Administrative Service Business Plan
Everywhere Assistant is a new virtual assistant business. The company, founded by Sadie Clark, operates as a sole proprietorship. Everywhere Assistant serves a diverse customer segment.
The Market
Everywhere Assistant targets three market segments. The first segment includes companies of various sizes. With widespread corporate downsizing, companies are busier than ever. This creates opportunities for Everywhere Assistant as these companies often outsource projects and jobs they can’t handle. The majority of sales are expected to come from companies.
The second customer segment includes individuals. As people’s daily lives become busier, they have less free time. Hiring a virtual assistant (VA) allows individuals to delegate tasks they prefer not to do, creating more free time. The services provided to individuals are typically more menial compared to those provided to companies.
The last customer segment consists of non-profit organizations. Due to limited capital, these organizations strive to maximize employee tasks and responsibilities. When random tasks come up, they often lack an employee who can handle them. VA’s like Everywhere Assistant can seamlessly take over these tasks, saving the organization money by only paying for the labor needed.
Services
Everywhere Assistant offers a wide range of administrative services, including data entry and mailing list updates. These services are billed at a range of $25-$45. Higher-level skills such as accounting, marketing, and graphic design are billed at the top of the range. Services in the middle range include concierge services and travel arrangements. The offered services are tasks that customers either don’t have time for or prefer someone else to handle.
Competitive Edge
While most VA services are secretarial in nature, Everywhere Assistant differentiates itself by offering a wide range of skills. In addition to menial tasks, Everywhere Assistant has proficiency in areas like QuickBooks Pro for accounting, graphic design using Photoshop and PageMaker, and marketing and research skills. This competitive edge allows Everywhere Assistant to provide more value to clients and increases the likelihood of client retention. Clients won’t need to find someone else for projects outside the VA’s skill set.
Everywhere Assistant is an exciting application of the virtual assistant business model, providing customer services remotely leveraging the power of the Internet. This efficient business model provides Sadie with a reasonable income and the flexibility to handle jobs on her own terms. The sales forecast indicates revenue and net profit will increase in year two and year three.
Everywhere Assistant specializes in offering a wide range of services to handle any task. We maintain a flexible schedule to accommodate last-minute projects. Our mission is to provide the highest level of administrative assistant services remotely, exceeding customer expectations. Our objectives include generating over $35,000 in the first year and developing enough income for a full-time position. Additionally, we aim to decrease marketing expenses by relying on word-of-mouth referrals. Everywhere Assistant operates as a sole proprietorship owned by Sadie Clark. To begin operations, we will need to purchase essential equipment and services, such as computers, printers, internet connection, scanner, fax machine, copier, various software, and attorney services for creating a standard contract template.
Everywhere Assistant offers a wide range of remote administrative assistant functions to various clients, including businesses, individuals, and not-for-profit organizations. The services provided include data entry, word processing, accounting/bookkeeping, marketing, billing, desktop publishing, travel arrangements, mailing services, research, maintaining electronic mailing lists and vendor files, and concierge services.
Everywhere Assistant is capable of providing any service required by a client, whether it be tasks that the client lacks time or staff for, or tasks that the client simply does not want to do. The remote nature of the services offered by Everywhere Assistant eliminates the need for the client to bear payroll taxes, insurance costs, fringe benefit expenses, or provide office space or equipment. These costs are included in Everywhere Assistant’s hourly rate, which ranges from $25 to $45 depending on the activity. More basic tasks like data entry are billed at $25 per hour, while more skilled tasks like graphic design and accounting are billed at $45 per hour.
The business will operate out of a room in Sadie’s home, with rent being paid for the use of the room.
Market research has identified three customer segments that are the most attractive for the virtual assistant industry: companies, individuals, and not-for-profit organizations. Companies benefit from virtual assistants when they are downsizing and realize they still require certain services, as well as for projects that arise with little notice. Virtual assistants are popular among individuals who need help with tasks they lack time for or simply do not enjoy, including personal tasks like trip planning. Not-for-profit organizations are also ideal customers as they often do not have the funding to keep an assistant on staff full-time. In total, there are approximately 36,554 potential customers in the companies segment, and individuals in this market tend to be between the ages of 30 and 55, with median incomes of $51,000 and a majority holding college degrees.
Potential Customers – Growth – Year 1 – Year 2 – Year 3 – Year 4 – Year 5 – CAGR
Companies – 6% – 36,554 – 38,747 – 41,072 – 43,536 – 46,148 – 6.00%
Individuals – 5% – 123,554 – 129,732 – 136,219 – 143,030 – 150,182 – 5.00%
Not for profit organizations – 4% – 12,151 – 12,637 – 13,142 – 13,668 – 14,215 – 4.00%
Total – 5.15% – 172,259 – 181,116 – 190,433 – 200,234 – 210,545 – 5.15%
4.2 Target Market Segment Strategy
The targeted customers (companies, individuals, and not-for-profit organizations) were chosen for their potential need for a virtual assistant. Companies are focused on efficiency and often lack the time for random projects, individuals seek assistance for tasks they don’t have time for or don’t want to do, and not-for-profit organizations have limited funds and consider creative options. Everywhere Assistant fulfills these needs without typical overhead costs.
4.3 Service Business Analysis
Virtual Assistants have emerged from the convenience of the Internet, which enables remote communication, file transfer, research, and networking. Downsizing in the business world has also contributed to the growth of virtual assistants, as companies outsource small projects. Associations and certification programs have added credibility to the industry. As technology advances, more tasks can be done remotely, including video conferencing.
4.3.1 Competition and Buying Patterns
Competition among Virtual Assistants (VAs) is not bound by physical location. VAs compete based on availability, costs, work quality, and skill set. Clients consider costs for simple projects, availability for urgent tasks, and skills for complex projects. Once a client finds a reliable VA, they tend to maintain a working relationship.
Strategy and Implementation Summary
Everywhere Assistant’s competitive edge lies in its wide range of services. This allows them to fulfill all client needs and encourage repeat business. Their marketing strategy focuses on raising awareness through membership in the International Virtual Assistant Association and showcasing services on a professional website. They also place advertisements in newspapers with high readership in regions affected by downsizing.
5.1 Competitive Edge
Everywhere Assistant’s advantage is offering a broader range of skills compared to other VAs. Clients prefer working with VAs who can fulfill all their needs. By providing diverse services, Everywhere Assistant becomes the one-stop VA for clients.
5.2 Marketing Strategy
Everywhere Assistant aims to raise awareness through membership in the International Virtual Assistant Association, which builds trust and provides exposure through the association’s VA directory. They also develop a professional website and place strategic newspaper advertisements in regions with high readership and corporate downsizing.
5.3 Sales Strategy
Everywhere Assistant focuses on complete customer satisfaction to promote repeat business. Building trust with clients reduces the likelihood of switching to another VA. By delivering superior service, Everywhere Assistant can decrease marketing costs and be more selective with projects. Ensuring customer happiness even at a short-term cost creates goodwill and fosters long-term sustainability.
5.3.1 Sales Forecast
A sales forecast has been created to measure monthly sales for the first year and yearly sales for the following years. This forecast helps predict the break-even point by comparing revenue to expenses. The breakdown of sales by customer segment allows for effective tracking of business sources. Charts and graphs provide quantifiable data to visualize sales trends.
| Sales Forecast | |||
| Year 1 | Year 2 | Year 3 | |
| Sales | |||
| Companies | $9,414 | $18,450 | $23,450 |
| Not for profit organizations | $5,743 | $11,255 | $14,305 |
| Individuals | $5,084 | $9,963 | $12,663 |
| Total Sales | $20,240 | $39,668 | $50,418 |
| Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
| Companies | $471 | $923 | $1,173 |
| Not for profit organizations | $287 | $563 | $715 |
| Individuals | $254 | $498 | $633 |
| Subtotal Direct Cost of Sales | $1,012 | $1,983 | $2,521 |
5.4 Milestones
Everywhere Assistant has chosen several quantifiable milestones for the company. Milestones are being used to set and track progress toward goals. The following goals have been chosen:
- Business plan completion
- First customer
- Profitability
- Full-time employment
- Decreased marketing costs
Please review the table below for more detail on milestones.
Milestones
Business plan completion: 1/1/2004 – 2/15/2004, $0 budget, Sadie, Business Development
First customer: 2/15/2004 – 3/1/2004, $0 budget, Sadie, Operations
Profitability: 3/1/2004 – 12/31/2004, $0 budget, Sadie, Accounting
Full time employment: 12/31/2004 – 3/30/2005, $0 budget, Sadie, Sales
Decreased marketing costs: 3/30/2005 – 1/30/2006, $0 budget, Sadie, Marketing
Totals: $0 budget
Web Plan Summary
A website will be developed as a marketing tool for Everywhere Assistant. The website will provide information about Everywhere Assistant and its services. It will also create a professional image for customers in remote locations. The website’s professionalism is crucial for making a positive first impression.
6.1 Website Marketing Strategy
The website will be marketed through the following methods:
– Search engine submission: Everywhere Assistant will submit its site and relevant keywords to search engines to ensure high visibility in search results.
– URL on all printed material: Everywhere Assistant’s website will be listed on printed material to encourage people to visit the site.
– Association membership: Everywhere Assistant will be included in the directory of service provider websites of VA associations, increasing its visibility.
6.2 Development Requirements
The website will be professionally developed for $5,000.
Management Summary
Sadie Clark received her business administration degree from the University of Washington. She worked at Microsoft, where she gained experience in various areas including administrative assistance, graphic design, accounting, and marketing. After taking time off to raise her child, Sadie realized that finding a traditional job was difficult and began considering starting her own VA company. She wrote a business plan to make an informed decision and realized that starting a business was well within her ability. She completed the plan and started operations.
7.1 Personnel Plan
Sadie will be the sole employee, as her need for reasonable income, flexibility, enjoyable work, and full-time employment is satisfied. She will receive a base salary and may use some of the net profit once it starts accumulating.
Year 1: Sadie – $24,000
Year 2: Sadie – $24,000
Year 3: Sadie – $24,000
Total Payroll: $24,000 per year
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