Become a VA: Step 5 – Getting the Financials Right

The 5th step in this 7 step process is getting the financials right. Getting your finances right can be the difference between being effective and successful in your VA business and failing.

Talk to an Accountant

Personally, I spoke to an Accountant in the pre-launch phase, to determine whether Your Executive Secretary should be a Sole Trader or a Limited Company as this can alter the decisions you make about your finances. Most Accountants will offer a free consultation.

safe_image-2.php_Even in the early days as you start launching your VA business, it is very important that you know your numbers and have a system for keeping accurate records on what goes on. A lot of VAs struggle with this area, as it feels a little like throw a feather in the wind and see which way it blows – thats how to do your finances!  No be honest and realistic with yourself, this is your business.

Create a Sales Forecast

If you started out in your business without
 a business plan then go back and create 
one NOW!

Without this you cannot determine where you want the business to go, and therefore, you certainly cannot forecast what you want to achieve financially. I know it is a hard thing to do. Once you have the Business Plan, you then need to create a Sales Forecast. It doesn’t need to be a complex document, but you need to ensure you record what financial target you want to reach annually and quarterly. Personally, when I set a sales forecast for my VA business, articulating what I wanted to earn, I was far more accountable and started achieving the figures. Whereas without, well….. can I avoid answering that one!

Fees and Charging

How do you feel about charging? There are some VAs who start out by not charging at all 
in order to gain experience, some will charge an extremely low hourly rate in order to be competitive then, you have some VAs charging higher rates – charging their worth. I never advise anyone to start out by giving
 their services for free UNLESS it is in exchange 
for someone’s service or product with the same or greater value, which is called bartering or a trade.

Success Failure Buttons Shows Successful Or FailingBy charging a low rate with the view you will be seen as competitive will result in you offering your service for not much return and working long hours to achieve your desired income. You may possibly be seen as desperate, not offering quality, attract the wrong type of client who doesn’t value your service and may even pay you late and or not at all. It can also lead to resentment as time progresses.

Remember “Like attracts like.”

Your research is critical here to knowing your target clients and what the services they are likely to want/need and what they are prepared to pay.

If your niche is a specialist service you provide, then you could charge a different or premium price for that service.

Clients want a VA who values their own business and will create the right impression for their clients by wanting to make a difference. As I mentioned before, like attracts like!

Next week, we talk about Networking and how it doesn’t have to feel scary.

VACT-Logo-Green_png-250pxAmanda Johnson of Your Executive Secretary Limited is a licensed Trainer of the VACT.  If you would like to book yourself on the next Taster Session in your area then please click here or if you would like to book a free 30 minute breakthrough call then click here

 

Become a VA: Step 3 – Selling isn’t a dirty word

Many VAs when they launch their business, initially think that the sales will come because they have a website, they are on social media, they are advertising in the local paper etc. Then they have an “Aha” moment and realize that they need to “sell” themselves – and all of a sudden they are terrified. Often scared that they are not good at it.

Panic Or Calm Signpost Showing Chaos Relaxation And RestThe mistake here is thinking that you have to “sell” yourself all of the time, that every networking meeting, chance meeting at the school gate is a “must sell” opportunity.

Yes there is a sales element to your business and it is important you get that bit refined.  However, DO remember that you have to first get people to know, like and trust you first and that you’re creating awareness of what you do and for whom.  Remember to be confident too, as this helps people to connect with you and trust you.

When you’re selling you must first aim to understand the problem that needs resolving, so step into the mind of the prospect and imagine what they’re thinking. They may have some resistance or hesitation on their part, in fact this may not be the first contact you are having with them.

Online Marketing Pyramid Showing Blogs Websites Social Media And Email ListsGenerally it takes between 7 and 14 touches before someone buys from you. A touch could be a discussion, an email, a business card, a flyer, a newsletter, a tweet or Facebook post etc. Remember in the previous steps I mentioned the importance of building relationships with people. You may be feeling frustrated that this isn’t the first conversation with them, however, one of the areas many VAs fail, or indeed other industries too, is in the fact they forget to remember that the prospect may not be ready right now to buy or they may have objectives, concerns or an unclear understanding of how you can help solve their problems.

Therefore, think about the following…

  1. What objections could a potential client have. Remember that objections don’t necessarily mean No – they just need to understand the value. How you respond could determine the outcome. You could say things such as “I can see why you might think that.”, or “I understand why you would believe that.”, or “That’s a great question…”.
  2. They may have a number of problems that they need solving in their business and they want to understand how you can solve those problems or what solutions you may have to their challenges.
  3. They may be conscious about money and think you might be an expense they don’t need. Your aim is to help them understand the benefits to working with you and therefore the value you can add to their business, instead of being a drain on their financial resources.
  4. They want to know that working with you from the start will be easy. You will probably have a system for conducting your new client consultation, where you will implement a process to get started with them. They may be thinking that there is so much to get done and to teach you about their business and even feel overwhelmed by this, especially as they’re busy.

If you can prepare how you will handle these scenarios then your sales process will be much more effective.

Your prospective client wants to know that you can deliver amazing value, an excellent service with great support, that you have (in some cases) relevant experience or at least understand what their challenges in business are, that you’re forward thinking, proactive instead of reactive and at the end of the day, above all else, what will really sell it to them, is that you can help them to become more productive too, so that they can focus on achieving those very important goals. Those important goals will determine for them their business success and the impact on their personal life too.

Next week, we will start to look at how you market yourself and your VA business.

VACT-Logo-Green_png-250pxAmanda Johnson of Your Executive Secretary Limited is a licensed Trainer of the VACT.  If you would like to book yourself on the next Taster Session in your area then please click here or if you would like to book a free 30 minute breakthrough call then click here

Become a VA: Step 2 – Identifying your Niche

Finding the right clients for your business, means that you will need to market yourself and your VA business. The businesses you ultimately work with need to know, like and trust you – in the same way, it is important for you as the VA to know, like and trust your clients.

Identifying your Ideal Client and Niche

Marketing your VA business is basically relationship building – getting businesses to get to know, like and trust you. As part of your brand awareness you are allowing businesses to witness what you are all about, what you can do, what you help businesses to achieve and where you add value. Marketing is also about ATTRACTING the IDEAL client who has a NEED and WANTS your services.

Who Needs And Wants Your Services?

Well, you may believe, as many do, that all businesses need a VA!!!!  However, it’s important to close the net and start to focus on specific businesses so that you have more of an opportunity to stand out from other VAs. This is where having a niche comes in.

Have a Clear Message

It is better to communicate a very clear message direct to certain businesses which connects with what their particular needs or concerns are, so that you can actually provide the solutions for those particular needs and concerns.  In addition, it can cost you a lot of money trying to market yourself to every business, however, by having a niche, it means your marketing efforts can be much more cost effective, more targeted and consistent and achieve better results.

Your Niche

IMG_1056The majority of VAs launch after working with a particular industry and so choose this to be their niche, as they already have a working knowledge of the issues that clients in these areas face – BUT – I know this isn’t always relevant or right for you. Take me…. My background was over 22 years in the military, the military doesn’t use external admin support (apart from government contracts) and so I needed to think about the skills I had and niche that way.

You don’t have to niche on day one – it can help, but sometimes working with lots of people initially can help you determine the niches or the areas you want to work with (or not as the case may be).

Once you have a clearer idea, step into the shoes of your potential clients and think like them. What support would you find useful? What would you want your VA to know about you? What challenges and concerns do you have that a VA could create solutions and results to?

Research You could also do some research and find out from them what they actually want and need, because once you have identified these points you will then create the service that fits as well as a marketing campaign that creates awareness that you are the solution to those needs.

Don’t worry, identifying your niche can be a pretty hard thing to do, personally it took me nearly 12 months. So don’t let it stop you launching your VA business!

Next week – we talk about Mastering the Art of Sales.

VACT-Logo-Green_png-250pxAmanda Johnson of Your Executive Secretary Limited is a licensed Trainer of the VACT.  If you would like to book yourself on the next Taster Session in your area then please click here or if you would like to book a free 30 minute breakthrough call then click here

 

Runner Up – VA of the Year (Southern Region) – Sep 14

I am absolutely delighted to share with you that I was awarded Runner-Up in the VA of the Year Southern Region as part of the VA Conference and BeMyVA VA Awards.

The awards took place at Sandy Park, Exeter (more commonly known as Exeter Chiefs Rugby Ground) on 23 September 2014,

Award and Fizz!

2014 saw a new format for the VA industry awards with it being the first time there were Regional Awards for Virtual Assistants. The Regional Awards provided recognition for a VA’s work in their area – and the awards themselves are the first step towards the Grand Finals of the UK Awards that will be presented at the Annual VA Conference.

The VA of the Year Category – 
The ultimate recognition of excellence within the industry.  The judges were looking to find the champions of good practice for Virtual Assistants and they were particularly keen to assess the candidate’s passion for their business and their awareness of vision, purpose and values – and how that is applied to their successful business model.

 

To be part of this category VA’s needed to have been in business over 12 months on 31 January 2014 – I had been in business 13 months!

Being presented Runner Up of the Year AwardI am thrilled to have been recognised for my achievements in building a unique, innovative and effective Virtual Assistant Business supporting clients across many geographical areas and ultimately helping them to achieve their goals and dreams.

In the last couple of months, my business has grown – I now have a small team of Associates supporting clients and I also now a licensed trainer for the VA Coaching and Training Company – helping develop either those interested in joining the industry or new VAs grow their business. The next 12 months are going to be very exciting. Ensure you sign up to the newsletter (over on the right hand side of the screen) to keep up to date with what is going on.

 

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