One of my clients nearly gave up on her business because she was so overwhelmed before the decided to delegate to Virtual Assistants. She tried to market her business by trying to write blogs, articles and newsletters. She tried to be present on the social media and tried to attend all the possible networking events. She tried to provide her clients with all the help they need, tried to grow her business and tried to sell her services. You get the idea – she tried to do it all but at the end of the day, she simply couldn’t cross off her to-do list and simply feel stuck.
A lot of people are not sure if they know what to delegate, how to delegate, and if they can even afford to delegate. Well, you cannot afford not to delegate and I’ll show you why.
What Drives Your Economic Engine?
Let’s go back to the never-ending to-do list. With this exercise, you’ll be able to visualize your overwhelm and will get a clearer idea of what’s on your plate and which of those tasks and projects should be delegated.
- Take a piece of paper and write in one column all the tasks you do in your business on a daily basis, one task per line.
- Next to each task, mark the amount of time it takes you to complete it
- Be hones here – how many times are you interrupted while working? Think about all the emails, phone calls, visitors, breaks, (and if working from home, how many times you do the household chores during the “office” hours)?
- Now mark only the billable tasks and write next to them the amount of money you’re earning with them
- Now mark the unbillable tasks
- Calculate how much these are worth (the amount of time it takes you to complete them times your hourly rate). That’s the amount of money you’re losing.
How to Double Your Income When Working With a VA?
Take a closer look at all the unbillable tasks and projects and categorize them based on the nature of the work, whatever’s applicable to your business. For example:
– client support
– affiliate management
– project management
– social media management
Outsourcing these projects to a VA will free up all this time and allow you to take on more client work/billable tasks and projects with a potential to double your income:
Let’s say that your hourly rate is $100. A skilled, reliable and experienced VA will charge anywhere from $25-$50/hour and up.
If you decide to do it all, you won’t have the time to work on your billable projects and hence will be losing those dollars. When you work with a VA, you’ll be focusing on the cash-generating activities and your VA on all the rest. With the rates we used in the above example, this leaves you with a profit of $50-$75/hour.
Depending on the nature of your billable projects and the VA’s expertise, she can also take on some of these billable tasks. Now you can “fit” two clients into your one hour, for example, and hence have a good chance to double your income.
The above-mentioned client of mine thought she couldn’t afford a VA and tried to do it all by herself. She felt so exhausted she nearly gave up on her own business. Then she decided to make the change, to invest in a team of VAs (each one specialized in a certain services). Immediately, she was able to better use her time and energy and quickly signed up more clients. Within a few short months, she grew her business internationally, and never looked back.
To paraphrase Sir Richard Bransosn, a good (virtual) assistant will at first follow you. Then, she will walk next to you. Eventually, she’ll learn about your needs, expectations, goals and preferences and will be able to take the lead.