You have signed several clients. You are busy, and you are getting paid for the work you have done. Does this mean that you have a successful virtual paralegal business? How do you know when your business is successful?
According to business experts you will know when you have a successful business:
When you start to break even, it is a sign that your business is on the road to success. At the break-even level, there is no income. It means that your expenses are equal to your revenue and you are not making a profit. However, there should be no out of pocket expenses for you.
The next indicator of a successful business is when the business can pay you a salary after paying its expenses. However, it is not generating a return if it is just making enough to pay you a salary and take care of expenses.
Your business is considered successful when it can pay its expenses, provides you with a salary, pays you back the money you invested in the business and can earn real profit. At this level the business is considered more valuable than the value of its assets.