Becoming Your Own Boss as an Executive Assistant
Congratulations on making the exciting leap from being a full-time in-house Executive Assistant (EA) to running your own Executive Assistant business! Becoming your own boss is a thrilling adventure, full of new opportunities and the chance to shape your career on your terms. Now that you've made the big decision, it's time to figure out how you'll secure clients. Should you dive into the world of freelance work, or join a company's network of Executive Assistants? Each option has its own set of pros and cons, and we're here to help you weigh them so you can choose the path that best fits your goals and lifestyle. Let's dive in!
Solo Freelance Executive Assistant
Going freelance as an Executive Assistant means you're truly going it alone. You’re calling the shots, choosing your clients, setting your own rates, and working on your own schedule. It’s a fantastic way to tailor your career to fit your life, but it also means you’re handling everything solo.
Pros:
Flexibility: Create your own schedule and balance work with personal commitments.
Earning Potential: Set your rates and potentially earn more, especially as you build a reputation.
Diverse Projects: Work with a variety of clients and industries, gaining broad experience.
Autonomy: Be your own boss and make all the decisions about your work and clients.
Tax Write-Offs: Eligible for various tax deductions, including home office expenses, travel, and equipment.
Cons:
Inconsistent Income: Expect fluctuations in income, particularly when starting out or during slow periods.
Self-Management: Handle all aspects of your business, from customer service to bookkeeping.
Finding Clients: You’ll need to invest time and effort into finding and securing your own clients.
Isolation: Working independently can sometimes feel lonely without company camaraderie.
Who Solo Freelancing Is Best For:
Freelancing is ideal for Executive Assistants who are self-motivated, enjoy variety, and crave the freedom to shape their own career. If you’re comfortable with a bit of uncertainty and excited by the prospect of running every aspect of your business solo, freelancing could be a perfect fit.
Solo Freelancing Takeaway:
Freelancing offers the ultimate freedom to shape your career exactly how you want it. While it comes with challenges like inconsistent income and the need to manage all aspects of your business alone, the rewards of flexibility and autonomy can be well worth it for the right person. If you're ready to embrace independence and enjoy the variety of working with different clients, freelancing might just be your ideal path.
Joining a Service Provider Network
Joining a Virtual Executive Assistant service provider network, like Worxbee, means you’re part of a larger network of Executive Assistants, with the support and resources of a company behind you. It’s a great way to have a steady flow of work without having to handle all the business details yourself.
Pros:
Steady Client Flow: Service provider networks often have established client bases, providing a more consistent flow of work.
Customer Support: If any issues arise in the partnership, you have someone to handle resolving them.
Support System: You get support with bookeeping, a community of Executive Assistants to connect with, and professional development resources.
Credibility: Affiliation with a reputable network can enhance your credibility and attract more clients.
Focus on Core Work: Networks typically handle administrative tasks like invoicing and client communication, allowing you to focus on providing high-quality service.
Tax Write-Offs: As an independent contractor, you can still benefit from various tax deductions, including home office expenses, travel, and equipment.
Client Matching: Some networks, like Worxbee, specialize in matching Executive Assistants with clients based on alignment with personality, work style, and values, ensuring a good fit.
Flexibility: Create your own schedule and balance work with personal commitments.
Diverse Projects: Work with a variety of clients and industries, gaining broad experience.
Cons:
Less Control: You may have less control over your rates, the clients you work with, and your work schedule.
Fees: Networks often charge fees or take a percentage of your earnings in exchange for providing clients and support.
Limited Autonomy: You might need to adhere to the network's policies and standards, which can limit your ability to customize your services.
Dependency: Your business success is somewhat dependent on the network's ability to attract and retain clients.
Who This Is Best For:
Joining a service provider network is ideal for Executive Assistants who prefer the security of a steady client flow and the support of a larger organization. If you enjoy working as part of a team and don’t mind some trade-offs in terms of control and earnings, this route could be a great fit for you.
Service Provider Network Takeaway:
Being part of a service provider network offers the benefits of a steady stream of clients and a robust support system, making it easier to focus on delivering exceptional service. While it means giving up some control and paying fees, the trade-off can be worth it for the security and support you gain. If you’re looking for a balanced approach with less of the business management hassle, joining a network might be the right choice for you.
Choosing Your Path to Success
Deciding whether to freelance or join a service provider network is a significant step in your journey as an independent Executive Assistant. Each path has its unique advantages and challenges, and the best choice depends on your personal and professional preferences. Freelancing offers unmatched freedom and control, but requires you to wear many hats and navigate potential income fluctuations. On the other hand, joining a service provider network provides steady work, support, and credibility, though it comes with some trade-offs in autonomy and earnings.
Ultimately, both paths offer rewarding opportunities to grow your Executive Assistant business. By carefully considering your goals, strengths, and lifestyle, you can choose the route that aligns best with your vision of success. Whether you thrive on independence or value the stability of a network, becoming your own boss as an Executive Assistant is an empowering and exciting adventure. Here’s to your success in whichever path you choose!
Ready to Take the Leap? Join the Worxbee Executive Assistant Network!
If you’re excited about the idea of steady clients, robust support, and being matched with clients who truly align with your personality, work style, and values, then the Worxbee Virtual Executive Assistant network is the perfect place for you. At Worxbee, we specialize in providing high-quality, personalized matches between Executive Assistants and clients, ensuring a successful and satisfying partnership for everyone involved.
Apply to join our Virtual Executive Assistant network and take your Executive Assistant career to the next level! Explore the benefits of being part of a reputable network that values your skills and supports your growth. Don’t wait—your ideal clients are waiting for you at Worxbee.
