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DALL·E 2024-08-21 23.14.24 - A modern and clean illustration showing a solopreneur working

VersAssist: Helping Solopreneurs Scale with Reliable Virtual Support

Executive Summary

VersAssist, founded in February 2024 by Dr. Michael Olaiya and Dr. Jeff Bullock, is a virtual assistant service based in Atlanta, GA, designed to empower entrepreneurs by providing adaptive, high-quality support at an affordable rate of $12 per hour. VersAssist aims to support a million entrepreneurs worldwide, starting with African-American solopreneurs. In addition to its core services, VersAssist plans to launch a platform in Year 2 that allows clients to source virtual assistants directly from a vetted pool of applicants for a monthly fee. The $100,000 grant will be allocated to scale operations, enhance training programs, expand digital offerings, and develop this new platform, positioning VersAssist as a leader in the global virtual assistance industry.

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Company Overview

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 Name: VersAssist

●  Founder: Dr. Michael Olaiya

●  Founded: February 2024

●  Location: Atlanta, Georgia

●  Mission: To empower businesses by providing adaptive, high-quality virtual assistance

services that enhance operational efficiency and foster growth. Through our commitment to excellence and innovation, we strive to be strategic partners to our clients, enabling them to achieve their objectives with precision and ease.

●  Vision: To support a million entrepreneurs worldwide by making high-quality, AI-enabled virtual assistance affordable and scalable, starting with African-American solopreneurs.

Business Model

VersAssist operates on a service-based revenue model, providing virtual assistant services at a flat rate of $12 per hour. The service is designed to be both affordable and scalable, allowing clients to access a range of skills, including traditional business tasks and AI tools. In Year 2, VersAssist will introduce a subscription-based platform where clients can directly access a vetted pool of virtual assistants for $97 per month, adding an additional revenue stream.

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Target Audience

●  Primary Audience: African-American solopreneurs and small business owners

 

●  Secondary Audience: Other minority-owned businesses and SMBs seeking affordable and scalable virtual assistant support

Market Opportunity

● Solopreneur Challenges: With 95% of African-American businesses being solopreneurs, there is a significant need for support services that can help these businesses scale. VersAssist addresses this gap by providing a team of virtual assistants who can handle both AI-driven tasks and traditional business operations.


● Growth Potential: By focusing on affordability and scalability, VersAssist is well-positioned to capture a large share of the growing market for virtual assistant services.

Unique Value Proposition

VersAssist offers consistent, high-quality virtual assistance at a flat rate of $12 per hour, making it accessible to a wide range of businesses. The service is enhanced by AI tools that increase efficiency and effectiveness, ensuring that clients receive maximum value as they scale their businesses. The upcoming platform in Year 2 will further enhance VersAssist’s value proposition by offering clients direct access to a vetted pool of assistants at a fixed monthly cost.

Grant Allocation and Budget Breakdown

The $100,000 grant will be allocated as follows:

1. Virtual Assistant Training and Development ($30,000)

● Comprehensive Training Program:

 

○  Develop and implement a training program that equips virtual assistants with skills in AI tools (such as data analysis, automation, and customer service AI) alongside traditional business tasks.

 

○  Continuous education to keep the team updated on the latest AI technologies and business practices.

2. Marketing and Client Acquisition ($40,000)

● Targeted Marketing Campaigns:

 

○  $20,000: Digital ad spend focused on platforms frequented by African-American entrepreneurs, such as LinkedIn, Instagram, and Facebook.

 

○  $10,000: Content marketing, including success stories, video testimonials, and educational webinars that highlight the impact of VersAssist’s services.

 

 $10,000: Partnerships with African-American business networks and influencers to enhance credibility and reach.

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3. Scaling Operations and Service Delivery ($20,000)

● AI Tools and Platform Enhancement:


○ Invest in AI tools that enhance service delivery, such as project management software, automation tools, and customer service platforms.

 

● Operational Scaling:

 

○ Improve infrastructure to handle an increased client base, including expanding the virtual assistant team and upgrading internal systems.

 

4. Digital Outreach and Resource Development ($10,000)

 

● Online Courses and Webinars:
 

○ Develop and launch online courses, webinars, and downloadable resources to reach a broader audience, aiming to impact 100,000+ entrepreneurs through digital content.

 

5. Contingency Fund ($10,000)

 

● Unexpected Opportunities or Challenges:
 

○ Reserve funds to address unexpected opportunities or challenges, ensuring flexibility and adaptability in scaling operations.

Key Performance Indicators (KPIs)

To measure success, VersAssist will focus on the following KPIs:

  • Client Growth Rate: The rate at which new clients are acquired and existing clients expand their usage of VersAssist services.

  • Revenue Growth: Monthly and annual increases in revenue as a result of client growth and expanded service offerings.

  • Client Success Metrics: Number of clients who achieve significant business milestones, such as scaling to six or seven figures in revenue, as a direct result of using VersAssist services.

  • Digital Reach: The number of entrepreneurs reached through online courses, webinars, and digital content, with a goal of impacting 100,000+ entrepreneurs by Year 3.

  • Client Satisfaction and Retention: Regular feedback and retention rates to gauge the success of service delivery.

Impact & Growth Projections

Year 1:

  • Client Growth:

    • Acquire 150 new direct clients (businesses using full-service virtual assistance).

  • Revenue:

    • Generate $300,000 in annual revenue through new client acquisitions, plus an additional $50,000 from digital products and services.

  • Digital Reach:

    • Engage 10,000 entrepreneurs through online courses, webinars, and downloadable resources.

  • Client Success:

    • Assist 15% of direct clients (approximately 22 clients) in scaling their businesses to $100,000 in annual revenue.

Year 2:

  • Client Growth:

    • Expand to 400 direct clients by the end of Year 2.

  • Revenue:

    • Achieve $700,000 in annual revenue from direct clients and $150,000 from digital products and services.

  • Digital Reach:

    • Scale digital offerings to reach 50,000 participants.

  • Platform Launch:

    • Introduce a $97/month platform where clients can directly access workers from the vetted VersAssist pool, targeting 500 clients in the first year of launch.

  • Client Success:

    • Scale 25% of direct clients (approximately 100 clients) to six-figure businesses and assist 5% (20 clients) in reaching seven figures.

Year 3:

  • Client Growth:

    • Grow to 700 direct clients by the end of Year 3.

  • Revenue:

    • Target $1,200,000 in annual revenue from direct clients and $500,000 from expanded digital offerings.

  • Digital Reach:

    • Expand digital reach to 100,000 participants through a subscription-based platform offering ongoing training, tools, and support.

  • Platform Growth:

    • Increase the $97/month platform to 1,500 clients, solidifying VersAssist as a key provider of affordable labor solutions.

  • Client Success:

    • Help 30% of direct clients (210 clients) reach six-figure revenues and 10% (70 clients) scale to seven figures.

Year 4-5:

  • Client Growth:

    • Aim for 1,200 direct clients by the end of Year 5.

  • Revenue:

    • Achieve $2,500,000 in annual revenue by Year 4 and $5,000,000 by Year 5 from a combination of direct clients and digital offerings.

  • Digital Reach:

    • Reach over 200,000 participants through the subscription platform, online courses, and digital content.

  • Platform Expansion:

    • Expand the $97/month platform to 5,000 clients by Year 5, positioning VersAssist as a leader in the virtual assistance industry.

  • Client Success:

    • Empower 40% of direct clients (480 clients) to achieve six-figure revenues, and support 15% (180 clients) in scaling to seven-figure businesses.

  • Market Leadership:

    • Establish VersAssist as the leading provider of both direct virtual assistant services and digital business support resources, with a strong focus on serving African-American solopreneurs and SMBs.

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Assisting One Solopreneur At A Time...

VersAssist is positioned to scale rapidly and significantly impact the entrepreneurial community, particularly within the African-American demographic. With a clear focus on affordability, scalability, and client success, VersAssist aims to support a million entrepreneurs worldwide, starting with African-American solopreneurs. By leveraging AI tools, digital outreach, and a robust training program, VersAssist will not only grow its client base but also empower its clients to achieve significant business milestones, creating a lasting impact on the broader business ecosystem.

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