Is Virtual Assistant a Good Side Hustle?

Is Virtual Assistant a Good Side Hustle? How to Decide if It’s Right for You Athika Rahma SEO Specialist Virtual Assistant at SGBVA October 15, 2024 Remote Working Tips It’s no secret that earning a decent income is essential to living a better life and enjoying the things we love. Often, one income stream isn’t enough, which is why many people turn to side hustles. One of the most popular side hustles today is becoming a Virtual Assistant (VA). You’ve probably heard this term on various platforms. As a VA, you have the opportunity to work remotely from anywhere. But the question is: is virtual assistant a good side hustle? Table of Contents The Opportunity of Becoming a VA To determine whether becoming a VA is a good side hustle, it’s important to first understand what a virtual assistant does. A virtual assistant is a remote worker who provides administrative, technical, or creative assistance to clients, either part-time or full-time. VAs offer their expertise to help businesses meet their needs. So, is it like being a personal assistant, but online? Not exactly. There are many types of VA roles, including: Social Media Management (SMM) VA: Helps public figures or businesses promote their products or services on social media, building engagement with ideal clients or customers. Administrative Task VA: Assists busy individuals (such as business owners or people juggling multiple projects) by managing their administrative tasks. Project Management VA: Helps businesses manage their client projects efficiently. Email Marketing VA: Supports business growth through email marketing campaigns. Lead Generation VA: Helps businesses generate consumer interest in products or services with the goal of converting interest into sales. And that’s just the beginning! There are many more opportunities in this growing field. The Growing Demand for VAs With so many types of VA work, is there really a high demand for virtual assistants? According to a report by INSIDEA, the global virtual assistant market is projected to reach $25.63 billion by 2025, with an impressive annual growth rate of 30%. This growth is being driven by several key factors: More Remote Businesses Than Ever Before These days, more and more companies are going remote or adopting hybrid work setups, and that’s where virtual assistants (VAs) come in handy. Businesses still need help but often don’t want the hassle of hiring a full-time person to work in an office. That’s why VAs are becoming a go-to solution—companies can get the support they need without the commitment of a full-time hire. The Gig Economy Is Booming With so many people looking for flexible work, the gig economy is bigger than ever, and VAs are right at the center of it. Virtual assistants offer their services on a freelance or contract basis, which is a win-win for both sides. Companies can hire a VA just when they need one—for specific projects or tasks—without any long-term obligation. This is especially appealing for startups and small businesses that have fluctuating workloads. A More Affordable Option One of the biggest perks of hiring a VA is that it’s often cheaper than bringing on a full-time employee. For businesses in countries with high labor costs, hiring a VA from places like the Philippines, India, or Indonesia can be a real money-saver. It’s a cost-effective way to get the help they need without breaking the bank. Demand for Specialized Skills Is on the Rise The role of a VA has grown way beyond just managing emails or scheduling. Now, businesses are looking for VAs with specialized skills like digital marketing, social media management, content creation, and project management. As more companies rely on digital tools to grow, they need talented VAs who can help manage these important areas. A Lifeline for Entrepreneurs and Small Businesses If you’re a small business owner or entrepreneur, you know what it’s like to juggle a million things at once. From marketing to customer service to handling finances, it’s easy to get overwhelmed. Hiring a VA can be a game-changer—it frees up your time so you can focus on growing your business and working on the big-picture stuff, while the VA handles the daily tasks. No wonder so many entrepreneurs are turning to VAs for help. Saving Time Where It Counts  Business owners, especially those in startups, often find themselves buried in routine tasks like managing emails, scheduling meetings, and handling customer service. It can eat up hours of your day. This is where VAs step in, taking on those time-consuming jobs so owners can focus on more important things, like innovation and strategic decisions. The more business owners see how much time they save with a VA, the more popular this service becomes. The World Is Your Talent Pool Thanks to globalization, businesses aren’t limited to hiring people in their local area anymore. They can now tap into a global pool of talent, meaning they can find the perfect VA from anywhere in the world. For virtual assistants, especially those in developing countries, this opens up huge opportunities to work with clients across the globe. It’s a big reason why VA services are booming internationally. Why Now is the Right Time to Start VA Business Given the growing demand for virtual assistants, now is the perfect time to start your VA business. You can build your brand and develop your skills, so you’re ready to take full advantage of the booming VA market as it continues to expand. Before 2025, you have the chance to establish yourself in this rapidly growing industry. As businesses increasingly rely on virtual support, those who are well-prepared with the right skills and experience will have a competitive edge. Whether you’re skilled in administrative support, social media, project management, or other specialized areas, there’s a high demand for your services. The growing market, combined with the flexibility and freedom that comes with being a VA, makes it one of the most attractive and viable side hustles today! How Much Can You Earn as a VA? Virtual assistants play a

How Much You Can Earn as a Virtual Assistant

How Much Can You Earn as a Virtual Assistant? Oni Lestari Virtual assistant, copywriter, SEO-expert Remote Working Tips After the Covid-19 pandemic, more opportunities have emerged to work remotely, without the need to go into an office. One great example is becoming a virtual assistant. You can work from home, or anywhere you like, and set your own schedule. However, many people are still ask: how much money can I make as a virtual assistant? Can you really charge $10 per hour for your services? What if that’s too expensive for some clients? On the other hand, what happens if you set your rate too low? To answer these questions, let’s dive into the explanation in the article below. Table of Contents: Who is the Virtual Assistant The definition of virtual assistants is partners who help businesses with administration, management, or creative tasks from the online space. This role is not new, it started in 1996 when Anastasia Stacy Brice pioneered this job as a full-time secretary working from home for her international clients. Recently, the COVID-19 pandemic significantly impacted the virtual assistant industry, as it contributed to remote work and de-urbanization trends. This made virtual assistants more popular and increased demand. As businesses adapt to the demands of the digital age, they are cultivating new needs, especially in technology and those skilled in it. Today, virtual assistants play a key role in increasing brand visibility through digital marketing, providing technical support, handling managerial tasks such as project management, and much more. The various duties and responsibilities of a virtual assistant are also tailored to the client’s needs. So, the services of a virtual assistant for one client may be different from another client. Fees for virtual assistant services vary based on many factors, such as: Experience and reputation Specialized skills Project type and complexity Software and equipment Market demand Geographical location Fees for services like digital marketing and other services that require additional skills and knowledge are usually higher than administrative support or personal assistance services. Basic administrative tasks may range from $5 to $10 per hour, while specialized services like digital marketing or project management can command higher rates, often ranging from $10 to $25 per hour in the Southeast Asia region. Calculating Potential Earnings for a Beginner VA With businesses relying more on virtual help for remote work, being a virtual assistant is a smart choice. Here’s the exciting part; recent stats say the virtual assistant industry grew by 41% in 2020, and it’s still going up in line with the emergence of many online businesses (source: truelist.co). If you’re considering starting out as a beginner virtual assistant, you might wonder about how much you can earn. Just like any other job, the fees for virtual assistants also vary based on many factors, such as experience and skillset. Virtual assistants typically charge clients based on hourly rates, project-based rates, or even monthly packages. The chosen structure often depends on the nature of the tasks and the preferences of both the virtual assistant and the client. How do you figure out your niche? This question can be one of the most challenging aspects for beginners. We’re going to explain what a niche is and how to decide on your niche. But before we delve deeper, let’s make it clear: you don’t have to lock yourself into a niche. The best part of being a virtual assistant, or a business owner of any kind, is the flexibility to pivot your business as needed. If you choose a specific niche now, you can change it anytime. To figure it out, you can start by answering these two questions. One, “what skills do I already have that I can use to serve clients?” and two, “what type of tasks do I want to be doing as a virtual assistant?” Hourly Rates As a beginner, setting a competitive yet reasonable hourly rate is crucial. From our survey, the hourly rate for a beginner virtual assistant is $10 per hour or $300 per month from one client. If we calculate, you can get that amount with 1-2 hours of work a day. Because of that, you still have plenty of time for other clients, or to upgrade your skills so you can increase your rates. Project-Based Rates For specific projects, virtual assistants might charge a flat fee. Project rates vary widely based on the complexity and duration of the task. For example, a landing page project starts with 24 hours of work or a week (source: onix-systems.com). If we calculate with hourly rates of $10 per hour, you could get $240 for a landing page project. A well-calculated project rate ensures fair compensation for the virtual assistant’s time and effort. Monthly Packages Offering monthly retainer packages is another approach. These packages provide a set number of hours for a fixed monthly fee, ensuring a consistent income for the virtual assistant. Let’s take an example of a monthly package that includes social media services, creating 4 posts per week and a total of 16 posts for the month. If it requires 30 hours a month and the hourly rate is $10 per hour, then $300 will be invoiced to a client every month. Again, it only takes 1-2 hours of work a day for one client, and you still have plenty of time for other clients, for family, or to upgrade yourself. Imagine you’re helping three clients. Two of them pay you monthly for managing their social media for 30 hours, and the third one pays for a project, like creating a landing page, which takes 24 hours. In total, you could earn $840 each month by working 4-5 hours a day. Set Up Minimum Acceptable Rate (MAR) Minimum Acceptable Rate (MAR) is a baseline that ensures services are not undervalued. It represents the minimum amount that a virtual assistant is willing to accept for an hour of skilled assistance, considering factors such as expenses, taxes, and desired income. There are steps on