The VA Biz 101 – Topic #4

You, Your Life and Your Business Plan

Objective: Develop a Common Sense Business Plan that fits you and your life.

In this topic, we are going to develop a business plan that fits you and your life because you want something. But what? And Why? You need to know because here you will develop a Life Plan not just a business plan. It’s a plan, a guide, a living breathing document! Don’t run out and buy a book on business planning or some fancy software package. This isn’t a plan for investors and Venture Capitalists; it’s for your eyes only!

First, take a close look yourself and your work, recreation, relationships, finances and other priorities. What do these look like now? What do you want them to look like? Look back on the notes you made when you were exploring the VA business. Why did you decide to start your business? What is important to you and why? Develop a simple purpose statement. You can call it a Mission Statement or anything you want but make it real. It isn’t something you are going to frame and hang in your office to impress visitors. This is for you.

Now take a look at what you like to do (where’s that list you made?). What do you like to do? What are you good at doing? What do you have experience doing?

Do you enjoy a supportive role and have good office administrative skills?

Can you work without constant supervision?

Are you Tech savvy?

Do you like working with independent professionals such as Real Estate Agents or Entrepreneurs?

Do you like customer service and helping people solve problems?

Can you do data entry fast and accurately?

Do you like to do research?

Are you a bookkeeping wiz?

What are you doing to fill in the gaps? If you have skills and experience at stuff you don’t like to do, are you willing to pay the price and get the skills to build experience at what you like to do?

Goal Setting

Ok, let’s set some goals. First of all, when you set goals be clear about what you want. It must be something that can be measured. Set milestones to measure your progress. This will not only help you stay focused because you can see your next step but encourage you to keep going because you can see how much you have accomplished.

For example, say your ultimate goal is to set up your VA Business.

You can break that up into goals like this:

Complete ProVA by Design course by this date.

Have Business Plan complete by this date.

Enroll in MS Office skills course and complete by this date.

Interview and select Accountant and Attorney by this date.

Set up blog by this date.

Within these goals set milestones. For example: Complete one topic in ProVA by Design course per week doing all of the foundation work in each one (for example, write your Business Plan, set up your website, etc.)

Goals and Rewards

For each goal, also write down what the reward is. Why is this important to do? It is impossible to commit to doing something if you are not absolutely clear on why you are doing it.

Oh, and then set a fun reward too – maybe for each milestone completed you make a date for coffee with a girlfriend. Remember – Self Care isn’t selfish!

Your Support Team

Don’t forget to let your support team know how you are doing and how they can support you! This community is a great place to do that. Not only will you get vital support but you will inspire others. No one succeeds alone.

A word of caution here – there will be those who just don’t get it. They will tell you that no one can really make money working from home, that working from home is just a scam and my favorite, “get a real job.” If you have people like this in your life, you must not let them steal your dream. You don’t need to let them know what you are doing or how you are doing. When your business is set up and you have a strong client base – then tell them! But don’t gloat. Well, not too much anyway!

Branding

We’ll talk more about this when we get to marketing but you will want to keep this in mind when writing your purpose statement and your goals. Branding is more than a logo it is the sum of all you do. It is your Business DNA. It encompasses your purpose, your unique selling proposition, your personality, and the services you are offering. It is your business essence.

Think about Coke or Microsoft or Old Navy. What comes to your mind when you think of them? What is the personality of those companies and their products?

Your good name

Of course branding starts with your name. If it’s just you, be clear. I always just used Sandra Pearson, Executive Virtual Assistant. When I marketed on sites like Elance I used SandraePro for my user name. If you use a name, like Stellar VA Services, make sure your marketing materials are clear that you are an individual VA (unless you work with a team, of course). I have seen several VA websites where it looked like a team of VA’s as opposed to an individual VA. This is completely misleading and inappropriate. And it’s not necessary. For every prospective client who wants a team there is one who wants an individual. Be honest and straightforward in your marketing or you will seriously sabotage your success – not to mention your integrity.

Also – don’t get too hung up on this. Dr. Smith didn’t spend days brainstorming a name for her medical practice. She hung out a shingle that said: Dr. Smith, MD Family Practice. ‘Nuff said!

Logo smogo

While you want to build a brand, I also don’t think it is necessary to invest in a logo. You aren’t Microsoft. If you have the funds and want to, fine. But don’t let not having a logo stop you from moving forward.

A Business Plan for you, by you and about you!

Ok, so now you have lots of notes about what you are going to do any why and when and all that good stuff. Now let’s get it into a format you can use. Remember, it’s for you, not lenders, not your jealous sister-in-law. You. Just you.

Assemble all of your notes and plug them into this outline (feel free to adjust as you see fit). Don’t worry if you don’t have some of the information, such as marketing details. We will be doing that later in the course and you can come back to fill that in with more detail.

I. Name of your Business

II. Purpose Statement

III. Basic Concept – what are you doing in general

IV. Market Research – is there a need for what you are doing? What is the competition like? For example, do you plan to market yourself locally? Are there other VA’s in your area? Are you going to use Elance to market yourself? How will you stand out in the crowd?

V. Why are you uniquely suited to fill this need

a. Your experience

b. Your education

c. Your preferences (web research vs. customer service)

VI. Your offer – describe your services and pricing

VII. Your Business Profile – how you plan to go about your business. Focus on the specialized market you intend to serve.

VIII. What do you still need to do?

a. What training do you need

b. What equipment do you need

IX. Budget – We’ll get into this more later but for now keep in mind that the money your business brings in is not what you will feed your family with. Your business will have expenses such as internet connection and a business phone line. Once these expenses are paid, then you draw your salary.

You can see that each of these steps affects the others. It’s is more of a circle than a list. If you see something in Market Research that makes you rethink your USP (Unique Selling Proposition) then change it. But don’t get stuck in analysis paralysis. This document can be changed. After all, you are typing it into a word processor, not chiseling it in stone!

This format may seem overly simple but we are going to add too it throughout this course. Don’t move forward, however without filling in the basics of what you have already determined. You need to have a clear vision of where you are now to figure out where you want to go.

The VA Biz 101 – Topic #3

 

The Business of Virtual Assisting – Part II

 

Topic Objective: Explore the transition from employee to Business Owner

 

So – is this for you?

 

You are the only one who can answer this. Take a close look at yourself, your life and this business. Only you can decide – only you can choose. Having a Virtual Assistant Business is a choice. What do you want? What is your vision?

 

I’ve been blessed to be successful in this business and I want to help you be successful as a VA too. I know you cannot just do the work of a VA and expect long-term results. This site is designed to go beyond a generic business start up book. Here you can implement the systems and add your uniqueness to design and create your own business based upon your vision.

 

To have a successful Virtual Assisting Business, you must have a strong foundation, know who you are, what you want for yourself and your business. This will enable you to weather the cyclical nature of business, maintain a steady client and income stream and sustain a long-term successful business.

 

Remember being a Professional VA is not who you are, it is what you do professionally. Design, develop and operate a VA Business, not a job that runs you. If you are ready to commit to becoming a Virtual Assistant and building your VA Business then let’s get going!

 

Moving Forward

 

I have stressed, and I can’t say it enough, that planning and systems are crucial to your business foundation. You have already developed your vision and hopefully given some thought to your goals (we’ll look at goal setting in depth later in the course). If you are working full time at an outside job, you need to develop a transition plan to move to a full time VA Business.

 

If you have any doubt you must ask yourself, “What am I really afraid of?” Now, if that happened, what is the worse case scenario? You tighten your purse strings? Maybe you use some of your savings? Maybe you get a part time job?

 

What ever happens – the earth will not stop spinning on its axis. You have to ask yourself if not now, when? There are always excuses why not but if your why is bigger than the why nots – now what?

 

The truth is that everyone is self-employed and everyone is in sales. So are you going to run your business or let a business, someone else’s business, run you?

 

I have reviewed many VA Training programs. In one program I reviewed the trainer remarked, “This ain’t no 9 – 5 job”. Hmm…well it isn’t if you don’t want it to be. If my kids were small, I would work around their schedules more. Mine are older now but I still need to work around track and cross-country meets. That means working the occasional evening or Saturday but you don’t have to be available to your clients 24/7/365. You have to set your boundaries or your clients (and your kids!) will set them for you. You cannot be all things to all people all of the time. The idea behind this business is to design – and then live! – life the way you want to!

 

The Transition Process

 

There are several things to consider when evaluating how you will move from your current situation to that of a business owner.

 

1.      Full time job and part time business:

Can you work full time and build your business in the evenings or weekends? I really don’t recommend this unless it is absolutely your only option. General Office and Administrative Assistant work generally requires that you are available for communication during regular business hours. If you are doing project-based work such as web research, you may be able to pull it off.

 

Consider your other commitments such as your family. Working this much is very difficult to sustain so you need a lot of support if you have a family. You need to have a clearly defined strategy so that this is only a short-term situation. $ for $ you end up with two full time jobs, no sleep and lots of stress. It’s not something you can do for a long period.

 

2. Using your Savings:

Take a look at your financial reserves. Is it worth using some of your savings to support yourself and your family while you build your business?

 

3. Other income sources:

Do you have income from a spouse who is supportive of your goal to be a VA?

 

4. Are you willing to make some lifestyle changes? This might not be fun but consider the payoff. Can you choose to eat in instead of out? Or maybe have a family game night instead of going out to the movies? Get a cheaper cell phone instead of one with all the bells and whistles? Are you really going to take calls at soccer practice? Should you take calls at soccer practice?

 

Choose – high speed internet connection or new shoes? What price are you willing to pay to build your successful business, to build your vision?

 

5. Should you take out a loan or use your credit cards? I don’t recommend going into debt to start your business. It’s not worth the risk to your family and the stress of debt can zap the joy right out of you replacing it with fear. You don’t want to be a slave to your business. That’s what a job is!

 

6. Part time (or temp) job and build your business:

Could you work a part time or temp job while you build your practice? If you have another source of income this may be a great way to transition. I had a pizza delivery job and I really enjoyed it! I made excellent use of my library card to get books on CD and really furthered my education. What others pay for with tuition – I got free!

 

The Cyclical Nature of Business

Business tends to run in cycles and this is something you need to be prepared for. Forecasting and budgeting won’t always predict bumps in the road. When I started out as a VA, I had a client who appeared to be very stable and have very deep pockets. I worked about 20 hours a week for them and I had a part time job. Everything was cruising along swimmingly and then one day, my client disappeared. Vanished. The website was down, they didn’t answer the phone and they owed me for two weeks of work. Luckily, I still had my part time job as well as another new client. It meant hanging onto my job for longer than I wanted but at least I had that income. As the Boy Scouts say – Be prepared!

 

A word of caution – be sure you are committed and willing to make the time, energy and emotional commitment needed to starting and growing your business. Remember when I asked you if you are willing to be fearless? Are you? Are you really?

 

Still here?

 

Good – and to keep going you must remember that in addition to taking care of your business and your family and the snacks for your daughter’s soccer game and the fliers for your son’s dance recital and…all that other stuff…

 

Self Care is not selfish

 

Don’t forget that there is someone else who needs to be cared for – you!

 

Be sure to set time aside for just plain fun. Go have coffee with a girlfriend. Read a book, just for fun. No, not one about building your business but an actual novel!

 

Also, be sure to get up from your computer and stretch every hour! Check out this two-minute stretching routine on about.com . Set reminders if you have to, but do it!

 

Refresh and re-energize – take care of yourself or you won’t be able to take care of your clients and family.

 

Ready, Set, Go!

 

Don’t get stuck in get ready to get ready mode – jump on in! Appreciate what you have in this opportunity and play nice. You can help develop the best practices and industry standards.

 

There is a lot of information and a lot to consider in setting up your own business, even if it is a virtual one. Don’t let this overwhelm you – you will have a lot of support here to help you through. But – while I can help you develop your systems remember that the mindset and the attitude are your choice.

 

So, if you are still reading this…

 

Great! You are probably asking yourself – “Will I be successful?” With a strong foundation, support, tools and resources – it really is all up to you! The mindset and the attitude are your choices.

 

What are you willing to invest to be successful? Your time? Your energy? Your money?

 

What is success to you?

The trust your gut and follow your heart.

 

A word about the Community portion of this site:

 

Most of you have come here for the information, facts, numbers, checklists, etc. but the value in the community here is priceless. We get more when we work together. There is plenty of work out there so don’t worry about competition. Network with each other and when you have more business than you can handle you will have a whole community of VA’s to help you!

 

 

Food for thought:

Success in Life is when your kids want to spend time with you when they are adults.

-Paul Orfalea

Kind’s founder and author of Copy This! (Amazon link)

 

 

Next up: You, Your Life and Your Business Plan

 

 

 

 

 

 

 

The VA Biz 101 – Topic #2

 

The Business of Virtual Assisting – Part I

 

Topic Objective: Is a Virtual Assistant Business right for you?

 

Someone once shared this with me; they saw it posted on an internet message board:

            “I’ve tried several VA’s … and they were all unprofessional. They weren’t rude; they just weren’t real business owners. They were people who seemed to have decided to become a VA and didn’t know how to run their businesses, let alone help me with mine.”

 

Often people convince themselves that having a business is easy – you don’t need a plan, just Do It! They only think of it as a job, freelancing, or being an independent contractor – those aren’t really businesses, right? Well, no. Not if you want to have a long term, sustainable and successful profession. You have to kick it up a few notches!

 

In The E-Myth Revisited by Michael Gerber, he talks about what happens when employees have “entrepreneurial seizures”. You’ve had one, that’s why you are here. Your prospective clients have too. That’s why they are your prospective clients. They understand their product or service but they need help with the “rest of it” because if the rest of it isn’t done it doesn’t matter how many widgets they sell, they won’t have a business.

 

Let me tell you about my own entrepreneurial seizure. It was the mid 90’s and my kids were in pre-school. I was looking for a way to stay home but still have a professional life and bring in some income. A friend saw an ad in a tech magazine looking for people to start businesses refilling toner cartidges. My husband and I thought we could do this. I would run the business and he could do the refilling work in the evening after our kids had gone to bed.

 

The challenge hit when we became successful. I know, it sounds a bit strange but the problem was there weren’t enough hours in the day for us to each do what we needed to do to sustain the business and certainly not enough to grow. I floundered because I just didn’t understand how to tie the various “departments’ into smooth running systems. I understood the trees but I didn’t have a clue about caring for the forest. If I had understood the value of systematizing, not just organization, I would have been able to accomplish a great deal more. I would have been able to hand off some, if not all of the work to someone else.

 

When your client comes to you, it is because they have had an entrepreneurial seizure. You can help them design and implement systems so that they don’t have to go through what I did. You can use what you learn here about business foundations and systems to not only build your own business but to help them build theirs.

 

Realistic Unrealistic Expectations

 

There is so much talk today about “life balance” and we all seem to understand intellectually what this means and why it is important. The challenge seems to be in the execution. What kind of lifestyle do you want? What are your priorities? Soccer Practice? Car Payment? Savings? Choose the work you want to do, whom you work with and when you want to do it.

 

It is very important that you ask yourself if work is what you do or who you are. I’m fairly certain what you will answer but beyond your answer, you need to make yourself a promise – to yourself and for yourself – to enjoy your work. Do something you find fun and makes you proud. You are the only person who knows what this means and you alone are responsible for making it happen.

 

What is the difference between a successful VA and one who gets by? Or worse yet, gives up? It’s the difference between a job and a business. A successful VA owns a business and the difference is in mindset and business structure. You need to have not only the business structure but also the mindset of a business owner. You need to be proactive and develop a partnership with your clients. Structure and market your business so that it attracts the type of clients and work you want and meets your needs.

 

Understand that you are not going to get rich overnight. You have to lay the foundation to build on, and then do the business. Repeat. Again…

 

Virtual Relationships

 

Is your virtual business image professional?

 

Maintaining a professional image at all times is vital. Your client doesn’t want to hear that the baby was throwing up all night. Clients want to build a relationship, yes, and it doesn’t have to be rigidly formal but their priority is still their business. Follow their lead and use a healthy dose of common sense.

 

Conflict and Resolution in a Virtual World 

A major key to the success of any relationship is communication. In dealing with your clients, you do not have the benefit of body language and you often don’t have voice tone and inflection either. While written communication helps to create a virtual paper trail conflicts may still arise. Don’t hide from them, meet them head on. My motto has always been “fair, firm and friendly”.

 

 

So, do you have what it takes?

 

I’m not talking about your tech skills – like do you know MS Office or how to use a CRM. Those are skills that can be learned. What I’m talking about here are your natural abilities and personality.

 

Are you enthusiastic? Are you detail oriented and organized? Do you enjoy assisting others and being helpful so that they succeed? Can you stand up to the naysayers and dream stealers? Are you willing to step out of your comfort zone? Do you understand that your success comes from their success? Are you willing to be fearless and to be proactive? Can you be a good listener and ask questions? Do you have focus? Are you confident in yourself and your abilities? Are you persistent and tenacious? Will you be dedicated and loyal to your clients? Do you have integrity and are you willing to be held accountable? Do you have good communications skills, relationship skills and emotional maturity? Are you willing to learn, improve and grow? And, most importantly, I think – do you have a sense of humor?

 

Does this sound like you? Be really honest and do some deep soul searching. Don’t talk yourself into this.

 

Clients know their product/service but they don’t know (or don’t want to spend time doing) what you know. With ProVA you are learning not only how to establish your own business systems but theirs as well. You will know how to help them set up their own foundation. Share what you learn here and increase your value to your clients.

 

This course will help you develop your systems to be cost effective and time efficient but you must have good work habits – structure your day and do it. My father used to say, “There is always something to do.” If you don’t have work to do for a client but it is your scheduled work time, then work on your marketing or take a training course! You must take this seriously or you will not succeed. You can bet your clients are serious. Remember the message on the internet board? If you don’t run your business as a business, your clients will not trust you to help them with theirs.

 

Skills and Abilities

 

Now that we have explored the difference between working as a VA and owning a VA Business – let’s take a deeper look at the work side.

 

Once you determine this is what you want to do and any gaps in skills you need to fill, then we will set up your business. As with a job there are certain skills required. If you don’t have them you can learn them – but should you?

 

Make two lists – right now. Take out a piece of paper and jot down a list of things you are good at doing.  Now make a list of things you like to do. Are they the same thing?

 

If the lists aren’t the same, what do you need to do to make them the same? How do you get to one list titled Things I’m good at that I like to do?

 

For example, did you list bookkeeping as something you are good at but list customer service as something you like to do? Maybe you need to work as a bookkeeper while you get training and experience in Customer Service.

 

What skills do you need to learn or improve? Take a look at your resume. What is missing? What skills need to be updated or polished?  Check out Training.com and consider making an investment in yourself.

 

Whatever you want to do, whether it is general administrative assisting work or a specialty such as bookkeeping, you need a strong foundation of the basics: XP (and soon Vista will be the industry standard) the internet, and MS Office. From this foundation, you can learn specialty applications. You also need to have good general business skills.

 

To grow your business you must have goals, direction and focus, strong business systems and be willing to learn and grow both personally and professionally. In every industry, continuing education is vital but even more so in an industry so tied to technology that is literally changing every day.

 

Once you have listed skills you need to develop, don’t let yourself get overwhelmed. First of all, you don’t have to know it all. You need a basic familiarity and know where to go to find the answers. All of these applications have help files. There is also training offered at Community Colleges and online. I mentioned Training.com before and I highly recommend their programs. Take a look at my review in The Business Boutique. And don’t forget that you can also ask for help here in The VA Watercooler Forum. Don’t look at the other VA’s here as your competition. Together we are better, the industry is better and we all succeed – we are all connected.

 

So – is this for you?

 

Next up: From employee to Business Owner

 

 

The VA Biz 101 – Topic #1

Virtual Assistant – The Definitive Definition. Or not.

 

Topic Objective: This topic explores just what a VA is and the industry that is growing up around it.

 

The Virtual Assisting Industry is relatively new and evolving. While this means great opportunities abound it also means that definitions and best practices are not yet standardized. They are being written and re-written daily.

 

The most basic and generally accepted definition is that a Virtual Assistant is someone who provides administrative services to business people from a remote location. The term is often used to reference teleworkers, remote workers (employees) and freelancers who perform a variety of tasks such as marketing support and web development and design. In the strictest sense, however, a VA’s work is administrative support in scale and scope. They are not consultants or coaches, not marketing specialists and not bookkeepers. However, much of what we discuss here will apply to anyone who wishes to work virtually no matter where they fall of the definition spectrum.

 

Virtual Assistants are business owners who provide administrative and clerical support as independent contractors. They do not have employee status and are responsible for their own taxes. Clients may report their income via a 1099.

 

Virtual Assistants use technology to replace much of the “bricks and mortar” logistical framework.

 

Some VAs specialize in a niche, targeting a specific market such as authors, sales people, entrepreneurs or real estate agents. Clients often find this helpful, as the VA understands the language and logistics of their business. We will discuss how to market to niches in more depth in the marketing topics.

 

VA’s generally charge by the hour or offer rate packages and some require a retainer. The rate, while determined by the VA, is influenced by what the market will bear. Like best practices, fee structures are evolving as well. In other words, you may feel you are worth $50.00 per hour but if no one will contract with you at that rate, it won’t matter what you think! But – you don’t want to undervalue your services either.

 

Here are some guidelines to setting your fees. We’ll talk about this more later too.

 

Administrative Support

General Office

Clerical VA’s

Range $8.00/hour to $25.00/hour

Internet Business VA

            Web and tech savvy

            Shopping cart set up and maintenance

            Website maintenance

            Auto responder management

            Social media marketing

                        Range $15.00/hour to $35.00/hour

 

Online Business Manager

            More of a partnership role with client for a mutually beneficial relationship

                        $25.00/hour to $100.00 per hour

                        Or base plus bonus/commission

 

Keep in mind that you need to reinvest in your business and yourself. The income into your business minus business expenses and business savings equals your paycheck.

 

The VA Industry

 

Best Practices and Industry Standards

As I mentioned earlier, the industry is still very young, not quite in its infancy any more; it is more like toddlerhood. It is still seeking a common identity and terms are not universal. There is much confusion in the media and even in the industry itself. A tour of current industry and VA websites and blogs shines a spotlight on this identity crisis.

The VA Industry also faces competition from Outsourcing companies (BPOs) and this adds to the confusion, as some clients do not make a distinction between the two.

 

The Future of the Industry

The United States is historically a country of entrepreneurs. Everyday we read news stories about corporations downsizing and more people becoming self-employed. With more home-based and small businesses starting up, the need for VAs is growing. These new entrepreneurs know their product/service but need help with the business logistics. As a VA, you can help your clients with more than Word and Excel – you can share what you learn here to help them develop strong foundations for their own business. You have the opportunity to develop a strong relationship and play a key role in their success.

 

This is your business – you are an entrepreneur.