The Risk-Taking Business Owner
We’ve all heard the old saying “nothing ventured, nothing gained”. Like most old sayings, there’s a strong element of truth in those words. Are you a risk-taking business owner? Maybe you are and you don’t even know that you are one. Simple to find out though, take a look at this definition.
Definition of risk-taking: the act or fact of doing something that involves danger or risk in order to achieve a goal Starting a business always involves some risk-taking.
At the risk of following one old saying with another, without risk, there is not, and cannot be any reward. There is an element of chance inherent in every venture and unless that chance is recognized and faced, the venture will never become reality.
A Natural Risk-Taker
There are people who are natural risk-takers, as well as people who are very risk-averse. Do you find that to be true? The key to success when it comes to risk-taking is understanding what type of person you are. Take this quiz here ⇒ Quiz and see how you fare.
How does this personality trait affect your business when it comes to dealing with risk? It is important to keep in mind that the secret of success when it comes to business risk is mitigating potential damage in favor of potential gain.
Is it a Risk or a Danger?
Therefore, neither type of risk personality, in and of itself, provides an advantage over the other when it comes to risk management. A risk-taker can just as easily overreach themselves as a risk-averse person can underreach themselves. Interesting yes?
When faced with a situation that offers reward and risk, the key is to coolly and impartially assess the potential positive and negative outcomes. And then decide accordingly. No danger there right?
Being a Successful Business Owner
Successful business owners are sometimes seen as risk-takers simply because they understand the danger in a situation better than anyone else involved. So, while it appears that they are courting disaster, the reality is that the risks involved have been managed. This allows them to control negative consequences.
The successful business owner who takes a risk is very much like a professional tightrope walker. To the observer, it looks death-defying and, perhaps, frightening. To the performer, it is simply another day at the office. Their skill, training, and preparation sufficiently offset the inherent risk to make the feat only appear to be remarkably dangerous. What do you think?
In your own business, don’t be afraid of risk but, at the same time, don’t take the risk lightly. Weigh your options carefully and, when you arrive at a prudent decision, move forward with confidence.
And speaking of confidence, I have a great course on confidence.
You can access it right here ⇒ The Lady Boss Confidence Course
“To get new results you must take new actions and all actions are fathered by a decision.” – Anthony Robbins
The Importance of Making a Committed Decision
The first step in building a successful business is making the decision to do it!
I want you to think about that for a moment. The first step in achieving a successful business is to plan to do so. I bring this up because so many business owners jump into the profession and immediately focus on how to get clients. Then, how to make money, then how to market, and how to close sales. All this before they have fully committed to having a successful business, to begin with. Is this you?
A committed decision is a foundational pillar upon which your successful business is built.
That’s powerful! Isn’t it? That’s the kind of committed decision you must make about your business.
For example, you could decide to do whatever it takes. You could decide to build a successful business or to make a meaningful impact in the world. One of my favorites is beautifully simple: Commit to being a business owner. Decide to be a business owner!
Unfortunately, a lot of business owners who are “trying” to grow their business haven’t made a committed decision to succeed as a business owners. They are feeling things out, waiting to see what happens, and hoping to get clients. There is no real commitment or determination. Don’t let this happen to you! The first step to going from “trying” to “succeeding” is a decision.
Benefits of Making a Decision
Building a business is not easy. If you don’t fully commit to doing what it takes, you won’t succeed. It’s that simple.
When you make and connect with your committed decision, you will have more focus, clarity, and purpose. You will have more inspiration and more motivation. Let’s face it, obstacles will arise! If it was easy to build a successful and profitable business, everyone would be a business owner.
Your decision will remind you of the reasons why you became a business owner and why you want to succeed in this business. Right? When you deeply connect with your decision and your reasons, you will be inspired to take the action necessary to succeed.
This may sound contradictory, but the decision, in and of itself, means nothing. It is the inspired action that results from you making a decision and connecting with it every day that really matters.
What a Decision is, it’s Not a Goal
I think goal setting is great, but the power to achieve them comes from the DECISION. The first step is to make a committed decision. THEN you set goals that are congruent with your decision. But the decision comes first.
Decision: Declaration, commitment, general, comes before the goal. Example: To have a successful business
Goal: Where you want to be, specific, measurable. Example: To have 10 new clients in 6 months.
A Decision is Not a Mission Statement
I don’t want you to turn your decision into a long, flowery, descriptive mission statement. There is nothing wrong with having a mission statement for your business or life, it’s just not what I recommend right now!
I’d like you to make a decision that stirs up your emotions. Your decision should connect you with your passion for business. Your decision should strengthen your commitment, inspiring you to act even when it isn’t easy.
Decision: Clear, Concise, Memorable, Inspiring. Example: My life purpose is to be a good business owner. It is who I am.
Mission Statement: A narrative description of a purpose or aim Example: I endeavor to manifest my destiny by enabling single women to achieve greater fulfillment while contributing to the peace and joy of humanity.
Below is a short lesson on making decisions.
Assignment 1 – Make Your Decision
Make a conscious decision, a real declaration, about your commitment and desire to build a successful business.
Ask Yourself: “What decision can I make right now that will spur me into action and help me stay committed to being a successful business owner?”
Examples: “I commit to building a successful business.” “I’m doing this and not giving up!” “I’m an amazing business owner with a huge practice and great life.” “I commit to being a masterful business owner, having a thriving practice and living the life of my dreams.”
Elements of a Powerful Decision
- Clear: It should be easily understood by a 12-year-old.
- Concise/Memorable: You should be able to easily recite your decision from memory. Evokes Feeling The actual sentence isn’t as important as the feeling behind it.
- Inspires Action: The best decision you can make is one that inspires you to take action, even when you don’t feel like it.
Are You Ready? Take time RIGHT NOW and make a powerful decision that inspires and motivates you. This is a critical piece of the foundation upon which your successful business is built.
_____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________
Assignment 2 – Build Your Commitment
Now that you have made a decision, the next step is to get fully committed. The key is desire! Identify WHY you want to make it as
Identify WHY you want to make it as a business owner. You need to be fully committed to your decision, because if you’re not, you may falter when challenges arise. And there will be challenges.
It’s not always easy to build a successful business! The key is having strong, compelling reasons so you commit to your decision, take action, and never give up. Below, write down all the reasons WHY you just made a committed decision.
This is a critical step, so set aside some time and think deeply. Why is this important to you? Is this the reason you were put on the earth? Will it enable you to be the best you can be? Will it give you the freedom you desire? How happy and fulfilled will you feel? How will this impact others?
Why I am committed to my DECISION:
________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________
Assignment 3 – Create a Contract with Yourself
Finally, print the contract on the next page, sign it, and hang it where you can be reminded of your promise to yourself every day.
Outsourcing Can Change Your Business
Ok, let’s get real on this how OUTSOURCING can help your business. Today’s article will discuss how outsourcing can change your business. Are you ready?
There’s so much to do when you have a business. Especially when you have an online presence, which most businesses do these days. From content creation, list building, and a launch strategy, this is SO MUCH WORK! I can hear you saying that right now. And then you have to actually manage your business to boot. The list of tasks can seem unmanageable.
If you’re feeling the stress of it all, don’t worry—you’re not alone. And you don’t have to do this alone. Even if you’re a first-time business owner, OUTSOURCE part of the workload to a VIRTUAL ASSISTANT. They can/will make a task that feels insurmountable totally doable.
What Is the Idea of OUTSOURCING?
The idea of OUTSOURCING or working with a VA can be intimidating at first. But, YOU can build your business around having a Virtual Assistant that works with you, NOT for you. I can show you how to get it right. And I think that learning how to delegate is one of the best things an entrepreneur can do. Don’t you agree with that?
BUT it can be difficult to know what to delegate and when. Can you relate to that? Yes, you say in your best “I can relate” voice!
In this post, I’m going to give you the down-low on all things OUTSOURCING. I’ll teach you what to outsource, how to outsource, and even give specific ideas and lists of what to delegate.
What is OUTSOURCING?
Before I jump into how to outsource, it’s important to have a thorough understanding of what outsourcing is and why it’s important to run a successful online business.
Outsourcing is the process of hiring (either domestically or internationally) another team or individual to complete various activities for you.
Specifically, entrepreneurs will often hire a Virtual Assistant to offload tasks so they can get more done in their business.
The tasks you pass along may be monotonous or laborious, so you can be freed up to focus on what really matters. The tasks may also be those that you aren’t naturally skilled at (such as copywriting, proofreading, graphics, etc.), so you outsource OUTSOURCE that task to someone who is more skilled in that area.
I’ll get into the specifics of the types of tasks you can outsource to a Virtual Assistant a little later in this post. Deal?
But first, let’s answer the big “why”.
Why Should I Hire a Virtual Assistant?
I’ve talked with hundreds of course creators and I see the same thing happening time and time again.
We are all spending too much time on the small stuff!
If we were honest with ourselves, most of us are spending 80–90% of our time doing the maintenance tasks for our courses and only 10–20% of our time marketing and selling them. This means that we are spending MORE time on things that don’t make us MONEY. That is the reason WHY we are in business in the first place right?
However, if we could OUTSOURCE the majority of our maintenance tasks, then we would have more time to spend on the things that will actually sell our course and bring in income. YES!!!
The bottom line is this—your personal productivity is limited by time. Whether you have 10 hours or 80 hours a week to work on your online course, there is a limit.
When you start OUTSOURCING, that time gets multiplied. When a course creator OR any entrepreneur masters the art of outsourcing, there is literally no limit to what can get done.
By OUTSOURCING the tasks that aren’t core functions of your business, like customer care, editing, proofreading, billing, etc., you’re able to focus on the aspects of your online business that add value to the customer and will allow you to market and expand your business. Good thinking, right?
Before you go out and hire your first (or next) virtual assistant, there are a couple of investments you need to consider.
- The financial investment
- The time investment
The Financial Investment
You need to go into your outsourcing arrangement with a firm idea of your budget.
A virtual assistant’s rates can range dramatically, depending on who you plan to hire.
There are three types of Virtual Assistants (VAs) that you can hire:
Hire internationally: I’m writing this post from the U.S., so when I say “international,” I mean outside of the States. Many international Virtual Assistants advertise their services for as little as $3–$5 per hour, so if you have a limited budget, this is a good option for you. Keep in mind, however, that if you need to work with someone who has personal experience with your local market, you may want to reserve the work you do with VA services in this category to simpler, rote tasks that are easy to communicate virtually. You can find international virtual assistants using freelancer hiring platforms like Upwork.
Hire domestically: If you do have a need to work with someone closer to home, you may want to hire a VA domestically. You’ll often pay more for a Virtual Assistant that is based in the U.S. (and also the U.K. and Canada). If you are English-speaking only and you need help with tasks that require detailed communication, or if your work requires familiarity with local market trends, you may find that the increased investment is worth it to your business.
The average rates for Virtual Assistants in the U.S., the U.K., or Canada can range from $18–$40+ per hour. The best place I have found for domestic Virtual Assistants is to search entrepreneurial Facebook groups like Linda Henslee Enterprises. This is my Facebook group and from here you can check out what services I offer to the general public.
Hire a specialist: Lastly, you may want to hire an expert for a certain task for your business. Maybe you know your business needs an expert copywriter. Maybe you want to pay for a custom sales page or for a Facebook Ad to be created for your business. Know that you’ll pay more for these services, but it can be a worthwhile investment if the individual has proven results.
You should expect to pay anywhere from $50 per hour to thousands of dollars per project, depending on the scope of work. I suggest looking for personal recommendations other businesses provide when it comes to finding a Virtual Assistant. Try logging into The Teachable Tribe and asking who others have hired to get results.
The Time Investment
It’s important to note that there will likely be a time investment on your part to train your new Virtual Assistant.
This individual will be brand new to your business and your processes. I’ve found that it usually takes 1–2 weeks for a new Virtual Assistant to really get accustomed to a client.
During this time, communication is key. Have weekly meetings via phone, Skype, or Zoom to talk about the work that needs to be done for that week. If there is a complex task you need help with, shoot an on-screen video using a tool like Screencastify to show your Virtual Assistant exactly what needs to be done.
Yes, it takes time to train someone, but if you are willing to put in the time investment, you’ll end up saving yourself time in the long run! But, most Virtual Assistants are already trained in all the common software people use to do business so some training is not necessary! Just an FYI.
Where Do You Need Help?
If you have gotten to this point and you’re thinking, “This is the next right step for me”, then read on. I’ve created a step-by-step process to help you choose, hire, and train your new Virtual Assistant.
You physically only have a certain number of hours in a week to complete all the work that needs to be done to run your online business. Right?
So, it’s up to you to decide what your Most Profitable Tasks (MPTs) are in any given week. What is it that you do that will ultimately generate the most income?
Anything else that is taking up your time and energy is really distracting you from your MPTs.
Before you go on the hunt to find the perfect Virtual Assistant, you’ll need to know what tasks you are looking to outsource to your new VA.
What are you delegating so you can focus on your MPTs?
Again, you may end up hiring a generalist (a Virtual Assistant that can handle a variety of tasks) or a specialist (a Virtual Assistant who specializes in one specific area like bookkeeping, graphic design, proofreading,
Here is a list of the 25 most common services offered by Virtual Assistants:
- Content Creation (blog posts or your course content)
- Email Newsletters
- Video Editing
- Sales Funnels and/or Facebook Ads
- Customer Service and/or Email Management
- Graphic Design
- Web Design
- Custom Sales Page Creation
- Social Media Management
- Community Management
- SEO Services
- Webinar Setup and Assistance
- Transcription and/or Data Entry
- Billing and/or Processes
- Internet Research
- Responding to Blog Comments
- Maintaining an Editorial Calendar
- Social Media Graphics
- Ebook Content and Design
- Accounting and/or Bookkeeping
- Affiliate Management
- Branding Services
- PR / Press Releases
Your tasks for today…
#1 Make a list of all the tasks that you do on a regular basis. Look back at your past week or even your current to-do list. From this list, circle all of the things that you could potentially hire someone else to take off your plate.
#2 Based on the items you circled, decide if you want to hire a generalist or a specialist. From there, decide if you want to hire a domestic or international Virtual Assistant.
#3 Create a job description for your Virtual Assistant, based on the above information. You can use these questions to help create that job description:
- Your Name
- Company Name
- Your Blog / Website / Teachable Site
- What tasks are you looking for a VA to assist you with?
- How many hours per week or month will you need assistance?
- What is your budget?
- Is there anything else that a VA should know about you or your company?
Where to find your VA?
Once you have your job description written up, it’s time to start the hunt for the perfect Virtual Assistant.
Here are some of my top recommendations for where you can begin your search:
Personal Referrals: Ask other business owners that you know and trust if they have someone who helps them with their tasks. Personal referrals are a great way to find quality help for your business.
Email your list: If you have an existing email list, this is a great place to start finding the newest addition to your team. These are the people that already know, trust, and follow you. Someone who already believes in the vision of your business could be a perfect fit for you.
Facebook Groups: A great place to turn for finding help in your business are entrepreneurial Facebook groups. Try jumping into groups like The Teachable Tribe that have other business owners and course creators. Ask who has worked with quality subcontractors and Virtual Assistants to help grow their online business.
Marketplaces: Upwork is a great resource for finding quality freelancers and Virtual Assistants. You have the ability to create a personal profile and post specific jobs. You can interview candidates, read reviews of their work, and hire and pay through the site.
How to hire the right Virtual Assistant?
You’ve started the search for a Virtual Assistant and the proposals are coming in—congrats! Yay…this is what we are looking for!
The interview process. As you interview, here are a few questions to ask yourself when searching for that perfect fit:
Are they self-starters?
When viewing the proposals, is there anyone that went above and beyond? Maybe they sent you a very personalized proposal instead of something that was obviously a template. Maybe they did some research into your company before applying. If you can find an individual who exceeds what you asked of them, you can be sure that they will continue to be a self-starter once you are working together full time.
Are they reliable?
It’s difficult to tell how reliable a Virtual Assistant is going to be just from the interview and onboarding process. I normally recommend starting out with a trial month to assess how you work together. Once that’s complete, get together and decide if the working relationship is something you want to continue with.
Also remember, the Virtual Assistant won’t be perfect at his or her job within those 30 days. However, you should be able to assess after one month if this individual is generally reliable and competent to do the job.
Do they have the skills?
Natural skill is an important factor when choosing your Virtual Assistant. Hiring someone to do graphics, you want to make sure that their design work is high-quality. Hiring a copywriter, their work needs to be grammatically correct and easy to read. If you can’t assess the applicant’s skill from the proposal they sent you, perhaps ask them to send over an example of their work or send them a quick trial project.
Onboarding your new VA or Freelancer
Once you have decided who you are going to hire to assist you with your business, it’s time to onboard that new Virtual Assistant.
Here’s the process that I personally work through every time I onboard a new person, and this is just a fancy way of saying “Getting them introduced to my business”.
The onboarding checklist:
Set Up an Initial Meeting: Have an initial meeting to outline the job description and your expectations
Have Clearly Defined Pay and Time Expectations: Make sure you have an understanding of how much you will pay your new VA, what their invoicing process looks like, and how / if they will keep track of their time spent on projects for you.
Sign a Contract: Sign a contract! Even if you will only be working together for a trial of 30 days, it is still important to have a contract in place to protect you and your business.
Define a Meeting Schedule: What will your meeting rhythm look like? I recommend meeting via Skype or Zoom once a week to discuss projects, make goals, and review progress.
Set Communication Expectations: How will you communicate throughout the week? Are you available by phone? Can your VA expect to reach you via email? You may want to consider using a tool like Slack or Trello for specific project communication.
Train your VA: Any time a training or explanation is needed for a specific project, I suggest using video. Film an on-screen video to explain what you want to happen in a project. Get your VA on a video call and walk through a specific process with them, so they can see what is expected and answer questions along the way. If your VA sends a long email with detailed questions, consider picking up the phone and talking with them or sending a video with your spoken response.
Remember, effective communication is the key to a healthy Virtual Assistant/Client relationship!
Reminder: You are ready to get started, right?
Here are your Next Steps
If you are ready to take your business to the next level, hiring a Virtual Assistant may be the next best step for you. Let’s get to it NOW!
Throughout this blog on the “How-Tos” to OUTSOURCING, I covered what it will take to hire your first or next Virtual Assistant to support your business.
Here are the tasks that you’ll need to complete in order to successfully bring on the support you need (so your business can grow!):
- Understand the Financial Investment.
- Understand the Time Investment.
- Make a list of your MPTs (what you should be focusing on).
- Make a list of the tasks that are not your MPTs (what you should delegate to someone else).
- Decide if you want to hire a generalist or a specialist, domestic or international. Decide your budget at this time, as well.
- Write out a detailed job description for the type of assistance you are looking for.
- Use personal referrals, your email list, Facebook groups, or freelancing sites like Upwork to post your job.
- Interview potential virtual assistants.
- Choose which VA to hire, and onboard them to help you with your tasks.
Now it’s time to take action! Yes, my friend, you are going to grow your business through OUTSOURCING? Right?
Here are the top 5 reasons why every entrepreneur should partner with a Virtual Assistant in their business. Are you one of them that doesn’t? If you’re not, why not? Making the time in your day to do the work that you enjoy in your business is key to your happiness.
Don’t let the tasks you hate control you. You might just not want to get up in the morning! Consider the following reasons why you should hire a Virtual Assistant. My bet is that you’ll be very happy you did!
1. Lowers your operational costs
Reduce costs that are associated with the production of products and /or services
Cut down your overhead associated with equipment, payroll, human resources training, medical, office space, and utilities
Only pay for the work that needs to be done which eliminates the costs associated with idle or non-productive time
2. Makes more efficient use of time
Gives you the flexibility to delegate tasks according to skill and abilities
Gives you the ability to focus more time on the business aspects in which you are highly skilled and enjoy
Make time for the urgent, imperative matters that arise
Gives you time to focus on the overall business goals and set priorities accordingly
Allow time for the little things that sometimes get left out or overlooked
3. Keeps up with technology
Gain access to an industry professional that can implement the top trends and technology
Give you the edge you need to stay competitive and evolve
Implement the right tools and resources for your business
4. Enhances your productivity
Implement tools and processes to operate more effectively
Enable you to deliver better results in a shorter time frame
Speeds up the process of getting your products and/or services to the client
Enables you to put into play the concepts and carry out the projects that are currently on your wish list
Gives you access to a larger range of highly skilled people
5. Converts your business into a super-fast virtual office
Gives you the ability to work anywhere in the world while remaining accessible to your client base
Facilitates the exchange and collaboration of information and documentation
Enhances the efficiency and accessibility of the business information available to the client
Automate processes and procedures
Partnering With a Virtual Assistant
As business owners, we think we can do it all. But most of the time, we end up overwhelmed and exhausted. Read this article to see what you can do to help get yourself out of “the overwhelm” and feel good about your business.
Want to know more about what a Virtual Assistant can do for your business?
Here’s a brief description of what a Virtual Assistant is from Wikipedia.
A virtual assistant (typically abbreviated to VA, also called a virtual office assistant) is generally self-employed and provides professional administrative, technical, or creative (social) assistance to clients remotely from a home office. … Virtual Assistants usually work for other small businesses. Virtual assistant (occupation) – Wikipedia https://en.wikipedia.org/wiki/Virtual_assistant_(occupation)
Read this article on Having an Assistant. You can get some additional ideas and understand why you should hire a Virtual Assistant. AND why you should make sure you are a Happy Entrepreneur.
Here are just some of the common tasks that Virtual Assistants can provide for your business.
Are any of these on your “To-Do List”?
- Email correspondence
- Internet research
- Data entry
- Scheduling appointments
- Blog management
- Project management
- Graphic design
- Tech support
- Customer service
- Social media management
So, are you looking to place any of these tasks in your business off your plate? If you are…you have come to the right place. Make a list of all the tasks you’d like to give to your Virtual Assistant. Then, fill out the form to request a quick informational call from me.
Go Here – Fill out the form to inquire about hiring your Virtual Assistant. I would be more than happy to will help you get those items off “your To-Do list”, therefore freeing up your time. Wouldn’t that make you a Happy Entrepreneur?