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The Advantages of (car interior) Incorporating

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By Antwan Richardson

 Entrepreneurs embark on costly business ventures without first looking into the form of business that would be most suitable for them given their business experience and financial capability. Deciding on what legal form your venture is going to take will spell the difference when you experience difficulty in your business later on.

A businessman can choose from different business forms including sole or single proprietorship, partnership or a corporation. Each of these legal forms has their own advantages and disadvantages and a businessman should be well aware of their implications on his business venture.

Sole proprietorship is the easiest business venture to put up because you only have yourself to disagree with. This means you can go ahead with whatever plans you have and you can implement them anytime. It means that when your venture succeeds then you will reap all the financial rewards of your business. The sad fact is that this can also be a disadvantage since it can also mean that you will shoulder all the losses if the business fails.

A partnership will do well for business ventures that require more capital and more skills and expertise. You and your partner can concentrate on the different aspects of the business depending on your skills and talents. A partnership form of business means both you and your partner get to share your financial earnings and losses. However, there could be a problem if the business acquires debts because your creditors can run even after your personal money and not just after the capital infused into the business.

The most ideal, although complicated, type of doing business is the corporation. Incorporating your business would mean bringing in other people to the business. This would mean no decision can be reached without the agreement of the majority of the Board of Directors. The good thing about a corporation is the availability of vast financial resources for the business.

A corporation is a distinct legal entity from its incorporators and shareholders so that in case the business incurs debts, the share or stockholders will only answer for the debts depending on the shares they have in the corporation. This is called the theory of limited liability. The creditors will no longer have any right to seek payment from the personal finances of the stockholders.

A business can start as a sole proprietorship but the owner can chose to incorporate the business later as it grows. True, there are more documentation requirements for incorporating a business but the advantages of incorporating a business far outweigh the disadvantages.

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How Much Should Your Virtual Assistant Make?

By Antwan Richardson

 I’ve seen Virtual Assistants’ prices range from $15 to $70/hr depending on the VA’s experience, specialty, and the project. One of the most common concerns with a new Virtual Business is what to charge for their services.

A common mistake made by new Virtual Assistant businesses is underestimating the value of their services. The more specialized your service is the more you may be able to charge for those services. Here are some guidelines:

Peek in on your competitors

Visit other Virtual Assistants’ websites to see what they are charging for similar or the same services. Look for areas you can improve and perhaps provide a service that they don’t. Find your USP (Unique Selling Proposition or Point). In other words, what sets your business apart from others like it.

Calculate your expenses

Your price should at least cover your expenses. Expenses can include but not limited to:

1. Your Time (Yes, I said your time)

2. Office supplies, Equipment, and Software

3. Marketing (Online and Offline)

4. Rent/Mortgage

5. Utilities (Electricity, Gas, Telephone, Water, etc)

6. Taxes

7. Insurance (Business, Health, etc.)

8. Web Hosting and Web Maintenance

9. Travel and Transportation

10. Continuing Education

These are just a few that I can think of off the top of my head. Once you have calculated your expenses you will have a general idea of what you need to at least cover your expenses. Of course you don’t want to just cover your expenses, but make a profit as well.

Price your services according to your target market

Your target market is another factor to consider before setting your virtual assistance price list. If your target market is business executives or college students then naturally you could charge the business executives more than you could college students. Why? Well…college students may be on tight budgets, work part-time, and/or may still be depending on their parents for financial assistance. Business executives are pretty much established and tend to have bigger budgets. Do you catch my drift?

Price your services according to supply and demand

If you provide specialized services and the demand is high but the supply is low, not many VAs offering the same services, you can charge more for those services. However; if the supply is high you may want to consider being more competitive with your prices. If you want to lower your prices and still make a profit you will want to cut your expenses also.

After considering all of the above it should give you a general idea of how to set your virtual assistance price list. This is just a basic and general guideline so nothing is set in stone

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Seven Ways to Improve Customer Service

By Antwan Richardson

 7 Things You Can Do RIGHT NOW with a Fully-Automated System to Improve Your Customer Service:

1. Get contact info right the first time.

There’s nothing more frustrating to a registrant than when an event organizer gets their information wrong. Each instance in your process where you manually enter or transfer data poses a risk for making errors. Using an automated system, which has everything built-in (online registration, accounting, badge printing), eliminates all data entry and data transferring issues.

2. Be sure that payment information is correct.

When a registrant thinks they are registered because they gave you their information and credit card number; then finds out a week or two later their charge did not go through; stress is created. You can automatically processes credit card transactions in real-time; so there is no miscommunication.

3. Send impeccable follow-ups.

Registrants like to know that everything is being properly handled with their registration and your event. When they don’t hear from you after they register, they get worried. Automatically send confirmation and reminder emails with a personalized touch. 4. Keep track of numbers daily.

Events can go wrong when an event organizer doesn’t know the details of their event numbers on a daily basis. Real-time awareness of lack of demand or hyper-demand for different aspects of your events, allows sufficient time to make alternate preparations. Automated online systems make it easy to tally registrant data on a daily basis.

5.Organize your information.

If you are managing your events with multiple spreadsheets or systems, you know it can be difficult to stay organized. If information gets lost or falls through a crack, it eventually becomes a dissatisfied attendee. Avoid unhappy customers by using a fully-integrated system… it should have all of the systems built-in: registrant preferences, accounting, badge printing and reporting.

6. Automate the waitlisting process.

Registrants don’t mind things being sold-out when there is a well-communicated waitlisting process in place. A good registration system automatically provides a waitlist for registrants then notifies them the instant a spot opens up. If they accept the open spot, then their payment is automatically collected as well.

7. Eliminate frustrations with early-bird specials and discounts

Registrants love to ask if they can get early-bird specials and discounts for which they know they do not qualify. They hate to hear “no” and you hate to say it. A fully-automated system qualifies everyone for the appropriate discounts, so you don’t need to.

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Sunday, February 28th, 2010 at 9:35 pm and is filed under retail. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.