I've been working on my business plan for several days and today I'm on the goals and objectives - perfect timing. I'm glad I decided to come to the forum for suggestions, thanks Stephanie!!

Well, I actually realized that I already need to tweak it...lol My numbers are off. I was thinking weekly numbers (20 hours per week) before I can go full-time. I can hardly work full-time at $7,200 per year or so...lol I need to increase by about 40 - 50% year over year for 5 years (starting at 15 hours per month).... I thought it seemed a little too easy...lol

At 40% growth rate each year:

Year 1 - 15 hours per month
Year 2 - 21 hours per month
Year 3 - 30 hours per month
Year 4 - 42 hours per month
Year 5 - 59 hours per month

Does this seem about right to everyone? And does it seem realistic based on your experiences?

Overall, it's only about a 25% total growth over 5 years. I think I can do better than that.

(this is the bare minimum I need and it will probably be different with cost of living increases and such)

Thanks for all of the encouragement and input

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Stephanie
New VA in the research phase

When I read your original post I thought WOW she's planning to take it easy. One of the ways you can grow your business is by increasing your fees. You can do this by adding value to your current services or adding new services requiring more skills. It's much easier on you to increase your rates than to increase your hours.
I belong to a marketing/coaching class and this is what they teach us.

Great advice! I have a lot of skills, but the thing I need to figure out are which ones I really want to hone up on. I just figured in a base starting price for my Goals and Objectives.

So, rather than a certain number of billable hours, you're saying that it might be a good idea to think money instead?

(sorry if I sound a bit dense right now. I've been crunching numbers all day at work and I'm a little brain dead...lol)

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Stephanie
New VA in the research phase

Adding value is key is raising your fee..What things that you do well now.. Offer those things and ask you learn you can expand your services.

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Tamika R. Johnson, MBA, Principal
administrative partners, llc
www.administrativepartners.net | http://adminpartners.blogspot.com

Yes, if you can become an "expert" in 2-3 skills that you can charge more money for you are much better off doing that rather than working more hours.

In trying to get caught back up on everything that I've missed (and pushed aside) over the last year, I came across this old post of mine. I had to laugh because I was just browsing and didn't even realize that I started it...lol The first thing I really need to do is read (and reread) my business plan (what I've got so far anyhow) to really get it into my head again.

HOWEVER, according to what I said, I wanted to have at least 15 billable hours per month (on average) by the end of my first year and, you know what, I think I've done that without even thinking about it...lol (well, give or take but pretty darn close). Well, that's certainly encouraging. The only problem is that I'm only charging $10 per hour right now. But, if that was being billed at $30 per hour (or even $25), I'd be making pretty decent money (for part-time).

The only reason that I'm charging so little is that what I'm doing started out as a favor for a friend who just opened up her own little country store (Convenience items, organic produce and meats, bulk items like trailmix and stuff like that) and she's already put so much into the business that I wanted to help more than make a lot of money. But, I've already decided that once I get my butt in gear and get really serious, I'll raise her fee. I still probably won't charge her as much as the masses but more than what she's paying me now. She's the kind of person that would understand and there would never be any hard feelings on either side if it didn't work out.

Also, since I'm not planning on moving to FL anymore (although I finally go the chance to go to Tamp where my parents are and absolutely fell IN LOVE with the whole area). I was thinking about rethinking my business name. But seeing it again brought back all of the pride I felt when I first came up with it and I really kind of like it. So, something else to think about, I may keep it but, then again, I may find some new inspiration now that my life has taken a new direction. I'm just really excited about all of this

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Stephanie
New VA in the research phase

So Stephanie, what did I miss? Where have you been? I noticed you were awol for a good while. Everything ok?

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com

Yeah, everything's fine. I just had a lot happen all at once last August (well, not a lot...I moved, I met someone, we got a new GM at the J.O.B, I got a raise with more responsibilities... just a bunch of stuff that took up more of my time...lol) and am just now getting things back together where my VA business is concerned.

The two main things, the guy (hubba, hubba...lol) and the J.O.B changes made me step back and reassess things a bit. It took me a while but I think I know what my priorities are, where I am at this point and where I want to be in the future. Talk about a HUGE monkey wrench but it's a good thing

Oh, and in the meantime, I finally got that new laptop that I desparately needed and I've already gotten/am getting new clients (even if they are small) so things have been coming together even without me really working in that direction.

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Stephanie
New VA in the research phase

Well hip hip hooray is what I have to say, Stephanie. Very glad you're back with us!

(Nothing like a partner to get you on the right track, eh?)

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com