Creating Your Business Opportunity 1

Some people spend months or years dreaming about being self-employed and waiting for the right opportunity to arise. Others think they see the opportunity bandwagon passing by and jump on it without considering where it is going, what it will cost, or whether or not they'll really enjoy the ride. As you can imagine, neither approach to starting a business is particularly successful. To build a profitable business you have to learn the business and then put yourself in the driver's seat and forge ahead. Here is a brief look at what it takes to create a variety of businesses.

What kind of businesses are easiest to start?

Service businesses have traditionally been the easiest to start, since they require the least amount of start-up capital. Some require nothing more to get started than the purchase of business cards and stationery.

Businesses that provide services that are in demand are easier to start as well. Database programming, computer graphics, web design, human resource consultancies, and other businesses involving highly specialized knowledge tend to be easy to start for individuals who are outgoing and go-getters. Child care and elder care services, handyman, cleaning, and other services for families with two wage earners that can't do it themselves or prefer not to do it themselves are also relatively easy to start.

What do I need to start a business as a virtual assistant or office support service?

These services are among the easiest to start, but due to competition, it may take time and effort to get the business going.

You'll need a recent model computer, current or near-current versions of widely used office software (Microsoft Word and other products in the Microsoft Office suite are the most popular products), a good working knowledge of how to use the most important features of the programs, and the ability to make quality printouts, send and receive faxes, and make photocopies. Due to the competition from others who work at home—or would like to—you will also need a good dose of persistence and determination to get your business started and make it profitable.

A multifunction device that gives you printing, fax, scanning, and photocopying capabilities in one unit is a good choice if you are choosing equipment for the first time. As your business grows, however, you may find you need to add on a stand-alone photocopier (to provide added capabilities and speed), a better scanner, or other peripheral equipment. Such add-ons should be purchased only when you have the business to support them.

If you will be including desktop publishing or web site design in your services you will also need page layout software, a web page editor, computer clip art, and graphic editing software—plus experience using all that software, too. (Owning the software to do desktop publishing or web site design does not give you the ability to do those things. Both require significant training in addition to learning how to use the software.)

Once you buy and learn to use equipment and software, your toughest job is going to be attracting a steady stream of customers. You may be able to get started by making a lot of phone calls and using personal contacts, but sooner or later many virtual assistants and office support services find they need to advertise. Some do best with postcard mailings and other direct mail advertising, some find that Yellow Pages ads work well, and some find that ads in online or printed directories bring in business. Others find they do well by targeting a niche market and advertising in publications bought by that special market. Still others find the best way to attract customers is by joining local business associations and networking with members.

Someone who likes to type academic papers might advertise in college or university newspapers, for instance, while someone who wants to do typing or transcription for medical or legal professionals would want to advertise in local journals or newsletters that lawyers or doctors in the area read. Sometimes, in fact, your business won't get any calls unless you have an ad in a particular niche publication. A court reporter in South Carolina, for instance, saw her business dry up one year because she had forgotten to renew her ad for the year in an industry directory. Advertising won't work miracles, however, and it also has to be frequent to pay off.

In addition to traditional advertising, many virtual assistants and office support services find it beneficial to have a website.

Pricing of the actual services you perform will need to be competitive. Depending upon where you live, the price may run from $15 to $30 an hour for word processing. Typesetting, resume typing, and related work, if you have the experience to do a good job, can usually be billed at a higher rate. You do have to check the going rates in your area and keep an eye on costs to stay competitive.

If much of the work you do involves transcription, you'll also need to keep a close eye on voice recognition programs. The technology gets better each year, and at some point could have a major impact on the transcription businesses.

Once you find customers, it is important to provide quality work. Joan Kumpitsch, who ran the Johnstown, New York, company J.V.K. & Associates for 16 years, advises, "Start small enough and do what you do well. You can always add services, but if you start with your sights set too high and end up doing a shoddy or mediocre job, you'll soon be out of business. One bad job or one that is done poorly can cost you several new ones."

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