Archive for the 'Entrepreneur' Category

March 10th 2008

When were you bitten?

When I was nine or ten years old, I started my first business.

Growing up in an oceanfront home on PEI, I spent many hours on the beach collecting sea shells and beach glass. I can’t tell you how much I miss the smell of that salty shore…

Anyway, I don’t remember what inspired me, but I started gathering small pieces of driftwood, tiny little shells and beach glass, and turning them into custom pieces of jewelry. I made broaches and earrings, and I remember they were actually pretty nice.

After I created the pieces, I would coat them with shellac so they were nice and shiny. Of course, I also had custom cards I would attach them to, and they were ready to sell.

Believe it or not, I actually had craft stores take them on consignment and they sold them for me.

All it cost me for that little venture was the actual hardware for the broaches and earrings, a couple of drill bits and a can of shellac.  Who knows what it totaled…probably less than $10.  (When you’re nine years old, you’re not really busy doing much else, so my time wasn’t as valuable as it is now.)

At the end of the summer, when we went around to the shops to pick up the pieces that didn’t sell, and collect my fortune, I was astonished to have made a little over $300. I might as well have been handed a cheque for a million dollars. Talk about proud!

I believe I did the same thing the following year, but then I took another job picking strawberries…then it was baby sitting…and so on and so forth.

I will never forget how it felt to create something and put it out there in the world, then have someone buy it. Actually spend their hard earned money on it. I still feel that way each time I get a new client.

I had three meetings with three great people today who will hopefully turn into new clients. I am as pleased as I was then when I was nine years old. There has always been an entrepreneur inside of me, and I’m so glad she’s free!

When did you know you were a true entrepreneur? What prompted you to take this path? When did the entrepreneurial bug bite you?!

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March 5th 2008

Experienced vs. Fresh and new?

I was pondering something last night while I was watching American Idol (and wondering why in the world that first guy sang a WHAM song) that I thought would make great blog material.

I had this dilemma when I was starting my business. I was brand new and had lots of administrative experience, but I was trying so hard to find that first client, and I felt like all of the more experienced VAs were getting all the work. I had a case of the self-doubts and wondered why anyone would want to work with me when I had no actual ‘virtual’ experience.

First of all, what didn’t strike me right away was that nobody needs to know how many clients you have. I didn’t write my website content stating “Newbie VA offers her services”. I used testimonials from past employers, tried to demonstrate my areas of experience, and whipped up a ‘corporate resume’ so in the event of a potential employer questioning my work history, I would be prepared. Interestingly enough, to this day nobody has asked to see a resume. I pushed those doubts aside, and worked with what I did have that the more experienced VAs might not. Time. I marketed the bejeezus out of my business. And it worked.

Second of all, it could be an interesting feature to play off of, if you’re bold. Why not advertise that you’re brand new in business. Offer a deal - your first client will receive 10% off your services for their first year - or something. A new business owner is full of energy. Full of motivation and momentum. A new business owner is a force to be reckoned with.

Sometimes, after being in business for a while, you get lots of referral business, you let your marketing efforts get stale, you feel confident that you’re going to continue to do alright. You’re busy, your systems might be getting a little old, you might have lost a bit of that entrepreneurial spark you had when you were just getting out of the gate.

Of course, with experience comes knowledge, expertise and trust.

I was thinking about this, in particular, when it comes to real estate agents. There is always someone new popping up. They come, they go. Some stay for a long time.

A seasoned ‘top producer’ has a lot going for her. A great database full of contacts, name recognition in her market area. Lots of word of mouth referrals, etc.

Does that mean there’s no hope for a new agent starting out in that area? Not at all.

A new agent is coming on to the scene full of new ideas, a drive to become successful and catch up with the big guys.

I was perusing Active Rain and found a new agent in Charlottetown that has a great blog over there. Good for her. She was the only agent I saw in this area that didn’t just plug in an RSS feed for ‘PEI’ . I feel that’s cheating. It’s not really blogging. This agent actually wrote an interesting and useful post. She took the time to share something with her readers, and in turn, her blog has much more to offer than local news, weather reports, and other mundane information that doesn’t belong on Active Rain.

I am going to keep my eye on this person. I’ve seen her name in a lot of places, and I think she is going to be one of the ‘top producers’ in a couple of years time.

So what do you think?

When you’re in need of a service, would you rather work with someone that’s brand new - full of energy and drive?

Or would you tend to work with a seasoned pro. Someone who’s name has been around for awhile?

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March 2nd 2008

Policies and Procedures. Do you have ‘em?

I’m spending much of this weekend up close and personal with my business. I’m preparing a handbook to give each of my associate VAs to provide them with a detailed look into my company and how I expect it to be operated. I should have done this a long time ago, and I do have a basic policy and procedure document in progress, but this is different. A policy and procedure manual is something for my husband to give someone if I get hit by a bus, so Mann Made Time can survive without me. Have you read Michael Gerber’s ‘The E-Myth Revisited’? It’s all about implementing systems, and my business could stand to be a lot more systemised.

So as I sit here thinking about topics to include in my handbook, and the way I expect my associates to represent my company, it’s really forcing me to think. It’s a wonderful exercise to go through, and I urge every business owner to put something like this in place. Something you’ll be able to give your employees, or your virtual assistant to follow when representing your firm.

You also should have a general policy and procedure manual that could be handed to someone in case of an emergency that takes you away from your business. A wonderful resource, Yvonne Weld’s Guide to Creating a Thriving Business can be found here.

You can not have any good reason for not doing this. If you do, I would love to hear it. Honestly, who can predict what’s going to happen tomorrow? Your back up plan doesn’t do much good if it’s located ‘in the back of your mind’. Get to it!

 

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February 15th 2008

Could this be an ‘Aaaaa-haaaa’ moment?

I was just perusing my favorite blogs and came across this marvelous post at Yvonne Weld’s Thriving Business blog.

As a virtual assistant that spends a lot of time explaining the benefits of virtual assistance, I had to share.

Thanks Yvonne!

Editor’s note: This is a guest post from Allena Tapia of freelancewrite.about.com.

My writing business is moving into young adulthood, and instead of wondering where my next project is going to come from, I’m looking for more money, more projects and more clients. The only catch is, I don’t want to work any more hours.

Ahh, there’s the rub.

The “secret” here is not so secret at all. Of the 28 hours I spend behind the desk, only approximately 14 are billable hours. That’s a dismal 50% billable rate. I simply must increase my billable hours to 75% of my total time, which will increase my income by 25%, with no time adjustment on my part. How?

By hiring and training a virtual assistant.

Fully one half of my hours are spent on administrative tasks like seeking clients, pitching clients, producing Letters of Agreement or contracts, maintaining websites and blogs, invoicing, answering questions and updating spreadsheets. Look at that list again. Every single one of these chores could be farmed out to someone else.

There are a lot of hang ups when it comes to hiring virtual help. As a freelance writer, I understand that. But each of these issues can be solved.

1. Can’t afford it you say? Let’s look at it this way: if you bill at $70/hour and pay a virtual assistant $30-40/an hour, by regaining those billable hours, you’re netting $20-40 more per hour.

2. How can I be sure I’m getting quality help? Well, how do you help your clients to feel comfortable hiring you sight unseen? You probably provide a portfolio of work, with client references and a track record showing at least a couple years of service. Look for the same thing.

3. I want to pay a fair price. Virtual Assistants (VAs) work on much the same system as freelance writers. You won’t be the only client, and you’ve got to accept that. I’ve estimated a rate of $30 per hour to hire a VA. You’ll want to do your own research. Consider what administrative assistants make in your area, and take into account your own billing structure when setting your pay rate. Be open to what the VA suggests, or visit the International Virtual Assistants Association.

4. What about training? This question goes deeper than what’s on the surface. Another way to increase your productivity and your billable hours is to automate your processes. For example, once you’ve found a system that works for you in procuring new projects, or in invoicing and billing, document the details in what will become your business manual. This manual will then become your training manual.

5. I can’t deal with the down time. Down time should be built into your schedule. Successful businesses need a time to relax and recharge after completing big projects- think of the day after taxes are due at a CPA firm, or the day after Christmas in the retail industry. You and your team need to push and give to meet deadlines and bang out quality projects, but you also need to regroup after success. This downtime is the perfect opportunity to bring on your VA. Suspend new projects, and dedicate your time to high quality training, keeping yourself available for questions and doling out your VA’s responsibilities in manageable increments.

Investing in a new addition to your team won’t be easy. Syncing your schedules, dealing with miscommunications and ironing out expectations are all challenges that you will meet together. But doing so will take a load off your shoulders, increase production, and boost your bottom line.

“Coming together is a beginning; keeping together is progress; working together is success.” - Henry Ford

Allena Tapia is a freelance writer and editor. She helps new freelancers get started in the business at freelancewrite.about.com.

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February 11th 2008

Mann Made Portable Office

Being one of the lucky people in the world that gets to work from a home office, and in recognition of International ‘Work in Your Bathrobe Day’ (which celebrates work at home professionals) I thought I’d post a couple of tips that help me to improve my efficiency. I would love to hear what works for other ‘30-second commuters’!

First of all, having two children under the age of three means that I simply can’t be tied to a desktop computer every day. I purchased a notebook computer when I started my business and it has served me well. Where my office is ’stationed’ isn’t necessarily where I get to steal some time to work, so having my computer portable is a must. I can take my work to wherever the children are playing.

It’s time for an upgrade, actually, and I’m thinking of going with a MAC next time…anyway…that’s neither here nor there!

My filing cabinet is nowhere that little fingers can reach it. It’s better that way. But I found it very inconvenient to have files stacking up on my desk and having to go to a different room when I needed something quickly.

I purchased a cheap black plastic file box that I can carry around with me. It has tons of letter-size hanging files and I have one set up for each of my clients, my own business and personal items. It makes it much easier to reach down into this tote for the files I need, rather than making a trip to another part of the house.

I’ve recently read about a new product in the February issue of ‘Entrepreneur’ magazine. It’s called CloudPrint, and it’s an HP product, in beta. CloudPrint downloads and installs a virtual printer driver to your computer. Then you can print from your word processing program or email it to CloudPrint to retrieve later. Sounds like a bit of a fancy PDF converter to me, but they have more sophisticated plans for CloudPrint in the future. Might be worth checking out.

I truly love being able to work from home. As I sit here in comfortable, casual clothes (no bathrobe even though it’s the holiday for it - I’d never get anything done!) watching the snow accumulate outside my living room window, watching my daughter play and listening to Etta James, it’s hard to imagine working a traditional 9-5 job again. If it weren’t for this huge pile of work staring at me and my 30 item to do list for today…this is almost relaxing :)

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