Virtual Assistant Industry Analysis – quick facts

Virtual Assistant industry analysis

It’s now post recession era! Industry activities are slowly ramping up in US and other developed nations. But Virtual assistant industry is gearing up at rapid pace. Guess why? Yes, you are right, small business owners across the industries and countries have gotten the taste of improved productivity and ROI by employing virtual assistants in their business processes.

The posting of Virtual assistant jobs are all time high on major online market space such as Elance , ODesk . We have been monitoring this trend for last one year. The number of virtual assistants jobs posted at Elance is increasing at 15-20 % rate per year .

We are writing this post to apprise new comers in this virtual assistant industry of recent development, trends, opportunity, major facts. So the objective of this post is to share important facts with our readers before they set up their Virtual assistant business.

Who are the virtual assistants?
Virtual assistant could be an individual (freelancer) or online agency. You can find major VAs from low cost countries India, Philippines. Even, you can find vibrant community of Virtual assistants from US, UK, Canada , Australia .

Let’s have a look at locations where you can find virtual assistants:
Location of VAs
Source: Global Online Employment Report, 2013 ( Elance )

But when you look at lost cost VA service, then Indian Virtual assistant would be a cost effective option to try. There is an increasing demand for Philippines VA now .

Now we are going share some quick facts from our Virtual Assistant Industry Analysis report :

Top 8 Demographic facts of Virtual assistant:

Comprehensive survey conducted by The Australian Virtual Assistant Industry highlights the following facts:

1. Majority of individual VAs (70.6%) are in 30-59 year age range.
2. Majority of VA (47.2% ) are in Business for less than 2 years. This shows industry is new and gaining popularity over years
3. VAs in Australia serving mainly local clients though they are Virtual i.e. globally Accessible.
But when you look at VA communities from others low cost countries, most VAs have foreign clients (over 90 %) base.
4. Over 91% VAs have posted client reviews on their websites and showcased time saving ideas to clients as the important role of Virtual assistant in saving cost and time.
5. Marketing tools for Virtual assistant – Most VAs use the word of mouth (41.4%), SEO and online marketing (53.70%) and networking (58.90%) as the most popular methods to market their products.
6. Virtual Assistant profiles: If you look at profiles of individual virtual assistant, then this industry is dominated by female virtual assistants. Here is a quick fact
Virtual assistant Gender profiles:
• Female Virtual assistant: 96.8%
• Male Virtual assistant: 3.0%

Increasing trends: Virtual assistant company (agency)
Many virtual assistant agencies are coming up in India and other developing nations now and Some of the agencies have over 100 people on their pay role . We generally call them corporate virtual assistant as they have very good infrastructure with strong support teams and offer wide range of services starting from huge Data entry to high end market research and consulting services.

7. Education level of VAs:
Over 30 % VAs has University Degree
About 60 % VAs have College/Trade School certificate
(Source: Survey from Virtual Assistant Networking Association)

8. Profession commitments
VA in full time profession: 59 %
VA in part time profession: 41 %
(Source: Survey from Virtual Assistant Networking Association)

Earning potentials of Virtual assistant jobs:

Now, you may think whether it’s good to start your venture in this industry. Whether you are an individual VA or VA agency owner, VA industry always holds a good earning potential for every individual and business entity.

Let’s take a look at the nature of virtual assistant jobs and earning potential:

Nature of VA projects:
Mini Projects: 60 % (research, lead generation, data entry, data mining)
Ongoing jobs: 28 % (SEO, Blog maintenance, Social media marketing, Shopping cart maintenance, long data entry contacts)
One time project: 10 % (Bigger projects – market research, Website design, Ecommerce data base update and maintenance etc)

Pricing of VA projects:

Fixed pricing
1. Fixed project varies from USD 20 to USD 500 (Mini Projects)
2. Ongoing projects (some project pricing can go up to USD 10000)
3. Market research projects (USD 100 to USD 1000)

Hourly pricing:

If you are Virtual Assistant from India and other low cost countries, then here is the sample price list :
1. Less Then USD 10/hr: 70 % (Mostly ongoing work, small projects)
2. USD 10-15/hr: 20 % (Mainly Market research, website projects )
3. USD 15-25/hr: 8 %( Mainly Market research and business consulting projects)
4. Above USD 30 /hr: 2 % (Business Consulting projects)
(Source: We have developed this report by observing job pricing trends on Elance and few reputed VA websites)

US /UK/Canada based VA: They have different rate

One survey shares the following facts:
1. Less than $10/Hr: 1.3%
2. $11-$20 Hr: 10.3%
3. $21-$30 Hr : 30.2%
4. $31-$40 Hr : – 31.9%
5. $41-$50 Hr: 17.6%
(Source: Survey from Virtual Assistant Networking Association)

Revenues of Virtual assistant firms

Now you think, what can be expected earning /revenues of a Virtual assistant professional or agency?
This depends on you skill set , dedication , industry exposure .

A good VA agency can have revenue starting from USD 12000 /p.a to 500,000 USD p.a .
A Virtual Assistant company with 10 years in Industry can have 0.50 to 2 million $ revenues.
Few Virtual assistant companies in India have revenues about $ 1 million revenues.

Sound promising!

Yes, it’s and there is no short cut to success. But, with dedication and hard work, you can make your Virtual assistant business successful. Hope this virtual assistant industry analysis report will help you in planning your new venture.

Good luck!

Reference:
1. Report on “Australian Virtual assistant industry comprehensive survey” BY The Alliance for Virtual Businesses-Australia Chapter
2. The State of Personal Outsourcing by VirtualAssistantAssistant.com
3. Global Online Employment Report , Elance ( 2013 )
4. Survey from Virtual Assistant Networking Association
5. Global Intelligent Virtual Assistant Market report by ResearchMoz
6. Our direct analysis from Elance , Odesk and other top 10 virtual companies in India

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