5 Things To Do When Business Is Slow
by Melody
No matter how successful a business is, there are times when business gets slow. For some it may be the summer months when everyone is on vacation and for others it may be during the holiday season. Whenever your slow time is, it’s important not to be discouraged and lose focus. In fact, there are many ways you can use these slow times to your advantage. Here are 5 things to do when business is slow:
Review and create goals – Pull out your business plan and look over your goals. Amend goals that are still appropriate but have changed slightly. Add new goals that have surfaced since you last looked at your plan. This is especially helpful when done at the end of the year.
Update websites – View your website from a client’s point of view. Make sure all links and information are still valid. Log in to the backend of your site through FrontPage, FTP or whatever program you use and revise and consolidate folders where possible.
Take time to network – Visit and participate at websites where your colleagues gather. You can find new friends, new customers, and even people who may be interested in a joint venture.
Locate new resources – Spend some time browsing the internet. Look for information sites that might be beneficial to your business or team of assistants. Bookmark or make a list of these sites and include a note stating how you could use the information in the future.
Learn to use new software – Since business is slow and there is less demand on your time, this might be a good time to learn to use new software or familiarize yourself with a specific program. Did your computer come with a program that you’ve never used? Try it out and discover how it might benefit your business.
The important thing is to keep your business moving forward. You’ll get a sense of accomplishment and your business will benefit too!
Don’t let fear stop you
by Melody
Today I was thinking back to when I first became a Virtual Assistant. I was working as an IC for several online companies and the workflow was ok but it wasn’t steady enough that I could really count on it. On the side, I was also doing various support services for my family and friends.
My buddy, the almost famous Nell, kept telling me I needed to start myself a business since many of the tasks I was doing were the same ones I’d do as a virtual assistant. Although I knew in the back of my mind that she was right, the thing that kept holding me back was the fear of failure and also, believe it or not, the fear of success.
I kept playing over and over in my head how I would feel if I failed. I worried about what would happen if I landed many clients and all the sudden was overwhelmed with work and couldn’t handle it… it never dawning on me that I could turn work down. What if I didn’t know how to do a particular task?
Thinking back, this all seems silly because I do have a very full schedule and sometimes have to turn work away, I have taken tasks that I didn’t know how to do & I fumbled my way through until I learned it, and I have had tasks that just kicked my butt! But the thing I’ve learned is its okay to fail sometimes because it’s all part of learning and growing.
Failure or what we perceive it to be is not the end of the world. In fact, it’s probably not even the end of our career. It’s just a stepping-stone that if handled properly can turn out to be one of the greatest lessons we learn.
I can’t imagine how life would be right now if I had given in to my fears and not taken that first step. I’m sure it would be quite different, as I most likely would be working outside the home now.
So I thought I’d take a moment to share this story and to also thank my buddy Nell for all the advice, encouragement and support she has given me over the years. THANK YOU NELL!!!
Mel
How To Reduce Your Expenses When Operating A Home Business
by Melody
Operating a home-based business can be one of the best decisions you will ever make. When starting a home business it is important to budget your time and money wisely. While a home business can be quite profitable, the money will not start rolling in over night and you will want to keep your expenses down until you sales start coming in.
Here are some ways to help you reduce your business expenses:
Keep accurate records of your expenses and review them at least once a month. Seeing what you spend in black and white can give you a good idea of where you can cut back.
Consider joining an alliance for small and home-based businesses. You will be able to get discounts on everything from office supplies to health insurance.
In purchasing office machines, buy multi-purpose equipment such as a printer/copier/fax in one. Make sure you take any discounts offered by suppliers such as a small discount when you pay your invoice within 10 days.
Remember that you may be entitled to certain tax deductions on your home and vehicle when you operate a home business.
Make sure you turn off non-essential office equipment when not in use to save on electricity costs. Take advantage of free advertising by submitting press releases and articles to local papers and online sites. Add your website to online directories and participate on networking forums.
When you must print a document, print on both sides of the paper (called duplexing). This will cut paper costs by 50%.
Emailing well wishes and letters will save you money. If you know Uncle Bob uses a computer often, why pay $3.00 or more for a card and a stamp when you can send him a free birthday e-card? As they always say, it’s the thought that counts.
Instead of purchasing a print copy of your favorite newspaper or magazine, read it online. You’ll find that many companies offer a free condensed version on their website.
Reduce junk faxes by switching to an online service. You can send and receive faxes from your computer and delete the junk ones before printing. If you have to print a fax, skip the coversheet when possible.
Never buy scratch/doodle pads. Instead, use one-sided junk mail, envelopes and other papers for notes. Cut them into 4″x 6″ strips, staple or use rubber cement to bind them together with the blank side up. Use them to take phone messages, jot down notes or let your children draw pictures on them.
Use paper from your shredder for packing items before mailing, eliminating the need to purchase packing peanuts.
Buy in bulk! Anything that is nonperishable that you use a lot of such as paper and pencils, you can usually find in bulk. The initial cost is a little more but it will save you time and money in the end.
Reducing your expenses when operating a business from your home is not only smart but is often necessary to turn a profit. By making small changes in your business operations, you will see an increase in your profits.
Is a Home-Based Business Right for You?
by Melody
Before leaping into the role of a home-based business owner, you might want to consider a few things. A home-based business may provide you with more freedom than you currently have; however, with freedom comes sacrifices. Having a successful home-based business is possible, if you are willing to take the good along with the bad.
The freedom to work the days and hours that you want is very appealing to many people. When you operate a home business, you literally have the ability to work around your family’s doctor appointments or your child’s school activities. The negative aspect of this, which many people don’t take into account, is the reduced amount of social interaction with peers. You will have to determine if you can handle the solitude of a home-based business. There won’t be the daily chat around the water cooler or people stopping by to say hello. If working alone isn’t a problem, then a home-based business may be right for you.
When you work from home, you have more say about what work you do. There are many opportunities available but it’s up to you to choose one that is right for you. Even when you find a business that fits your needs and likes, you may find there are several areas in which you have little or no experience. For this reason, you must be highly motivated for your home-based business to succeed. Strong planning and organizational skills are needed, and you must be a self-starter to reach your business goals. Take a personal inventory of your skills and characteristics to make sure you have the drive and will to succeed.
Home-based businesses may have financial benefits outside of the actual pay you receive. Your business may be eligible for special tax deductions. This usually involves filing an itemized return and requires good organizational and bookkeeping skills. Your accountant or tax consultant can tell you which, if any, deductions apply to your home business.
Although many people want to begin a home business in order to have more time with family, family time is often one of the first areas that suffer. It takes a great deal of time and effort to get a home business off the ground. Making and sticking to specific office hours early in your home business life will help to guard your personal and family time.
When beginning a home business, be sure to take into account that there is often a lack of a steady income. Here are several things that you can do to prevent this from being a major drawback. Prior to starting a business, create a viable business plan with the help of professional consultants. Take advantage of the free help that is available online, as well. You can also start a part-time home business. This will allow you to save money from your steady income while you learn the ropes of your home business.
Unlike a job in which you report to an employer, a home-based business’ success or failure rests on your shoulders. Every victory or disappointment will be your sole responsibility. You will either reap the rewards or suffer the consequences of your actions and choices.
Owning a successful home-based business is the dream of millions of people. Take a long hard look at your situation and yourself. If you think you have what it takes to start and maintain a home-based business, you probably do. There may be those who doubt your decision but it’s not their opinion that matters. It’s what you believe that counts. With effort and determination, you can realize your dreams and earn a steady income from your own home.
Melody Spier, owner of Essential Office Support offers virtual support services to small and home-based business owners. You do the tasks that you do best and let a Virtual Assistant do the rest! http://www.EssentialOfficeSupport.com