Day 11: Building your Business Model

I firmly believe that the majority of freelance style businesses can be outsourced in some way, if not totally. The problem is that most people who start a business think the wrong way.  In order to build an effective virtual assistant business model, you need to think like a CEO!

If I do the work, I make all of the money

When was the last time you saw a CEO of a large company out in the field implementing new systems for customers, or writing the code for a website? Never. Do they worry about not making the right amount of money?  Of course not.

This may sound horrible, but if you own a business you shouldn't be doing the work.  That's not to say you shouldn't work, but that you should not be in the weeds.

Yes, it's tempting to think that doing all of the work will lead to more money in your pocket.  Unfortunately, that's short-term and immature thinking.  Yes, if you hire someone to do work you'll have to pay them, but while they are working you can be finding new clients.  If you find 4 new clients, that's 4 times the amount of revenue and 4 times the chance at getting referrals to more clients.

Leveraging the talent of a virtual assistant to do work for your does cost capital, but if you leverage the time you save to create more streams of income you'll quickly gain the money you “lost” by hiring someone back in better ways.

Almost everything is scalable

You'd be hard pressed to find a business that can't be scaled in some way using a virtual assistant.  Unless you are selling flowers on a street corner (which can also be outsourced), there  is something you are doing that can be outsourced.

When a shutter company came to me asking to help them with their web marketing, rather than doing myself I trained my VA on how I wanted articles and blog posts made for them, developed the keyword strategy, and let her do her thing.  Within a month they were ranking on the first page for a good amount of their keywords.  Now they do far less cold-calling, Adwords advertising, and so on.  I could have done all of that myself, BUT I'd be dumb to.

Here are some ideas on business models (I'll show you specifically how to go about doing them in my ebook, coming at the end of November).

  • Network administration – Build a network for a small business and have your VA remote into it for maintenance, upgrades, and administration.
  • Administrative Assistant – Be the go to guy/gal for executives and business owners for reports, presentations, or spreadsheets.
  • Interactive Agency – Brand clients through the web.
  • Marketing Agency – Develop and implement marketing strategies for clients.
  • Ghostwriting agency – Write books for clients.
  • The list is endless….

All this depends on changing your mindset.

Action Item: What is your passion?

Given the talents you have, and the networking/customer research you've done, what business can you create in which you have a virtual assistant do the work and you be the CEO?  What barriers do you see that will hinder you from creating a situation like this?  Leave a comment with your idea and possible barriers.