| So You Want to Start a Business Support Service? |
The good news is you may be able to start with less than you would imagine. Many people begin their firms working part-time using their own personal equipment. It takes most business support companies very little to get off the ground, but their potential is immense.
Technology has made the role of clerical staff increasingly demanding. Gone are the days when a secretary simply sat at typewriter and answered phones all day. Today's administrative assistants perform complex tasks from desktop publishing to event planning and everything in between. As a result, there are endless possibilities for business support providers and computer-savvy entrepreneurs ready to take advantage of a vast market.
The Market
While the exact size of that market is difficult to pinpoint, the need for business support services is wide-sweeping. Individuals, small companies and large corporations alike all find themselves in need of help at one time or another.
Among individuals in the general public, you will find many clients at educational institutions. Students especially graduate students, and professors may need word-processing, editing and proofreading services. Still others will consult your help in creating, formatting or printing their résumés.
More than likely, however, a majority of your clients will be from the small business sector. For these companies it is often more cost-effective to hire outside support. Sometimes the amount of work they require isn't worth hiring additional employees and investing in new equipment. Generally, small businesses will come to you for faxing, shipping, photocopying, transcription, dictation, mailing list management, desktop publishing and word processing.
Still, don't rule out the big companies. Large corporations are always looking for ways to streamline their operations. They may need to compensate for absent employees or a temporary increase in their workload. In any event, you will be there to fill the void. Particularly, the medical and legal fields contract frequently with business support services because they have substantial amounts of paperwork and documents needing transcription.
Your Services
With regard to the services you will provide, you should find your niche. Define a specific market to which you will tailor your services, marketing and customer service. Many common services are listed below; however, the range of possibilities depends on the demands of your customers.
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Word processing
Mail receiving and forwarding
Packing and shipping
Notary
check preparation and billing
Résumé preparation
Proofreading
Print brokering
Fax sending and receiving
Photocopying
Internet-related services
Telephone answering
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Desktop publishing, Spreadsheet design, and other sophisticated product and service packages
College papers and reports
Database/mailing list management
Bookkeeping,
Internet research
Web page design and maintenance
Event planning
Consulting
Training
Tape transcription
Phone-in dictation
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Advertising
The best place to advertise for a business support firm is in the Yellow Pages local directory. Commercial clients will refer here first for these types of services, so try to get your listing in before the deadline closest to the launch of your business. Other venues include university publications, trade journal ads and direct mailing.
Be creative, but make sure your marketing materials are free of errors. Your ads should reflect the professionalism of your business. Who would hire a copy-editor who missed typos? You may even want to enlist a graphic designer to help with the presentation. If you are charting out a specific geographic location, such as an office park or a college or university, be sure to emphasize the convenience of your services. You want to let your potential patrons know you can save them time.
The most effective advertisement, however, is a satisfied customer that tells a friend. Word-of-mouth referrals will be a chief source of new business. Whereas some patrons will spread the word gratis, others may be enticed by incentives.
Pricing
Knowing what to charge is a common concern in this field. Do you charge by the project, the page or the hour? Some may check their competitors' rates or set prices to fit what they expect to earn. In fact, all of these strategies should be employed. Just make sure your guide to pricing is systematic and consistent so you can quote fair and reasonable prices.
Some find estimating to be a challenge. To simplify, separate your services into categories based on the complexity of the work and assign each category a value. Then when the contracts come rolling in, just apply the rate for work in that category. Be sure to create a written estimate for the client and keep a copy in your records in case of discrepancy.
Things to Keep in Mind
Here are some other important things to keep in mind:
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Professional appearance is essential. Whether your location is commercial or a home-based office, you want your clients to regard your business as a serious and trustworthy enterprise. Keep in mind that growth in home-based businesses is a challenge because of the location.
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Remember you're running a business. Don't neglect the administrative side of your business just because you're helping out with someone else's. Marketing, purchasing and billing must all be maintained (especially if there are other employees). Poor records can cause trouble with the IRS or your clients. Also, you should keep up your advertising or your business will dry up.
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Maybe you want to leap in head first and make this a full-time venture. As with any start-up business, the more capital you have the better. Having at least three months of expenses covered is advised in this case, but six to 12 months is preferred. Even if you plan to start small, use your business plan to chart out what you need and how you will pay for it. Be prepared to multi-task, work alone or in small groups. With good communication skills you should ensure each client feels they are your most important.
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