Recently, I received some interesting information from a small business owner who is pursuing his passion, and thought I would share his tips with you. Meet Shy Figaro, a successful, high-end fashion designer and entrepreneur. Tell us about your business and why you started it. I’m fascinated about beauty and elegance, and believe that fashion [...]Continue Reading
Archive for “Plan Your Business”
Last week, we talked to Cynthia Good, CEO, founding editor and co-owner of the award-winning PINK Magazine, www.PINKmagazine.com. PINK reaches more than two million professional women every year and has raised more than $60,000 for nonprofits benefiting women and girls. Here’s more from my exclusive interview with the inspiring and successful business owner: What are [...]Continue Reading
Recently, I caught up with Cynthia Good, CEO, founding editor and co-owner of the award-winning PINK Magazine, www.PINKmagazine.com. PINK reaches more than two million professional women every year and has raised more than $60,000 for nonprofits benefiting women and girls. Before becoming an entrepreneur, Cynthia was a news anchor on television stations nationwide, created her [...]Continue Reading
On Tuesday, we heard from Tasha Golden of “The Hymn Project,” www.thehymnprojectCDs.com. Here are more treat tips from Tasha on starting a business in a unique, niche: What techniques have worked the best in bringing in new sales? Why do you think that is? Most of our sales have come from our online accessibility; most [...]Continue Reading
To follow up on a previous post requesting feedback on topics and offering to highlight members of the community, I learned of the BTS Blog started by Tom Blue, co founder of Lead411— BTS stands for Business, Technology and Sales. The BTS Blog is dedicated to discussing startups, business trends, bootstrapping, tech companies, sales and [...]Continue Reading
Tory Johnson, frequent reporter on ABC’s Good Morning America show and anchor of the ABC NewsNow series focusing on careers asked for a little StartupNation love recently. One of her faithful fans, Natalie, of ChicSweets, asked for ideas about how to move her business forward on a variety of levels, especially in the transition from part-time [...]Continue Reading
Over the 4th of July, I was walking around an affluent neighborhood and about every block or so, there were children selling lemonade. Lemonade Stand 1. At the first stand, the kids were yelling from a bench about their lemonade and how much it cost. They were so loud that people were running to get [...]Continue Reading
Do you really need a newsletter? Well, if you don’t have one, you are missing out on a cost-effective way to attract new business and provide loyal customers with valuable information. Here’s how it works it three simple points: 1. Think about what your customers want. How you can provide your customers with new and worthwhile [...]Continue Reading
I recently found out about this business called Klymit, www.klymit.com. If you’re a scuba diver like me, or just like to spend time outdoors, it’s pretty cool stuff. With this in mind, I tracked down some insights from Klymit’s CEO, Nate Alder. Here’s what he had to say: Tell us how and why you started [...]Continue Reading
With over 70% of the economic experts expecting a last quarter uptick in the economy, now is the perfect time to start preparing for the extra business. I am a big fan of using virtual assistants to help build out my team during peak seasons. This is an especially useful business strategy in today’s market place. One of the best lessons a recession can teach us is that in many circumstances variable costs beat fixed costs any day. To survive the feast or famine rollercoaster of entrepreneurship, you need to make sure your expenses mimic those same ups and downs.
Benefits of Virtual Assistants
Adding virtual assistants to your workforce is a terrific way to turn a traditionally “fixed” expense, like payroll, into a more cash flow friendly variable expense. Let me explain how it would work. For example, most business advisers suggest that payroll expenses should average 20-30% of your sales. This would mean that when sales are flush at $250,000/month that translates into payroll expenses of $50-75,000. When sales hit a downturn at only $50,000/month, your payroll would then move back to a more manageable, $10-15,000. As a business owner, how closely you adhere to this ratio means the difference between bleeding red and staying in the black.
Additional Benefits Include:
- No payroll taxes or employee benefit expenses
- No “on site” office space requirements
- No costly training programs when hiring experienced VA’s
- No long term commitment
- No morale draining lay offs during slow seasons
Understanding the Relationship
When considering virtual assistants to help manage business tasks, there are a couple considerations to keep in mind. For starters, they are not your employee but independent contactors. This means they will most likely have other tasks and deadlines on their schedule while they are working for you. READ: They are on their clock- not yours. Make sure you are respectful of time constraints and provide as much advanced notice of tasks, deadlines, and special circumstances as possible. As with many business relationships, communication is critical. You can’t blame a virtual assistant for not living up to your expectations if you never made those expectations clear. In other words, don’t just say you need something “right away”, make sure you define “right away” as within two hours.
I also think it is wise to start slowly when building a new relationship with a virtual assistant. For example, instead of requesting that they create a new website for you, start by having them update your blog template first. As each task is completed satisfactorily, and communication strengthens, you can then proceed to larger and more complex tasks. Also, be sure to discuss with potential VA’s their strengths and weaknesses to ensure the best experience possible. If you are in the real estate field, consider searching for VA’s with backgrounds in real estate. If you an entrepreneur looking for marketing help, be sure to search for VA’s with a background in marketing or who are currently active in social media.
Tips from an Experienced VA
For more tips, I turned to Dawn Martinello of Monday Morning VA. As an experienced virtual assistant herself, she had some great insight to share. She can be found at MondayMorningVA.
- Be sure to have an exit strategy. Does your contract give you an out if you don’t mesh well? This is especially important for first time clients. For example, our services are non-refundable, but for first time clients we give a 7 day grace period in which they can bow out of the contract if they aren’t working well with their VA.
- When you’re considering outsourcing keep the price in mind. My rule of thumb is that an entrepreneur shouldn’t be doing anything in their business that doesn’t earn them at least 2/3 of their regular rate. That means if you’re a bookkeeper who charges $30.00 per hour, you should consider outsourcing anything that doesn’t earn you $20.00 per hour. The reasoning behind this is that business people need to spend their time and energy on what generates revenue for them. Spending 4 hours trying to update your website doesn’t earn a bookkeeper anything!
If you have never considered hiring a virtual assistant to build out your team, I strongly suggest taking a second look. As technology continues to advance and better networking platforms are built, virtual work relationships will only become even easier. A couple great places to start your search for virtual help include Guru.com, Freelance.com, RentACoder.com, or a simple “virtual assistant” search on Google.
Business Owners, feel free to leave any questions or experiences you would like to share in the comments. Virtual Assistants, be sure to leave any additional tips and your contact information including your area of expertise.
With over 70% of the economic experts expecting a last quarter uptick in the economy, now is the perfect time to start preparing for the extra business. I am a big fan of using virtual assistants to help build out my team during peak seasons. This is an especially useful business strategy in today’s market [...]Continue Reading
Twitter, http://twitter.com/, is a great way to build buzz about your products and services. But if you are using it for media relations activities, here are a few tips to keep in mind: 1. Keep it professional. Although you want to reach out to followers on a personal level, keep it professional and provide valuable information. [...]Continue Reading
On Tuesday, we heard from David Durick of gotoBilling, www.gotobilling.com. This business experienced a 307% volume increase during the recession so I sat down with David to get his insights for other small business owners. Here is the rest of that interview and more of David’s tips: What kind of marketing and publicity activities have helped GTB [...]Continue Reading
Some companies are doing well during these tough economic times. That’s why I sat down with David Durick of gotoBilling, www.gotobilling.com, to find out the secret to their success (and how marketing has played a role in their significant growth over the past year). Here’s what David had to say… What do you do at [...]Continue Reading
To follow up on a previous post requesting feedback on topics and offering to highlight members of the community, I learned of NightHelpWatchers.com.—a company based on an invention by Lisa Charleston. Lisa started NightHelpWatchers.com in 2004 after being laid off from a nursing job in a home-hospice facility. She transitioned into being a stay at [...]Continue Reading
Referencing my prior post on Creative Capitalism, here is another business with a 1 for 1 model. A new project by California eco-urban design firm LJ Urban aims to make giving more concrete—quite literally—by matching its sales of homes domestically with funds to build homes in the impoverished African nation of Burkina Faso. Urban has [...]Continue Reading
You may recall my post, The beginning of the end … of the bad economy, last month. Based on the April Consumer Confidence Index, things appeared to have turned the corner and people’s confidence seemed to start to return. Good news. The positive turn in consumer outlook appears to now be a positive trend in [...]Continue Reading
I was recently asked by a strategic partner of StartupNation’s, when’s your site relaunch occurring? My answer was, “End of June-ish”. I realized at that moment, that i was guilty of being an “-ish”. An “-ish”, you ask? It’s the grey area in our brilliant plans. It’s the risky fudge factor that makes us inefficient. [...]Continue Reading
Given the global recession, real estate presents new challenges and opportunities for business owners. Businesses especially are affected by the pressures of reduced demand and tighter lending criteria. The fact is, you’re challenged to do more with less. I just moderated an expert panel on video as part of the Wells Fargo Webcast Series on this very [...]Continue Reading
On Tuesday, we heard from SEO guru, Heather Lloyd-Martin of SuccessWorks Search Marketing http://www.seocopywriting.com. Here are more of her valuable tips: What is the best way for entrepreneurs to learn SEO and start using it? The best possible scenario is if the entrepreneur can hire a SEO consultant to teach them the ins and outs. [...]Continue Reading
Yes, it does! In addition to email marketing, sending postcards to your clients is a tactic proven by your peers to deliver results including building your prospect list and strengthening client relationships. Obviously, you can’t email contacts who have not opted in to your list, but you can send a postcard or direct mail piece [...]Continue Reading