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!