Business Management – Page 4 – Virtual Assistant Success Strategies

Wil Hart on November 17, 2011

Avoid These Three Money Pits for Your Virtual Business

trashing money When you are in start-up mode, it’s important to pay close attention to the numbers in your business. You will absolutely need to invest money into your new enterprise in order to set it up properly and build a strong foundation. However, there are three categories that could prove to be money-pits if you are not careful. I am an expert in the field of making mistakes and learning from them. Thus, I’d like you to learn from where I went wrong in the early days and avoid making the same mistakes.

Start-up Costs
The first mistake I see many new VAs making is not calculating an accurate amount for start up costs. (I actually made the opposite mistake and spent too much money!) Starting a successful Virtual Assistant business doesn’t require tens of thousands of dollars in capital, but you will HAVE to invest money to get started. So resist the urge to think you can build this business on a shoestring budget. If you miscalculate the start-up costs of your business, this may lead to you owing a lot more money than you begin to earn.

Consider what technology you will need to purchase. What are the monthly operating expenses? How long will it take to turn a profit? Knowing this will give you an idea of how much money you should have saved for the first six to twelve months after you open your doors for business. Not counting the costs may in turn cost you a lot of money and unnecessary frustration.
Taxes
Please do not start your business thinking all of your money will go directly into your wallet. When you had a corporate job, your company happily deducted taxes for you. Who is going to do that for you now? You guessed it. YOU.

It is YOUR job to make sure that your company is set up so that you will receive the best tax advantage. With that said, you are also responsible for setting aside the proper taxes so that you do not get caught in a whirlwind of back taxes and trouble with the state and Federal authorities.

Hiring a Certified Public Accountant (CPA) is one of the best investments that you can make as a new entrepreneur. She will help you to avoid many tax pitfalls, keep you updated on your local and federal tax law and help you to file your taxes appropriately and on time. Even if you decide not to hire a CPA on a permanent basis, I highly recommend meeting with one once or twice to setup the financial structure of your business correctly. You don’t want to tackle this on your own, rather you want to create the best possible situation for you and your family.
Marketing Costs
“But, I can’t afford a marketing budget.” Have you said this before? If so, I only have one question for you, ‘How can you stay in business if you do not grow your business?’ I say this with so much care and warmth for you: You can’t expect to hide behind your computer, hoping clients will show up at your door payment in hand. It simply WON’T happen.

The whole point of going into business for yourself is for you to help other people while being the source of your own income.

But, if you do not invest in prospecting, how will you earn money? Anyone can start a business. Smart entrepreneurs know the importance of investing in their marketing. Marketing creates awareness for the solutions you provide and attracts prospects. Having conversations with prospects is what converts them to clients. It’s service clients that generates revenue and builds your reputation. None of this will happen if you don’t market what you have to offer. It would be useless to open the doors of your brand new business only to have zero customers walk through them. Plan to set aside funds to learn how to market your business, create your materials and implement your marketing plan. You’ll need to focus on marketing almost daily, especially in the beginning.

Take the time that is needed to get your business off to a great start. Do the proper research so that you can have a realistic number for your start-up costs. Get a CPA involved in your business as soon as you get started to avoid a ‘tax mess’. Understand that you will need to do marketing for your business and that will cost money as well. Be ready for this expense by setting up a marketing budget. Avoid these pitfalls and you will find your new business is profitable, successful and debt free!

Wil Hart on September 24, 2011

Go Get’em!

Remember this simple yet profound notion: If you are not where you want to be, you have not done what you need to do.

When you entertained the idea of running your own Virtual Assistance company, you likely enjoyed the dream of firing your boss, making your own schedule and getting paid what you actually deserve. You, of course had even grander hopes than the few things mentioned. My question to you is, have you reached your potential. As you reflect on the time that has passed from whence you entertained the thought of creating your own definition of success until TODAY, what type of results have you developed?

If you are not where you want to be, you have not done what you need to do. There are not enough excuses in the world that can negate that fact. Some roadblocks may have come up. But a roadblock does not have to be a deal breaker unless you allow it to crush your dreams. Track back to when you first began to dream big about starting your own successful Virtual Assistance company. If you have already created your business but have not yet reached your definition of success, do not give up.

Figure out the steps that you have not yet taken, and go to work on accomplishing those tasks. Armed with your goals, never stop pursuing them until you have reached them.

GO GET’EM!

Wil Hart on September 23, 2011

Increase Your Effectiveness as a Virtual Assistant

Do you have the tools that you need in order to serve your clients at a high level? Take a look around at your office set up? It does not matter if you work out of your bedroom or in a living room nook. Your technology needs to support your peak performance.

Are you comfortable in your workspace? Is your computer screen large enough? Are you set up for mobilization if you travel often? Technology in this sense does not mean computer hardware and software. In this article, technology will pertain to tools that you need to deliver the solutions your clients are looking for.

Let’s take inventory of your workspace. What do you need in order to be comfortable, equipped and effective as a Virtual Assistant?

Comfort: Do you work from a laptop or a desktop? This will greatly affect your comfort level. If you are looking downward at a laptop screen all day, the strain on your neck, shoulders and back may become unbearable, undermining your efforts to serve your clients and grow your business. What can you do to improve this situation?

Acquire a large monitor to connect to your laptop. This will allow your work to be closer to eye level and relieve the stress that you currently place on your neck and shoulders.

Do you have a chair that properly supports your body while you work at your desk? If you have soreness in your lower back and or hips, it is not likely that you have an appropriate sitting position. An ergonomic chair may be all that you need to solve this problem.

Equipment: It is important for you to use tools that help you in accomplishing your work quickly and efficiently. For instance, do you do a lot of proofreading? Would having two computer monitors help you to get through your reading faster?

How fast is your Internet connection? Is it serving you well? (Please do NOT use Wi-Fi for your business. Your client and business info need to be kept safe at all times!) Do you need an upgrade in order to serve your clients better?

Do you have a business phone number that is separate from the family phone line? You want to show up in a BIG and professional way as a business owner.

Effectiveness: As you take inventory of your virtual tools and your comfort level, does your situation enable you to be the MOST effective business owner that you can be? If you are not proficient in actually working virtually, this needs to be addressed immediately. Consider what specific solutions your prospects and clients are looking for. Then research the tools you need to work with them and serve their needs. Invest in the training you need to become a top-notch Virtual Assistant.

As an entrepreneur, it should be your goal to grow your business. As your business grows, you will need to grow with it. That means upgrading your technology at every opportunity. Doing so will allow you to really make a difference in your client’s lives and create a profitable, successful business for yourself.

Wil Hart on September 21, 2011

Be Honest

How important is honesty to you? I hope that you are not a person who would get involved with shady business dealings. If honesty is not very important to you, then be sure to make it important to your business. You want to have a great deal of integrity when dealing with clients, colleagues, vendors, strategic partners and everyone else with whom you come into contact.

An elementary topic? Indeed. Vital for long-term success? Oh yeah!

Have you ever seen a dishonest person get away untarnished from underhanded activity? At the very least, his conscience will be damaged. How can you be honest in your business dealings? The key is to avoid lying in any way. If you have an interview with a prospective client who needs a skill that you do not have, would you say that you can accomplish that requested task in order to obtain the contract? Maybe a person in that situation could reason, “I will simply learn the skill and then get the work done.” This is dangerous for her reputation and business.

How much better would it be to tell the prospect, “Well, I don’t have any experience in that, but I am willing to learn it on my own time.” Your prospect will have a great deal of respect for you because of your honesty and straightforwardness.

Thinking long-term about your business has to include a mindfulness towards integrity in all of your work. This is a sure way to build a lasting business. One lie could lead to the downfall of a business!

Wil Hart on September 20, 2011

EAT MY DUST!

You are unique mainly because you are a human. No other person in the past, present or future will ever duplicate your fingerprints or dental impressions. I mean NO ONE!

But, what sets you apart as a Virtual Assistant. Why should I partner with you instead of the seven other Virtual Assistants that I have interviewed? Whew! I’m so glad that I don’t have to answer that question. I will, however, have to make a decision that is best for my business, my goals and my investment.

What skills, personality traits or knowledge do you have that sets you apart from the pack of client-hungry Virtual Assistants? If you make those points stand out to your prospective clients, you will have a full practice of clients. Your competition will have not choice but to eat your dust!

Wil Hart on August 19, 2011

How to Take Care of Your Best Client…You!

There are a lot of moving parts to running a successful virtual assistant business. Because of that sometimes, it can be easy to forget about your most important client. That client is YOU! I want to make sure that you are not neglecting your greatest business asset which is your whole person. That includes your mental clarity, creativity, physical strength and energy level. How can you make sure that you have a healthy body and mind so that your business supports your lifestyle?

Here are a few important points to consider:

Exercise

When you exercise, your body thanks you for it. Moving around and getting your metabolism sped up is one of the best things that you can do for your body. It does not matter what fitness level you are in currently. You can simply start by taking walks, even if it’s just 20-30 minutes. Put on some comfy shoes and get to stepping! Walk so that you break a sweat and feel alive.

Do you know that you want to get into shape but do not know where to start? Consider working with a personal trainer. Check out a local gym and see what kind of professional guidance will suit you. If you are concerned about costs, think about how much time, money and missed opportunity it’s costing you to not take care of yourself. You’ll likely find that investing in yourself is a smart decision!

Exercising regularly will help you to enjoy:

Increased energy: We would all love to add a few more hours to each day. I’m still trying to figure out a way to make that happen for you. So, in the meantime, try a different strategy by increasing your energy so that you can get more done in the time that you do have.

Mental clarity: Exercising has a magical way of helping us to clear our mind. When you do cardio or weight training, you have an outlet for relieving stress and worry. You may even find that some of your best business ideas will come to you at these moments of clarity. I often do!

Strength: Your body has so many different systems, cardiovascular, muscular and skeletal just to name a few. An exercise program strengthens your whole body. This will give you greater endurance when you are home working diligently on serving your clients and growing your business.

Take Breaks

It is a disservice to you to sit in front of the computer all day. You owe it to yourself to get away from your computer and office for a while to get some peace of mind. If you are not careful, your home based business will become an uncontrollable beast! Believe me, I know from experience. I have a tendency to work too much. I have to work hard to detach myself from my desk several times a day. But I can also tell you that my absolute best efforts result when I set aside time for breaks.

Eat Well

It is so easy to get into the rut of awakening from sleep, starting work and going full throttle until you mentally and physically crash. That is not a healthy way to run a business. So, your first break of the day should be ‘breakfast’. You have been sleeping and thus fasting all night. When you wake up it is time to eat. This will provide the fuel you need to do great work for yourself and your clients. Be sure to schedule your second and third meals as it is appropriate for you.

Make no mistake about it; you are the greatest asset to your business. That means you are responsible for taking care of your family, your company and YOURSELF! If you are strong, vibrant and healthy, that will translate to you having a strong and thriving business. Take great care of yourself!

Wil Hart on August 12, 2011

Four Ways to Take Action NOW to Build a Successful Business

Once you setup your business and start moving out of “start-up” mode, you’ll want to turn your attention to “building” mode. Yes, you WANT a long-term sustainable business. You BELIEVE you can create success for years to come. Remember this quote: “There is something more important than believing; ACTION! The world is full of dreamers. Those who are successful will move ahead and begin to take concrete steps to ACTUALIZE their vision” (- Unknown).

The first step in doing so is to define what success means for you. You want to get to that place and stay there. As an executive or admin assistant, you likely started out as a newbie in the corporate world. Over the years you found yourself going from supporting entry level personnel to C-Level executives. In that world, supporting the highest level executives may have been considered by you as “Success Status”. You want to reach that same level, but this time it will be created by you in your own business.

Building your business and growing it to support the lifestyle you want is the whole point of becoming an entrepreneur. In order to build your business, you will need to do a few things very well:

Market Consistently: In our recent article on marketing, you learned how to reach out to your warm market. That is the group of people who already know, like and trust you. They are your family, friends and former colleagues. Congratulations if you have received clients in this way! Now it is time to step up your marketing. You need to know who your target market is and who your ideal client is.

Your target market is the industry or profession on which you focus your marketing efforts. For instance, if you decided that you want to focus on working with fitness professionals. That would be your target market. Now you can focus all of your marketing attention on that specific group. You can easily find networking events where fitness professionals spend time. They will be at conferences that you can attend. Your marketing collateral will speak directly to this group. It will help them to see that you are the expert who can help them to solve their specific problems.

Your ideal client is the one type of person in that target market that you are best suited to work with. This person has traits that inspire you to do your best work. Being clear on your ideal client will assist you in ALL of the marketing that you do going forward. It will affect where you direct your speaking engagements, social media marketing, blog writing, networking and everything else.

Your marketing efforts will be focused, consistent and effective when you follow this sound piece of advice.

Set Up Systems: Installing systems in your business will allow you to dramatically build your business. It will save you time, energy and resources. Why? It is because you will know exactly what steps to take when you perform any task in your business. This includes billing and receiving payments, enrolling new clients, dumping less than ideal clients, working with sub-contractor VAs, managing business cards that you collect when networking, knowing what to say when following up with prospects, closing new deals and the list goes on and on. All repetitive activity in your business deserves to have a system set up to make your life and that of your clients much more enjoyable.
Upgrade Your Skill Set: What got you HERE, won’t get you THERE. No doubt you were a sharp corporate employee. The skills you possessed are what allowed you to create your business in the first place. Now that you are growing your business, your fee structure should be commensurate with your skill set and the solutions you offer to your clients. When you worked as an EA, you likely had a yearly review. Your manager expressed to you whether you met the expectations for the position or not. That meeting likely determined if you received a raise or not.

In your own business, you will need to keep growing in knowledge and skill. One of your clients may want to sell products from their website. One skill you may want to develop is setting up and managing a shopping cart. Some of your clients may need help with managing the distribution of their weekly email newsletter. Therefore, you will want to learn how to utilize a database such as iContact. Make it a priority to look at what services will make your client’s lives easier and then invest in learning the necessary skills to offer those services so that you can increase your value (and your fees).

Build Momentum: There are so many different services that you can provide as a Virtual Assistant. That is why this industry is exploding with opportunity. You have started your business and that is EXCELLENT. Great job! Now is the time to turn up the heat and make your mark as an entrepreneur. If you market your business consistently, set up systems and learn new skills, you will be poised for phenomenal growth. All of this is based on what your level of Success Status means for you. Set your course and shoot for the stars!

We cover these topics in depth in the Successful VA 2.0 Mentoring Program. It is quite a hit with an excited, brand new group of 53 students. If you would like to join us, you still can, just visit www.SuccessfulVA.com to secure your spot and get instant access to the program materials. We look forward to welcoming you!

Wil Hart on July 22, 2011

Five Keys to a Stable Foundation For Your Business

There is a fundamental truth about construction. Any building that is constructed has a better chance at lasting on bedrock than on sand. That is a guarantee!

This is why it is so important that your business has a solid foundation. How can you make sure that this is the case with your business?

What are some of the benefits and amenities that you enjoyed at your last place of employment? Perhaps you had a great insurance policy which included health, dental, disability and life insurance. Without a doubt you received a paycheck during the month to compensate you for the hard work that you put out. Somehow every January without fail, you received a little document that enabled you to file your taxes before mid-April. When you walked into your job as an employee on the first day, you did not have to worry about a thing, except doing your share in building the company.

Now, it is your turn to build a solid business by making sure that your infrastructure is set up to ensure your success. Following are a few things that you should have in place before you walk into your company, not as an employee, but as a savvy entrepreneur.

Incorporation: Creating a corporation for your business will safeguard your personal assets in the event that you have a professional dispute with someone. The chances of this happening are slim. However, your business entity should be completely separate from your personal affairs. It is a protection for you, your company and your clients. You will have a bedrock foundation by legitimizing your company.
Insurance: It will take diligent effort to find the right insurance for you and your household. Seek out insurance agents from people that you already know and trust. There are many insurance resources for entrepreneurs. It is important that you apply and qualify for and enroll in the insurance plans that are necessary for your family and your business before you leave a current job.
Operations: Systems are critical to the successful business. What processes will you have in place for enrolling new clients into your practice? How will they pay you? Having contracts in place will protect both your company and your clients. Another note on operations is to separate your business expenses from your personal finances. Will expenses for your mobile phone and home phone fall under your business operations? Bank accounts should be separated as well. This will make it easier to file your taxes.
Technology: As a virtual assistant, technology is your means of running your business. You must have reliable hardware and software. Trust me, you do not want to run a business using your neighbor’s WiFi. Some free services and tools may be handy. But when it comes to the day to day functioning of your business, you want the most reliable technology available and will need to know how to use it to best serve your clients.
Financing: This is where many people ask, “Can I start a Virtual Assistance company with no money?” My answer is, “if you find a way to do that, please let me know.” I will shout that from the rooftops. The truth is that it takes money in order to make money. You need office supplies, software, hardware and savings for back up. I would never encourage an individual to start any sort of business with no money because I personally have no experience in that area. There are a number of ways to generate the capital to cover your start-up costs for your business. Research is the key!

These are a few of the important aspects of setting up your business that will allow you to have a bedrock-like foundation. If you have already started your business, you can still implement these components to strengthen your business. Do not to become overwhelmed by the list above. Every business goes through changes. The same will be the case for you. You will find that some aspects of your business work very well while others could use adjustments. This is perfectly okay! The learning process is continuous.

One thing is for sure, you do not want to construct a business on a sandy foundation. If you do, you will find that the tides of change and trouble will wash your business out to sea. Just like footsteps on a sandy shore are soon to disappear, without a bedrock foundation, your business will quickly fade. By implementing the points that I am teaching you in this lesson, you will be sure to have a foundation that is built to last and on which you can build a successful, sustainable business.

Build on bedrock!

I’ll be sharing additional details on these topics and the other 4 steps of my proven business building system on a FR*EE training call next Thursday, July 28th. Visit http://vasuccesssecrets.com for details!

Wil Hart on July 1, 2011

Break Through Discouragement and Get Back on Track

Perhaps you’ve heard the phrase, “Perception is reality.” And while it may mean different things to different people, today I want to focus on how our limiting beliefs, self-doubt and negative thoughts all play a part in creating a successful business. Even if you think these feelings are only tied to your personal life – think again. They can (and will) interfere with your business.

Why?

As a Virtual Assistant, your personal and business lives are often completely intertwined. It is important to recognize this potential problem because it could actually be holding you back in achieving the business success you are looking for. For example, let’s say you are just plain discouraged with your life right now.

Perhaps your personal life is less than stellar – maybe you haven’t had a date in awhile, or you and your significant other have been at odds with each other lately. Then, you start to focus on the things “wrong” with your life and you get discouraged with everything, including your business. You start to think that you can’t be as successful as you want to be because of your competition, lack of knowledge or lack of funds to take a continuing education course, or whatever.

Once you get “down in the dumps” about yourself and your business, that’s exactly what you project to everyone else. That in and of itself will limit your progress. That negative energy you are putting out into the world around you will only attract more negative energy.

So how do you fix this?

First acknowledge that you are discouraged and don’t beat yourself up over it. All of us can get discouraged now and again. But once you realize this is the case with you, make the decision to “turn the corner” and focus your attention on resolving the issues at hand.

Often we make situations more complicated than necessary because we over-think matters and ignore simple solutions. Don’t fall into this trap! Make the decision to view things differently. Give yourself the space to calmly and objectively think about the situation. Talk out your feelings with a trusted confidant to clear your mind. Decide on a resolution, take action and pat yourself on the back for doing so!

Also, get support from fellow VAs who can relate to your business challenges and personal circumstances. Consider teaming up with an accountability buddy, joining a mastermind group or hiring a coach to ensure you are making progress in your business. At the very least connect with others in the EAtoVA community by getting involved in our LinkedIn group. All of this “mental cleanup” and trusted support will help you get clarity in your personal and business life.

Once you’ve gained clarity, moved away from discouragement and start to take positive action, you will see your personal and business life flourish. Even in seemingly small ways.

Henry Ford once said, “Whether you think can or think you can’t you’re right!” So, you have to put yourself in a place to attract and receive success. Remember, the only way to do this is to break through the negative beliefs that you have. You’re not the only one; we ALL have them in one form or another. You’re not crazy. You’re not destined for “failure”. You are human.

How you choose to deal with the challenges will set you apart from those who “wish” they had it together and those that actually do. Your version of success is right in front of you, there for the taking. So, don’t stand in your own way and let it pass you by!

I’d love to know what you think about this week’s article and how we as a community can support you in achieving your goals. Stop by the blog to comment and share your thoughts!

Your Action Plan For The Week:

Watch for any tendencies to over think your problems. If you find yourself getting down in the dumps, acknowledge it and talk out your feelings with a trusted confidant or accountability partner.
Make a decision to think about things differently. Once you’ve given yourself space to gain clarity, focus on looking for simple solutions to your challenges.
Take action! The best way to break through a negative belief is to take ONE step toward your goals. Prove yourself wrong by taking action.
Get support from your community. Get involved in the EAtoVA LinkedIN group (it’s completely FR*EE!) so you have access to advice and support from people who understand what you’re going through.

Wil Hart on June 10, 2011

5 Ways to Manage Your Day and Increase Your Income

Time.

It’s the most precious resource we have and one of the very few that cannot be replaced. For Virtual Assistants looking to create a highly successful, lifestyle-focused business it is essential that we use the gift of time well so that we can achieve our goals. Continue Reading>>

« 1 2 3 4 5 6 »