What to include in your Virtual Assistant Business Plan – Part 1

Benefits
Why should you have a business plan? This is a question that a lot of small business owners will ask themselves but I feel it is a must for all VAs.

Remember, how will you know you are achieving your goals if you don’t set any?

A business plan is just a document detailing your goals and how you are going to achieve them – nothing to worry about.

Contents
Some people find the thought of creating a business plan daunting as they don’t know what to include. A business plan can come in a variety of different forms but some of the basics to include are:

Introduction
This may also be called an Executive Summary and details what the company provides and how it operates. Include who is involved in the business and what their experience is.

SWOT Analysis
A SWOT analysis is something that you should do to compare yourself to your competitors. You need to look at the following:

Strengths
What makes you different from your competitors? What is your USP? What skills do you possess?

Think about everything that can be classed as strengths.

Weaknesses
What skills are you lacking? Can you only work part time? Do you have the right equipment / space to work?

Think about everything that can be classed as weaknesses.

Opportunities
What strategic alliances could you form? What new markets could you work with? What products could you create? What new services could you introduce?

Think about everything that can be classed as opportunities.

Threats
What competition do you have? What is the economy like? Can you afford to continue trading?

Think about everything that can be classed as threats.

Marketing
Give details about who your target market is and what your marketing plan is.

Goals
You need to really think about what you want to achieve for your business. By identifying your goals, you will be able to draw up your marketing plan to ensure that you meet what you set out to achieve.

Consider:

Short term goals
Think about what you want to achieve within the first three years and these are your short term goals.

Medium term goals
Think about what you want to achieve in three to five years and these are your medium term goals.

Long term goals
Think about what you want to achieve in five years time and these are your long term goals.

Vision / Mission Statement
What is your ultimate goal and vision for your business and formulate this into a statement. Look at your goals for this section and an example could be:

To be the premier Virtual Assistant business in the West Midlands working with Entrepreneurs, Business Coaches and home based businesses. OR

To work with my ideal client types as a partner in their business providing virtual assistance services.

Next week, we will talk about the financial aspects to include on your business plan.

Expanding Your Virtual Assistant Business with Associates – Part 2

Part 1 of this article was published on 21st April

Your can work with Associates in one of two ways, or indeed, a combination of both.

Firstly you can retain all the client contact so that he/she never knows that the work they are sending you has been completed by a third party.

The plus side here is that you will never have to worry about unscruplious associates who may attempt to take the client from you, or underhand clients who think they may save a pound or two if they cut you out of the equasion and work directly with your associate.

The downside is there will be inevitable delays as you send work back and forth, and you will have to be not only very aware of every peace of work as you will have to discuss it with the client where necessary, you will have to double check everything that goes out. All this additional admin can become very time consuming.

The second way to work with an associate is to effectively pass the client over to them and allow direct communication.

This frees up much more of your time as all discussions about the tasks performed are direct between the client and the associate. However, do make sure that you have very solid contracts in place with both your associate and your client to prevent them working directly together.

Also bear in mind that associates will not be with you forever so make sure you keep yourself up to speed with the clients account information, that you have access to all their files and the work completed by the associate, and that you maintain a relationship wit them have contacting them regularly to check in and see how things are going.

It’s imperative to have an Associate Agreement in pace so that everyone understand the boundaries of the relationship. For more information and a selection of templates you can download and adapt for your own business go to: http://vasuccessgroup.co.uk/virtual-assistant-document-templates/
 

Tips for Successfully Working with Associates

3.    Send information.
When you have handpicked those you want to approach either give them a call or drop them and email to ascertain their interest. If they are interested go ahead and send them an information pack and application form. Examples of both documents are available in our Associate Pack available here: http://www.vasuccessgroup.co.uk/documents.htm

4.    Review application.
On receipt of the returned application make sure you have a good look through it. Are the skills the potential associate can offer a good fit for the kind of clients you take on? Do they have any specialist skills that you don’t have that you could offer by working with them? Do they have sufficient experience?

For the remaining 8 tips in this series, download our free “10 Steps for Successful…” guide at: http://vasuccessgroup.co.uk/virtual-assistant-freebies/
 

Setting Standards For Your Virtual Assistant Business

Standards are extremely important for you to establish early on in your business as it forms the framework from which you will work to.

Think about the following:

How often will you reply to emails?
I say I will reply to all correspondence within 2 working days as this works for me.

When will you check your emails?
I check my emails throughout the day but I know some people who only check their emails once in the morning and again in the afternoon.

How will you operate if you still work part or full time?
If you have another job, you become restricted on the times you are available to do work for you clients. Establish a schedule so that your clients know what to expect.

How will you answer all calls?
I have all my calls diverted to a telephone answering service so they are answered by another ‘real’ person when I am not available.  All messages get sent to me by email (or text message for an additional charge) so I can return the calls when I am next available. 

Some people divert calls to their mobile and you need to decide what is best for you and your needs.

For details about how you can run your own VA business without the hassle of starting up and event win your very own branch of My Virtual Assistant Limited, visit: http://www.myvirtualassistant.co.uk

Expanding Your Virtual Assistant Business with Associates – Part 1

When you have filled your virtual assistant business with clients, you will soon run out of time that you can sell to new prospects. After all, you only have so many hours in the day that you can work. So how can you expand and take on more business without the overheads of getting an office and taking on staff?

It’s time to introduce you to the Virtual Assistant Associate.

Working with associates is a very popular business model in several industries as it works in much the same way as working with a virtual assistant. When there is work you don’t have the time to complete, your clients outsource it to you. When you have an excess of client work you don’t have time to complete, you outsource it to an associate.

Associates work at a reduced hourly rate to that you have charged your client, as they have been handed the work ‘on a plate’ without having to do all the marketing and relationship building associated with bringing that client on board.

You also continue to manage the client relationship and invoicing and the client remains a customer of your business, rather than becoming a direct customer of your associate.

It’s imperative to have an Associate Agreement in pace so that everyone understand the boundaries of the relationship. For more information and a selection of templates you can download and adapt for your own business go to: http://vasuccessgroup.co.uk/virtual-assistant-document-templates/
 

Actively Promote Your Associate Experts Services

Once you have set up your working relationship with your Associate Experts and you are confident you know enough about their business, you need to start promoting them to your clients and contacts.

This is where some Virtual Assistants fall down because they don’t want to be ‘selling’.  However, there are a few ways you can promote other people’s services without appearing like a sales pitch.  Think about using:

- Your newsletter

- Twitter

- Your website and blog

This will generate a wonderful stream of additional ‘passive’ income for you.

For more information on working with Associate Experts, check out our free 10 Step Downloads at http://vasuccessgroup.co.uk/virtual-assistant-freebies/10-step-downloads/

Setting Boundaries For Your Virtual Assistant Business

You will hear a lot of people talking about establishing your boundaries within your business and you may think that this will not apply to you. However, this is something that all VAs need to sort out from the outset.

To identify your boundaries think about what you are prepared to do and what you aren’t prepared to do as a starting point and expand on the answers.

To give you some ideas, ask yourself these questions:

Will you accept client visits?
If you want to let clients visit, you will need to get public liability insurance. If you work from home, you need to consider if you want people knowing where you live.

Will you offer 24 / 7 service?
If you do, you will need to have systems in place to be able to accept and complete work 24 hours a day. Some people make this their Unique Selling Point (USP) which sets them apart from other VAs.

Will you speak with family and friends if they call in the day?
Family and friends can be the worst offender for distraction to those who work at home. They may feel that now you work at home, they can call you anytime for a chat or pop in for a coffee.

Explain what your hours of business are and don’t speak with them if you are busy with client work.

Will you only be working certain hours?
Decide what your business hours are and make sure that you inform all prospective clients what they are. Some clients may try to push this boundary by calling 5 minutes before you finish wanting work completed for the next day. Be firm and say that you will start the work the following business day – but only if you have the capacity to.

What will your work turnaround time be?
You need to decide in advance what turnaround time you work towards for routine tasks so that you can inform all prospective clients. For example, I say that I will respond to all email correspondence within 24 hours and all routine work will be completed within 48 hours.

Will you be working 52 weeks per year?
Think about what holiday you want to take now so that you can start educating your clients or getting associates on board to cover for you.

Do you want a term time only business?

If you have children, you may choose to only work during term time and spend the holidays with your children. Again, now is the time to be able to start educating clients or getting associates on board to work during holidays.

By establishing your boundaries now, it can become part of your client intake process to inform and train your family and clients about how you operate.

You must remember that you are the boss of your very own company and you can say no!

For details about how you can win your very own branch of My Virtual Assistant Limited being your own boss, visit: http://www.myvirtualassistant.co.uk

Tips On How To Stay Focussed on Your Business Goals Part 2

Part one of this article was posted on 7th April

4. Don’t permit your friends and extended family to put on you. Many people are under the misapprehension that if someone works from home then they are not actually working. They may believe that you are fair game for a social call during the day or that you may be able to run errands that would otherwise mean them taking time off work.

It’s really important to set the ground rules early and then stand firm. You must make certain your friends and family understand that when you are working, then you ARE working and that when your time is interrupted, you will not be earning. You are the only one who can stand up for you. Your friends and family will seldom be able to appreciate your dedication to your business, unless you make the effort to make sure that they have the same respect for your business that you do.

5. You should allot a certain portion of your day to email and to regular mail. For example, allot one hour in the morning and one hour in the afternoon to handling all your written communications. Unless you dedicate specific time slots to the handling of email and post, you will soon find yourself on the downward slope of decreased productivity as you constantly check and respond to email to put off whatever you should be doing.

In a nutshell:
In the end, the success of your VA business is entirely and completely reliant upon you and the decisions that you make. Success is within your reach, if only you can stay focused on your goals. You must decide to reach for your goals, and then, you must have the discipline necessary to reach them.

Tips by Justine Curtis from the VA Success Group, UK Association of Virtual Assistants and owner of My Virtual Assistant. For details about how you can win your very own branch of My Virtual Assistant Limited, visit: http://www.myvirtualassistant.co.uk

 

Tips for Successfully Working with Associates

1.    Do your research.
When taking on an associate VA it is very important to trust the person you are going to be working with. Although there will be contracts in place to protect you both legally, you still need to work with someone you can trust to provide a professional service to your clients, so make sure you do your research.

2.    Select who you want to work with.
After having a good look through all available information about potential associates, including their websites, client testimonials, industry reputation etc. decide who you’d like to work with. If possible check to see if they already work with associates as this will give you an indication as to whether they might be open to this sort of arrangement.

For the remaining 8 tips in this series, download our free “10 Steps for Successful…” guide at: http://vasuccessgroup.co.uk/virtual-assistant-freebies/
 

Growing Your Virtual Assistant Business With Multi VA Business Model

A multi VA business model is very similar to sub contracting but has some small differences. The main difference with a multi VA business is that you shout about your Associate VAs and showcase them as team members.

You will have a profile of them on your website and explain to prospective clients that you have a team and will assign them with a VA most suited to their needs.

The other main difference is that the client and Associate VA have a relationship and you won’t need to check work before the client sees it like you do with sub contractors. As part of the client consultation stage, you would introduce the Associate VA and prospective client to make sure that they ‘gel’.

You will need to create an information pack and treat it like you would if you were taking on a member of staff as you need to make sure that you team up with the type of people who will meet your high standards at all times.