Have you ever wondered why some business owners seem to be able to earn a load of money, look calm and on top of things AND take more holidays than you could ever dream of?
Chances are they’ve OUT-SOURCED.
They might have out-sourced jobs by hiring in-house staff to handle jobs they no longer want to do, or don’t have the skills to do well. Or they’ve out-sourced to a freelancer like a Virtual Assistant.
According to T Harv Eker, author of Secrets of the Millionaire Mind, investing in other people who are willing to trade their time for your money is one of the biggest secrets to growing your business and becoming financially secure, WITHOUT working yourself into the ground.
So if this is the first time you've thought about bringing in help for your small business, here are 5 reasons why entrepreneurs should hire a Virtual Assistant to boost their business:
1) A Virtual Assistant will help increase your productivity so you can generate more revenue
As an entrepreneur you’re probably dealing with 100’s of tasks, which are NOT YOUR AREA OF EXPERTISE and which are not part of your core offering. As a general rule of thumb you should not be spending MORE THAN 30% of your time handling the back end of your business. If you want to build a sustainable, profitable business you need to be able to focus at least two thirds of your time and energy on generating revenue.
Anything else is a distraction. A necessary distraction, yes…but a distraction that will smother your business nonetheless. If you’ve reached the point where you’re spending so much time on admin, marketing, accounts etc. that you’re NOT ABLE TO FOCUS ON MAKING MONEY, it’s time to hire a virtual assistant!
Hiring a Virtual Assistant allows you to off-load jobs that you don’t enjoy and that are taking you away from making money. It can feel scary to take your hard-earned cash and place it in the hands of someone else, but if you’re willing to make the upfront investment you’ll find that the returns will MORE THAN COVER THE COSTS of hiring a VA.
2) Hiring a Virtual Assistant is a great stepping stone on the way to hiring permanent staff
If you hire a virtual assistant, it’s an excellent HALFWAY HOUSE between working alone and recruiting permanent staff in your small business. If you know that you definitely need help but your revenue numbers are still a little bit up and down in the early days, you might not feel ready to hire an in-house PA.
You might not feel ready to hire an in-house PA.
When you hire a Virtual Assistant you get the support you need for your business, with the FLEXIBILITY to increase or decrease their workload depending on how busy you are and how much money you have coming in.
It also gives you a taste of what it’s like to have someone working for you without the commitment of taking on in-house staff. You might well find that a VA really works for your business and they become a part of your long-term hiring strategy or you can use them as a stepping stone on the way to recruiting a permanent team.
3) Virtual Assistants are a cost-effective and flexible way to get help for your business
As an entrepreneur, EVERY PENNY COUNTS and you can’t afford to pay an under-occupied PA to do the filing for a third time just for something to do. Some small business owners complain that the average hourly rate that VAs charge (around £25) is too expensive and that a PA would cost more like £10 an hour.
That might look to be true on the surface but there are a HUGE NUMBER OF HIDDEN COSTS when you recruit an in-house member of staff. For example, you need to provide desk space, hardware and stationery. Plus you’ll also need to cover National Insurance contributions, as well as holiday and sick pay. Added together the cost to you will be roughly the same but WITHOUT THE FLEXIBILITY you get if you hire a virtual assistant.
In time, you may decide that you would rather employ an in-house assistant but when you’re building a business it can be a struggle to cover the costs, especially if your business is having a slower than average quarter. When you hire a VA there will be no surprise costs and you have the flexibility to offer out work when you can afford to pay for it.
4) You have an enormous talent pool to choose from
One of the many benefits if you hire a Virtual Assistant is that they work remotely which means you don’t necessarily have to recruit an assistant who lives near you. (Unless you want to).
I live in a pretty remote part of North Yorkshire so finding the right business support employees can be a challenge in a workforce which is highly trained in agriculture but not so hot on IT skills. But thanks to the internet I’m able to find the perfect virtual assistant from a network that spans the WHOLE OF THE UK (or even the whole world!).
I'm able to find the perfect virtual assistant from a network that spans the whole of the UK (or even the whole world!)
Instead of 5 possible candidates – there might be 5,000 which means I have much more chance of finding the right person with the right skills for my business. There’s no need to settle for an assistant just because she happens to live down the road, unless that’s something you feel you NEED for your business.
With technology, remote work has become a popular option today instead of the traditional office space. Here is a 9-step recruitment process from our friends at TimeDoctor to help you hire the best talent from anywhere in the world.
5) You can hire multiple experts to fill your skills gaps, without an enormous payroll bill
When you’re running a small business you need support that can cover a huge variety of different jobs for you. If you get lucky, you might find a PA who is quick to learn and master all of those skills to a high level.
But finding the dream multi-talented superstar PA is a bit like trying to find a black cat in a coal cellar.
Virtual Assistants come in ALL SHAPES AND SIZES, covering any sector and specialising in all sorts of different skills, from mail automation to WordPress to book-keeping to social media management. While you might struggle to find a one size fits all assistant, you can always bring in a different specialist assistant to fill each of your skills gaps.
Now imagine employing those same specialists IN-HOUSE – the payroll bill would be enormous! But if you hire a virtual assistant to fill specific skills gaps, you can still afford the BEST help out there, without having to pay salaries for an army of employees.
If you’ve reached a point in your business where the back-end work is taking up so much time that you can’t focus on generating revenue any more, it’s probably time to bring in some help.
But hiring in-house staff is a massive commitment that you might not be ready to make just yet. By hiring a Virtual Assistant (or a team of VAs) in your business you can get the expert help you need without the worry about how you’ll cover the bills while your business is still growing. Virtual Assistants are an excellent way to get the flexible support you need at the start of running your business.
Make sure you come back for our next blog where I’ll be talking about What Jobs Virtual Assistants Can Do to Help Entrepreneurs Grow Their Business
If you want to learn more about how to get more productive in your business here are some of my favourite LEARNING RESOURCES to help you boost your productivity: