’t need that.

What you DO need, though, is a plan. 

A plan on how to set up your business. A plan on how to price and package your services. A plan on how to market your business.

And that’s what I’m here to give you today!

So while you may have stumbled upon this blog looking for a business plan… what you’re actually going to get today is my anti-business plan.

Table of Contents

There are actually only two steps in my anti-business plan.

Here they are:

Step 1: Follow a step-by-step template of what you need to do to get your business rolling and to start getting clients.

Step 2: Set goals for yourself so you can project where your business is going in the next 12 months. 

Let’s dive into each one in full detail.

First, we’re going to follow a step-by-step template of what you need to do to get your business rolling and to start getting clients.

One of the most important things you can do when you are starting a new business is to follow the steps of someone who has successfully gone before you.

You wouldn’t build a house without a blueprint, right?

You wouldn’t bake for the first time ever without a recipe, right?

You wouldn’t try to put together that crazy new Christmas toy with 10,000 pieces on Christmas Eve with no instructions, right!?

Ok… maybe I’ve done that last one before. I digress…

If you are going to start a virtual assistant business, I suggest taking the advice of successful VA’s who have already done this thang.

That’s why I created my VA Checklist & Starter Kit . It’s LITERALLY a step by step list of everything you need to get your VA business set up correctly.

Let’s go over the main points of the checklist.

Step 1: Select the services you’re going to offer as a Virtual Assistant.

Can you answer customer service emails?

What about setting appointments or taking phone calls?

Can you write social media updates or a blog post?

There are SO many services that you can offer as a virtual assistant. Don’t be overwhelmed by all of the things you *don’t* know how to do. Even one or two services done REALLY well could make the perfect online service business.

So write it out – what can you do that would be helpful to a small business owner? I recommend checking out my list of 50 services you can offer as a Virtual Assistant to get an idea of what types of tasks are possible.

Whatever it is you choose to offer as a service, be sure to decide that before you start marketing your business.

Click here for a list of 50 services you can offer as a Virtual Assistant. 

Step 2: Choose an hourly rate or put your services into different packages.

A package enables clients to see exactly what you offer in a really clear format.

Part of your Virtual Assistant Business Plan needs to include what you’re actually going to offer!

You may choose to do packages of hourly services. This would mean that a client would buy a package of hours to use throughout the month. All of your services would be included in those hours.

For example, a Virtual Assistant might say he or she offers 10 hours of virtual assistance in a package for anywhere between $300 – $400. This package then comes out to a $30 – $40 hourly rate.

Here is how your hourly virtual assistant packages pay look:

You may choose to do “package based pricing”. Packages are amazing because they enable you to get paid more per hour as you get faster at your job. With this type of pricing – the client isn’t as concerned with how many hours it takes you to get the job done. The main appeal is that you are getting a specific result for your client.

Krystal Clark from Krystal Clark Creative has a Dubsado Setup Package that helps wedding photographers get their onboarding process to a seamless state. This is a one-time payment package, with payment plan options.

If you don’t want to have prices listed on your website, that is totally fine. Some VAs choose to say “prices starting at” on their website so they weed out clients who can’t afford their rates, but aren’t locked into a certain price before having a discovery call.

Kristiina Craven showcases her services and the value that they bring without locking herself into a specific price.

Click here  for more information about how to price your services.

Step 3: Determine how much time you can commit to your business.

Every week, I suggest starting your week by making a task list and blocking off blocks of time on your calendar. Even one hour a day can make a HUGE difference when it comes to building your business.

When are the chunks of times you’re going to work on your business?

Are you going to wake up a few hours earlier?

Stay up a few hours later?

Work during nap time or your lunch break at work?

The truth of the matter is, you aren’t going to FIND time to work on your business.

You will have to MAKE time.

You need to decide how much time you can realistically commit, and that’s going to help you determine how much money you can make in your business.

Step 4: Pick a name for your business.

Hear me out.

I KNOW you want to choose something that’s fun or unique, but don’t get so stuck on the name that you don’t move forward .

I see so many people getting caught up on their business name that they spend three months thinking of options and then never just GET STARTED ALREADY.

Don’t be that guy.

I was able to replace my income with my business, and my business name was simply “Abbey Ashley Virtual Assistance.”

So fancy, right?

So, don’t get too caught up on trying to think of something super, super fun and fancy. Just choose a name, and get started with it.

This is why my Virtual Assistant Business Plan is really an anti-business plan. I’m not all about getting you caught up in the details that prevent you from starting. Let’s do what you NEED to do and get started!

Make sure that you secure the domain name for your business name. I love using Namecheap —it is my favorite place to purchase domains.

Also, you will want to head over to the USTPO website or Trademarkia to ensure your business name and domain are not trademarked.

As you’re doing all of this, you might want to go ahead and secure your social media channels. Make sure your Facebook Page says “Facebook.com/AbbeyAshley” (or /your business name). Go ahead and secure your Instagram, Facebook, and LinkedIn profiles, if you’re able to.

Learn how to choose a name for your Virtual Assistant business with this helpful post!

Step 5: Decide on your Processes.

Imagine, you have your first client that says, “Yes, I want to hire you!”

After you’ve run around your house screaming in excitement, what are your next steps?

There are several things that you’ll need to decide.

• How will I invoice my clients?
• Are payments due on receipt?
• How often will we meet together?
• Will we do a phone, in person or video chat when we meet?
• How will my clients hand off tasks to me?
• What kind of contract will I have and how will they sign it?
• What will be my working hours? What will be my turn around time for projects?
• How will you ask for testimonials/referrals for your clients?
• Will you track time? If so – what tool will you use?

There are SO many choices to make when it comes to running your business. That’s why I recommend downloading this 53 page Resources Guide with all of my favorite TOOLS to use as a virtual assistant.

Step 6: Set Up the Legalities.

The very first “legal” thing you’ll want to do for your business is set up an EIN number.

There are services that you can pay to do this for you but it is SO easy peasy that you really can do it yourself!

Here is a link you can use to set up your own EIN number.

You can also check more details on how to get an EIN Number at LLC Formations . You’re going to use this EIN number for tax paperwork instead of your social security number.

Sweet Baby Jesus, please don’t give your social security number out to people.

You’ll want to use your EIN number instead.

Again, it’s totally free. No excuses!

Remember, you’ll also need that EIN number in order to get your business checking account . Your business finances should be separate from your personal finances, and you’ll need an EIN number to set up a business checking account.

You’ll also need to decide if you want to set up an LLC for your business, or not.

While I suggest every person sets up an LLC eventually, you have to decide when the right time is for you.

Got all that? I know it’s a lot but you’ve got this! Remember to download my Business Plan Template to get all this info in PDF format! 

Now, Let’s Set Goals.

Like I mentioned before, goals are a part of what would be in a normal business plan, but it doesn’t have to be quite so formal.

I love having a 12-month goal sheet I can look at month-by-month. Here’s what mine looks like:

Divide Annual Goal into Monthly Goals

You know, it’s easy to get overwhelmed if you’re like, I want to start making $2,000 – $5,000 per month in my business. And maybe that’s your goal by the end of the year. But it’s SO much easier if you say, this month I want to set up my business structure, I’ll start marketing next month, and then I’ll get my first client in the month after that.

As you start to break it apart, it becomes so much easier to picture that goal of making $2,000 – $5,000 per month.

So, make sure you download your goal spreadsheet , and start planning those goals!

Don’t worry about everybody else’s goals! It’s okay if what you want looks different from what other people want.

Your life situation is different than other people’s. So don’t get overwhelmed with all these people saying they’re making $10k – $20k online per month.

You focus on what you need and what your goals are for you and your family.

I want you to close your eyes for a second and think about these questions.

What do I want…

• …my life to look like one year from now?
• …to wake up and be doing?
• …to offer as services?
• …my family life to look like?
• …my financial situation to look like?

Get a clear mental picture of your answers to the above questions, and then work backward whenever you’re figuring out your goals.

What do I do next?

I hope that you enjoyed this super detailed Virtual Assistant Business Plan. It may look different than a “traditional” business plan but it’s exactly what you need to get rockin’ on that at-home business!

Abbey Ashley is the Founder of The Virtual Savvy. She helps aspiring virtual assistants launch and grow their own at-home business from scratch. She's since gone on to grow a multi-six figure business and retire her husband ALL from her at-home business. It's now her passion to help others start their own VA business so they can taste the freedom and flexibility of entrepreneurship as well.

This free one-hour training combines thousands of hours of research, years of experience in growing a virtual assistant business!

Popular Posts

50 Services to Offer as a Virtual Assistant

How to Set Your Rates as a Virtual Assistant

Choose a name for your Virtual Assistant business… TODAY!

Why Every Virtual Assistant Needs a Blog

Looking for more.

Read posts from our most popular categories.

*This post may contain affiliate links. This means I may earn a small commission (at no cost to you) if you sign up for a program or make a purchase using my link!

34 Comments

Thank you for sharing us. Amazing Ideas for business growth.

Hey, Hinal! Thank you so much! Glad you enjoyed it!

I love all your free videos!

Thanks so much, Marty! 🙂

Great ideas! Thanks for sharing these ideas. This will really help in business growth.

Thank you for the feedback! Wishing you all the best and all the growth imaginable! 🙂

Hi, I’m only just getting my head around becoming a (part-time) VA. Thank you so much for this, you make it look less daunting.

Amazing! We’re so glad you’ve found the blog to be helpful! -Team TVS

Thank for this post. I’m really happy to say it was an interesting post to read. I learned new information from your post.

Thank you so much for the feedback! I am so glad you were able to find value 🙂

I truly appreciate he wealth of knowledge you share! Bless you!

Thank you so much! So glad you’re enjoying the blog!

Amazing ideas! I’m just starting and wasn’t ready, but this encouraged me to get going! Question.: I have all the office experience, in an office! What equipment will I need to do a great job at home, too. Do I need to hone on my clerical and financial skills? I’m excited to get started! Thank you very much Ii hope you’re doing well and thriving in your my business.

Awesome! I’m so glad you found it to be helpful! You really only need any computer and a reliable internet connection! You can always upgrade your equipment later on! I recommend checking out my Become A Booked Out Virtual Assistant training: thevirtualsavvy.com/bbo

This free training breaks down everything you need to know to get started now!

Thank you for pointing me in the right direction. I’ve been struggling for a year. I quit my job to care for my mom, and I need an income. Really excited.

So happy that you’re here! 🙂

This is so unbelievably helpful! I have really enjoyed working from home while in quarantine, and I am looking for ways to shift into this work permanently. I was honestly getting a little overwhelmed by not knowing where to start, but these resources are so helpful.. EIN for free? Literally no excuse!

Thanks Abbey!

Anytime Steph!!!

Thank you for the information! I have asked so may people to just get me going in the right direction without wasting time and money on things I do not need to start a business. This was extremely helpful and again thank you for such a wealth of knowledge. Blessings to you

You are SO welcome Angela 💛💛

This is exactly the information and ideas that I am looking for! Thank you Abbey! Hoping I can do this! For my kids. 🙂

You can do this!!!

Thank you for the plethora of free resources and seriously breaking this down into such bite sized morsels that i am no longer overwhelmed but instead feel excited to transition completely to working from home. Breaking down everything into the most manageable bits is also a great running example for us to take our big goals and how to break them down into achievable tasks. So grateful for your generosity and the time youve set aside for people you don’t even know. Bless you

No problem Summer! I’m so glad I can help others in their business journey!

Ashley, thank you so much for keeping things simple. Unbelievably, I am a retired Administrative Assistant, and just starting my business. All the information provided by you will assist me in getting out of my own way and moving toward success. I am going to print the information and listen to the video. Thank you so much for being so candid.

You can do this, Rose! I’m SO happy I could help you on your VA journey!!!

Thank you for your inspiration. You are the energy I need to DO THIS!

YOU are being an inspiration by being bold and going for your dreams! You got this Jen!!

Hi Ashley, thanks for sharing your super fun and simple guide. I woke after 4:oo am and couldn’t go back to sleep as my mind was plagued with thoughts of how I can have a second income and did an internet search on how to start my own home virtual assistant business… and there you were with your simple guide…Thank you so much! and best wishes to you with your future endeavours!

I’m so glad this helped you Debby – you can do this!!!

It’s a very nice and informative post, Thank you for sharing the post about Virtual Assistant Business Plan. It will help to grow the all businesses.

So glad you found it helpful!

I am living outside of the US how do i go about the legalities? That is ensuring both myself and my clients pay our taxes?

Great question, Nicola! And a very nuanced one. We recommend connecting with an accounting professional to give guidance on your specific situation for the area you live in. – Team TVS

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Day in the Life of a Virtual Assistant — Tracy Bates

Work from home jobs at night.

Where are my night owls at!?  If you’re anything like me, you’ve probably wondered: “Can I turn these late-night Netflix binges into something more? Can I make a living while the world sleeps?”  The answer is YES and in this post I’ll show you how.  My Work From Home Journey Let’s rewind a bit. My…

Niche Down and Raise your VA Rates! (Inside SavvyVault: VA Skills Library)

Do you ever feel STUCK in your business?  Like your time is stretched thin and clients keep coming in that just don’t value your worth? Maybe you want to scale your business but you just don’t know what to do next? If you’re answering “ YES” over there – I have just the thing for…

Check these out

Recommended reads.

Tracy, tell us a little bit about YOU!!   Currently…

Sorry, we couldn't find any posts. Please try a different search.

Virtual Assistant Skills 2020 (MEGA LIST)

Are you thinking about starting a Virtual Assistant business but…

Grab more resources

In the savvy store, privacy overview.

NYC ' s Virtual Office

Mastering the Entrepreneurial Journey: From Plans to Virtual Offices

Starting a business is an exciting and challenging endeavor. Here are some tips to consider when embarking on your entrepreneurial journey, covering aspects like creating a business plan, selecting a name, buying a domain, opening social media accounts, forming an entity , and establishing a virtual office for your business presence:

Develop a solid business plan:   A business plan serves as a roadmap for your venture. It outlines your goals, target market, products or services, marketing strategies, financial projections, and more. A well-thought-out plan will help you stay focused and make informed decisions.

Select a catchy and memorable business name: Your business name is an important branding element. Choose a name that reflects your brand identity, is easy to remember, and aligns with your target audience. Consider conducting a trademark search to ensure the name is available and not infringing on anyone else's rights.

Purchase a domain name:   In today's digital world, having a strong online presence is crucial. Search for an available domain name that matches or closely resembles your business name. Choose a reliable domain registrar and purchase the domain to secure your online presence.

Open social media accounts:   Social media platforms provide valuable opportunities to connect with your target audience and promote your business. Identify the platforms most relevant to your industry and create accounts. Develop a consistent brand voice and share engaging content to build a following and drive traffic to your website.

Form an entity (INC/LLC):   Selecting the right legal structure for your business is essential. Depending on your location and business goals, you might choose to form a corporation (INC) or a limited liability company (LLC). Consult with a lawyer or a business professional to understand the legal and tax implications associated with each structure.

Establish a virtual office:   A virtual office can help establish a professional business presence without the need for a physical location. It typically provides services like a business address, mail handling, call forwarding, and meeting room access on an as-needed basis. Research virtual office providers that offer services aligned with your requirements and budget.

Conduct thorough market research:   Before diving into any business venture, conduct extensive market research to understand your target audience, industry trends, competition, and potential demand for your product or service. This information will help you make informed decisions and develop effective strategies.

Build a strong network:   Networking is a powerful tool for entrepreneurs. Attend industry events, join professional organizations, and connect with like-minded individuals. Building a strong network can lead to valuable partnerships, mentorship opportunities, and access to new customers or clients.

Secure appropriate funding:   Determine your financial needs and explore different funding options such as personal savings, loans, grants, or seeking investment from venture capitalists or angel investors. Prepare a compelling business case to attract potential investors or lenders.

Focus on exceptional customer service:   Providing excellent customer service should be a priority from day one. Happy customers not only become repeat customers but also serve as brand ambassadors by recommending your business to others. Respond promptly to inquiries, resolve issues effectively, and go the extra mile to exceed customer expectations.

Embrace digital marketing:  In the digital age, a robust online presence is crucial. Invest in digital marketing strategies such as search engine optimization (SEO), content marketing, social media advertising, and email marketing. Leverage analytics to track your online performance and make data-driven improvements.

Prioritize scalability and flexibility:   As you plan and develop your business, keep scalability and flexibility in mind. Build systems and processes that can accommodate growth, adapt to changing market dynamics, and withstand unforeseen challenges. This will position your business for long-term success.

Every startup journey is unique, and these tips are meant to provide general guidance. Tailor your approach to fit your specific industry, target market, and business goals. Stay open-minded, adapt to market changes, and seek advice from mentors or professionals in your industry. Entrepreneurship is a continuous learning process. With passion, perseverance, and a willingness to learn, you can navigate the exciting world of entrepreneurship and turn your vision into a thriving business.

< Older Post

Newer Post >

The Pop-Up Boss: How Virtual Offices are Empowering Pop-Up Businesses in NYC

The big apple's bite-sized advantage: virtual offices empower nyc's small businesses.

Unleashing NYC's Potential: Why a Virtual Office Can Work for Your Business Across All 5 Boroughs

From Wall Street Sharks to Dog Walkers: How Virtual Offices are Redefining NYC's Business Landscape

Beyond Manhattan: Virtual Office Solutions Across NYC's Five Boroughs

The Startup Advantage: How Virtual Offices Save Money and Fuel Growth

Navigating the Modern Workspace: Unveiling the Reality of Virtual Offices

Embracing the Future of Work: Exploring the Virtues of Virtual Office Spaces

Celebrating Earth Day: Virtual Offices and Going Green at Home

Virtual Mailbox vs. Virtual Office: Choosing the Right Address Solution for Your Business

Hatching Your Startup Dream: Why Virtual Offices are Ideal for Incubation

Protecting Your PHI: Why We Don't Need a BAA and How We Secure Your Mail

Interested in our virtual office services let us know , business hours.

All Rights Reserved | ManhattanVirtualOffice.com

Privacy Policy | Terms

How to Start a Virtual Office Business

By: Author Tony Martins Ajaero

Home » Business ideas » Internet Based Industry

Do you want to start a virtual office business? If YES, here is a complete guide to starting a virtual office business with NO money and no experience plus a sample virtual office business plan template.

Almost every entrepreneur aims to cut overhead cost as low as possible but still maintain professionalism of the highest order. One of the easiest ways of cutting cost is by renting a virtual office. A virtual office is designed to provide physical address services without bearing the financial burden to maintain the office facility.

As a matter of fact, with a virtual office, you can own an office address in a high-profile business district with very minimal cost.

With the increase in demand for virtual office, any entrepreneur that decides to start his or her own virtual office is sure going to make good returns on his or her investment. But it is important to state that serious researching, planning and creativity is a necessity if you truly want to start your own virtual office business; you would also need the best of software to effectively run this type of business.

If you want to start your own virtual office, you would need a host of things like a mailing address for the office, professional address (physical office address), receptionist (remote receptionist), communication services (call center) and virtual assistant.

Just like most industries, the virtual office rental business is still pretty much open to as many entrepreneurs that are interested in the business.

Even if you don’t have the finance and other requirements for building office facilities in highbrow business districts, you can serve as an agent for office facility owners. All you need to do is get people to rent virtual offices and then make your commission without much stress.

If indeed you want to start your own virtual office rental business, all you need do is to read this article and you will be well informed and equipped.

You can start your virtual office rental business from a small town in the United States and if you are consistent and creative, it won’t be too long before your brand becomes a nationally recognized brand especially if you go into opening your offices all across the United States of America.

Steps to Starting a Virtual Office Business

1. understand the industry.

The virtual office rental business falls under the serviced office leasing industry and operators in this industry primarily rent or lease fully furnished office spaces on a part-time or as-needed basis to a myriad of businesses, ranging from start-ups to Fortune 500 companies.

The serviced office leasing industry also provides virtual office and conference room leasing options to their clients. It is important to state that firms that provide conventional commercial leasing options are not part of the serviced office leasing industry.

What is a Virtual Office?

A virtual office is an office location that exists only in the cyberspace. A virtual office arrangement enables an entrepreneur to operate from any location in the world by simply leveraging on technology such as a functional laptop, a mobile phone and internet facility. Those that operate virtual office rental businesses provide professional office addresses (physical office facilities and meeting rooms) where mails are received, meetings are held and visitors received when necessary.

If you are a close observer of the Serviced Office Leasing industry, you will agree that the industry struggled during the recession when corporate profit declined and businesses closed shop. But as the economy recovered, the industry experienced an upsurge in demand for its services. Going forward, the revenue generated by players in this industry will continue to grow as the number of telecommuters in the workforce increases.

The Serviced Office Leasing industry is indeed a growing industry and pretty much active in countries such as the united states, Japan, Singapore, Switzerland, United Kingdom and United Arab Emirates. Statistics has it that in the United States of America alone, there are about 781 licensed and registered companies in this industry, employing about 3,358 and the industry rakes in a whooping sum of $2bn annually. The industry is projected to continue to grow at a 12.7 percent rate within 2011 and 2016. Regus PLC has a dominant market share of the available market in this industry.

A recent publication released by IBISWorld shows that the Serviced Office Leasing industry is in the growth stage of its life cycle. The report projected that industry value added which measures the industry’s contribution to the economy will rise at an estimated average annual rate of 7.5 percent from 2011 to 2022.

The report further stated that GDP will grow at an annualized rate of 2.2% during the same period, indicating that the industry is growing faster than the economy as a whole. Businesses are increasingly turning to industry companies to rent or lease workspaces, including fully furnished offices, virtual offices and conference rooms. Renting or leasing an office space is a cost-effective alternative to buying a commercial property.

One of the major reasons why people subscribe to virtual offices is because they want to maintain a professional business office address in a high profile business district at the lowest possible cost. This can only be achieved via virtual office arrangement.

So, if your intention is to start a virtual office and also maximize profits, then you must ensure that your office facility is in a high profile business district. It will make it easier for you to market and attract clients. It is expensive to lease an office facility in such areas, but you stand the chance of recouping your investment and also making profits.

From all available statistics, it is safer to say the Serviced Office Leasing industry is growing steadily despite the competitive nature of the industry. One thing is certain, if the offices you offer for rent are well positioned, you have the required business skills and business networks; you are likely not going to struggle to compete in the Serviced Office Leasing industry.

Some of the major factors that encourage entrepreneurs to start their own virtual office rental could be that the business is easy to set up and the startup capital is indeed affordable; you can actually start your own virtual office rental business from the comfort of your house. All you need to do is to create an office somewhere in your house.

Over and above, the serviced office leasing industry is open to any aspiring entrepreneur who has the required skills to start his or her own virtual office rental business and of course make good money from the industry. As a matter of fact, it was projected that over the next five years, new technology will continue to emerge that will make it easier for more players to come into the industry hence increasing the competition in the industry.

2. Conduct Market Research and Feasibility Studies

• Demographics and Psychographics

The demographic and psychographic composition of those who hire the services of virtual office rental businesses cut across all charity organizations, small businesses and corporate organizations both big and small that would just want to maintain offices in certain locations, hence the demographic composition of a virtual office rental business is all encompassing.

When it comes to owning a virtual office rental business, there is indeed a wide range of available customers. Your target market can’t be restricted to just small businesses within your location, but to all the corporate organizations and businesses around the United States and the globe who can afford your rental.

So, if you are thinking of opening your own virtual office rental business, then you should make your target demographics all encompassing. It should include Bloggers and website owners, Banks, Insurance Companies and other related Financial Institutions, Blue Chips Companies, Corporate Organizations, Manufacturers and Distributors, Real Estate Owners, Developers, and Contractors, Research and Development Companies, The Government (Public Sector), Religious Organizations, Political Parties, Television Stations, Printing Press (Publishing Houses) and Authors, Branding and Advertising agencies, Entrepreneurs and Start – ups in the United States of America and all across the globe.

3. Decide Which Niche to Concentrate On

Most virtual office rental businesses tend to get involved in providing communication and physical address services without bearing the financial burden to maintain the office facility for corporate organizations and businesses, but that does not in any way mean that there is no niche area in the industry.

As a matter of fact, some corporate organizations will only deal with a virtual office rental company that specializes in providing outsourcing services for customer relation management hence the need for some temp staffing agencies to carve a niche for themselves.

Here are some niche areas that a virtual office rental company can choose from;

• Lease or rent fully furnished workspaces
• Lease or rent virtual offices
• Lease or rent conference and meeting rooms
• Provide telecommunication services to leases
• Provide other business services to leases
• Providing outsourcing services for finance and accounting functions
• Providing outsourcing services for human resource functions
• Providing outsourcing services for customer relations management
• Providing outsourcing services for sales fulfillment and order management
• Providing outsourcing services for document management
• Providing outsourcing services for supply chain management and engineering functions
• Freelance writing, editing, copywriting, researching, data entry and translation et al
• Freelance web design , graphic design services, video editing and photo editing et al

The Level of Competition in the Industry

The competition that exists in the virtual office rental line of business goes beyond competition amongst virtual office rental companies in your location; you are expected to compete with other businesses in the freelance services industry who have the capacity to offer the services you are offering. So, it will be right to say the competition in the serviced office leasing industry is tough.

No matter the level of competition in an industry, if you have carried out all the necessary tasks, and have branded and promoted your services or business appropriately, you will always make headway in the industry. Just be sure your virtual offices are in highbrow business districts, and your freelance workforce can carry out thorough jobs, you can deliver excellent customer care services and you know how to attract and also to reach out to your target market.

But over and above, there are several virtual office rental businesses scattered all around the United States. Hence, if you choose to start your own virtual office rental company in the United States of America, you will definitely meet stiff competitions amongst virtual office rentals and other related businesses in the serviced office leasing industry

4. Know Your Major Competitors in the Industry

In every industry, there are always brands that perform better or are better regarded by customers and the general public than others. Some of these brands are those that have been in the industry for a long time, while others are best known for how they conduct their businesses and the results they have achieved over the years.

These are some of the leading virtual office rental companies and related businesses in the serviced office leasing industry in the United States of America and in the globe;

• Metro Offices
• Office In America
• Intelligent Office
• Opus Virtual Offices
• Servcorp – Bank of America Center
• Allied Offices
• YourOffice USA
• Virtual Office Plano
• Galleria Virtual Office Solutions
• Davinci Virtual Office Solutions
• USA2Me | USA Virtual officetem age

Economic Analysis

If you are tinkering with successfully launching a business and maximizing profits, then you need to ensure that you get your economic and cost analysis right and try as much as possible to adopt best practices in the industry you choose to build a business in.

Virtual office rental business is no longer considered a Green business; as a matter of fact, you will come across several virtual office rental companies and other related businesses when you drive through town, search through directories and browse through the internet.

So, if you are mapping out your economic and cost analysis, you should carry out thorough market survey and costing of what is required to rent a space where you are expected to open your virtual office rental business, secure office spaces and mailing addresses in good business locations, and the amount required to purchase office gadgets and furniture and also the running cost of the business.

Over and above, if you are considering a virtual office rental company, then your concern should not be limited to the cost of renting a space where you are expected to open your virtual office rental business, but also on branding and on how to build a robust clientele base. The truth is that if you are able to build a robust clientele base, you are sure going to maximize profits in the business.

5. Decide Whether to Buy a Franchise or Start from Scratch

If you are looking at starting a virtual office rental business, you would have to start from the very scratch because you can hardly get the franchise of a virtual office rental business to buy. Even if you get the franchise of a virtual office rental business to buy, it might be way off your budget and the brand might not be marketable in your location.

Besides, starting a virtual office rental company from the scratch is less stressful when compared to other related businesses which usually require detailed groundwork before launching the business. With a virtual office rental business, you should just try as much as possible to secure your virtual offices in highbrow business districts and then leverage on every marketing tool within your disposal especially the internet to market your services.

Please note that most of the big and successful virtual office rental companies around started from the scratch and they were able to build a solid business brand. It takes dedication, hard work and determination to achieve business success.

6. Know the Possible Threats and Challenges You Will Face

If you decide to start your own virtual office rental business today, one of the major challenges you are likely going to be faced with is the presence of well – established virtual office rental and other related business that offer same services that your offer. The only way to avoid this challenge is to create your own market.

Some other challenges and threats that you are likely going to face is economic downturn; if the economy is in a bad shape, businesses such as virtual office rental business usually struggle to maintain their old customers or even welcome new customers. So also, unfavorable government policies can hamper the growth of your virtual office rental business. There is nothing you can do as regards these threats and challenges other than to stay positive that things will work well for you.

7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)

You have the option of either choosing a general partnership, limited liability Company, or even a sole proprietorship for a virtual office Rental business. Ordinarily, sole proprietorship should have been the ideal business structure for a small scale virtual office Rental Company especially if you are just starting out with a moderate startup capital in a small neighborhood and with just a handful of virtual offices and offering limited freelance support services.

But if your intention is to grow the business and have offices and corporate clients all across key cities in the United States of America and other countries of the world, then choosing sole proprietorship is not an option for you. Limited Liability Company, LLC or even general partnership will cut it for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholder’s meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your virtual office rental business; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

If you take your time to critically study the various legal entities to use for your virtual office rental business with the ability to have offices and corporate clients all across the United States of America and other parts of the world, you will agree that limited liability company is most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.

8. Choose a Catchy Business Name

When it comes to choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. Usually it is the norm for people to follow the trend in the industry they intend operating from when naming their business.

If you are considering starting your own virtual office rental business, here are some catchy names that you can choose from;

• Team and I® Virtual Office Rentals, LLC
• Festus Luciano® Virtual Office Rental and Support Company, LLC
• Silver Roof© Virtual Office Rentals and Support Company, Inc.
• Monica Donavan® Virtual Office Rentals, Inc.
• Grace Buckingham™ Virtual Office Rentals and Support Company, Inc.
• Rufus Brutus® Virtual Office Rentals and Supports Company, Inc.
• Daniel Humphrey© Virtual Office Rentals and Supports Company, Inc.
• Block Platform® Virtual Office Rentals and Supports Company, LLC
• 2 Square© Virtual Office Rentals and Supports Company, Inc.
• Corporate Headquarters© Virtual Office Rentals, Inc.

9. Discuss with an Agent to Know the Best Insurance Policies for You

In the United States and in most countries of the world, you can’t set up a business without having some of the basic insurance policy covers that are mandatory by the industry you want to operate from. So, it is imperative to create a budget for insurance and perhaps consult an insurance broker to guide you in choosing the best and most suitable insurance policies for your virtual office rental company.

Here are some of the basic insurance covers that you should consider purchasing if you want to start your own virtual office rental company in the United States of America;

• General insurance
• Health/Medical insurance
• Liability insurance
• Workers Compensation
• Overhead expense disability insurance
• Business owner’s policy group insurance
• Payment protection insurance

10. Protect your Intellectual Property With Trademark, Copyrights, Patents

If you are considering starting your own virtual office rental company business, usually you may not have any need to file for intellectual property protection/trademark. This is so because the nature of the business makes it possible for you to successfully run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.

But if you just want to protect your company’s logo and other documents or software that are unique to you or even jingles and media production concepts, then you can go ahead to file for intellectual property protection. If you want to register your trademark, you are expected to begin the process by filing an application with the USPTO.

11. Get the Necessary Professional Certification

When it comes to virtual office rental business, you do not essentially have to have any professional certification before you can be allowed to start it. All you need is the required training and experience that will expose you to the in and out of virtual office rentals.

On the other hand, if you come across any form of certification that can aid you to effectively conduct your virtual office rental business, then by all means try and pursue such certification.

12. Get the Necessary Legal Documents You Need to Operate

The essence of having the necessary documentation in place before launching a business in the United States of America cannot be overemphasized. It is a fact that you cannot successfully run any business in the United States without the proper documentations. If you do, it won’t be too long before the long arm hand of the law catches up with you.

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own virtual office rental company in the United States of America;

• Certificate of Incorporation
• Business License
• Tax Payer’s ID / Tax Identification Number
• Health inspection Certificate
• Business Plan
• Contract Document
• Non – disclosure Agreement
• Employee Handbook
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document (basically for online payment portal)
• Company Bylaws
• Memorandum of Understanding (MoU)
• Building License
• Franchise or Trademark License (optional)

13. Raise the Needed Startup Capital

Starting a virtual office rental company can be cost effective if you choose to start on a small scale by running the business with a handful of virtual office spaces and limited support services. Fortifying a standard office space in a business district and purchasing office gadgets and furniture et al are part of what will consume a large chunk of your start – up capital.

If you choose to start the business on a large scale, you would need to source for fund to finance the business because it is expensive to start a standard large scale virtual office Rental Company with virtual offices in key business districts.

When it comes to financing a business, one of the first things you should deliberate on is to write a good business plan . If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.

Here are some of the options you can explore when sourcing for start – up capital for your virtual office rental company;

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell of shares to interested investors
• Applying for Loan from your Bank
• Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
• Source for soft loans from your family members and your friends

14. Choose a Suitable Location for your Business

When it comes to choosing a location for services such as virtual office Rental Company, you can choose to locate the business in any location of your choice especially if you are offering basic support services. These are services that do not require your clients to come to you for services except for meetings.

But over and above, the location you chose to open your virtual office spaces meant for rentals is key to the success of the business; hence entrepreneurs are willing to rent or lease a facility in a visible location; a location where the demography consists of corporate organizations and businesses with the required purchasing power

Before choosing a location for your virtual office rental company, ensure that you first conduct a thorough feasibility studies and market survey. The possibility of you coming across similar business that just closed shop in the location you want to open yours can’t be ruled out. This is why it is very vital to gather as much facts and figures before choosing a location to set up your own virtual office rental company.

These are some of the key factors you should contemplate before choosing a location for your virtual office rental company;

• The demography of the location
• The demand for virtual office spaces and support services in the location
• The purchasing power of businesses in the location
• Accessibility of the location
• The number of virtual office rental companies in the location
• The local laws and regulations in the community
• Traffic, parking and security

15. Hire Employees for your Technical and Manpower Needs

On the average, there are no special technology or equipment needed to run a virtual office rental company except for relevant software apps, computers, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves) amongst others and all these can be gotten as fairly used.

As regards leasing or outright purchase of an office facility, the choice is dependent on your financial standing, but the truth is that to be on the safe side, it is advisable to start off with a short term rent / lease while test running the business in the location. If things work out as planned, then you go on a long term lease or outright purchase of the property but if not, then move on and source for other ideal location for such business.

When it comes to hiring employees for a standard virtual office rental company with plans to have corporate clients all across major cities in the United States of America, you should make plans to hire a competent Chief Executive Officer (you can occupy this role), Admin and Human Resources Manager, Virtual Office Support Staff, Sales and Marketing Officer, Accounting Clerk, and customer services executive. These are some of the key employees that you can work with. On the average, you will need a minimum of 5 to 10 key staff members excluding temp staff to run a small scale but standard virtual office rental company.

The Service Delivery Process of the Business

A virtual office rental company provides communication and physical address services without bearing the financial burden to maintain the office facility for corporate organizations and businesses and they also provide related freelance support services.

It is the practice for virtual office rental companies to provide business addresses in highbrow business districts and make them available for rentals. Aside from the fact that the offices are virtual, the normal process of paying for rent and other support services offered by the virtual office rental company applies.

It is important to state that a virtual office rental company may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated virtual office rental company process is not cast on stone.

16. Write a Marketing Plan Packed with ideas & Strategies

Generally, running a business requires that you should be proactive when it comes to marketing your goods or services. If you choose to launch a virtual office rental company, then you must go all out to employ strategies that will help you attract customers or else you will likely struggle with the business because there are well – known brands that determine the market direction for the virtual office rental business.

People and organizations will rent your virtual office and hire your support services if they know that they are going to get value for their money.

As a matter of fact, your marketing strategy will center on reachability, reliability, swiftness, safety, pricing, thoroughness, and above all excellent customer service. You should ensure that whenever your customers rent your virtual office or hire your support services, they will get excellent service. If you are able to put the above stated in place, you won’t struggle to retain your old customers and at the same time win over new customers.

Businesses these days are aware of the power of the internet, which is why they will do all they can to maximize the internet (LinkedIn, Facebook, Blogs, and videos/YouTube) to market their services. In other words, a larger percentage of your marketing effort will be directed to internet users.

These are some of the marketing ideas and strategies that you can adopt for your virtual office rental business;

• Introduce your virtual office rental company by sending introductory letters alongside your brochure to Bloggers and website owners, Banks, Insurance Companies and other related Financial Institutions, Blue Chips Companies, Corporate Organizations, Manufacturers and Distributors, Real Estate Owners, Developers, and Contractors, Research and Development Companies, The Government (Public Sector), Religious Organizations, Political Parties, Television Stations, Printing Press (Publishing Houses) and Authors, Branding and Advertising agencies, Entrepreneurs and Start – Ups in the United States of America and all across the globe
• Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get your message across, so that those on the social media or those who read blogs will know who to call when they need to rent a virtual office within your location
• Create a basic website for your business, so as to give your business an online presence
• Directly market your services
• Engage in road show in targeted business communities from time to time to promote your virtual office rental company
• Join local virtual office rental business associations for industry trends and tips
• Join local chambers of commerce and industry with the aim of marketing your virtual office spaces and support services
• Advertise your business in community based newspapers, local TV and radio stations
• List your business on yellow pages ads (local directories)
• Encourage the use of Word of mouth marketing (referrals)

17. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity

If your intention of starting a virtual office rental business is to grow the business beyond the city where you are going to be operating from to become a national and international brand by opening offices all across key cities in the United States and franchising, then you must be ready to spend money on promotion and advertisement of your brand.

No matter the industry you belong to, the truth is that the market is dynamic and it requires consistent brand awareness and brand boosting cum promotion to continue to appeal to your target market. Here are the platforms you can leverage on to boost your brand awareness and create a corporate identity for your virtual office rental company;

• Place adverts on both print (newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events
• Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote your virtual office rental company
• Install your billboards in strategic locations all around your city or state
• Engage in roadshows from time to time in targeted business districts to create awareness of your virtual office rental company
• Distribute your fliers and handbills in target areas
• Contact Bloggers and website owners, Banks, Insurance Companies and other related Financial Institutions, Blue Chips Companies, Corporate Organizations, Manufacturers and Distributors, Real Estate Owners, Developers, and Contractors, Research and Development Companies, The Government (Public Sector), Religious Organizations, Political Parties, Television Stations, Printing Press (Publishing Houses) and Authors, Branding and Advertising agencies, Entrepreneurs and Start – Ups in the United States of America and all across the globe informing them about your virtual office rental company and the services you offer
• List your virtual office rental company in local directories/yellow pages
• Advertise your virtual office rental company in your official website and employ strategies that will help you pull traffic to the site
• Position your Flexi Banners at strategic positions in the location where your virtual office rental company is located
• Ensure that all your staff members wear your branded shirts and all your vehicles are branded with your company logo et al.

Related Posts:

• How to Buy and Sell Domain Names Fast for Profit
• 20 Best Facebook Business ideas You Can Start Today
• How to Make Money Selling Information Products Online
• How to Start a Dating or Matchmaking Website – Sample Business Plan Template
• 10 Proven Ways to Make a Lot of Money on Facebook Fast

Sample Virtual Office Rental Service Business Plan

• September 24, 2022

VIRTUAL OFFICE SPACE BUSINESS PLAN SAMPLE

A virtual office rental business leases out office facilities and services such as office space, physical office address, communication services, etc. to entrepreneurs who work from home.

If you intend to start a virtual office rental business, one of the first things you will need to do is to write a business plan. I know writing a business plan can be daunting, this is why I come up with this post.

This post is a virtual office rental business plan sample that you can use as a guide to easily create your own.

BUSINESS NAME: Gerald Virtual Office Rental Inc. 

Here is a sample business plan for starting a virtual office space rental business.

Executive Summary

Vision Statement

Mission Statement

Business Structure

Products and Services

Target Market

Sales and Marketing Strategy

Cost of Starting

Sources of Capital

Gerald Virtual Office Rental business is registered incorporation that will be established in Maryland in the United States. The advent of online businesses has made it possible for entrepreneurs to operate a virtual business that affords them to work from anywhere in the world. The implication of this is that business owners no longer need a physical office space to operate their businesses.

While this is a good development, the hitch is that a lot of people only regard a business as professional and take it seriously if it has a physical office address in a high profile business district, a dedicated business phone number, corporate mailing address, and the likes. However, many online and virtual businesses do not have these. This is where the virtue office rental business comes to the rescue.

By subscribing to a virtual office service, a business owner has access to a physical office address, an official phone number, a corporate mailing address, communication services, etc. without necessarily having a physical business location.

With these awesome solutions that the virtual office offer, there has been a high demand for virtual offices by business owners. As a savvy entrepreneur who is always looking for opportunities, we have decided to tap into this opportunity by starting Gerald Virtual Office Rental business.

Gerald Virtual Office Rental business aims to help startups and business owners start and operate their business excellently and professionally with low overhead costs by providing them with world-class virtual offices.

Apart from making our virtual office world-class, we also plan to hire a highly competent and committed team of employees who will give our clients the quality services they require.

We will also make sure our customer service is excellent that will make our clients so satisfied that they always come back for more and even refer us to others.

Gerald Virtual Office Rental business will be a family business operated by two couples, Mr. Kim Gerald and Mrs. Kelly Gerald. Mr. Kim is a real estate consultant with 20 years of experience. Mrs. Kelly is an IT specialist who offers technology solutions to small business owners.

The couple aims to combine their experience and expertise to build a reputable virtual office business that will be highly sought after in Maryland and all through the United States

To become a global business that has virtual offices all through Maryland, the United States, and the continent of North America within the next 20 years.

To establish world-class virtual offices that are appealing to our ideal clients and also provide excellent customer services and work ethics.

We know that having a good business structure is essential to the success of our business. This is why we will make sure to hire employees who are not just competent to deliver but are also passionate and committed to the business. Our business structure will consist of:

• Chief Executive Officer
• Human Resource Manager
• Marketing and Sales Executives
• Receptionists
• Virtual Support Staff
• Client Service Executive
• Security Guards

To give our clients the utmost satisfaction, we intend to create varieties of services that will meet the needs of our clients. Some of our services will include:

• Coworking space
• Business meeting space
• Corporate mailing address
• Business fax number
• Professional live receptionists
• Dedicated phone number
• Phone answering services
• Virtual assistants

We know that we cannot successfully sell to everyone in the market. This is why we are focusing on selling to a specific set of people who we see as our ideal clients. They comprise of:

• Startups who cannot afford to rent an office space
• Home-based business owners
• Companies that are expanding to new locations
• Network marketing professionals
• Online entrepreneurs who run their business virtually
• Nomadic entrepreneurs who operate their business from anywhere in the world

The backbone of any successful business is marketing. In ensuring the success of our virtual office rental business, we are going to hire sales and marketing executives who know their onions to help us map out effective sales and marketing strategies that will yield evident results.

The total cost that will be required to start up our virtual office rental business is $450,000. This will cover the cost of registering the business, renting office space, purchasing the facilities and equipment, hiring business analysts and marketing strategists, recruiting staff, and payment of our staff salaries for the first three months.

Mr. and Mrs. Gerald have been able to raise $250,000 from their personal assets. They plan to get a $100,000 loan from their friends and family member. And get the remaining $100,000 through a bank loan that they are already working on.

As you can see, the post is a simple virtual office business plan sample. It provides the basic but necessary details required in a business plan. You can use it as a template to create your own business plan.

However, if you want a more detailed business plan for your virtual office rental business you can hire a professional business plan writer to help you write one.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sample Blood Bank Business Plan

9 sport business ideas - small opportunities to start, you may also like, sample massage therapy shop business plan, sample interior design business plan, sample eyelash extension business plan.

Ready To Create Your Virtual Assistant Business Plan? Start With These 10 Untypical Questions

The Virtual Assistant business plan I’m talking about is not the same as a typical business plan written for banks or investors. What you need is a guide that walks you through the steps to set up your Virtual Assistant business in an organized and straightforward way.

This post is part of The Ultimate VA Success Guide: How To Start A VA Business In 2022 . Below you’ll find an overview of all blog posts it includes:

• Setting Up A VA Business Without Getting Stuck In Analysis Paralysis
• Ready To Create Your VA Business Plan? Start With These 9 Untypical Questions
• The 4 VA Key Business Systems That Will Make Or Break Your VA Business
• The 5 VA Business Operations Systems That Will Make Your Biz Run Smoothly!
• Set Up These 16 Must-Have Tools For VAs Before You Launch Your Biz!

Before we start be sure to download my free Virtual Assistant business plan template that walks you through the process we’re talking about here.

Click here + download the Free VA Business Plan Template

Be sure to keep your Virtual Assistant business plan handy, as we’ll use it again in the other blog posts in this series.

#1 – Have You Done Your Research?

I know I mentioned in the previous blog post that the first thing you need to do is have a Virtual Assistant business plan. A plan for how and when you’re going to do the work needed to make it happen.

But to be honest… the first thing you should do is make the decision to either find out more about becoming a virtual assistant or go for it and start your own VA business. First, I’d like to ask you a few questions.

• What do you know about being a Virtual Assistant?
• Have you done the research?

I think it’s important to have a clear understanding of what you’re getting into—not to scare you, but so you know what to expect. Understand what being a Virtual Assistant is all about.

#2 – What Is Your Why?

In other words, why do you want to be a Virtual Assistant? To start your own business? Your why is what keeps you focused and motivated during hard times. And, my friend there will be hard times. Knowing why you’re doing what you’re doing helps you weather those hard times.

Take a moment and write down your WHY. Feel free to share in the comment section below. I would love to know. Mine is freedom – in every sense of the word. And… be sure to post your WHY where you can see it every day to remind you why you are on this journey.

#3 – How Much Can You Invest?

How much money do you have to invest in your new business? Because let’s be honest, it’s hard to set up a business for free. There is an investment of either time or money or both. It’s all about working with what you’ve got.

This business is your future right? It’s your dream. If you’re currently working, my best advice is to set aside money to invest in equipment or training. How much money can you put away each paycheck towards your dream?

Even if you’re not working, there are other things you can give up, like eating out or your morning Starbucks. Take that money and invest it in yourself—because you are your business. Please take a moment to figure out what works for you. Something is better than nothing. We’ll talk more about what to invest in in the next blog post.

#4 – What’s Your Schedule?

How much time can you invest in getting your business off the ground? What does your current schedule look like? I know it can be challenging to find the extra time when you’re working and trying to build your business on the side.

I’ve been there, done that, and I have the tee-shirt to prove it. I had a full-time corporate career and an infant at home when I started my Virtual Assistant business over 10 years ago. I remember how difficult it was to figure out how to juggle it all and stay sane!

Can you get up two hours early in the morning to work on your business? What about setting aside two hours later in the evening? I gave up watching TV at night. Instead, I used that time to work on my business. How about working during lunch?

The most important thing is to find the time. The question is, where can you find even one hour a day to work on your business? Every little bit makes a big difference.

#5 – How Much Do You Need To Earn?

This is a BIG one—and… another step that many people neglect to do. I know I did (neglect this step). I was so focused on getting out of my job that I estimated what I thought I needed to earn in my new business instead of actually doing the math. Boy, was I wrong—I WAY underpriced myself.

You need to know how much you need to earn. This number is your baseline number – the amount you must earn in order to keep the lights on. But also make sure to make a note of how much you want to earn. Both of these numbers are important. If this is something you want to know more about, please read The Ultimate VA Success Guide: How To Calculate Your Virtual Assistant Rates + Create Packages .

#6 – What Services Do You Want To Offer?

Do you know what services you want to offer in your Virtual Assistant business? What skills do you have today that you can offer? It’s time to start thinking about what services you’d like to offer.

Like all other industries, the VA industry has specific skill sets that are in high demand. Anything related to digital marketing is hot. What do I mean by digital marketing”? Well… any of the dozens of techie tools clients use to run their business. Such as:

• Email Marketing
• Video Marketing
• Content Marketing
• Digital Ads (Facebook, YouTube)
• Social Media Marketing.

It really pays to specialize when it comes to being a Virtual Assistant. Specializing makes it easier to sell your expertise instead of your time. You can package up your expertise into service packages. It makes marketing and sales so much easier!

I recommend that all Virtual Assistants learn WordPress and Convert Kit. They are two in-demand skills that clients are always asking for. However, the most important thing is to only offer what you love to do. Take a look at your skills right now—I bet you have something you can offer.

• Customer service
• Project management
• Event planning
• Inbox or calendar management

All of these skills are needed and can get you started as a Virtual Assistant. Take a few minutes to list out the skills you have and anything that you’d like to learn more about. Read my post, The Ultimate VA Success Guide: The Virtual Assistant Skills You Need That Nobody Talks About to get an even better understanding of which skills will help you be successful.

Oh… and one more thing. Think about whether or not you want to be tied to your computer for certain hours every day. I know I didn’t that is why I chose to offer systems and techie skills so I could have the freedom to do the task on my own schedule and not be stuck in my office all day long like a JOB. Realize that admin-type services require you to be “available” during business hours — where back-end services (systems and tech) don’t.

#7 – Who’s Your Target or Niche Market?

This is where you’re going to target your marketing efforts. Not everyone is your customer – you have to focus your attention on a specific market. Now I know many people think that targeting their marketing means they’ll have less business. Or… that they’ll have to turn away business away that is not in their market. Neither of these is true. In fact, what you focus on expands. You end up with more clients when you focus than when you don’t.

It’s easier to get clients too because you know who to get in front of to share your expertise. Take a moment and answer these questions:

• What industries are you passionate about?
• What do you love to do?
• Who do you want to help?

These questions will help you to figure out who you want to work with. Remember, it’s your business, your choice. You get to choose everything including who you work with. If you need help with niching down watch my masterclass on creating a steady stream of your dream clients.

Click here + watch the Free Getting Clients Masterclass

#8 – How Does Your Perfect Day Look Like?

This one might seem a bit strange, but I’d love you to just go with it. I want you to design your perfect day, your perfect business.

• What does it look like to you?
• How many hours do you work? (4 hours a day, 3 days a week, etc.)
• Where do you work? (RV, park, cabin, home, etc.)
• What is your perfect business? (living where you want, working when you want, etc.)

Do this exercise like money is NO object. Really take some time to imagine what your perfect day would be. And what would your perfect business allow you to do?

My perfect day is a mix of creative and client work plus time for my family and all my hobbies. My perfect business allows me to give back to others and to make a difference. Oh, and I don’t work on Fridays! What’s yours?

#9 – What Do You Need?

What do you need to set up your virtual assistant business? Well, since a business is a system, you need to set up your systems first. Your systems are the foundation of your business. Too many people skip this step.

Shaky systems = shaky business.

Do you really want a shaky business? You should always implement your business systems BEFORE working with clients. Don’t fall for the scam; get a client, then figure it out! That’s not a great way to start a relationship.

#10 – Do You Have an Exit Plan?

Having a clear exit strategy is an absolute game-changer for those in the hustle of managing a full or part-time job while building your business. It’s not just about starting a business; it’s about strategically planning your journey. And let’s not forget the sanity check – crafting a smart plan on how you’ll build your business without burning out is non-negotiable. It’s all about finding that balance for sustainable progress.

Whew… you made it to the end!  Now, it’s time for action. Feel free to post below and let me know what action you’re taking today to complete your VA business plan. I’d love to hear from you. All comments and questions are welcome.

Thanks for reading – Susan

PS: Ready to embark on the journey of building a freedom-based business? Join me in Techie Biz in a Box , your comprehensive guide to leveraging systems, automation, and tech. Discover how to streamline your processes and reclaim precious time for the things you love. 

My Most Popular VA Resources

• All my Freebies at your fingertips
• Listen to my Podcast
• Get on my weekly Newsletter list
• Join my free Facebook group
• Join my free LinkedIn community

Other Posts You May Be Interested In…

3 Best Pieces of Advice I Received When I Was First Starting

by Susan Mershon | Business Set-Up

Today, I want to share three of the most valuable pieces of advice I received from my clients when I started my VA business. Let's dive...

Techie Tools For Digital Nomads

Welcome to this tailor-made post for all you digital nomads out there. Whether you're constantly on the move, living the RV life, or juggling...

The Ultimate VA Success Guide: How To Choose The Right Virtual Assistant Training Course For You!

by Susan Mershon | Learn Skills , Business Set-Up , Virtual Assistant Must-Reads

Congratulations to you if you’re looking into a Virtual Assistant Training Course to invest in yourself and your professional future. It’s a step in...

Going through the action plan has given me a better insight on how to get my business up and running. The most engaging information for Virtual Assistant. Most websites would have you thinking you can do this overnight, but you’re still left feeling like something is missing. Looking forward to more posts. Thanks!

Thank you Joan!

Hi – your tip for working out your typical day was really insightful for me! What a realisation. I chose being a VA as a career to fit around my family life, and now i have seen how a typical day could appear on paper. This task has opened my eyes as to realistic hours I am “free” to spend working; and therefore how many clients I can ultimately take on. Thank you

You’re welcome Marika, so glad it was helpful. Keep me posted on your progress.

These first two posts have been so incredibly helpful! I have been in the midst of that “analysis paralysis” you spoke of in the last post and this is really motivating me to get going already! Can’t wait for the next post. Thanks!

Hi Antonette, thank you. I’m working on getting the next one posted later today. Keep me posted on your journey 😉

Submit a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Submit Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed .

Pin It on Pinterest

Please don't forget to share....

If you know someone who might benefit from this information.

• Print Friendly