Who wants to be a gazillionaire? I do!

I loved this blog from business blogger Penelope Trunk, “Your biggest barrier to starting a business”.

She takes a no-nonsense look at what motivates most of us, with the home truths we know only too well about risk, uncertainty and putting our family on the line.

So why do we do it? Trunk says: “You don’t get fired, you work whatever hours you want and starting your own business is the only path to becoming a gazillionaire.”

I wouldn’t mind becoming a gazillionaire, and I know it is a powerful motivation for many self employed people. And it’s true - it would be difficult to become a gazillionaire while working for someone else, unless you were very good at what you did, and you owned a very valuable niche.

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Are your business relationships too personal?

My mum likes to be called ‘Mrs Lee’ when she’s dealing with anyone in a businesslike way – she was Mrs Lee throughout her working life, and now in retirement, as far the people who paint her house or fix her car are concerned, she’s Mrs Lee to them, too.

Even though first name terms are much more common in today’s business circles, the spirit behind this distinction is useful: business and personal relationships are different, and it doesn’t serve you to mix them too closely.

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Small businesses, do yourself a favour. Grow your team

In the Huffington Post last week, Pernille Bruun-Jensen joined the government in calling on small businesses to help boost the employment market, especially for young people.

One of the most important economic challenges faced by Britain in the next tax year is the need to create new jobs, she writes. It’s a problem that needs to be tackled head-on, and small businesses could be the nation’s heroes.

She acknowledged the misgivings we small business owners have: “However, the reality is that for many small firms, taking on just one employee can appear to be a giant leap of faith.”

I completely agree with this, and the three challenges she outlines:
  1. The recruitment process itself is a headache
  2. Employing staff creates red tape, including legal and tax obligations
  3. You’re handing over your baby

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Quality clients are made, not born

Credit control is a hot topic around the small business community because it seems that everyone is struggling with late payers.

Kaleidoscope has never had a problem with not being paid for my work – in fact my clients have never even queried a single invoice.

I could have been be tempted to say “touch wood” there – but it’s about much more than luck. Making sure I’m paid in full, on time, is as much my responsibility as my clients’, and I have a lead role to play in making sure that my cashflow remains healthy.

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How to become a Virtual Assistant part 10: Consider licensing your name

Once you’ve started growing your business, your time is saturated with work and you’ve got a small team of trusted people to delegate to, it’s time to think about growing your business in a more formal way.

A great way to do this is through licensing – turning your brand into something like a franchise, which other Virtual Assistants can buy into. That means you get to capitalise on the work you’ve done nurturing and building up your business by actually sharing that powerful reputation with others.

This is a path I started on this year, so Kaleidoscope is now trademarked. Soon I'm hoping to be able to start tracking down suitable associates who might like to build their business alongside me, using the Kaleidoscope name and the Kaleidoscope way.

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How to become a Virtual Assistant part 9: Pitfalls to avoid

When you become a self-employed Virtual Assistant you are not and never will be Little Miss or Mr Perfect.

In fact, I’d even go so far as to say (brace yourself) this: You Will Make Mistakes.

The next thing to lose is your habit of beating yourself up when things don’t go your way. Believe me, it’s not about what you do and don’t get right – it’s about what you learn.

Having said this, I have a few classic rookie errors for you to look out for. Here are my top five.

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