The Virtual Wire

It is scary, but you just need to let go sometimes

Self-Made Chick wrote a really cool article recently about what she calls the Monkey Bar Theory.  Here is her description of what it is

“What the Hell is the Monkey Bar Theory? The Monkey Bar theory is something I’ve noticed after living a dual life of fear and risk-taking. In order to make big changes in life, you’ve got to let go of one monkey bar to harness the strength, fear, and resolve to jump to the next.”

I likened this to one of the main issues that I hear VAs talking about all the time – letting go of their monkey bar = a controlling or stressful client – to jump to the next = attracting ideal clients.  Honestly I know it is not just a VA problem, but the plague of many small business owners. 

How do you “harness the strength, fear and resolve to jump to the next”? Sometimes I have easily, even though I have been somewhat scared, let go, but other times, especially when the client is a high retainer client I have been completely paralysed to take the next step and end the relationship.  This is when I have turned for help to be coached through the process.  On one occasion I admit to being literally stepped through ending a relationship by my outstanding coach, as I was so scared to do it on my own. 

And the thing is, when I have done it once, when I have taken that risk the first time, then the next time it really gets easier.  But I agree with the Self-Made Chick’s premise that “It Get’s Easier, But Is Never EASY.”  If you are waiting for the time when it is never scary to let go, then you may end up waiting for ever!  Come on share with me. When you have to let go, how do you get through it and/or how does it feel to you?

Design the business you want, but start with an exit strategy

Most virtual business owners, as well as those with brick and mortar, have a reason for starting their own business - freedom!

You are not alone if you started your business because you wanted freedom to:

• take days off at a whim;
• be with your children;
• care for a parent;
• be financially sound;
• travel and see the world; or
• be your own boss.

The list can go on, and on. Once you achieve that single, most important objective, then what?  Or, what if you're forced to abandon that dream because something in life has become more of a priority? Or because of "happenstance" - you know, the "stuff" that just throws you for a loop, like the market changing or loosing funding?

The answer to the above question depends on your exit strategy?  Planning the start up of your business with the end in mind, as well as an alternative, is prudent.  Here's what I mean:  If you develop a solid product, establish a lucrative service or become hugely famous, at some point you'll be faced with choices, options, and potentially, early retirement.  What happens to your legacy?  Who keeps things going in your stead?  What will your customers do without the niche you've carved into their lives?  It all depends on your exit strategy.

Solid exit strategies can include:

• Successors
• Partners
• Mergers
• Buyouts
• Closure

Training your replacement is smart.  Having someone on hand, BEFORE, they are needed allows you to have the options we discussed earlier.  Waiting until the need arises may limit your effectiveness as a leader.  For example, what if your business grows and now you have to focus on the vision, strategy or some other key component of the business and NOT be in the day to day operations of your business.  If you don't have a trained successor, the level of service could suffer and you could potentially lose the client base you once had.  If this happens, your bottom line is impacted -- your pocket -- and more importantly, your reputation.

Cloning yourself is smart too, because, believe it or not, a business is supposed to serve a singular purpose:  make you money so you can do what's really important in life--whatever you've defined that to be. 

Business owners consider partnerships when the combining of talents suits the overall strategic vision for the business, or when the market trends require a talent that you no longer possess or don't have.  Partners are smart when bringing them to the table offers a financial reward or a trade in talent that cannot be ignored.

Mergers are smart when the acquisition of the other companies talent, patent or market share threatens your existence.  The additional access to revenue or human capital may position you well for keeping your vision alive, while offering you an option to exit the business and still reap the rich rewards.

Buyouts may enable you to recoup your losses or cut the money train while there is still time.  This exit strategy may be smart when your other options are limited and the payout enables you to do what you've always wanted to or to reinvest in another venture that is more attractive.

Closing your doors, while being your last resort, may be your only one.  You know the feeling we've all had when we went to a store that has services us, for what seems to be an eternity, is no longer there.  We've all wondered 'what happened'.  Then, there is a sigh of relief when we hear "they retired to the Virgin Islands" - then we become green with envy wishing it were us instead.  On the flip side of the coin, we're saddened when we hear, "they just couldn't keep it afloat".  For the business owner, this is a smart option when you are sinking more time, money and energy that you actually have to give into a project that is an endless money pit.

So, what about you?  If you got sick today, how will your clients be impacted.  When do you plan to retire?  How?  Think and plan now for your exit strategy.  Keep your business afloat, even when you can't personally do the paddling.

If you have ideas that weren't explored here, please comment and tell us about it.

Resources for exit strategies:

Articles:  Exit Strategies for Your Business; The Four Ds of a Business Exit Strategy; Exit Strategies Resources and References

Learning from one another - a valuable resource

I've met and worked with many small business owners throughout my life.  In my VA practice now and while working in the "brick and mortar" world, I've learned a great deal from these extraordinary, entrepreneurial-minded business owners. I am grateful for my experiences, and continue to learn from these every-day exchanges, which I find invaluable.

An important matter that affects the small business community in a critical fashion, is the issue of health care coverage.  Regardless of the unique perspectives through which we each view this concern, I think an important factor (and one not easily attained) is finding good, credible information on the topic.

For such a resource, I've found "Fixed for America" to be a great help. You'll find a ton of information on their site - here's an example of their 10 Principles: Small Business Principles for Healthcare Reform page.  I'm in the process of continually reading, researching and learning more - I know I'm not alone.  After all, I hope, we're together learning and growing - and positively affecting one another as we progress onward.

More than a "quote" to remember

To focus on and fully embrace a worthwhile mindset that evokes one to action is a true challenge.  Most certainly a worthy endeavor, but, nevertheless, it takes work - labor - energy - persistence - imagination - and a continual struggle. 

As a business owner, an independent solo-preneur, a team-player, a caring individual, and citizen of this planet, it is imperative that I recall and acknowledge the "much good" brought about by those who have passed this way before me. I have much to benefit from understanding what I can about their stories.  We have been given so much!

This quote carries a great message:

"These are the times that try men's souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands it now, deserves the love and thanks of man and woman.

Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph. What we obtain too cheap, we esteem too lightly; it is dearness only that gives everything its value.

I love the man that can smile in trouble, that can gather strength from distress and grow brave by reflection. 'Tis the business of little minds to shrink; but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death."

- Thomas Paine, "The Crisis", 1776

To "grow brave by reflection" - to be fully aware and guarded so that my "heart is firm" - this is the  essence of the mindset I wish to embrace each and every day.  Oh, what a daily and worthwhile challenge it is!   

Opportunities that the recession brings!

I am no expert on the recession, why it has happened, and I definitely have no idea on where it will end, but I know that I only want to read and learn from those who are see the silver lining in the this very dark cloud, and I wanted to be able to share this with you to.

Recently in our AssistU forum we had a community question about how the recession had affected our businesses.  For sure there were some who had directly lost clients because of the recession, but I felt that the majority of VA businesses were either unaffected or have been having just as much success over the past year regardless of what has been happening in the economy.  Now of course some people may have had to re-think their business, maybe even their niche market, but overall I got the impression that our businesses are still as healthy as ever.  Now I want to clearly state that I am talking about business health and not personal financial issues that can be affected in other ways due to a property de-valuing, a partner’s job loss, or even share devaluations.

Do it your way, my way or a bit of both???

It is an interesting experience working with various clients who are delving into or want to delve into online sales, or marketing their businesses online using the various new Web 2.0 tools that are out there!  Because once a client is exposed to the world of “internet marketing” then they quickly get exposed to all the “experts” who want to share their knowledge on how to do it their way – at a price, of course!  I am not being cynical really, I understand it is all business!

The thing is that there are so many people saying “do this my way” that the original, and unique message and authenticity of my client can sometimes get lost, hence the business struggles to grow.  On the other hand I have clients who immediately recognize the loss of their business identity, fear that they are losing their unique message, and then fight the entire evolvement experience.  And I don’t mean just not having obvious available time to get involved (natural and understandable, give yourself a break, and plus it is a whole other), but actively fight involvement.  Hence the business struggles to grow!

Hey I don’t have the answers to this, and I know that the internet’s integration into our lives both personal and business means that it is evolving at an rapid speed.  So to grow and evolve, do you do it their way, your way or can you successfully find your own way???   Here is an article that I came across today that prompted this post.  Please, share your thoughts?

Play BIG!

So, I got an invitation from one of my mentors the other day.  This person invited me to participate in a brand new mentoring program, because she has more business than she can handle and wants to expand her business in a BIG way.  She’s going to train a select group of people on her methodology and license them to teach her material and work with clients one-on-one.

This is a person I really respect and admire, and whom I’ve watched grow her business in a highly profitable way in a VERY short period of time.  I mean REALLY short. 

This invitation comes at an interesting time when I’m brewing about my own business and what I want to do next.  As I get more and more clarity about what I want to achieve I’m realizing more and more that I’m going to have to step WAY out of my comfort zone to do it.  And you know what?  I’m REALLY excited about it!  I’m excited by the unknown.  I’m excited by stepping up my business game in a BIG way.  I’m thrilled by the challenge of it all. 

I’ve decided to move forward with this mentoring program which carries a hefty price tag (almost $1K per month for the next year) because it’s going to force me to PLAY BIG!  I recently heard a successful entrepreneur say, “If you’re going to play small, then don’t play at all”.  And that really resonated with me.  I’m not playing small anymore.  And I invite you to start playing BIG with me.  Start thinking BIGGER about who you are and what you have to offer the world.

Have you been reluctant to focus on one target market?  Are you hesitant to increase your rates?  Have you wondered how much longer you can tolerate that DUD client of yours?  (You know, the one who drains your energy and works on your nerves!)  Then I invite you to play BIG with me!  How would you feel if you doubled your rate and made the same amount of money in half the time?  What would it be like to become known as an expert and receive regular media attention for your rock star services?  How much more would you enjoy your business if you stood up yourself and only worked with clients who energize and inspire you? Think about it for a moment and put yourself in that place.  Do you see it?  Can you feel it?

For me, I see the next step in my entrepreneur journey very clearly.  It’s a bit steep, but I’m not scared. I’m ready to step up.  I can do it and you can do it too.  Forget about the media hype.  Ignore your nagging self-doubts.  And tell those condescending voices in your head to hush!  It’s time for you to step into the business success you want and deserve. 

P.S. If you are interested in learning to easily and authentically attract new clients to your business, have I got a treat for you!  Click HERE for details. 

Another lesson learned from the holiday season

"The holidays come every year, Gloria,” remarked my dear friend as we discussed our plans for this upcoming season.  Yes, of course, we all realize that (and may even secretly wish they’d skip a year!).  Well, this year, for me, those words sparked a renewed sense of hopefulness, with a twinge of both sadness and liberation.  Contemplating preparing for this year’s holiday season, I was beginning to feel a bit overwhelmed.  As we talked more, I realized that I was allowing the old notions of creating bright memories and making it a special event for everyone to be attached to my own personal “to do list.”  (How did that happen?  Who passed out that assignment, anyway?)  As I searched to regain some perspective, my friend’s words replayed again and again in my head, and I knew there was something more for me to hear.

Throughout the weeks, as I listened to others sharing their coping styles and tips for managing the holidays and the related stress it sometimes brings, I realized advice for tackling this season is everywhere.  Whether I’m looking for the nuances of decorating, baking, menu planning, traveling, shopping, card sending, entertaining, gift buying or wrapping, and creating special family traditions, or finding solutions for coping with matters surrounding relationships, including family members both near and far, colleagues, clients, customers, and friends, I can easily find loads of helpful information. 

As I continued skimming the mountain of articles, magazines, and blogs, appreciating the many practical ideas I was finding, a delightful piece of mail arrived at my inbox.  I quickly sensed it enclosed a precious hint.  It was an invitation to a Christmas memorial celebration entitled, “Keeping the Light of Love Bright.”  I was asked to participate in hanging a special ornament on a Christmas tree in honor of my father who died this past February. How wonderfully appropriate, I thought.  I was struck by the deeper sentiment brewing inside of me; this is the first year I’ll celebrate the Christmas season without the nearness of my father’s physical presence.  Nearly each and every year, throughout my entire life, I have spent the season with both of my parents.  Many years this meant traveling long distances, children and pets in tow, and a vehicle loaded down with gifts and goodies!  This year will look very different, indeed.

Now, I realize, this is not a new phenomenon; millions upon millions have experienced this natural cycle of life’s events and have celebrated holidays grieving the loss of their loved ones.  But it’s my first time.  I’ve walked, as we all have, where I didn’t expect to travel, and where I knew I would need to journey someday down the road.  Part of my “someday” is here, and ready or not, I’m encountering a fresh personal season.  My role in the family circle has changed now.  As my children, now grown, experience the celebration of this season differently, too, I’m impacted. 

 

This year, the expectations will be unique, as are all “first time” experiences.  As I host my out-of-town family members and accept all that it brings into my life, I’ll cherish the many seasons’ past.  I’ll do all that I can to “keep the light of love bright” this year, too.  Yes, the holidays do come every year, and I’m grateful.  Thanks, my dear friend, for that simple reminder.

 

***I wrote this article a few years ago, but never posted nor published it anywhere.  It seemed appropriate this year to share it.  I've learned a great deal since 2006, and experienced the passing of my mother, as well.  Our family circle has not been diminished, however, we've been blessed with three new additions.*** 

 

I share this because I realize the holidays carry a host of memories for each of us -- some joyful, some painful.  It is a personal path for each of us, yet we are not alone.  Today, I wish you a genuine, deeply-felt sense of peace in the midst of whatever this holiday season brings into your life this year.

Get ready to rock in '09! -business planning made fun and simple! oh, and did I forget - cost effective too!

This month, many organizations, coaches, and the like, are encouraging their clients and/or members to start to focus on their business plans for '09. As I revisited my plan I too started to get a little overwhelmed with the thought of filling skill gaps, and sticking to marketing initiatives that I already started.  A blessing emerged with the launch of VAClassroom.com, which has just kicked off two programs for VAs that will add to your service offerings for '09 (Social Marketing and Internet Marketing).

What about you? Have you finished that business plan yet? or has your plan stayed tucked away since you first completed it? What are your hopes, dreams and goals for the upcoming year? Don't let the economy cloud your thinking about your leadership ability, potential for success or personal passion. Just plan for the best.

I recently came across a wonderful coach, Donna Price (she's also one of my clients). She has such good energy, you know - the kind that you need to help you really focus on the tough plan. She provides a resource that I had to pass along to you. I know some of the readers have gone through a VTP (Virtual Training Program) and may already have a plan, but if you haven't, or you want to revive those plans for '09, here's a cost effective way to do it...consider Bizology.Biz. It's is a fantastic new business building program.  I asked her what she could share with the VA community. Here's what she sent me:

Benefits of Bizology.com's program
・    Bizology.Biz guides you through successful steps in building your business.
・    The program is provided in bite size pieces so that you can work on your business and not feel overwhelmed and guilty for not getting through the program.

Shiny object syndrome (SOS)

In the AssistU community we have discussed the shiny object syndrome in several groups meetings that we have had recently.  I came across this article recently which went into detail about how entrepreneurs of different genres can tackle this particular habit.

I am a SOS sufferer as well.  I just love IT stuff.  Playing with new software, learning how to use new online systems, and discovering new ways of using the internet to increase productivity or market business, are just some of the various shiny objects that catch my eye!

Of course what came across in most of the conversations and even in the article above is that SOS can be typically seen as an entrepreneurial trait and is both a strength and weakness.  You see SOS can be a hard learning experience if not channeled properly, I think as entrepreneurs this excessive curiosity is what drives us forward, keeps us inventive in our business, but on the other hand it can slow us down and/or make us spin-off in too many different directions. 

So I have broken down SOS into a few definitive categories to help me keep this skill channeled and relevant. 

SOS can lead to:

Negative

Positive

Procrastination - if I let my curiosity stop me from sticking to my schedule and getting my work completed in a timely manner   Business Frenzy - jumping from working in one way to another makes my business and me appear unstable, and undecided.   Distraction diversification – by spreading my business or my talents too thinly without clear preparation to how it will work in a successful environment does not give me enough time to build revenue in one particular area, and build successfully at all.

Abundance mindset – by keeping my mind open to new ways of working, new systems, new software keeps me up-to-date with changing technologies and methods of working.   Business Buoyancy – learning new ways of working and slowly incorporating them into my business, with full knowledge and education.   Prepared diversification – by working through a plan of growth and change.  Taking baby steps to implement new services or products, I can encounter teething problems, and learn how to diversify successfully without great pain.

By being able to recognize and avoid the negative possibilities, I am able to embrace SOS as a positive attribute in my life.