The purpose of this section within a business plan is to give a short overview of the financial elements of your business.
As a virtual assistant business owner, you need some basic knowledge of financial principles and accounting practices, even if you want to outsource all these aspects of your business to a capable bookkeeper/accountant.
The amount of detail that you can include will depend whether you would like to use your plan to obtain additional financing or not. The details of your analyses can be included in your Financial plan that can be added as an addendum to the back of your business plan.
Within your business plan, this section will be much simpler if you are more or less self sufficient and can start your business without monetary support from investors, bankers and/or money lenders.
The following is a list of the critical elements to include:
- All start-up expenses and capital needed
- A projection of your expected monthly income
- A projection of your expected monthly operating expenses (include tax liabilities, marketing costs etc.)
Tip: It is always good to add a 10-15% contingency item in your projection for unexpected expenses.
Ensure that you stay on top of the monetary side of your business to guarantee that it remains profitable.
Elements of a Virtual Assistant Business Plan
It is beneficial to include all these elements in your business plan.