This article has been written by Angelina S. Momin pursuing a Startup Generalist & Virtual Assistant Training Program from Skill Arbitrage.

This article has been edited and published by Shashwat Kaushik.

Introduction

Starting a business of our own seems very lucrative; one envisions the creative fulfilment, the independence that comes along with it, and the ability to give shape to our dreams. However, many of us are rarely prepared to meet the challenges and risks that come along with a startup. We fail to recognise that it requires careful consideration of human resources, skills, operations and financial planning; it is unnecessary to add smart work and hard work.

Once the key challenges are weighed, one realises the delicate line involved in the balance of – taking the task independently or investing in expertise, which may not yield the desired results.

Remote working women with diverse skill sets

As an alternative, one can tap into the remote working capabilities of the female workforce. The emerging trend of women working from home/ women giving virtual assistance are the fast-catching contemporary trends post the 2020 world pause for startups.  

The strategies adopted by remote working women as virtual assistants have proven to be an empowerment to startups.

Remote working women serving as virtual assistants empower startups with efficient task management and diverse skill sets with cost-effective solutions. This in turn optimises the operational expenses of the startup and, most importantly, frees up the time of the entrepreneur/individuals, allowing them to focus on the core strategies and give 101% to grow their businesses and enhance the startup’s overall efficiency.

Women are one of the most robust virtual assistants currently in the remote working world. Women often bring a high level of patience, empathy and interpersonal skills to the table. This enhances their ability to handle diverse tasks and communicate effectively, in addition to their strong organisational skills, attention to detail and multitasking abilities. 

Emerging  strategies adopted by women as virtual assistants

Some of the emerging strategies adopted by women as virtual assistants for startups with their inherent personalities and educational backgrounds are: 

Virtual assistant: general 

A general virtual assistant is a professional who provides administrative, technical or creative support to entrepreneurs or startups remotely. Some of the common tasks include scheduling appointments, managing emails, conducting research, arranging travel itineraries, etc., i.e., handling various administrative duties with the assistance of technology and communication tools to work from a distance. Women excel at being general virtual assistants due to their ability to bring attention to details and their multitasking capabilities, which are crucial in providing comprehensive administrative support to entrepreneurs who can free up their time to concentrate on core business matters.

Virtual assistant: marketing

A marketing virtual assistant  specialises in devising a marketing strategy and implementing it. The task may include data research and analysis, social media management,content creation, email marketing campaigns, SEO optimisation , creating and managing online ads, tracking website traffic and user behaviour, etc. By leveraging digital tools and strategies , marketing virtual assistants contribute to brand promotion, customer engagement and overall marketing success and efficacy . One major factor,that contributes to women being great marketing virtual assistants is credited to their empathetic and interpersonal skills. Women delve into the intricacies and specific details of a problem and are able to understand, connect with, and empathise with target audiences, making them effective in building and maintaining positive brand relationships that would go a long way towards a startup’s success.

Virtual assistant: customer support

A customer support virtual assistant is dedicated to handling customer’s inquiries, resolving issues and providing assistance remotely via phone, live chats, emails and social media channels. The focus is on ensuring a positive customer experience and effective communication. One example of women having the upper hand as customer support assistants -Voice/phone, is due to their pleasing and appealing voice /personality,  as per the research highlights made by Real research media “Companies use female voices for better marketing business. Nearly 50% think female voices are appealing and increase company profits. (gender bias in virtual assistants)”.

Virtual assistant: data entry

A data entry virtual assistant is a virtual professional who specialises in performing the task of collecting and entering the data needs of an organisation. This involves updating and managing data in a computer system database or customer relationship management (CRM). At certain levels, it involves a data entry operator reviewing data for deficiencies or errors, correcting any incompatibilities and checking output. Few industries require data entry professionals who perform the task of transcribing audio or video recordings into written documents.

From time immemorial, women have always dominated the data entry industry and it still holds true today for women as virtual data entry assistants. Data entry jobs often offer flexibility to individuals with basic typing/computer knowledge. This flexibility and prerequisites make them attractive to women seeking part-time or remote work or women trying to manage household responsibilities while still contributing monetarily to household expenses.

Virtual assistant: public relations

A public relations virtual assistant is one who supports individuals and businesses in the field of public relations digitally. Their Job profile requires them to build and maintain a positive public image for a business or organisation. 

Women are ideal for Virtual public relations assistants as they can ideally execute the job profile from the comfort of their home – such as draft press releases, maintain media databases, organise virtual events to enhance the organisation’s image and reputation, engage in social media management, crisis management, collaborate with influencers, etc.

Virtual assistant: bookkeeping 

Virtual bookkeeping assistants are those who perform financial tasks of firms in the field of bookkeeping remotely. Tasks such as financial data entry, reconciliation of accounts, preparation of financial statements, managing budgets, tracking expenses, payroll processes, etc. are generally the most sought after bookkeeping job descriptions for startups.

Women who have a working knowledge of finance and basic accounting principles are best suited to explore this kind of virtual assistance. Knowledge of accounting software is essential.

Virtual assistant: research

A virtual research assistant is one who works remotely, conducting any research work related to a business. A virtual researcher generally conducts online research, gathers data and analyses information for various projects and processes. It may also be in assisting with reviews, the compilation of reports and organising findings. This collected, compiled research can be used to generate new ideas that improve the startup’s performance, productivity, and outcome. A remote virtual research assistant is preferred by many startups as it offers them the flexibility to access talent from a wider pool of networks on a specific subject matter and is cost-effective i.e., mainly reduces overhead costs.

A few of the areas that women can explore as virtual research assistants are: Product and service research, travel and holiday planning, personal research, market research, and real estate research.

Virtual assistant: graphic designer

Virtual Graphic designers  are ever in demand for startups, these virtual assistants are those who are professionals in working with graphic tools such as photoshop , Canva, etc.  Virtual graphic designers can assist startups with:

• Design social media posts, posters, banners, and websites
• Create graphics to use on their social media pages and website
• Design illustrations
• Create and improve presentation decks
• Edit and manipulate images for branding

Women are preferred as graphic designers in branding and marketing as they excel at creating visually appealing designs that resonate emotionally with the brand. They dominate the fashion industry as graphic designers with their designs of patterns, textiles, etc. for clothing and accessories. In the field of social impact and advocacy ( NGO’s) – women usually create visuals that effectively communicate messages and inspire action.

Virtual assistant: inventory management

A virtual inventory management assistant is a specialist who keeps track of the entire product-keeping system using software based solutions or applications designed to automate and optimise various aspects of inventory management. The profile typically requires the virtual assistant to perform tasks such as tracking stock levels, tracking lead time,managing reorder points, forecasting sales velocity,  updating inventory records and generating reports. 

One area where women can opt for a virtual inventory management assistant is in e-commerce businesses. Many ecommerce stores have multiple warehouses and complex drop shipping systems. With the work involved in managing online stores catering to a diverse geographical area, businesses find it crucial to hire virtual inventory assistants and not limit themselves  to a specific geographical area. 

As a virtual inventory assistant for startups, women can perform the usual task of an inventory specialist from the confines of their home. They can navigate businesses towards streamlining inventory processes, reducing manual workload, minimising errors and improving overall inventory control, with the added benefit of providing valuable insights for better decision making and managing inventory at different locations.

Laws for startups in India

The Indian government has been taking various initiatives to promote startups in the country. One of the key steps in this direction has been the enactment of the Startup India initiative in 2016. This initiative aims to create a conducive ecosystem for startups by providing various incentives and support measures.

The Government of India has launched the Startup India initiative to promote and support the growth of startups in the country. The initiative aims to create a conducive environment for startups to thrive and contribute to the economic development of the country.

Recognition of startups:

• The Act defines a startup as an entity that has been in operation for not more than seven years and has an annual turnover of less than Rs. 25 crore.
• This recognition is important as it enables startups to avail themselves of various benefits under the Startup India initiative.

Simplified registration:

• Startups can register themselves online through a simplified process.
• The process is designed to be quick and easy, so that startups can focus on their business rather than spending time on paperwork.

Tax benefits:

• Startups are eligible for a number of tax benefits, including a tax holiday for the first three years of operation.
• This tax holiday provides startups with much-needed financial relief during their early years of operation.

Access to funding:

• The government has set up a number of funds to provide financial assistance to startups.
• These funds provide startups with capital to invest in their businesses and grow.

Regulatory support:

• The government has taken steps to streamline regulations for startups.
• This includes simplifying the process of obtaining licences and permits and reducing the compliance burden on startups.

Benefits of the Startup India Initiative:

• The Startup India initiative provides a number of benefits to startups, including:
  • Recognition as a startup by the government
  • Simplified registration process
  • Tax benefits
  • Access to funding
  • Regulatory support

Impact of the Startup India Initiative:

• The Startup India initiative has had a positive impact on the startup ecosystem in India.
• The number of startups in India has increased significantly in recent years.
• Startups are contributing to the economic growth of the country by creating jobs and generating revenue.

In addition to the Startup India Act, there are a number of other laws that are relevant to startups in India. These laws include:

The Companies Act, 2013

The Companies Act, 2013, is a comprehensive piece of legislation that governs the formation and operation of companies in India. It contains several provisions that are beneficial to startups, including:

• Sweat equity shares: Startups can issue sweat equity shares to their employees and directors in exchange for their contributions to the company. This is a tax-efficient way to compensate employees and attract talent.
• Conversion from a private company to a public company: Startups can convert from a private company to a public company through an initial public offering (IPO). This allows them to raise capital from the public and increase their visibility.
• Simplified registration process: The Companies Act, 2013 has simplified the registration process for startups. This makes it easier for startups to get started and focus on their business.
• Relaxed compliance requirements: Startups are subject to relaxed compliance requirements compared to larger companies. This reduces their administrative burden and allows them to focus on growth.
• Startup Advisory Council: The Companies Act, 2013 establishes a Startup Advisory Council to advise the government on policies related to startups. This helps to ensure that the government’s policies are supportive of startups.

The Insolvency and Bankruptcy Code, 2016

The Insolvency and Bankruptcy Code, 2016, provides a framework for the resolution of insolvency and bankruptcy proceedings. It includes several provisions that are designed to protect startups from insolvency, such as:

• Moratorium on creditor actions: During the resolution process, creditors are prohibited from taking any action against the startup. This gives the startup time to restructure its business and find a solution.
• Fast-track insolvency resolution process: The insolvency resolution process for startups is fast-tracked, typically taking no more than 180 days. This helps to prevent the startup from being dragged into a lengthy and costly insolvency proceeding.
• Debt restructuring: The resolution plan may include debt restructuring, which can help the startup reduce its debt burden and become viable.
• Sale of the startup: If the startup is unable to be revived, it may be sold to a new owner. This can help preserve the startup’s assets and jobs.

The Foreign Exchange Management Act, 1999

The Foreign Exchange Management Act, 1999, regulates foreign exchange transactions in India. It provides several provisions that are relevant to startups, such as:

• Raising foreign currency funding: Startups can raise foreign currency funding from foreign investors. This can be done through equity investments, debt financing, or convertible instruments.
• Repatriation of profits: Startups can repatriate their profits from India to their overseas investors. This is subject to certain conditions, such as the approval of the Reserve Bank of India.
• Tax exemption on foreign currency earnings: Startups are exempt from paying taxes on their foreign currency earnings. This provides them with a tax advantage and helps them retain more of their profits.

The legal framework for startups in India is evolving rapidly. The government is constantly working to improve the ecosystem for startups and make it more conducive to their growth and success.

Conclusion

Identifying a niche and effectively marketing it to startups is crucial for women seeking opportunities as virtual assistants. Tailoring services based on one’s skill to meet the unique needs of startups can be compelling and overwhelming; however, the opportunities are endless for women exploring working remotely for startups; hence, one  should embrace the diverse opportunities available and not limit themselves to a specific skill set. 

References

• thereistalent.com/virtual-assistants-for-female-entrepreneurs/ 
• https://20four7va.com/inventory-management-virtual-assistant/