Cut down version how to set up a business

How to set up a business

By Julie C. Farmer

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Published in 2016 by Julie Farmer Publishing. Copyright Julie C Farmer All rights reserved. No part of this publication may be reproduced, sorted in any retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the copyright holder for which an application should be addressed in the first instance to the publisher. No liability shall be attached to the author, the copyright holder or the publishers for loss or damage to any nature suffered as a result of or reliance on the reproduction of any of the contents of this publication or any errors or omissions in its contents

Designed by Julie C Farmer, Julie Farmer Publishing Printed in the UK by Julie C Farmer. info@juliefarmer.co.uk Julie Farmer Publishing Brunel House Volunteer Way Faringdon Oxfordshire SN7 7YR

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Tel: 0845 859 1720 www.juliefarmer.co.uk

Introduction My name is Julie Farmer and in 2005 I set up my own Virtual Assistant Company in Oxfordshire, United Kingdom. Having started on my own I now employ a number of people who work with me and we cover a range of administrative and secretarial services for a wide variety of clients.

We are in a world of technology and communication is the key to almost every business solution. It is now possible to talk to someone who lives half way around the world via your computer, send files as email attachments and even view and work on documents remotely.

The skills and services of a talented Virtual Assistant/PA are in high demand. A Virtual Assistant can work with anyone, anywhere at any time.

This is a new way of working and an extremely fulfilling career.

I have created this Virtual Assistant Training course to help you set up your Virtual Assistant Business easily and quickly. I want you to join me in this expanding profession and it is my hope that your business will become as successful and enjoyable as my business has been.

Julie Julie Farmer myPA Business Ltd, January 2016

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Sections Section One - About You What are your skills and where is your niche your market?

Let’s find out about you.

Section Two - Sales and Marketing Sales and Marketing, which will include Networking. It’s not a dirty word and you will love it, I promise.

Section Three - Finance Finance, yes we will have to discuss money and this is where we are going to find out all about you and your finances.

Section Four- Running Your Business Running your business and what you should do and why not forgetting your most important client – you.

Section One Let’s Talk About You

Objective To find out about you! Your skills and where your new business will take you and what you can offer the business.

We will discover the services you can offer your clients and find your passion.

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Talk About You

Introduction This book is an introduction on how to start your own business, but takes a very practical view of starting the business. We will be looking at where your career is currently, where you would like to go and what aspirations you have.

There will be a lot of homework and you will have to spend time researching and being totally honest with yourself. Please remember this book is not a book to read and put on the shelf, there are worksheets and tasks that will need to be completed.

The work sheets could take you an hour to do or could take you a few days.

Remember, if you are starting a business you need to know yourself, your market and your determination to change your life. You will have to work hard to get through this book.

Do not skip any part of this book as you will have missed a number of important steps.

Running your own business can be stressful and very time consuming but it is also one of the most rewarding ventures you will ever undertake.

Please note: In this book, I have referred to setting up a business as a Virtual Assistant. This is for ease of reference. When you are reading and undertaking the tasks and worksheets in this book, substitute your desired business.

About You I am going to ask you a number of questions over the next few pages. Please fill in as much information as possible and be honest and truthful. No one else will see these work sheets unless you choose to show them. This is going to be the basis of your business. It’s an exciting time and I am very pleased to be working with you as you start your own business.

Where are you now?

Questions 1

What is your Name?

2

Where do you live?

3

Is this in a Town, Village or a City?

4

Do you need your own transport to get about?

5

Do you rely on public transport?

6

How long have you been thinking about becoming a VA?

Answer

Please use the additional form on the next page for your answer on this question.

7

Why do you want a career move?

Please use the additional form on the next page for your answer on this question.

8

What do you understand by the term business owner?

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Time - what is it and do you have any?

1

Questions Answer How do you currently spend your time?

Use the time table attached to fill in your See Attached Sheet on the next page days. If necessary use an additional sheet of paper.

2

From the time table you have how many hours do you currently have free to invest in your new business.

3

From the time table you have how many hours could you create to invest in your new business.

4

How many hours do you want to work in your new business?

5

Are you prepared or do you want to work evening/weekends and early mornings?

Please be very honest with yourself because this will dictate how you run and organise your business.

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How to set up a business

Example – This is my Time Table 6 am Monday

7 am

8 am

9 am

10 am

11 am

Meeting Money/Contact

Tuesday Wednesday Thursday Friday Saturday Sunday

Client work in the office Networking Client work in the office Networking On Client Sites All day Client work in the office Working on my Business Day off as I don’t work Sundays

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

14 pm 15 pm 16 pm 17 pm 18 pm Meeting Money/Contact Client work in office Client work in the office Client work in the office On Client Sites All day Working on the Business Working on my Business Day off as I don’t work Sundays

12 pm 13 pm Client work in office

19 pm 20 pm Exercise Exercise

Section Two Sales and Marketing

Objective Sales and Marketing, which will include Networking. Its not a dirty word and you will love it, I promise.

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How to set up a business

Sales and Marketing Marketing Your Business Congratulations on setting up your own Business. Running your own business is one of the most rewarding career moves that you will ever make. I love running my business. I like the fact that I’m in control. I decide what I’m going to do each and every day. I decide who I’m going to work for. I decide what work I want to do.

On the other hand running your own business can also be hard and many new business owners make a number of mistakes which could delay the time in which they become successful, but I hope from this course you will be able to avoid those mistakes and ‘hit the ground running’.

In section one, we discussed the skills that you have acquired during your working life. We discussed the skills you would like to bring forward into your own business and the skills you would prefer not to use again. Knowing these skills is going to be a huge advantage in ensuring your business is a success. This information will help you create and develop your business plan, help you define a niche for your business if applicable, and help to develop a marketing plan. In short knowing what you want to do and how you want to do it is one of the biggest advantages you can bring to your business.

Let’s take a practical look at Marketing your business The most important characteristic of your business will be your business name. This is where your branding will start. Your company name will guide your business. There are a few rules that you must understand when naming your business.

1 2 3 4 5 6 7 8

Ensure there is no one else already using your chosen name – undertake an internet search, check your local yellow pages, check with Companies House.

Ensure your business name is easy to spell and easy to pronounce – you may know how to spell your business name but think about your potential clients looking for your services. Would they know that Gewleigh is the same as Julie?

Ensure your business name has a visual element – if I mention an apple to you what do you see? If I mention myPA what do you see?

Ensure your business name is positive – If I named my business Black Thunder what do you think of?

Ensure your name includes information about being the business you are opening. If I called my business Gewleigh would you know that I am a Virtual Assistant or PA? What about myPA? Ensure your business name is relatively short – remember you will use your business name as a website address and email every day.

Ensure your business name is yours and not a copy or a near copy of a larger brand.

Ensure that you don’t over create a name.

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Ensure you think big – today your business could be you, working locally. Tomorrow you could be global.

Ensure the domain name of your business is available.

10

Naming your Business TASK Write a list of 10 possible names you would like to call your business. Check on line if that business name has already been taken, check to ensure that the domain name is available, check with companies house. Do not rush this part of your research. Once you name your business and start to trade you have made an investment of your time and money and you don’t want that to go to waste.

Possible Name

Online

Domain Available

Companies House

1 2 3 4 5 6 7 8 9 10 Once you have decided on your business name you are going to need to tell people that you are in business and how to contact you.

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How to set up a business

The Telephone If at all possible I would recommend that you get a dedicated landline for your business. Your business number should be printed on your website, your marketing material, your business cards, your car etc.

When your telephone is answered you need to have it answered in your company name.

Good morning/afternoon, myPA, Julie Farmer speaking, how may I help you.

A business phone answered by a small child with the television blaring in the back ground will not give your company a very good first impression. If you are unable to get an additional line you could get an 08 number that will bolt onto your own private number but you will still need to be careful about who answers the telephone and ensure that you have caller recognition and are able to see which number is being called.

If you only have a mobile number for your business you can still get an 08 number that transfers directly to your mobile. Putting just a mobile number on a webpage/business card could demonstrate that you are a small business and may put off potential clients.

You want to ensure that when a potential client contacts you for a quotation they are reassured that you are an established business and not just a quick start up. Your clients are going to be entrusting you with a lot of work for their business or spending money with you. They want to know that you are reliable and trustworthy. Your clients will want to create a long term working relationship with you.

There are a number of companies that offer free 08, for example www.freeswitchboard.com.

You could use a Skype number or another VOIP telephone system.

Section Three Finance – let’s talk

Objective Finance, yes we will have to discuss money and this is where.

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How to set up a business

Finance and Accounts Your Business Finance For an accurate understanding of your Finance for your Business I would recommend that you speak to your Accountant. It is very important that you know your business figures at all times.

One of the most important reasons anyone starts their own business is to make money. On the whole that sounds great, but there are some very simple rules that you must follow to ensure that you are getting the money you are owed and that you are paying your bills.

When you are starting your Virtual Assistant business, you need to be realistic about the amount of money that you will be making. Please take note that it is unrealistic to think you will be able to take your previous corporate salary of, for example £50,000, and divide it by 52 (the number of weeks in a year), times that by 40 (the number of hours in a working week) and come up with an hourly rate to charge your clients. It just doesn’t work that way. You can’t equate what you had in corporate life to what you will have as a VA. There are many other factors you will need to consider.

Cost of the product You are the product. Your time will be what the client is paying for. Of course there may be some ancillary costs that you bill for, such as postage, or cost of adverts that you may run on your client’s behalf. These costs can depend on what your speciality or niche is as a VA.

What you can charge You may vary your method of charging depending upon the type of work you are taking on. You could choose to charge per hour, which some clients prefer. You should set your rate, however be cautious about publishing a firm rate on any printed material; the rate you set today could be far too low or far too high. Remember any rate can become negotiable. You may be able to offer a discount if you are going to be working long term for a client. Equally, if it is a quick project where your client needs a fast turnaround, you may be able to charge a premium price.

Another option is to charge a set fee for completion of a project. Again, do not make the mistake of locking yourself in to a set published price. If you are bundling several projects together with a client, you may be able to afford to give them a discounted price. If you are agreeing a project fee then this is a good time to employ the rule of setting the boundaries (or ‘scope’) of the project in writing. This way there should be no ‘scope creep’ where the client changes their mind about what the project entails, causing far more work than was originally agreed. If the project starts to grow then you can refer back to the original agreement and negotiate a new price.

Cost of your overheads Your overheads include EVERYTHING that you must pay for in the normal course of your business, such as rent, telephone charges and broadband. You will need to keep a strict and detailed accounting of everything, from your phone bill to your pens. Everything that you touch in the normal course of your day is a cost of doing business and needs to be counted as an overhead. Items are all too often overlooked for the VAs that work from home. Just because you use something for home purposes ‘anyway’ does not mean that it is not an overhead cost. If you use it for your business, count it as an overhead cost. If you are in doubt, talk to your accountant about what you costs you should count as overhead.

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How to set up a business

Section Four Running your Business

Objective Running your business Virtual Assistant Business and the best practices. 10 years in the making, but its everything you need to know

Running Your Business Day to day management of your business This section is about the day to day running of your business and what procedures you should put in place to help your business grow and for you to be become a successful Virtual Assistant.

This is the exciting part of your business.

Communication Communication within your Virtual Assistant business is going to be the key to your success.

You must always let your clients know what you are doing for them, what you have done for them and what you are about to do for them. If you keep your clients informed about your activities they will be very forgiving and supportive of you.

There are 5 means of communication that you will need to master in your business.

• • • • •

Letter Email Fax Memo Telephone

Letter Head and Format Although there are other communications that are quicker than sending a letter, it’s still an effective and preferred way to convey important information. You should have a smart letterhead as it can reflect the professionalism of your business.

Your letterhead should contain your business name and logo if you have one, followed by your trading address. If you are a Limited, LLP or Partnership you will need to include your company registration number and registered address (this information should be included on all documentation you send to clients, potential clients, suppliers etc.).

The most common format, when writing a letter is “left block” (all text blocked to the left of the margin). You should always include the date the letter was written. Leave a couple of line spaces and then write the address of the person you are sending the letter to. Again, leaving a few lines spaces and includes who the letter is to, for example ‘Dear XXXXX’.

If you are going to use a reference include this next, this is generally the first written paragraph or sentence. (In brief, it is an outline of what the letter is regarding so the reader instantly knows to read on).

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