What you can
learn from my experience.
In my lifestyle business, I generate income in several
different ways. I write for publications (for exposure and pay) and books,
coach clients, speak at events, consult at and for large multinational
corporations and sell digital information products. To run a
half-million-dollar-a-year business, I have been using a team of four virtual
assistants for administrative tasks and two freelancers for the
technical parts.
A
few weeks ago, I walked away from a consulting deal that I was negotiating with
a company here in Asia (I'm writing this article to you from Seoul, South
Korea). The deal fell apart because the company wanted to own all of my content
after I presented it. They offered a six-figure consulting contract for the
intellectual property rights.
My
attorney and I tried to offer many other options, but they were adamant. They
wanted to own the content so they could repackage it and sell it as their own.
I walked away from the deal. I know what my content is worth over its lifetime.
I made an honest effort to accommodate them but they were stubborn, and a
stubborn partner rarely makes for a good business relationship.
My
team of virtual assistants has access to certain parts of my consulting deals
and to the companies that I consult for. One of my virtual assistants
mainly deals with the companies, and after I walked away from the deal, she
went to this company directly and tried to sell them my content on the side.
Since she has access, she coul easily do it. One of my other team
members saw what was going on and alerted me.
I
contacted the company, who told me this virtual assistant offered
them all of my content for $15,000 (she low-balled it). We had a meeting and I
let her go. I also had my attorney send a strong email to the company just
in case they did actually get my content.
If
you are working with virtual assistants, there are some lessons you can learn
from my experience.
1.
Thoroughly vet your team members.
This
virtual assistant came to my business as a referral, but I could have done a
better job vetting her. You are contracting people to work on important and
sensitive parts of your business that have an effect on your income. You might
be tempted to ask a couple of simple questions and decide to move forward in
the process because you need the help.
Don't.
Take
your time and be thorough during the interview process. Study the
questions that large corporations ask their employees in an interview and see
how you can tailor those to fit your needs. This is an important decision and
you want the person who will be the best fit in every way for your business.
It's worth it to take longer and move slower when adding new team members.
Verify the information they're giving you and don't settle for what someone
tells you.
2.
Be deliberate about what you grant access to.
I
was too trusting and gave my virtual assistants access to a lot. You should
think long and hard about whom you'll give access to certain parts of your
business -- especially the money parts. You hire a virtual team to help make
your workload lighter and to scale your business, but that can backfire if they
do something that affects your income. They might not even be doing it on
purpose. Something as little as sending the wrong type of message to a
potential or current client can affect your bottom line.
Before
you hire your first virtual assistant or hire more, break down the different
parts of your business. Once you have the breakdown, mark the parts that are
sensitive and that you should probably keep to yourself. You can trust someone
over time to handle those sensitive areas, but only after they have proven
themselves in an undeniable way. Keep your team focused on certain parts and
tasks.
3.
Make your team members sign non-disclosure and other legal
agreements.
Few
people take proper care of the legal aspects of their businesses. They trust
someone right off the bat or get a little lazy when it comes to legally
protecting their interests.
It's
just smart to have your virtual team sign non-disclosure agreements and any
other legal documents that make sense. This is your livelihood, and you should
do whatever it takes to protect it. If you have to spend a couple of dollars on
the process, it will be worth it. Consult with an attorney and get advice on
how to structure your business and team.
You
don't have to experience something negative before you decide to make changes
in your procedures. Learn from my experience and the experiences of many other
entrepreneurs.
Having
a virtual team can be wonderful and help your business scale. Just make sure
you're going about it in the right way.
-Kimanzi Constable