5 stages of entrepreneurial freedom

By Valerie Khoo

The 5 stages of entrepreneurial freedom – which stage are you at? How your entrepreneurial journey can lead to true freedom.
I’m really passionate about the concept that you can design your small business to create the lifestyle you really want. The trouble is that many small business entrepreneurs think that it HAS to be a hard slog. Sure, there are mountains to climb during your journey from time to time, but if you structure your business the right way, you CAN create a vehicle that can give you the life of your dreams.

Of course, this doesn’t happen overnight. So what are the 5 stages of entrepreneurial freedom?

1. The idea

This is where you have your entrepreneurial seizure. It’s where you’re having coffee with your girlfriends or at after-work drinks with your work colleagues and you hit on an idea that seems just perfect. Over beers, you’re planning world domination by creating a series of iphone apps. Or you’ve thought of the best ever baby and parenting website imaginable. Or you finally want to make money from your talent for interior design instead of just decorating your friends’ houses for free.

One of the biggest steps in your entrepreneurial journey is to move this from being just an idea to a real business. The reality is that if you don’t have the momentum or passion to start this – even if just in your spare time while you have a full-time job – chances are slim that you’re going to be in it for the long haul. However, if you do take that leap, the next step is …

2. The “Am I a fraud?” syndrome

So you’ve started your business. You’re even getting customers and – believe it or not – they are paying you decent money for your services. This is where self-doubt can creep in. “Am I really good enough?” “Will people see through me?” “Is it obvious that I’m learning how to be an entrepreneur as I go along?”

It’s natural to have these doubts. But it’s equally important to value what you do. I was speaking to a small business entrepreneur today who said that it’s important to really listen when you receive a compliment and to take it on board. Be proud of what you can achieve and be pro-active in buoying your self-esteem in an effort to quell those self-doubts.

3. The Confidence Boost

It’s great when you get to this stage of your journey because you’ve been doing it long enough to know that you ARE good at what you do. Here, you can cruise a little bit if you want to, you’re not struggling and your services are in demand. In fact, this is a stage where many entrepreneurs remain stuck forever. And that’s because everything is going well, money is coming in, and they don’t want to upset the status quo.

However, even though everything seems brilliant, it’s likely that you are still working dollars for hours. Sure, you might be working for lucrative dollars but you are still tied to your business – that is, your income is a function of your time. Therefore, you could be ready for the next step …

4. The Automation and “Oh Kill Me Now I Hate This” Systemisation Stage

If you want true entrepreneurial freedom then you need to take steps to structure your business so that you can walk away from it (if you want to). I’m not suggesting that you have to if you love being there – but you should structure your business in such as way that walking away is, at least, an option.

In order to do this, you need to automate as much as possible without losing quality customer service and authenticity. And you need to create robust systems so that your team (and any newbies) can follow them clearly. This is the hard part. Many entrepreneurs who make it through this stage often say it’s the most boring, mind-numbing – not to mention time-consuming – part of the process. I agree. It can be so tedious but it’s also so worth it. But if you do it properly, this leasd to…

5. True entrepreneurial freedom

I’ll be honest. It does take some blood, sweat and tears to get to this stage. But, oh my goodness, is it worth it? Yes! When your income is not a function of your time, you are no longer pressured to be working all the time. You can free your mind to improve your business or venture into new areas (maybe you are a serial entrepreneur in the making). Or maybe you just want to play golf – and that’s great too.

But the key to remember is that the more you concentrate on moving through the first four stages of your journey, the sooner you’ll be in a situation where you can hit the driving range all the time if you want to!

When it comes to your entrepreneurial journey, which stage are you at?

Valerie Khoo is a journalist, author and entrepreneur. She is passionate about the concept that your business can create the lifestyle you dream of.

Valerie’s businesses:
Sydney Writers’ Centre
Business and Careers Institute

Tips For Your Fitness Business

Exposed: The Top Four Tips to a Successful Fitness Business

Josh Panebianco of Sydney Active is a young entrepreneur making waves in the personal training area. Here he shares his TOP FOUR tips in running a successful fitness business – so that you can do it too!

Setting goals

Personal training is all about helping your clients achieve their goals, but if you don’t have goals set out for your self and your fitness business, you have no chance of succeeding. You gotta walk the talk!

Goals are destinations, places that you would like your business to be.

Try to make these goals as specific as possible.

After you have set your goal now work out the actions that you need to complete to achieve your goals. For example you need x amount of clients to earn x amount a month which equates to x amount a year. Then break this down to how many prospects you need this month to achieve your goal. And then to get those prospects (to your website, through referrals, through networking etc) what action do you need to take.

One final note; don’t make all your goals monetary. Think about things that mean a lot to you in and outside your business.

Use direct debit to charge your clients

Direct debt is the only way you should charge your clients – and I have learnt this the hard way!

Direct debit makes you three times the amount of money with the same amount of clients. Never use packages they are for cave men who don’t know how to run fitness businesses. Charge your clients monthly by direct debit. With direct debit if someone doesn’t turn up you still get paid. Unless you love asking for money and love signing up the same person again and again auto debit is the only option.

Now that you direct debit all your clients you don’t look at how much your making per session it’s now more like how much you make a month with x amount of people coming twice a week.

You if wanna know more about how to make this work, then contact me direct and I am happy to share.

Create qualified clients

When someone calls and says “hi, I would like to learn more about your services and ask your prices,” don’t just tell them turn it around and say “ok, great well what do you want to do?” so you can learn more about them.

More often than not they will give you the standard answer of “I just want to get fit” or “just want to lose weight”. So then ask them “why it is important to you to get fit or lose weight”. Be aware that you may have to ask this a few times. What you are trying to do is to find their hot button which means their pain, the emotional reason why they called you. For example their father died of a heart attack and they don’t want the same fate. After you have found the emotional reason for wanting to train with you now is the time to go through prices and the times that they can train.
After that repeat everything they have said to you, for example so you want to train because your dad had a heart attack and your don’t want the same thing to happen to you, you want to train three times a week and you want to lose x amount of kgs .This will reinforce in the prospects mind the reason they want a person trainer and will create qualified clients before you even meet them in person.

Setting your hours

You may think that controlling your session times is the last thing to worry about, but letting your clients set your working hours is a recipe for disaster.

Make sure that you’re the one setting the hours that you work not your clients. Have blocks of the day that you train and commit to filling your hours. 6 till 10 and 4 till 8 or some thing like that and any time outside that make your self unavailable. This will help you gain control over your clients and stop your from becoming burnt out.

These are just my TOP 4 TIPS to running a successful personal training business.

If you want to learn more about getting qualified as a personal trainer, starting your own personal training business or just about motivating yourself then contact me. You will find me at

www.personaltrainerssydney.com.au
www.boxingsydney.com.au

If you are a young entrepreneur who has started a business and would like to share your TOP TIPS with other young entreprenuers, then send through your article to info@frankteam.com.au for consideration.

What is a Virtual Assistant (VA) & How can they really help you?

So you have all of your paper work piling up, your databases have contact details that are all wrong for your contacts, you have a presentation you have to prepare for tomorrow, and you need to organize that business trip to Perth today……as well as of course actually doing the thing you get paid for in your business!
Perhaps you should consider using a VIRTUAL ASSISTANT to take over some of your non-paying to-do’s.

I was feeling this way just the other day in fact. But when I thought of using a virtual assistant, for the very first time I was like “just what do they do” and of course the most important questions “just how much am I going to have to pay for this help!”.  Bet you have wondered that aswell.

Well we got a VA friend of ours to spill the details on all that is VA’s……..cos we are pretty sure they are the answer to many of our young entrepreneur prayers! Over to you Leigh

Welllll………

A Virtual Assistant or “VA” as they are commonly known, is a self employed professional Administrative / Personal Assistant. A Virtual Assistant works from their own remote office to provide a range of virtual business support services, using technology such as phone, fax, internet and email to communicate with their clients.
Most Virtual Assistant’s have a minimum of five (5) years experience in Executive or Personal Assistant roles in traditional work environments.

Just what can you ask a virtual assistant to do?
A Virtual Assistant can provide most of the same services as an onsite employee, but without the added expense to employers. You can also work with a virtual assistant on just a job-by-job basis, rather than ongoing, which is perfect in those busier times.
Some common services a Virtual Assistant can provide include;
• Data Entry
• Word Processing
• PowerPoint Presentations
• Travel Arrangements
• Diary Management
• Customer Service / Reception /Answering Calls
• Event Planning
• Writing, Editing & Researching Services
• Desktop Publishing – creating your flyers and brochures and organising to get them printed if required
• Transcription
• Website Maintenance and Updates
• Database Management
• Online and Offline Marketing and Promotion
• Bookkeeping
• Mail outs
Not all Virtual Assistant’s offer all of these services. Some may specialise in just a few whilst others may specialise in additional services such as; Real Estate, Legal, Marketing Assistance etc.
No many VA’s will do cold calling or telemarketing.

The benefits of using a Virtual Assistant
There are a heap of benefits of using a Virtual Assistant and include such things as;
• Saving valuable time and money, allowing you time to work on your business (you get to focus on the stuff that brings in the money!).
• No office space, equipment or software required.
• No payroll tax.
• No super, sick and holiday pay.
• Only pay for time on task or per project, so only time actually spent working.
• Support on an “as needed” basis. You can use a Virtual Assistant on a full time, part time, casual basis or for a one off special project.

Ok, so just how much should you expect to pay for this kind of help?
The cost of using a Virtual Assistant can vary depending on the service required and the particular Virtual Assistant’s skills and experience. Virtual Assistants are generally paid by the hour and most Virtual Assistants have a 1 hour minimum.
Rates for services such as general data entry or word processing may be charged at a slightly cheaper rate than say website maintenance or desktop publishing. A general rate scale for a Virtual Assistant in Australia could range from $25 through to $45 per hour. Most Virtual Assistants will offer established clients a “retainer rate”, which is a discounted rate for a regular nominated amount of time. For example if a client uses the Virtual Assistant’s services for 20 hours each month the discount may be a percentage off the normal hourly rate.
But when you consider that you only pay for the time they are actually working on your job, which may only be 3 – 4 hours a week or even a month, to take off your hands the tedious tasks that have been bugging you for ages, and you think about how much you could make per hour if you were just working on what you love and are good at, then it is a definite option to consider.
You can expect to be required to sign a Virtual Assistant Project Agreement or Virtual Assistant Retainer Agreement and some Virtual Assistant’s may even require you to sign a Confidentiality Agreement.

Who can use a Virtual Assistant?

Almost any kind of business can benefit from using a Virtual Assistant. At this point they are most commonly used by small to medium business. Some industries or businesses that currently work with Virtual Assistant’s include;
• Contractors (Electricians, Plumbers, Handyman etc)
• Real Estate Consultants
• Marketing Consultants
• Physicians
• Web Based businesses
• Personal Coaching Consultants
• Online Store owners
• Online Network owners

How to work really effectively with a Virtual Assistant:

As you and your Virtual Assistant will be in different locations, (sometimes as remote as the other side of the country or even the world!) communication is the key factor in any Virtual Assistant / Client relationship. You will need to discuss things such as;
• What is expected for the project – timing, deadlines etc. So a really good and clear brief (explanation of what the job is that you want done) is essential.
• When both you and the Virtual Assistant are available to discuss amendments, progress of the project.
• What sort of communication is best suited to you both eg; phone, fax, email, instant messaging.
• Computer programs and versions to be used.
• And don’t forget the most important; tracking of their results and outcomes.

To find yourself a VA you can do a google search, check out LinkedIn & Twitter for profiles of VA’s and of course ask your networks for referrals.
The majority of VA’s are members of a Virtual Assistant Network. So if for instance your VA couldn’t do a particular task or needed extra assistance to complete a project they could call on one of the other members of their network for help. The 2 big ones in Australia are:
www.virtuallyyours.com.au
www.vadirectory.net
Hope that has been helpful. Goodluck in finding the VA to ease your business to-do list worries!

Article contributed by:
Leigh Pendergast – Director – Butterfly Virtual Assistant Services
If you would like more information about the services provided by Butterfly Virtual Assistant Services please do not hesitate to visit the website www.butterflyvirtualassistant.com.au or email leigh@butterflyvirtualassistant.com.au

You will also find some other helpful articles about Virtual Assistants on the Flying Solo website:
Five tips for working with a virtual assistant.
Where should virtual assistants be based.
Working virtually – a definition.

Being HIGHLY effective

We know that young entrepreneurs are always looking for ANYTHING that will help them work more effectively – to be able to get everything done that needs to be done! So try these….

‘What we are’ communicates more effectively than what we say or do. According to author Stephen Covey, the key to becoming effective is developing a good character, and the way to do that is through developing these seven behavioural habits…

1) Be Proactive –
Take the initiative! Avoid the less effective, but more common “reactive” approach. Our behaviour is based on our decisions, not our conditions – and we all have the initiative and responsibility to make things happen. In laymans, it’s up to you!

2) Begin with the End in Mind –
Where do you want to go? When we set long term goals we better understand where we are now and take steps in the right direction.
Visualisation and creating a ‘personal mission statement’ can help you get where you want to go. Make sure your business’ mission statement truly reflects the shared vision and values of everyone within your biz – to create unity and awesome commitment.

3) Put First Things First -
Prioritise work that’s aimed at long-term goals, at the expense of tasks that appear to be urgent, but are in fact less important. Delegation is an important part of this.

4) Think Win-Win –
Develop an attitude that looks for solutions that benefit yourself as well as others, or, in the case of a conflict, people on both sides of that conflict.

5) Seek First to Understand, Then to be Understood –
Have you ever felt like no-one understands you?
They probably weren’t listening! Most of the time we seek to be understood and do not listen with the intent to understand. We are either speaking or waiting to speak! Have you ever given advice before
having understood a person and their situation? More than likely your advice was rejected. Next time
you’re listening to someone, listen to their concerns and you’ll be more likely to increase the chance
of them listening to you.

6) Synergise when you work in teams –
Valuing the mental, emotional and psychological differences between people is the essence of synergy. When synergy is pursued as a habit, the result of team work exceeds the sum of what each individual can achieve on their own. Work is a team game.

7) Sharpen the saw –
Ever felt burnt out? To be effective we need to recognise the importance of taking time regularly to ‘sharpen the saw’ in four ways – physical, mental, social/emotional, spiritual.

In 2004 Covey added this 8th habit…

From Effectiveness to Greatness –
Today’s world is challenging and complex and to thrive, innovate, excel, and lead, we must reach beyond effectiveness toward fulfillment, contribution, and greatness.

Research is showing, however, that the majority of people are not thriving. They are neither fulfilled nor excited. This habit is about finding your own daily fulfillment and excitement.

‘The Seven Habits of Highly Effective People’, first published in 1990, is a self-help book written by
Stephen Covey. You can also check out his later book ‘The 8th Habit: From Effectiveness to Greatness’. We recommend them both.

Imagination & Creativity

Imagine that…

Albert Einstein said ‘Imagination is more important than Knowledge’ – but what about in business?

When we use our imagination we free our mind from its ‘factory pre-settings’ to think more creatively and develop different and potentially better ways of doing business.

After years of education where we’re often rewarded for following the rules and memorising information rather than exploring it, we look back at young children and wonder where all that fun and creativity went. How can kids spend hours with fuzzy pipe cleaners, textas and coloured paper with sheer fascination?

Imagination is a natural ability in each of us, to which our memories, experience, interests, thoughts, knowledge and freedom contribute. So consider that imagination is always in you, sometimes it just needs encouragement.

Imagination is left and right brain

In business, imagination is used to create a company but we often divide the workplace into creative and practical thinkers. Practical thinkers concern themselves with concrete details and planning, while creative people are known as divergent thinkers, arty and emotive. Rather than dividing us up, what if every one of us possessed both these qualities but just chose a different way of looking at the world?

Take the classic pessimist/optimist battle – two outlooks on life we regularly all switch between depending on our mood and the moment. Hearing your alarm clock go off at 5am hardly compares to winning a million dollars, right? The pessimist looks at life and thinks ‘why oh, why?’ just as the practical thinker tries to figure everything out. Meanwhile, dreamers and optimists envision imaginative scenarios that haven’t happened or might happen, and open-mindedly ask ‘Why couldn’t that be possible?’.

George Bernard Shaw said, “You see things as they are and ask, ‘Why?’ I dream things as they never were and ask, ‘Why not?’”.

So imagination is typically a right-brain function that needs to be supplemented with left-brain logic. And you’ve got both.

You can improve your creative thinking just by exercising it…

Ask Questions – What would you like to do that you’ve never done before? Where would be the best place in the world to live? What would be the best job?
Ask questions that get you thinking outside the square you live in.

Just Do It A Chinese proverb states, I hear: I forget - I see: I remember - I do: I understand.

Jet Set – There’s no better way to broaden and refresh your outlook than travel. Travel takes you out of a rut and exposes you to new people, customs, ideas and ways of living. Every culture provides a unique way of looking at common situations and solving problems. If the budget bites, arm-chair travel with television programs and books on the world around us, or spend the day in an unexplored part of your city.

The Power of One – The more you apply your ability to think and use the talent around you, the better you’ll become at creating new ideas. If you rely on ‘experts’ and consultants to solve your problems, your creative abilities can dry out.

Hang out with Creatives - Think more creatively by mixing with creative people. Talk to people who possess a different energy who will stimulate your thought processes.

Even more suggestions that provide creative fuel:

Rent the movie ‘Big’ or actually go play in a toy store!

Play charades or the board game Pictionary to stimulate visual communication.

Get some fresh air into your lungs & play some sport.

Play a strategy game like chess or checkers with an opponent.

Try a word puzzle like a crossword, Boggle or Scrabble to sharpen your mind.

Hobbies like painting or sculpture are workouts for your imagination.

Try a technical hobby like amateur radio, electronics or remote control ‘toys’.

Get into a good book like a documentary, biography or mystery and give your imagination something to feed on.

Read about new trends in a magazine you wouldn’t normally buy.

Doodle or draw with your less used hand.

Go to the theatre and get immersed in someone else’s life.

Or why not just stare up at the clouds…and daydream.

Good imagination and creativity is good for business.

Tags: creativity, creativity in business, imagination, young entrepreneurs

Feng Shui Productivity

January 26, 2009 by admin  
Filed under Get Motivated, Management

1 Comment

Feng what? Feng Shui (pronounced ‘fong sway’) is an ancient Chinese science which considers that every object and living space has its own energy that can be maximised to bring about harmony and prosperity in your environment.

So how can we utilise feng shui to maximise the potential and productivity in our home and work? Because us young entrepreneurs are willing to try anything that will see us achieving more.

Let’s start with some explanations.

What is feng shui?
Feng Shui is a science incorporating astronomy, geography, the environment, the magnetic fields and physics.
Feng shui is neither a religion or superstition but rather a modern science that has proven to be a complex mathematical system.
“Through feng shui we can restore harmony to our lives by learning to flow with and maximise the essential life or ‘energy’ force that is Chi, aligning our home, office, objects and our activities with its currents,” says Feng Shui expert, Siou Foon Lee. “This in turn facilitates wellbeing, prosperity, health and longevity. Utilising these principles of working with rather than against nature, we can harness our energy and performance, improve achievement and encourage creative intuitiveness and strengthen our frailties.”

DIY Feng Shui
While you can always bring in a feng shui expert for a consultation, ranging in price from $800 up to $4000 depending on the size of the space, here are some very practical DIY tips on creating a productive environment.

HALLS
The chi enters a building through its doors and windows, but mainly through the main door. The chi must be able to curve and wander gently through the hall and allowed to circulate slowly throughout your property. The hall should be well lit to encourage the flow of energy, have no clutter and not be over furnished. No one element in the hall – colour, lighting, pictures, carpet should be allowed to dominate.

To help good chi into your building/office, bright lights just inside and just outside the front door are excellent. Once the chi flows inside, it begins to flow through the passageways and rooms like
a slowly winding stream. This flow must be steady, never stagnating, never rushing.
A long narrow hallway or a back door facing the front door hastens the flow of chi so place mirrors along the passageway to help the chi curve and bounce.
Wind chimes can also be used to moderate flows of chi while broad-leafed plants are useful as an enhancement of chi.
Reverse all of the above if the hallway is too wide.

STAIRWAYS
Spiral stairways act as a waterfall for the chi, which is lost in a pool at the bottom. A mirror underneath the bottom step pointing upwards can help. If stairs face the front door directly, place a circular rug or wind chime hanging between the door and the stairs to moderate the chi flow.

COLOUR
Colour creates mood, energy and visual direction. Because colour is subjective, it’s your personal response to it that decides whether it’s a good colour for you to be around. By intentionally working with colour placement in your environment, you can enhance your energy with the following colours.
Green represents new beginnings, growth, and abundance.
Red is a fiery colour that can jump-start an area of your life.
Yellows and gold are earth colours that provide a feeling of being grounded. Yellow is also good for communication.
Blues are typically considered a soothing and calming colour.
Think of purple and how royalty use it, see if it gives you a feeling of wealth!

Oh and, one last tip…(sorry guys) but always leave the toilet lid down, it prevents good fortune going down the tubes!
Want more?
Check out Feng Shui Innovations for more info on feng shui, consultations and workshops.

Tags: feng shui, feng shui for business

Buddhism Principles And Business

January 26, 2009 by admin  
Filed under Get Motivated, Homepage, Management

2 Comments

With Western culture increasingly being influenced by Eastern thinking, we attended a three-hour seminar on applying the principles of Buddhism to the business world. Here’s food for thought.

1. We’re Connected with everything around us
When you harm the things or people around you, it harms you. When you help others, you help yourself. Observing that ‘life’ is interdependent inspires altruism – having regard for the wellbeing or best interests of others – and is the basic principle behind the concept of karma where everything you do and think in your business and in life has consequences.

2. Your Mind is Powerful
Your life is a reflection of your thoughts, as the saying goes, ‘nothing is good or bad, thinking makes it so’. In other words, your opinions on the world around you are your interpretation, only one possible point of view. If you abandon your harmful thoughts and actions, that is, eliminate negativity and cultivate altruism, you can shape and inspire your workplace, and your world.

3. The Importance of Understanding
Working on yourself is the highest contribution you can make in life because if you understand yourself, you can understand others and therefore have compassion. If you care for yourself and the people who work with you, they are more likely to respond in kind. It’s your role as a leader to help build those around you by genuinely looking after their wellbeing.

4. Compassion in Business
Compassion for yourself and others is a benefit to you. But how do you act compassionately in a competitive business world? Consider there are two types of competition – wanting to be on top at the expense of others, and accepting that others want to be on top then working harder and smarter to get there.

Real success is built on strength, which comes from endurance, clarity and compassion. Strength rarely comes from losing your cool or forcing a harmful short-term win when faced with conflict or competition. When you have strength, you become someone to reckon with, someone who wins others over. But compassion doesn’t mean letting others walk over you, it requires earning a reputation of respect and integrity over the long-term.

So perhaps re-examine the values by which you measure your business ’success’ (ie: not solely by your bottom line and market share) and consider introducing an extra distinction and measure – altruism.

5. Going Global If you keep your mind still, you’ll find peace. Living in a world where the three biggest killers of our time are anger, anxiety and depression, we’re constantly adding our own emotions, stresses and ego to the stillness of the day. By learning to quiet your mind, and give up or release the stress, and breathe slowly and deeply, you’ll quiet and clear your mind. You can then gain an awareness of the bigger picture and see things from all points of view.

On a global level, when we find inner peace, barriers between people are dissolved and the world no longer seems so hostile because your perception has greater insight.

Some great principles to bring into business.

Tags: buddhism and business, young entrepreneur