How Much It Costs to Run My Company
IN A HURRY? HERE’S THE BOTTOM LINE
Outside of labor costs, it costs me about $3,000 to $3,500 each month to run my virtual assistant services company. These expenses include software and tools that maximize efficiency and streamline productivity. Learn all the details in today’s blog.
GOT A MINUTE? HERE ARE THE DETAILS TO CONSIDER
One of my team members recently asked me if we’d ever add TikTok to our social media strategy. The conversation reminded me that we, as business owners, have countless options for how to spend our time, energy, and money. How do we decide what’s worth the investment?
That lead me to the larger question of business expenses, and how much it costs to run my virtual assistant services company. It’s helpful to see how other businesses allocate their costs, so you can gauge whether your expenses are on track or way off base, so let’s walk through it!
Labor Costs: The Largest Slice of the Pie
In a virtual assistant services company like mine, labor is the most significant expense. Our team of 20 dedicated individuals is at the heart of our operations. This labor cost typically consumes about 60-65% of our monthly sales.
Additionally, we incur merchant fees for credit card processing. Fortunately, our rates are relatively low, ranging from 2-2.5%, thanks to many of our clients using business cards.
Investing in Coaching and Mentorship
One of the best investments I’ve made is in business coaching. The expertise and guidance from my coaches and mastermind group have paid back dividends in terms of business growth.
The transformation before and after investing in coaching is like night and day. It’s clear this investment has positively impacted our entire team and many of our clients.
Software and Tools: The Backbone of Our Operations
Next on the list are software and tools, essential for keeping everything running smoothly:
G-Suite: We rely on Google’s platform for email, calendars, and shared drives. We pay around $7-$8 per user every month.
Dropbox: This is a longtime favorite for file sharing, especially important for clients in certain industries that can’t use G-Suite.
Squarespace: The platform that’s the backbone of our website and hosting needs.
QuickBooks Online: Our go-to accounting software, indispensable for managing and categorizing transactions.
Calendly: This tool streamlines scheduling meetings, consultations, and growth mapping calls, saving significant time.
Zoom: Our preferred video conferencing tool for internal and client meetings.
Flodesk: Our choice for email newsletters and drip campaigns, offering a visually appealing experience.
SinglePoint: A new system for automating payments to our team members.
Loom: Perfect for recording feedback, training videos, and providing customized proposal overviews.
Slack: Used selectively based on client preferences for seamless communication.
Canva Pro: Essential for creating stunning visual content for both our company and clients.
HelloSign: Manages legal document signatures for client proposals and team agreements.
Clockify: Keeps track of our team's time, both internally and for clients, ensuring efficient use of hours.
Agorapulse: Manages all client social media platforms, centralizing content scheduling, engagement monitoring, inbox management, and analytics.
Asana: Our project management tool, used for tracking tasks and projects.
Captivate & Riverside FM: Essential for broadcasting and recording podcast episode and generating show notes through AI.
Client and Team Recognition
Recognition and rewards are important for maintaining a motivated team and satisfied clients. We invest in client and team gifts, including anniversary and seasonal gifts for clients, birthday and seasonal gifts for team members, and monthly team recognition gifts.
Business Insurance
Lastly, business insurance is a necessary expense, ensuring we’re protected no matter what happens.
Monthly Total + Takeaways
Outside of labor costs, all my expenses add up to approximately $3,000 to $3,500 each month. I’m happy to make all of these investments, because they are the essential costs of running my business!
Knowing the investments required to run a business can be comforting, especially when planning your growth. If this breakdown offered valuable insights, please let me know! You can connect with me on LinkedIn and shoot me a message. If you could use some help handing off tasks in your business, you can request a consultation here.