Reprinted by permission from WAH Adventures. All rights reserved.  (Please note the instructions for finding the series only apply to this article at WAH Adventures.)

Understanding Virtual Assisting – Part 7 – What Will You Name Your VA Practice?

If you have been following this series, then you’ll recall that to date we’ve discussed what a VA is and ways to begin planning your business.  If you haven’t been following this series or seem to have forgotten parts of it, you may go to the navigation bar, click on “Virtual Assisting” and follow the drop-down menu to the “Series”.

This topic will be on picking a name for your virtual assistant practice.  While it may seem like an easy task, there is definitely homework to be done.

Why is this?  For one thing, if you’ve ever typed in the words “virtual assistants” into a Google search you’ll probably yield close to 2,510,000 results in about 15 seconds.  This means that the name you choose for your own VA practice may already be in use.

How will you know if your business name is in use?  You’ll have to do your homework, and you’ll probably have to do it in more than one place.

Obviously, the best place to start would be the Internet using Google, Yahoo, Bing or AltaVista.  Now, just because a name does not come up in the search engine results, doesn’t mean your search is finished.  Many times a person will register a business name (fictitious name) with their local county courthouse and then never use the name.  They still legally own the business name, but they have never used it.

With this in mind, you will need to contact your County Clerk’s Office for a list of registered business names or fictitious names.  These are usually maintained in a fictitious names database, and you will have to go in person to have a search done.

If your VA practice plans on becoming an LLC (Limited Liability Company) and putting the LLC at the end of the business name, you will also need to contact your state’s business office.  You want to make sure that you are not using part of another LLC’s name or a part of another legal partnership’s name.

You will want to search the Thomas Registry for any unregistered trademarks if plan on using a trademark. Most VA’s don’t, but if in the future, you would like to add something like “VA and The WordPress Wonder Wiz”™ as part of your title or tagline—do your homework.  It may be the future registered trademark of a software company like WordPress.

Network Solutions is also a helpful online tool that will pull up variations of the business names you type in.  It is something like Godaddy, but you don’t have to pay before using.  Sometimes if your business name is a “little too close” or too similar to another business name, you may be asked (usually by their attorney) to change it.

Now once you have done all of that, how will you know that you have a “good” name?  A name that really does promote your business and describes what you do.

Well, I can tell you four ways to know you do NOT have a good business name:

1. Your target market cannot remember how to spell your business name.
2. Your target market constantly (not just once) struggles to pronounce your business name.
3. Your target market cannot remember what your business does.
4. Your target market continues to confuse your business name with a similar business name.

Another thing to consider is once you get your business name, how will the search engines react to the name?  I’m going to use myself as an example here, so you won’t make the same mistake that I made.

My former business name was Gemstone Business Solutions, because I love gemstones and enjoy designing my own jewelry.  To me, a gemstone was a symbolic of something “well polished and priceless”.  What I was hoping to be for my clients!

However, the search engines didn’t “get” my symbolism.  As a result, most of my search engine results were for people looking to buy or sell their gemstones, diamonds, rubies, emeralds, and pearls.  I even received phone calls from people hoping I could offer stone cutting equipment.  See why I became GBS Virtual Office Solutions?

My advice would be to take your time and do your homework both online and offline when it comes to selecting a business name.  The next time someone asks the age-old Shakespearean question, “What’s in a name?”  You can proudly reply, “Good search engine results!”

Leisa Good is the owner, VA, and “Diva of Done”™ at GBS Virtual Office Solutions. She opened her virtual assistant practice part-time in 2006 when it was then named Gemstone Business Solutions. In 2008 her VA practice became full-time, and in 2011 the name was changed to its current name. Recently, she has added VA coaching to her services. She lives in the beautiful Shenandoah Valley and within walking distance of the famous Shenandoah River.  Leisa’s Blog

Reprinted by permission from WAH Adventures.  All rights reserved.

Understanding Virtual Assisting – Part 5 – How Will You Structure Your VA Practice?

If you have been following this series, then you’ll recall that to date we have discussed: what a VA is and does; how to decide which services to offer; whether or not to become certified; and how much equipment is needed.  Now the next question is, how will you structure your VA practice?

The good news is that there are only two “structures” or practice models in which to choose.  There is the solo-VA practice and the multi-VA practice.  While the definitions themselves aren’t difficult to understand, there are pros and cons to both.  However, the practice model you choose will determine how you write your business plan and your contingency plan.

Your practice model will also determine your tax structure as well as what you name your business.  For example, multi-VA practices have been known to use words such as “staffing” or “hub” in the business name.

Obviously, the simplest structure of the two would be the solo-VA practice.  In the common vernacular of the day, you would be considered a freelancer.  As far as the IRS is concerned, you would be considered a sole proprietor.  Your taxes would be filed under your social security number—just as if you were working a regular job.  Even while operating a business under your own name as a freelancer, you would need to apply for a local business license.  While you can use your own personal checking account, the IRS prefers that you open a separate checking account for business.

If you did choose to operate under a business name other than your own name, you would still need to apply for a business license at your local county courthouse.  However, since you are operating under a different name other than your own, this license would allow you to operate under a DBA (Doing Business As) account.  This would be your “fictitious” or business name.  When you open your business checking account at your local bank, you would sign your checks using your full name, writing DBA (doesn’t have to be case sensitive) below your signature, and then your business name below DBA.

Now, to become a multi-VA practice you will need to apply for an EIN or Federal Employer Identification Number.  You will also need to fill out tax forms for each of your “employees” or if they are operating as ICs (Independent Contractors) then you will need to remember to file a 1099 for each employee—regardless of whether they earned over $600 annually.  Legally, you don’t have to send them a 1099 if they made under $600 for the year, but it doesn’t count against you if you do.  Also, you never want to trigger any kind of tax audit.

You will also need to have everyone in your multi-VA practice sign a legally binding contract either identifying himself/herself as either an employee or an independent contractor with terms and conditions spelled out.  My advice on this one: Hire an accountant and an attorney.

While a multi-VA practice may seem like a hassle, the main “pro” is you will make more money.  Not only will you be able to handle more work from more clients, but you will be able to “take a cut” from everyone who works under you.  The main “con” is that you are responsible to the client if anyone makes a mistake or leaves the project.

In a solo-VA practice, you probably won’t be able to handle more than five to ten clients at a time.  Therefore, the “con” is you won’t make as much money.  Then again, you won’t have all of the paperwork or responsibilities as the multi-VA practice.  That said, you probably will want to set up a network of other VAs or freelancers who offer services that you don’t.  This way you will have a good referral network setup either to refer clients or to work jointly with other VAs on given projects.

Can’t decide whether to make your VA practice a solo-VA practice or a multi-VA practice?  Go solo first and learn the ropes.  Even consider sub-contracting your services under other VAs while you learn the industry.  Always remember, it has to feel right to you.  After all, it is your practice.

In upcoming issues, we will be discussing how to choose a business name, financing your VA practice, and transferring from a full-time job into your VA practice.  As always, I am here to answer questions or you can visit my web site.

Leisa Good is the owner, VA, and “Diva of Done”™ at GBS Virtual Office Solutions. She opened her virtual assistant practice part-time in 2006 when it was then named Gemstone Business Solutions. In 2008 her VA practice became full-time, and in 2011 the name was changed to its current name. Recently, she has added VA coaching to her services. She lives in the beautiful Shenandoah Valley and within walking distance of the famous Shenandoah River.  Leisa’s Blog

You can check out my latest interview at the following link:

http://www.wahadventures.com/2011/07/meet-leisa-good-virtual-assistant-business-owner.html

This is a wonderful blog for anyone seeking information on work-at-home opportunities, businesses, and other opportunities.  I know that owner, Miranda Grimm, and she is a top-notch professional and a very nice person.