Like many small business owners, I spent some time recently putting my tax information in order for my accountant. It’s all sent off now (thank goodness!) and I’m vowing to update my information quarterly this coming year (and first quarter ends next week) so that I’m not trying to organize a year’s worth of information come February 2011.

In organizing my financial information, I noticed some really important things. We all know it’s good to keep your overhead as low as is practicable. I was glad to see that while I had a number of expenses, my ongoing monthly expenses are quite minimal. I started my virtual legal assistant business with a goal of being quite frugal. My main recurring expenses include things like my internet, my phone, my webhosting and domain renewals, and my project management application. Altogether these expenses come under $200 per month, which allows me a great deal of flexibility in how I operate. I am free to only take on appropriate clients and I don’t force them to commit to retainer plans. I want them to be able to keep their absolute expenses low too!

Low overhead is precisely one of the main benefits to using offsite contract staff, whether you are talking about a virtual legal assistant or paralegal, an accountant or any similar service provider.  For example, when my clients work with me, they are able to engage my services to any extent necessary, whether that is for one small project in a month or for some dictation almost every single day. When they go on vacation and don’t need any assistance, they don’t pay for it. If they go on vacation and want someone to check their email, they can have that too! It is completely flexible and up to the client to utilize the services to match their needs.

Of course every small business owner, from lawyer to virtual assistant, will have different needs for their overhead. They may absolutely need to operate out of an actual office space or they may be able to work from Starbucks. They may need full-time or part-time help in some capacity or they be able to work with just occasional support from other service providers. The key is to know what things are truly necessary and work within the most appropriate but cost-effective structure that you can, if you want to maintain maximum control and flexibility over your work environment, instead of feeling like a slave to your own business.