Most of us started our Virtual Assistant businesses, in part, because we wanted to be our own boss. Call the shots. Take control of our career.
In theory, starting your own business does automatically make you your own boss. But in reality, many new (and even not so new) VAs struggle with embracing the mindset of a business owner.
It’s understandable. Many of us don’t have a background in entrepreneurship. We’ve been programmed by our corporate jobs to think that we are “just” the Assistant. Someone else dictates what type of work we do. Someone else decides how much money our time, energy and talents are worth.
Not so in the world of Virtual Assistance! By making the decision to start your business, you have taken the first step towards breaking out of your employee persona and embracing the mindset of a successful CEO. But, that is just the FIRST step. It’s going to take you some time to really understand what this means for you.
So, as you move forward in your business and are confronted with different situations, be aware that your brain will automatically think like an employee. But you now have to re-train it to think like a business owner. Here are a few examples of how this will work:
Situation/Question: How do I get prospective clients to hire me?
Employee Mindset: There is so much competition out there. Will I ever get noticed among all the VAs? Plus, the economy is bad. Who would hire me? Maybe I don’t have enough experience to be credible to prospective clients.
CEO Mindset: I am a talented support professional with an extensive background and solid expertise that will make a different in my client’s lives. I am looking to partner with like-minded professionals in a long term collaborate relationship. All I need to do is to focus on my ideal client, put myself in front of them and offer my solutions to their problems.
Situation/Question: You have a good conversation with a prospective client, but they feel your fees are a bit out of their budget and ask for a discount.
Employee Mindset: Maybe I should lower my rates? I wonder what other VAs rates are. I should adjust to the rates that my clients expect. Maybe I should offer a discount?
CEO Mindset: I’ve gone through the process of determining what my fees need to be to support my business and my life style. I am running this company for me, not for the whims of my clients, so I’m going to tell this client, “My fees are reflective of my skill set and abilities. They aren’t for everyone. “
Situation/Question: You find a training program that will teach you a skill set you desperately need to learn (i.e. how to use virtual technology, marketing strategies for Virtual Assistants, etc.) but feel you can’t afford it.
Employee Mindset: I need to save my money instead of spending it. I can read books and teach myself whatever I need to know. It may take more time, but that is ok.
CEO Mindset: If I want my clients to invest in my services I MUST be willing to invest in myself. A smart investment in necessary training will likely help me to make more money because I’ll be able to charge more for my services or work more efficiently with my clients. I will make sure that my fee structure includes allocated funds for regular educational opportunities.
Do you see the difference between the Employee Mindset and the CEO Mindset? A Virtual Assistant with a CEO mindset is going to run her business like a corporation. She is going to make smart financial decisions, invest regularly in her business and confidently market to her ideal clients because she is the expert solution to their problems.
Embracing this mindset is a process, and may take some time. The important thing is to recognize that you MUST shift how you think about your work, your value and your business. True Virtual Assistants are highly trained professionals that offer tremendous value to the marketplace, not unlike CPAs, Lawyers and Doctors. Be really proud of that!
Understand that if you are an experienced Administrative Professional and have specific solutions to offer your clients to help them save time, make more mo.ney or just make their lives easier, that is a HIGHLY valuable service. And you should charge what that service is worth.
Finally, don’t view your business as a hobby. To be a successful Virtual Assistant you must invest time, energy and financial resources into your business. You need to plan ahead for your growth. You must learn to think like a CEO!
Your Action Plan For This Week:
- Take a few moments to think about the current state of your business and be honest with yourself about how your “Employee” mindset is affecting you. Write down the situations that come to mind and then write down how a CEO would handle those situations. Keep this sheet handy and review it often.
- Outline all of the standards of how you run your business, including your fees, hours of operation, ideal client profile, etc. Everything that represents your “perfect” business. This will give you a solid measuring line on which to base your decisions going forward. If you are faced with a situation that doesn’t respect these standards, then you’ll be in a better position to make a “CEO” decision about how to handle it.
- Connect with other Virtual Assistants in the EA ~> VA community either at the LinkedIn Group or here on the blog. Share your challenges and ask for support. There is NOTHING you are going through as a VA that hasn’t happened to one of your colleagues, so tap into the community for guidance and ongoing support!