I’ve been in business since 2002, choosing the name Organized Assistant in 2003, after using a much less exciting one for the first year. Six years doesn’t sound like a long time in comparison with businesses like the Hudson Bay Company, founded in 1670; Kelly Services, established in 1946; or even Janice Byer of Docu-Type Virtual Assistance & Web Design, who is celebrating her ten-year anniversary this month. Yet to many I am considered a veteran in the VA industry, as I was in the organizing industry. Although both of these fields are relatively new, that’s only one reason. During the few years I’ve been in business, I’ve seen many people come and go from my industry and many others.
It’s no secret that the majority of small businesses close within the first year, and very few make it to three years. (There are lots of statistics out there but I’m not including specific numbers because I don’t think they’re important to my message today.) This subject actually came up in two separate conversations this week.
As founder of the Golden Horseshoe Virtual Assistants Group, I received an email from a VA who had established a similar group in her own city, but was challenged by the number of people who had left the industry since she started it. Yesterday I had lunch with Margaret Miller of TERAGRAM, one of the founders of Professional Organizers in Canada, and we were reflecting on the many members we had known who were no longer in the field.
Does this mean that all of these businesses failed? Not necessarily! After all, not everyone opens a business with the intention of making it a full-time career. When I started mine, I saw it as a way of picking up some extra money in my spare time by doing something that I enjoyed. Over time I realized that this was what I wanted to do with my life, but it wouldn’t be uncommon for others in that situation to “drop out” if lifestyle changes meant they no longer had time to run a side business, or if they just lost interest.
Then we have people who start businesses because they’re between jobs and are strapped for cash – they will often abandon the business once the right employment opportunity comes along. A similar situation arises when parents choose to stay home with young children, but need a way to generate some income for the family. Once the children are older, they may return to the regular workforce.
What about you? Do you see your business as a temporary source of income, or is it your career? The answer to this question will impact on nearly everything you do!
If you want your business to survive and provide you with a steady income in the years to come, you need to work hard to make it happen. Here are a few things you need to do on an ongoing basis to ensure your ongoing success:
1. Invest money in your business, whether it be for marketing, continuing education, or memberships in networking groups and professional associations. If you need help deciding the best ways to use your funds, consider working with a business coach – another great investment!
2. Read books, blogs and articles related to your industry and to business in general.
3. Spend time networking every week, with people in your own field, with people in your target market, and anyone else – you never know who they might know! Online networking is great, because you can do it at whatever time suits your schedule, you don’t have to dress up or spend time and gas money driving to various locations, and you can connect with people all over the world. But make sure you attend in-person networking events too, even if you run an online business, because there’s nothing like personal contact to build relationships.
4. Position yourself as a professional, and don’t be afraid to charge what you’re worth.
5. Treat your customers with respect and always remember that without them, you wouldn’t have a business at all.
Are you in it for the long haul?
*This post was featured in the LinkedIn Bloggers Carnival: October Edition.
Great blog post Janet! I am in it for the long haul. Failure is not an option for me.
I hope to finally meet you this fall at the next VA get together.
Glad to hear it, Shari! And I sure hope you can make it to Hamilton on Sept. 20 and/or Oakville on Nov. 20!
Yup definitely in it for the long haul – actually in both my chosen careers (organizing and writing) for the long haul.
On the organizing side, I started in 2003, took two years off in 2006 and now am starting up again in a completely different direction, so I’m basically starting over. I have a general ten year plan for what I consider full success.
On the writing side, I have a 20 year plan going of which I’m two years in and pretty much exactly where I expected to be, so all’s good on that front.
When I started in 2003, I didn’t think of success in terms of 10 or 20 years – I wanted it right away and ended up doing too much too quickly and spent too much money. Now I have more patience and am content to work more slowly (and with greater effort).
Alex – thanks for sharing – I didn’t know all that! And I’m really glad you mentioned spending too much money – I only considered people who were afraid to spend money until they had the income to cover it, but then didn’t get enough business to generate the income they needed. Like so many areas of life, BALANCE is key, and that’s why it can be so helpful to work with a business coach or a mentor, someone with experience who can help with those difficult decisions.
Balance… Balance.. that’s something I teach OTHER people about, right?
Alex – it’s always easier to teach others than it is to do it ourselves!