Sharon Williams is the chief visionary officer of The 24 Hour Secretary™. She is a Master Virtual Assistant (MVA), Professional Real Estate Virtual Assistant (PREVA), author and coach. Founder of the Alliance for Virtual Businesses, the organization that sponsors the Online International Virtual Assistants Convention (OIVAC), Sharon has written two books: Marketing Your VA Practice: It’s Not about Money It’s about Having the Right Strategy!
and Nuts and Bolts of Branding: How to Identify Your Brand Identity in a Niche Market,
and she is currently penning a 5-part series about the Elements of Marketing a Profitable VA Business.
Many thanks to Sharon for her thoughtful responses here.
Please feel free to respond to and/or ask questions of Sharon on this thread.
How long have you been a professional Virtual Assistant and how many hours a week do you currently devote to your practice?
When I opened my business the term “professional Virtual Assistant” didn’t exist, so I guess I can say I’ve been one since before it originated, which was in 1996-97. I opened my business in 1990. Currently, I devote too many hours to count to my practice, partially because I’m launching a new division. I’m probably down to working 8-10 hours a day in my core business and 3-5 hours a week in launching my new ventures.
How many hours a week do you devote to marketing and networking?
For the first 5 years in business, I devoted at least 50% of my week to marketing and networking. I grew the business, hired staff, and actually opened two retail locations because of the demand. After the business became recognized nationally I reduced my marketing and networking efforts to 20% of my work week. Currently, 80% of my business comes directly from my Internet presence, 10% from networking and 10% from client referrals. However, with the launch of new business ventures, I will increase my marketing efforts back to 50% of my time and networking to 30%.
What is your niche or specialty and how/why did you go in that direction with your practice?
My niche is working with busy entrepreneurs, executives and their assistants. My specialty is threefold: digital dictation/transcription, event coordination, and marketing.
Back in the early 1990s, I offered tape transcription services and found it to be a stable income producer. With the advent of digital technology, I wanted to be on the cutting edge of what I knew would be the future of dictation/transcription services. I participated in an Executive Dialogue program through my local Chamber of Commerce, where I met the president of a company that sold digital dictation/transcription equipment. He embraced my passion for my business and supported my efforts by selling me the “super expensive” equipment at a below market price, with no interest, and rock bottom payment terms. He was my angel and I often acknowledge his support and contribution to my being able to achieve my goal.
I have been involved in marketing and event planning since I was a very young child, dating back to my selling vegetables from a horse-driven cart with my grandfather. It was a natural progression for me to add these two elements to my core business offerings, as I thoroughly enjoy all the elements involved in running successful campaigns. Frankly, I describe dictation/transcription as my “bread and butter business that keeps the lights on” and marketing and event planning as my “personal passion”. Each go hand in hand, are profitable, and bring much fulfillment and personal enjoyment.
How did you ultimately determine your rates/fee schedule (without sharing personal info...just a few tips on the process of determining rates)?
I originally determined my rates based on demand, my expenses, and how I personally valued my business and our contributions to the stability and profitability of our clients.
However, from a formalistic perspective, I would cost out supplies, personnel, benefits, marketing costs, and other overhead, factor in time and complexity of the assignment, potential value of the relationship (one-time project versus potential for long term contract), investigate comparable market value for similar services, and add in the intangible value-adds: for example, clients being able to access services 24/7, implementation of new technologies, team training and experience, and/or cost of working with me directly, etc.
How long were you 'in business' before you landed your first client?
I obtained a client the first day I opened my doors. I began networking and promoting the business at least 6 months before I opened for business, and I had already established relationships with 7 Chambers of Commerce and numerous statewide networking groups. So, when I opened for business, I had already created a plan and strategy. Although I had no clients “in the wings,” I determined no matter what, I would be in business effective November 1, with or without clients. Once individuals saw I was open, they began flocking to our company for admin services.
How long were you in business before you transitioned to a multi-VA practice?
I was in business one year before I hired independent contractors. When I moved my office to its first retail location, I manned it with five staff members as well as a team of 7 or 8 individuals who worked from home. Again, since “multi-VA practice” was not a term I would have used to describe our relationship in the 90s, it’s difficult to define our relationship in these terms, but I guess it could be an accurate description.
What skills and resources do you believe are absolutely necessary for anyone interested in starting a VA practice?
Ah, the million dollar question! Over the past two years, I have been involved with a group of VA industry advocates working on a list of “Core Competencies” we believe VAs should possess when entering the industry. The Core Elements have been assembled with the global participation and feedback of over 250 VAs and 17 virtual assistant training organizations. Detailed descriptions of the above Core Competencies many be found at the
Alliance for Virtual Businesses web site. The Alliance sponsors the OIVAC and spearheaded the development of the Core Competencies.
What is your most important policy in place and why is it crucial to the success of your business?
We require that clients provide credit card information so we have the flexibility to bill, often in advance, in accordance with our billing practices. If a client chooses not to provide credit card information, we usually do not conduct business with the company. The exception we allow to this rule is if the client is a large corporation that does not use credit cards. In those instances, we require a purchase order or other source of payment guarantee prior to opening the account.
What one adjective do you think best describes the nature of the virtual assistance industry overall?
Can I use three words? Growing, yet misunderstood.
While I feel it is easier now to get and retain clients than even 5 years ago because of tireless efforts of VAs who promote the industry, I believe awareness is “trending” toward devaluing the services and benefits gained by partnering with a professional Virtual Assistant. Individuals are entering the industry that either lack basic administrative and/or managerial skills or have not held responsible, decision-making positions in prior employment. This attitude contributes to the emerging, ill-conceived belief that the industry (as a whole) consists of unqualified and/or low-paid practitioners instead of valuable experts that bring know-how, experience and often intangible qualities/benefits to the business relationship.
Where is your workspace located and how do you have it set up (for maximum efficiency, hardware, etc.)?
My office is located in my huge basement (actually divided into two rooms). The main room has 6 computer workstations, built-in wall file cabinets and storage system that circle the room, a stand-alone 100 bin sorter, HP 8000 DN printer, HP color printer, stand alone fax, and enough support equipment (scanners, 4- 4-line telephone system, etc.) to run 2 retail offices.
What was the last new piece of information you pursued or skill you learned relative to your practice? How often do you learn and incorporate new skills?
The last course I completed, in January 2008, was the Author Assistant course offered by AuthorSmart.com. My completion of this course allows me to develop another division and open doors to a new market and profit center. I attempt to expose myself to new information daily/weekly. I attend a new or refresher business marketing-related course at least twice a year and participate in at least 2 or 3 online seminar/webinars a month. If I am unable to attend the seminar live, I purchase the recording for later listening.
Biggest goal for 2008?
I have several big goals for 2008:
1. Launch an “Interview of Successful VAs and How They Overcame Obstacles” series, audio recordings delving into the why, how, obstacles overcame, role models, mentors and other insightful questions and responses about the interviewee’s road to success.
2. Launch a new division, offering a cafeteria of services to a new, untapped market.
3. Develop a unique social networking campaign for individuals interested in working with VAs.
4. Startup planning for OIVAC 2009.
Ed note: Sharon has founded several VA organizations, and has earned numerous professional awards and credentials. Be sure to check out her website at www.the24hoursecretary.com.
Interview with Sharon Williams of The 24 Hour Secretary
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