Month: August 2008

Categories
Online Business Operations

The International Connection – Virtual Assistants Globally Taking Clients To New Frontiers

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Article contributed by Diana Ennen
You would have to live under a rock to not hear about the latest craze that is spanning the globe – Virtual Assistants. With the economic outlook diminishing, and more and more companies working with fewer employees, businesses are flocking to find the right virtual assistant for their team. The need is simple: Someone that can do the work virtually, professionally, and with the upmost of confidentiality. Fortunately, Virtual Assistants meet all those needs and more.
Virtual Assistants, like their clientele, are highly skilled professionals working as independent contractors from their home offices. Virtual Assistants use leading edge technology to communicate work assignments via the Internet, e-mail or disk transfer. Traditional methods such as regular mail and overnight shipping are also used. While most Virtual Assistants will never meet their clients, it is not unusual to find a VA providing pickup and delivery service in their local area. Many have found success in a combination of the two, local and virtual clients. And what is even more impressive, is that most Virtual Assistants now realize the amazing power of the Internet and their client base spans globally.
The ultimate goal of Virtual Assistants is to partner with their clients. By partnering the VA learns all they can about their clients’ business to become a trusted and valued member of the team—an extension of their organization. At the same time, the VA only charges for time on tasks so it ultimately saves the client in overhead expenses while affording them the necessary time to take care of more business.
A perfect example of a Client/VA partnership is the sole proprietor; let’s say a consultant, who charges $300 an hour for his consulting services. The consultant is spending time each week preparing presentations and teleseminars, rummaging through paperwork, marketing his business, keeping up with the social networks, generating mailings and sorting through the tons of email he gets on a weekly basis. Since the consultant is doing this work himself he is paying $300 an hour for these services when, in reality, it would benefit him to partner with a VA at a rate of $40 to $95/hr (depending on specialty) and save tons of money a year. Plus, he could be generating more revenue because he would have more time available for doing what he does best—consulting. See how it works? As evidenced in this example, clients can’t afford NOT to have a virtual assistant on their team.
In addition to the financial rewards for the client, the following list reinforces other areas clients benefit when working with a virtual assistant.
Personalized attention – The virtual assistant works one-on-one with clients and often knows their clients’ business better than they do. That personalized attention allows clients to keep things under control and more organized and often relieves the pressure of having to do it all and remember it all. How great would it feel to just say to your VA, please handle this for me and know that it was done.
Exceptional service – Virtual Assistants are a proud bunch and take great pride in the Virtual Assistant Industry. One of the ways that VAs protect the integrity of this Industry, is to always offer exceptional services. Virtual Assistants want their clients to tell others about them and how having a VA on their team is one of the best business investments they have ever made. Therefore, most Virtual Assistants go above and beyond what is expected of them to make sure the work is done accurately, professionally, and successfully.
Experience in the latest technology – A virtual assistant knows that there’s always an easier and better way to do things and are constantly looking for those ways. Most continue to update their skills and network extensively with others to learn the latest and greatest tools out there.
A colleague to brainstorm ideas with – Have you ever had this great idea, but just couldn’t bring it to fruition because you couldn’t get it all together? Not anymore. Virtual Assistants are there to brainstorm and work with you to help you bring those visions to reality.
No benefits/no equipment/no office space – That’s a given. It’s obvious that clients won’t be paying for their Virtual Assistants’ office space or equipment. But in today’s economy, think how truly important that is. By not having to pay for someone’s electric and office use, that saves money. Money clients can spend in growing their businesses.
Specific knowledge of your niche – This is perhaps one of the greatest benefits that a virtual assistant can offer – specific knowledge of a clients’ particular niche. Virtual Assistants specialize in different areas, fine tuning their skills always striving to be the best in that niche. Therefore, when you partner with a virtual assistant that specializes in the area of your business, you have someone who knows the lingo and knows the ins and outs and what works and what doesn’t. It’s a win/win for all.
What types of services can a virtual assistant perform? Sit back and be amazed. Virtual Assistants can assist with tasks as simple as transcribing every day correspondence to as detailed as implementing an entire marketing campaign. Virtual assistant services include the following: publicity and marketing, article and press release writing and distribution, social networking updates, legal, medical and general transcription, bookkeeping, web design, administrative tasks, and so much more.
As Virtual Assistants become as commonplace in the workforce as the computer in everyone’s office is now, there’s never been a better time to analyze what your business needs are and how the right virtual assistant will meet those needs. Stop by our site at Virtual Word Publishing, www.virtualwordpublishing.com for complete information on what a virtual assistant is and how you can find that virtual assistant to add to your team. Also, if you feel a career in the Virtual Assistant Industry is right for you, email me at diana@virtualwordpublishing.com for our free business informational package. Today’s the day to start running your business better. The start begins with one simple step – Hire a Virtual Assistant.

ABOUT THE AUTHOR:
Diana Ennen is the co-author of numerous books including Virtual Assistant: the Series, Become a Highly Successful, Sought After VA with Kelly Poelker and Words From Home: Start, Run and Profit from a Home-Based Word Processing Business. She specializes in publicity and book marketing and is president of Virtual Word Publishing. Email us at diana@virtualwordpublishing.com for a free business informational package.

Categories
Business Ideas

The Advantages of Buying An Existing Business

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Article contributed by Don Daszkowski
Why buy an established business rather than start from scratch? There are many advantages for the entrepreneur.
First of all, there is a savings in time, energy, and money when buying an existing business. The lengthy process of researching and creating business plans and models has already been done for you. Also, if there is financing needed for your purchase, it is not as difficult to obtain since a lenders are more likely to finance a business with a proven track record.
Also, most times, everything is included in the purchase, especially in turnkey or franchise businesses. It is very beneficial for you to inherit the infrastructure that has already been established by the previous owner(s). This not only includes the customers, but suppliers, employees, equipment, and systems as well. It is a good possibility that the previous owner(s) may offer some insight and assistance, therefore making the transition easier.
In addition, the cash flow most likely will start immediately, rather than in an unknown timeframe when starting a brand new business. Profitability is not in question as it would be in a startup. An existing business is probably producing a decent income and also has a solid client base established, therefore maximizing the chances of success by the new owner(s). There are many types of businesses such as restaurants, salons and retail establishments in which you can get a good idea of how well the business is doing in part by the traffic patterns. Speaking with the current owners as well as customers can also help you give you insight into the well-being of the business before you make your purchase.
Even though the business is already established, there is still room for innovation and creativity. It is beneficial of course for you to purchase a business in which you can bring something to the table as far as experience and expertise, whether it is from your own job experience or skills you’ve gained through a hobby. If you’ve never owned or managed a business before, it is especially important that you at least have some knowledge of the type of business that you are purchasing. For example, if you’ve been a stylist in a beauty salon for many years, it is likely that you will be successful taking over an established salon.
Finally, since the business already has a good foundation, you can focus much of your efforts on building and expanding the business. As you become more familiar with your customers’ needs and wants, you will have opportunities to add enhancements and improvements, therefore increasing your chances of higher profitability much sooner than you would in a startup business.

About the Author
Don Daszkowski is President and CEO of BusinessMart.com. BusinessMart.com has thousands of businesses for sale, franchises and small business articles. Don is also About.com’s Guide to Franchises. About.com is a New York Times Company.

Categories
Finance & Capital

How To Keep Your Business Afloat if You are Under-Capitalized

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Article contributed by Luis O. Rodriguez
It has always been said that owning a home is the American dream. Millions of small business owners will argue, however, that owning one’s own business is really the American dream.
While being your own boss offers its rewards, owning a business is not easy. Without a doubt, entrepreneurship has its obstacles which, if not navigated correctly, can keep the dream from being fulfilled. One of these obstacles can be the lack of access to financial resources.
Just as a credit card company will look at your credit score before extending you credit, business lenders rely on a similar credit scoring system to determine your ability to borrow money for your business. But until you’ve developed business credit history within the various business credit reporting agencies such as Dun & Bradstreet, Experian Business, and Business Credit USA, lenders will be reluctant to extend business credit to you. It is for this reason that your personal credit history and personal credit score is so important.
As a small business owner, there are usually three reasons why you need to borrow:

  • The first and most common reason is to purchase assets such as inventory and would be repaid once the new inventory is converted into cash as inventory is sold to customers.
  • The second reason is to replace or repay other types of credit such as money you may have borrowed from credit cards, unsecured lines of credit, or private investors.
  • The third reason is to replace equity. If you wish to buy a partner’s share in your business or need to repay monies borrowed to start your business and don’t have the cash to do it, you may consider borrowing.

Again, if you have been in business for less than two years and have not established credit in your businesses name, then prospective lenders will review your personal credit worthiness and decide whether or not they will lend to you based on your personal credit history and personal credit score.
If you have not already done so, you should perform a “Credit Audit and Verification” on your personal credit file to ensure accuracy of your credit history as well as remove those inaccurate and negative items that you will find. In fact, a study conducted by the PIRG (Public Information Research Group) out of Washington, D.C., revealed the following;

  • 25% of credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer.
  • 54% of credit reports surveyed contained personal demographic information that was
    misspelled, long out dated, belonged to a stranger, or was otherwise incorrect.
  • Almost 8% of the credit reports were missing major credit, loan, mortgage, or other consumer accounts
    that demonstrate the credit worthiness of the consumer.
  • Altogether, 79% of the credit reports surveyed contained either serious errors or other mistakes of some kind.

All of these items work to suppress your credit score and when it comes to applying for unsecured lines of credit, business credit cards, and other loans that will ensure your business survival, the higher your credit score, the lower the interest rate you will pay. But even more
importantly, it may stop you from actually obtaining that approval that would continue to allow your business to grow and ensure its long term success.
The latest statistics from the Small Business Administration (SBA) show that two-thirds of
new employer establishments survive at least two years, and 44 percent survive at least four years. In short, a significant percentage of new business start-ups do fail. Again, if you have not established business credit, how do you keep your business afloat and possibly sinking
forever?
You need capital and in the beginning, that capital will be obtained by your personal credit history and your personal credit score. Having insufficient operating funds is a common mistake for many a failed business venture. Business owners underestimate how much money is needed and they are forced to close before they’ve had a fair chance to succeed.
For this reason, it is imperative to ascertain how much money your business will require to survive and you must take into consideration the fact that many businesses take, at the very least, a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs.
To this end, the attorneys at the National Association for Credit Responsibility and Advocacy (NACRA) can help. Through NACRA’s “Credit Audit and Verification” process, we have realized a legal means for addressing flawed consumer credit reports. The difference of having an experienced consumer law attorney working for you through this process is invaluable and will make all the difference in your life, your business, and your financial future moving forward.
ABOUT THE AUTHOR
Luis O. Rodriguez is the Founder and President of the National Association for Credit Responsibility and Advocacy (NACRA), a consumer advocacy organization dedicated to helping consumers recover, rebuild, and then maintain their good credit and good name. He has been interviewed for many consumer articles and websites including Creditcards.com and CCHWallStreet.com.

Categories
Success Attitude

Model Successful People’s Physiology of Excellence

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Well, what do we model about a person specifically? Remember that one of the key things that drive a person’s behaviour is the states that they experience.

People are successful primarily because they are in resourceful states. People perform the way they do because of the states they experience.

For example, if you wanted to model a powerful public speaker, it would be best to model that person’s state. So you too will feel the same level of confidence and power and are able to express yourself in an equally dynamic way.

If you wanted to model a very effective salesperson you know, you have to model that person’s state of confidence and charisma – both those winning states that enable him to wow and persuade his clients.

The way to do this is to model their physiology!

In other words, if you model the physiology of a person who is excellent in something, you would immediately tap into that person’s powerful state. Not only that, but done effectively, you could even tap into that person’s internal re-presentation!
So how do you do this?

Well, first identify a person who is excellent in a particular skill or behaviour that you want to exhibit.

For example, this person could be a dynamic public speaker, salesperson, decision maker or communicator.

Next, observe keenly, how this person speaks (their tone of voice), how this person moves, their facial expression, the way this person breathes, the focus of their eyes and their gestures.

What you then do is to imagine that you step into the body of this person. Yes! You imagine that you become this person! So the next time you have to go on stage to deliver a speech, you model that person’s physiology exactly!

You speak the way they speak, move the way they move, adopt the same body postures and gestures. If you do this you would access the same powerful states that person experiences as well as produce the same behavioural results!

In fact, we used to do this when we were kids. We called this play-acting. And this is how children learn to form their personal behaviours, by observing and unconsciously modelling the adults around them.

When you were a kid, didn’t you pretend to be an action star or a movie star? Did you ever imagine yourself to be Superman, WonderWoman Rambo or James Bond?

You imagined that you were one or more of them and started acting like them, using their ‘props’ (imaginary weapons), even going so far as to dress like them?

What we don’t realize is that we were modelling patterns of excellence (or otherwise!) in people whom we admired.

Unfortunately, we were told that it was childish and that we were being silly. Hence one of the most natural powerful skills of our early learning never continued to be developed and utilized in adult life.

A fundamental principle is that we all have the same neurology. Therefore, if it is possible for others, it is possible for you! It is only a question of strategy. In other words, by modelling someone’s strategy, you can replicate the results they produce.

Categories
Online Business

What to Look for When Buying an Online Business

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Article contributed by Don Daszkowski
Buying an online business is very different than buying a brick and mortar business. Your due diligence process when buying an online business will actually be easier than when buying a brick and mortar business.
Before buying any business all buyers should investigate all aspects of the business, this is what we call the due diligence process. When buying an online business you should investigate all of the sources of revenue the website takes it. Since all transactions including sales of products, ad revenue and affiliate sales are all done online, all of these transactions will be well documented and accurate. Be sure to ask the seller for access to these reports. With a brick and mortar business many transactions are not documented and it is very difficult to prove these sales are really taking place.
If you are buying an online business based on the amount of traffic or visitors the website receives or because the seller claims to make millions of dollars, you must review the website’s monthly web analytic reports. The web analytic reports will tell you the number of unique visitors, number of page views, the keywords that users type in to find the website and much more valuable information. If a seller is not willing to share any of the above information with you, you should be very weary and consider not buying the business.
In addition, it is strongly suggested you gain access to live reports to few current and past data. If the seller is uncomfortable giving you access to this sensitive information suggest you meet in person and review the reports together. There have been cases where individuals have altered screenshots of reports to show false revenue data. So if the seller can only offer you screenshots of the reports be very careful.
Since an online business is primarily online you can do thorough research through search engines, on other websites and on online forums about the business. If the business has a following you will most likely find a lot of feedback about the business on other websites and in the search engines. With a brick and mortar business it is usually very difficult to find actual customers that can give you their honest opinions on the business. Since online shoppers are accustomed to new technologies you will find more information on an online business than you would with a brick and mortar business.
The bottom line is… If an online business is generating revenue it will be well documented and easy to view past history and stats for the business. If you are thinking about buying an established online business that is already making money, there will always be data to back up these earnings claims. If the seller is hesitant to share these reports with you, look elsewhere.

About the Author
Don Daszkowski is President and CEO of BusinessMart.com. BusinessMart.com has thousands of businesses for sale, franchises and small business articles. Don is also About.com’s Guide to Franchises. About.com is a New York Times Company.