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Is your VA business a hobby or a true business?

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Today, I want you to think about whether your VA business is a hobby or a true business?  By that I mean, are you just dabbling on the side, or are you taking what you’re doing very seriously?

The reason why I ask this is I see so many VAs in different forums doing things that make me think they’re not taking this VA thing very seriously. It’s the latest fad, it’s something to fill in time, something they’ll just ‘try’ for awhile to see if it works, and so on. As a result, their experience of being a VA and being in the VA Industry is rather flawed in so many different ways. In how they approach clients or tackle issues, or even assess what is a good rate to be charging.

Some try to take the easy way out by asking what others are charging but we’re not comparing apples with apples here. Some have many years of experience, some have only a few. Some specialise in ‘this’ and others specialise in ‘that’.  And worst still, when the going gets tough they just disappear – much to the client’s chagrin and to the detriment of our industry as a whole. It gives the rest of us a bad name.

Same with charging too low (which makes me think people are looking at this as a hobby, rather than a serious business) as it makes clients think we all charge like that. We don’t. Granted, some are in countries with a lower cost of living and different currencies, but it’s important that all of us do our sums and work out rates that are right for us.  Why? So we can cover our costs and still have some left over to live on. We all have different costs of living and if you’re unsure about this, perhaps speaking to your accountant, or a business coach who specialises in finance coaching, might be the way to go.  If you want to be in this industry for the long-term, then please make sure you start out as you intend to continue.

In the meantime, all who are financial members of VA Directory would have received the membership pack from me which has a formula on page 10. If you haven’t yet joined our network, today would be a good day!

One client is never enough

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If you’re in business, and not in a job, then having only one client is never enough. A recent post on a VA forum showed that a VA lost a client she had and was desperate to replace them as her income was gone. Here is my response to her.

Unfortunately this is a lesson in NEVER being dependent on one client only. Ever. It’s a lesson we all learn at some point in our businesses, some sooner than others (Yes, I’ve been there too). So important to work at getting multiple clients and spread the income load so you’re not so badly hit when losing one. So sorry to hear this has happened but you’ll need to be networking and putting yourself out there. And do the sums to work out what your base rate should be. Make sure you’re charging what you need for your current lifestyle. Register with VA networks to receive client requests and consider looking at other business networks too. Go out and network and meet business people face-to-face. 

Further, network online using LinkedIn, yahoogroups, Facebook groups and so on. But don’t stick with one form of networking – mix it up! And same with gaining clients. Don’t ‘settle’ for just one or even two. Aim for at least a half dozen so that the income is fairly evenly spread. Therefore, losing one, while producing a hole, doesn’t make your pocket (wallet) empty while trying to replace them. It gives you choices and less likely to cause panic. I know, because I have been there – a long time ago, but I lost a ‘major’ client who was paying a large percentage of my income in the early years of my business. It did hurt but I learnt from it. I was never able to replace that one client alone, but I did gain several other clients in the following months. Some of whom have been with me for many years.

As the saying goes ‘don’t put all your eggs in one basket’, spread it around, mix it up, and depend on no single one client. Life happens, things change, be prepared for that while building your business and things will grow and you will succeed. And remember, you’re running a business, it’s not a ‘job’. Businesses have more than one client.

New VA seeking business

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On Google+ recently a new VA introduced herself and her business and outlined the services she was providing. She’d only been in business 6 months and was struggling to find clients and connect with people on LinkedIn. She had a very clever business name which I remarked on. Here is my answer to her which is suitable for all new VAs.

Very clever name, love it and welcome Claire. Joining discussion groups is the best way for people to get to know you, whether it’s here, at LinkedIn or Facebook. I find Facebook business groups very interactive and good but don’t forget you can go out and network locally at local business groups on a face-to-face basis. Look for BNI (Business Network International) which is sure to have chapters in your region, Rotary, Chamber of Commerce and industry specific groups.

I should add I do the very things I mention above and have been very active in online and offline networking for all the years of my business. And networking works – that’s why I continue to do it! Currently I’m a member of a local BNI chapter, am Secretary for the local Rotary club and attend other business networking groups when I see something that interests me. Plus I’m active online. Make sure you are too!

 

Are you operating a VA business in Australia?

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I wrote a post recently about how many clients you might have? There was a reason for this and it’s becoming evident from the number of newer VAs I’m speaking to. I say ‘newer’ as some have been operating for well over a year but they still fit into this category. And what is that? Only one client and earning a small amount per month. The reality is that still isn’t a business and could be viewed as a hobby by the ATO (I’m talking the Australian Tax Office here) and therefore may explain why some VAs have had their ABNs (Australian Business Numbers) cancelled.
 
If you want to be a VA you need to understand that this is a business – not a hobby. And perhaps you are still in a job or perhaps it’s because you are restricted by other things happening in your life, but it is important you only apply for an ABN once you are running a business. I’ve been reading up on getting an ABN and it does state you should be running a business. Do you have to have an ABN to operate a business? No. See http://www.asbc.gov.au/resources/faq/do-i-need-abn
 
To quote the ABN website: Apply for an ABN. It’s free to apply online for an Australian business number (ABN) with the Australian Business Register (ABR). To get an ABN you must be carrying on an enterprise in the form of a business. Your application will be refused if you are not entitled.
 
So what does that mean? It means more than one client and I would recommend a minimum of 3 or 4, so that your income is distributed fairly evenly amongst them. This means if you lose a client you’re only losing 33-25% (or less) of your income, rather than all or half of it. And certainly earning more than a few hundred dollars a month. While it takes a while to get a business established it is definitely possible to pick up a number of clients within a few months of starting providing you put in the activity required to get that happening. That means:

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  • spending time networking amongst people you know personally offline
  • spending time networking online amongst your peers but also in business groups where potential clients hang out
  • making sure you have an online presence that people can view to show you are in business, i.e. LinkedIn Profile, Facebook Page, website or perhaps an about.me page – or something.
  • you don’t have to have a registered business name but there’s nothing to say you can’t get a domain with your own name, for email, even if you don’t have a website yet.
You need to be able to show/prove you are putting in all the actions of operating a business and activity will bring in results. And if you’re still not sure, ask questions, or PM me if you don’t wish to do this publicly. But any questions you have, there are sure to be others wanting to know the same, so you’re helping others when you ask the questions here. Comments?

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Are you lonely in your role as a VA?

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Are you a VA who is finding it lonely working alone at home every day?  This is a common occurrence for new VAs as they make the transition from the corporate world to a work-at-home scenario.

Loneliness is one of the key factors for VAs not continuing their businesses and returning to the workforce.  I encourage each of you to seek out local networks close to where you live so you can go to meetings. Business networks, council networking groups, if you have children, perhaps mother’s clubs (or whatever they’re called these days), sporting groups, etc so that you have direct face-to-face contact with people. And then the VA forums are a good way to connect with others too.

I learnt many years ago that I needed to find company to replace what used to be in a corporate world. For the most part I really enjoy my own company and am happy to work alone.  But there are times I know I need to be with others, and apart from ‘company’ it also means I learn things from other business owners, particularly relating to my own region. And it’s amazing who knows who when connecting with others via social groups and clubs.  It doesn’t all have to be about business.

I also have the radio on all day long in the background. It’s good just to hear voices chattering and music playing.

I have never wanted to go back to the corporate world and my daughters, now fully grown, are grateful for a mum who was always available to them when they had need of me.  However, like many of you, I did have to work through the loneliness factor and find ways to counteract that so I could function and operate properly in my business and enjoy it on a daily basis.  If you have other tips for handling loneliness, why not share them here?

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