The Savvy Entrepreneur

I love sharing questions that come up on the various online networking groups I belong to, because I feel they reflect what’s really going on in business.

For example, last week, this question came up:

I am looking at a starting a VA business part time while maintaining my full time status at work for at least 6 months. I want to still have an income while I build my business. Any suggestions? Also, what is the first step to start a VA business after I have decided to do it?

I would have loved to share with you what other experienced members had to share… but I was the only one to reply:

I would not suggest you spend too much money on your business just yet (except for what I mention below), unless you are missing critical equipment or software.

1. The VERY first thing I suggest you do is to clearly define the services you offer. Do you have a specialty? Clearly define that part of your business. Be specific. There are a lot of VAs out there offering general admin services, so how will you set yourself apart? Don’t add services you think you’d like to learn or you THINK you can do. That will come later. If you’re in a hurry to get started, it’s not critical to have a business name yet. Just use your personal name.
2. Second is to set your fees — hourly and retainer (you may want to consider a “package fee” if your services lend themselves to such a format).
3. Third is to choose a target market that needs your services and can pay your fee.

At this point, don’t get stuck in “analysis paralysis”. There’s SO much information out there, and you can get stuck into thinking that you have to do all of those things to get going. While they’ll help (like having a website, brochures, marketing kit, press release, articles, head shots, business bank account, separate phone line, etc, etc), they are NOT critical in the start up phase.

These are just my suggestions, but here is my list of things I think anyone starting a service-based business MUST spend the few dollars on:

• If you don’t have a business name or logo yet, that’s OK. But they ARE important. Start thinking about it. Brainstorm with someone if it helps.
• Even if you don’t have the money to have a professional website created, you WILL want to spend the few dollars to register a domain name. Again, if you don’t have a company name, that’s OK; register your own name to start with. You can always purchase another domain and redirect later.
• Once that’s done, you DEFINITELY want to get business cards made — even if you don’t have a logo, business name or website yet. Have a professional-looking card designed with your name, email address (the one with your registered domain name – DON’T use a generic account as it will hurt your credibility from the start), your title, phone number and the services you offer.

Then you’ve got to get out there and market yourself. Networking is THE best strategy to get known. You are starting off right if you’ve joined VA networking groups. If you live in a town (or close to one) that has networking groups, join them if you think members are part of your target market.

You’ll want to tap into your own network you have now. Start spreading the word to your colleagues, family, friends, associates, etc… Slowly you’ll see your business taking on more shape then you can concentrate on your website, marketing material, and other, more involved marketing strategies.

While this question was specifically about starting a VA business, I believe the advice applies to most anyone starting a service-based business.

What do you think? What did I forget to add? What would you have answered? What were the steps you took? What do you wish someone told you?