Would flexible, high-level business support, that doesn’t drain your start-up funding, help you focus on growth and development?
Start-up businesses want to grow fast and fill a gap in the market. They typically look to increase market share, raise further funding, and develop more products and services to serve the needs of their clients and customers.
With that comes challenges.
- Risk is a key element for Start-ups
- Things move fast and direction can quickly change
- Start-ups are typically lean businesses, which can mean limited resources
- Funding may take longer than expected, slowing down the potential for growth
Start-up Business Support
While the focus of start-up founders is on product or service development and scaling-up, there are many other aspects that are key to running a successful business. These include the routine background tasks that are essential to the smooth running of every business, but really get in the way of an entrepreneur focused on rapid growth.
This is where a Virtual Assistant can be perfect for a start-up business.
What is a Virtual Assistant (VA)?
Briefly, a Virtual Assistant specialises in undertaking admin and business tasks for their clients, and who works from their own premises, not their client’s office. They are often someone who has already had a career as an EA or PA, working at a senior level, eg C-suite executives or senior management, and have the experience to provide high-level, professional support.
A Virtual Assistant is a business owner, not an employee, and is usually hired by clients for a set number of hours per week, or on a project-by-project basis. This provides businesses with greater flexibility as a VA only works for a client when required to do so.
Why a Virtual Assistant is perfect for Start-ups:
There are several reasons why a Virtual Assistant fits perfectly with the needs of a start-up business that is rapidly scaling up. Startups.com published a very informative article a few years ago about how start-ups are using Virtual Assistants.
Here, we list six of what we feel are the most important reasons, starting with what many people consider one of the biggest challenges facing start-ups:
1. Funding
Funding is everything to a growing start-up
As a start-up, you want to direct as much funding as possible towards product or service development and scaling up. But, as your business grows, you are going to need more resources to keep things running smoothly in the background.
Traditionally, that means employing a PA but as every employer quickly learns, employment costs mean you’re paying more than just a salary. These costs can include:
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- Salary
- Employer’s National Insurance Contributions
- Workplace Pension Employer’s Contributions
- Additional computer equipment, office furniture etc.
- Holiday and sick pay
- Recruitment fees (typically 15% to 20% of salary)
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However, many small businesses don’t have enough work to justify employing a full-time PA, or they cannot afford one, or both. If this is the case, hiring a Virtual Assistant can be a cost-effective solution.
We wouldn’t advocate hiring a Virtual Assistant if you need full-time support. But in their early days, most start-up businesses only require help for a few hours a week, and this is where the flexibility of a Virtual Assistant can really help.
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- Virtual Assistants typically work between 5 and 15 hours a week for a client
- There are no additional employment or recruitment costs
- You’re not providing additional computer equipment, office furniture etc.
- You do not pay when your VA is away on holiday or off sick
- You only pay for the pre-agreed number of hours you require
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You are getting a Virtual Assistant with the skills and experience to match a high-level PA, but for significantly less cost, and only when you need them
2. Fast Paced
Things move quickly, and priorities can seemingly change in a flash. Start-ups need to be agile behind the scenes.
Hiring a Virtual Assistant allows you to hire the expertise you require when you need it. If you suddenly need someone with a different skillset, working with Virtual Assistants gives you the flexibility to bring in a new VA quickly with the right expertise for that new role.
Things move quickly, and priorities can seemingly change in a flash. Start-ups need to be agile behind the scenes.
Hiring a Virtual Assistant allows you to hire the expertise you require when you need it. If you suddenly need someone with a different skillset, working with Virtual Assistants gives you the flexibility to bring in a new VA quickly with the right expertise for that new role.
3. Growth
A start-up business has unlimited growth potential, and the aim is to do it quickly. This means your support team needs to grow quickly with you.
An article published by Gofounder.com ‘Top 10 Challenges Facing Startup Founders’ highlights the crunch point when a small business scales up. Roles and priorities within the business will change and it’s important to quickly recognise and act on this.
As new job functions evolve, developing a team of Virtual Assistants to support your growth is a viable and cost-effective option. The support your Virtual Assistant team provides keeps your start-up business flexible and agile but without the financial drain of adding to your employment costs.
4. Lean Operation
Start-up businesses are ‘lean operations’ with all their energy directed to development and scaling-up. This means that resources within a start-up business can be limited, and so the leaders have to wear many hats, which can become overwhelming.
A Virtual Assistant can take some of those hats off your head and handle many of the unwanted, distracting tasks, allowing you to focus on what you do best.
Start-up businesses are ‘lean operations’ with all their energy directed to development and scaling-up. This means that resources within a start-up business can be limited, and so the leaders have to wear many hats, which can become overwhelming.
A Virtual Assistant can take some of those hats off your head and handle many of the unwanted, distracting tasks, allowing you to focus on what you do best.
5. Uncertainty
The reality of a start-up is that the risk of failure is always around the corner. This is where the flexibility of hiring a Virtual Assistant is a real strength to a start-up business, providing support services only when needed.
There are no long-term commitments hiring a Virtual Assistant. Unlike an employee, they’re not a financial burden on your business when things are quiet. Your VA is working for you when you have work but you’re not paying them when you don’t.
6. Start-up founder focused on scaling up
A start-up founder is usually focused on two things: product or service development and scaling up. These often come before making a profit, and so the business needs to be as efficient as possible.
Not only do Virtual Assistants create time for their clients by handling the routine business tasks, but they can also be a resource for a start-up, indirectly helping them generate revenue by handling tasks in a more efficient way. Some of these could include:
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- Research, e.g., research into market validation
- Marketing, e.g., social media posts, email broadcasts etc.
- Professionally scheduling calls and appointments with clients, funders etc.
- Organising presentation events to influential people
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Adding a professional image to your clients and funding partners
As well as providing flexible high-level business support for start-ups, hiring a Virtual Assistant, or team of Virtual Assistants, enhances your professional image to both clients and funding partners alike.
Your VA can be a point of contact for your clients, increasing their perception of you as a responsive, efficient, and professional company.
Your funding partners will see that you have a professional support structure in place, which will increase their confidence in your business.
Hiring a Virtual Assistant is a viable option for start-ups because of the flexibility and versatility they offer.
If you feel this kind of support can help you focus on the growth and development of your start-up business, we would be happy to discuss your specific circumstances and how this could work for you.
In fact, we’re always happy to answer any questions about working with a Virtual Assistant, so please do not hesitate to get in touch.
