How Virtual Assistants Can Earn More Money by Spending Less

The lesson was…your bottom line is more than just your revenue. It is all well and good to bring in six figures, but a little less impressive if you spend more than half of that money on “expenses”. Training and tools are good, but so is investing in your business or actually bringing in more money. But the effect of the “waste” goes beyond just not having the money, the opportunity costs multiply the loss. Over years, that $10 a month subscription could end up being very expensive.

Here are some places where most online workers could plug up some holes in their business budgets.

Subscriptions and Monthly Continuity Programs There are many tempting offers out there for masterminds, monthly support groups, newsletters, web-based tools etc. Some bill monthly, but some of the trickier ones bill yearly or every six months. I try to pay for most of my subscriptions through paypal so that I can easily discontinue the subscriptions I no longer need. I also do a quarterly audit of all my subscriptions to ensure that I am still using the ones I am paying for.
Payment Gateway Fees Online fee processing fees can really add up. Once you have an established online business, it pays to shop around for the best deal on payment processing. This often ends up being a standard merchant account rather than paypal. As part of a quarterly review, you should look at the fees you are paying and make sure they are as low as they can be.
Web Tools Many web tools (such as shopping carts, article submission services, audio services, etc.) charge a subscription fee for you to use them. Many are worth their fee many times over. But, you should review all tools every couple of months to make sure that you are not paying for tools you are not using.
Not Giving Yourself A Raise Even in tough times, small business owners (especially virtual assistants) need to raise their prices to keep up with increased cost of living. The key is to give advance notice to clients and to raise rates in small amounts on a regular basis.
Affiliate Income Virtual Assistants and other home business owners are constantly recommending tools for their clients. Many of these tools come with affiliate programs where you can earn some extra money for referral. The client doesn’t pay any more for the tool and you can earn a (sometimes hefty) percentage just for passing on a heartfelt recommendation.
Time Tracking It is also very easy to lose money by not billing your clients for your actual hours worked. One of the easiest holes to plug is to start tracking all those “quick favors” and “quick replys” that sometimes turn into real projects.

Good Alternative to Conventional Office Setup With Cost Benefits

The term ‘Virtual office’ is used to describe the shared office services. These shared services generally involve phone, fax and answering services, mail and courier, reception, and conference facilities. Some of the providers of virtual offices also offer other outsourced or in-house services. These include services in accountancy, legal matters and corporate secretary ship. The accounting and law firms usually offer registered address services. It can be defined as an environment where a group of co-workers run a business using the technologies for online communication.

Growing New Trend and Concept

The companies with virtual offices generally emphasize are usually located in the world business hubs like New York, Hong Kong and London. The concept has been highly popularized and gives the impression of a highly prestigious business address. The number of providers of virtual offices is shooting up gradually. The growth has been well felt amongst the science and industrial parks all over the globe.

Benefits

Virtual offices serve a variety of purposes. They are good alternative when it comes to rent a conventional office. Plus, it offers all the benefits of a answering receptionist at the minimal cost. Be it for testing a service or a product, launching a company or a downsizing the strength of a company, the virtual office performs them all. They can also perform the task of a copier, fax machine or a printer.

However virtual offices have overall become a good alternative for companies who do not want to invest in office setup and infrastructure.