One downside, noted by many people, of hiring a virtual assistant (VA) is the money factor. Sure, many virtual assistants come at a reasonable rate per hour compared to your time and effort required to complete the same task. But the frugal nature of most entrepreneur’s starting out is to try and save money by doing everything on their own. After all, why pay someone to do something when you can do it yourself for free!
I felt the same way when I first started earning money from my passive income streams. I wanted to hold onto that money for safe keeping. While there is absolutely nothing wrong with this approach to building passive income and saving money – recycling your cash flow can help accelerate your income. Using your earnings to hire a virtual assistant is one option that can be used to allow your earnings to grow faster.
Instead of saving all of your passive income, think about ways you can use it as a tool to grow your earnings even more. There are many different ways that you can use existing earnings to outsource some of your work – including the ones I have detailed below.
How I am paying for my Virtual Assistant Work
I have started to use the alternative income that I am generating from multiple sources to fund my VA projects. This allows me to keep my spending under control and stick to a budget. Since I have money coming in from sources other than my full time job, I can use it to outsource work that will save me time.
Here are 3 ways that I am using passive income earnings to pay for a virtual assistant.
- eHow – I have started earning a nice monthly income of well over $50 and soon to be over $100 from eHow. I have already used some of these earnings to hire a ghost writer to research and write a few articles for me that I didn’t have time to write on my own.
- AdSense – I am quickly moving towards earning $50 per month in AdSense revenue. As soon as I build up enough money, I will be using these funds to hire a developer to create a new look and design for PFI. I could save some money and do this work on my own, based on my background as a developer. However, instead of spending time redesigning my site, I can devote my work towards building additional passive income streams.
- Affiliate Marketing – I have used funds from my affiliate marketing campaigns to hire a virtual assistant to conduct and implement SEO on a niche site I own. At $4 per hour, my virtual assistant is working to establish my site in a highly profitable and competitive niche. Once again, this is something I could do on my own. However, the job would take several hours of research and effort to implement on my part.
Final Thoughts
For anyone concerned about spending money on a virtual assistant – I completely understand. After all, I felt the same way at one time. However, if you think creatively, there are ways to fund your outsourcing projects without impacting your normal budget. If you start small, and fund your projects from alternative sources of income – you can have your money working for you in order to reach your long range financial goals!
Do you use a virtual assistant? How do you fund your projects?
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I don’t have a VA, but hearing lots about them. Seems all the small things one might use them for are easier just done oneself? I could see outsourcing bigger research-type things, though, like hotel and travel packages, maybe.
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Yeah, I use a VA when my budget allow me to do so.
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Can you recommend a good place to find a virtual assistant?
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