I'am John Smith and i want to utter something about the subject mentioned in the title..:)
While it is truly a great feeling to be your own boss, here are some obstacles you will face as a virtual assistant and home based business owner that can make this dream turn into a nightmare if you don't challenge them head on.
With freedom comes a great deal of responsibility and no one to blame when things go wrong. Let's take a look at the top 3 obstacles many new virtual assistants face and how you can manage them while building a profitable business.
#1 Managing Your Time
While the freedom to be your own boss can be great, you may find yourself overwhelmed with all of the responsibilities of running your own business, your home, taking care of clients and trying to have a social life too. Too much freedom and an unregimented workday may result in a lack of productivity or working around the clock to get everything done. Most home based business owners find creating some structure to their day keeps their productivity up and keeps them sane.
To be your own boss, and work at home in particular, you will need good time management skills to accomplish everything you need and keep your business and home running smoothly.
#2 Finding and Keeping Clients
Finding clients can be the most daunting tasks for new virtual assistants. Some established virtual assistants may lose clients and find themselves in the position of looking for new clients again. However, don't be desperate and take on too many clients too soon. You will also inevitably find clients you would rather not work with... particularly when you are just starting out and don't know what to avoid. It's OK to let a client go as long as you honor your work agreement and finish any agreed upon work, then refer them to someone else. It's your business and you have the right to work with clients that are a good fit for you and your business.
It's a good idea to indentify your "ideal client" before you start actively searching for clients. Virtual Assistants differ in what they find is the ideal client based on many factors including their services, business hours and policies, rates charged as well as their own personality and preferences. Give some thought to the target market, niche and type of person you would like to work with. Having an idea in mind will help you network and search for clients who will be the best fit for you.
You also need to be very clear with new clients what your policies are and how you work. What are your work hours? Best time and method to contact you? Exactly what services do you supply and what do you charge? Have contracts and policies clearly stated before you begin any work.
#3 Lack of Cash
One of the biggest challenges for all home based business owners is cash flow. Particularly when you are starting out you need to be prepared for cash flow issues. You may not have enough clients yet to make a full-time living and if you are charging hourly, there can be a waiting period before you get paid. Be sure you have enough money to sustain you during the initial months as you are building your business or consider starting part-time while you work as an employee part-time until you are confident your cash flow is adequate to cover all expenses and enough left for a profit.
Another good way to start your home business is to have enough money in a savings account to carry you through the slow times. All businesses take some time to start and build to be profitable. There will also be some slow times along with the typical ups and downs of a new start-up business. This savings will give you a cushion to weather the storm and make it through the tough times.
You also need to have payment systems in place as you start your virtual assistant business that will ensure you are paid in a timely fashion. You can focus your business on retainer clients that pay in advance and have them set up on an automatic billing term. This is will ensure you get paid on time and don't need to worry about sending out invoices and chasing down payments.
You can also look for additional ways to make money while you are building your business or during your slow times during the year. You can become an affiliate for products or services that may be of interest to your website visitors and customers. When they make a purchase, you make a small commission. You may even consider a part-time job or other freelance work to supplement your income.
These are just 3 of the challenges you will face as a virtual assistant as you build a thriving and rewarding home based business. With some thought and careful planning you can overcome these obstacles and enjoy the freedom and excitement of being your own boss.
Take Care...!!
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