When setting up an online business a lot of folks want to know how long it's going to take until they start earning, say 5k or 10k a month - it's a bit like going on a diet, we want to know if we follow this diet for X number of days we'll lose X number of pounds or kilos - but often times that doesn't happen for various reasons, or it does and then those pounds come right back and you're at square one again - and it's the same with earning money from an online Virtual Assistant Business - The formula for the answer contains 5 elements - I'll explain what they are (in no particular order) in this post.
1. Your Experience
If you have no experience of working online, providing services, or doing anything remotely related to virtual assistance - then this will slow your progress. It took me a whole 2 years of researching and learning to go from nothing to being able to properly start my business, however inside my programmes and courses I've taken the last decade of all the good stuff that my brain and experiences have absorbed and condensed it down into 7 online training options, so that will certainly speed up your progress dramatically, but you will inevitably need to gain experience and learning, and this will be your decision as to how much time and effort you want to invest into that.
2. Your CapacityFinances and income are limited when you're on your own in a service business. You see clients are essentially investing their money into our time and what we are able to produce within it - there's a restriction on this, which is the amount of time you have available for them to invest in.
You can charge a premium rate if you do premium work, and that can increase your income much quicker than if you were charging - well, not a premium rate.
Another option is to hire people and build a team who you've trained well to replicate your skills, or improve or add to your services, the more time you can sell the more earning potential you have (providing you go about it the right way of course).
So premium rates and expanding teams will generally increase your income, because this increases your capacity (financially and/or hourly).
3. Your CircumstancesWhen I was a young single 20-something who was basically travelling and only had myself to think about, it was super easy for me to devote up to 16 hours a day to my business - that may seem like a lot, but when you tot up computer time, thinking time, visioning time, learning time, website building time etc... I needed it, and I loved what I was doing so much, I actually wanted to be doing that many hours, when I started putting all the pieces together it would have been super easy to devote time to marketing and generating business and just being present with my business as my primary focus.
But - if I had started my business now, with a husband and 3 kids, there's no way I could have devoted that kind of time and attention to my business (nor would I have wanted to). So this is a huge variable in the earning potential and timescales to the amount you can earn - what are your circumstances?
I'm not saying earning great money is related to your family, where you live or even the time you work, but I am saying that the more healthy attention and focus you have on your business and 'want' to have on your business, the more likely you are to begin earning the kind of money you'd like to earn more quickly.
4. Your BeliefsI believe in magic and miracles, but I find it hard to believe that they come completely out of thin air - and if they do, you'd need to be fairly advanced as a human being, or highly unusual circumstances have occurred.
So let's first accept that if it's your belief that you have to work really hard to achieve awesome things, like money for example, then you have to have a certain degree of effort put forth. Try to shift that belief so that you lose the idea that you have to 'work hard' and that you have to work, but it will be enjoyable, as telling yourself it will be enjoyable could result in a quicker financial return than telling yourself it will be hard.
5. Your HealthAnd the last one is your health - I'm talking about how you treat yourself.
I'd bet the person who ate well, got plenty of sleep, got their vitamins and minerals, consumes their greens (lots of them!) had generally low stress levels, laughed a lot and took some light exercise has the ability to increase their income several fold faster over the person who lived on coffee and donuts, drank like a fish, got 4 hours of sleep per 24 hours and felt stressed or worried for most of the day.
A healthy lifestyle allows creativity to cultivate. The better you treat yourself and your body, the more creative, clear, productive and focused you'll be - and folks that's when your earning potential can really take off.
So the formula is this:Experience + Capacity + Circumstances + Beliefs + Health = Length of time to earn X per month.
Generally speaking, the more you concentrate on improving and adapting ALL of these areas of your existence, the faster the money can roll in...