detroit women's business center - virtual business ownership webinar

9/6/2013 VSSCyberOffice.com 1

Welcome to The Online Virtual

Training Session!

General Housekeeping Rules:

- Please raise you hand if you have a question

- Feel free to type your questions throughout today’s presentation, using the text chat portion of the virtual classroom

- If you need to step away from your computer, please place an (x) by your name in the participant information window

Feel comfortable and Let’s have fun!


Quick Virtual Classroom

Features Overview Participant Poll:

How many of you have ever

participated in an online virtual

training or seminar?

Place one of these symbols by your name

= I have

X = Never have

Virtual Business Ownership Training “ DEI - Mentorship Breakfast Series”

Detroit Entrepreneurship Institute, Inc.

Women’s Business Development Center


AGENDA

• Welcome & Overview

• Meet Your Presenter

• Introductions

• Seminar Review

• Closing Comments

• Questions & Answers


About the Presenter

VICTORIA M. PARHAM is an Army spouse and veteran (17 years) , mother, visionary entrepreneur, an advocate for virtual/telework initiatives and quality of life in the workplace. She is the president & CTO of VSSCyberOffice.com, a wholly virtual support services and entrepreneurial training firm with virtual office locations in:

Alaska | Virginia | Texas | District of Columbia

Community Involvement:

Commissioner – 2 yrs

Current Mentor for SCORE.org (National)

Delegate – Mayor’s Kitchen Cabinet

Advisor – Committee on Veterans Business Affairs

Media-Featured:

HomeBusiness Magazine | Fast Company Magazine | Black Enterprise Magazine | TechTV | AlaskaOnlineTV | Wells Fargo Business Advisor Magazine

Awards and Accomplishments:

2001 Recipient - Alaska Top Forty Under 40 Award

Guest writer for numerous business publications


Seminar Objectives

• Identify your purpose, skills and abilities

• Move from idea to implementation phase

• Communicate effectively in cyberspace

At the end of today’s session you’ll have a better

understanding of how to:


Pre-Startup Preparation

• Starting with an Idea - A formulated thought or opinion

Personal Shopper Wake-up Service Referral Service Freelance Writer

Web Designer Grant Writer Proposal Writer Event Planner

Interpreter Transcriber Researcher Illustrator

Virtual Assistant Professional

Consultant

Independent

Sales Rep

Human Resource

Consulting

Voice Over Agent Translators Fashion

Consultant

Attorney

Examples of Potential Virtual Businesses


Self Analysis - I

Personal Characteristics

Going into business does require certain characteristics. Performing a

self-analysis will help you to learn about YOU.

Tip: Be honest with yourself….

1. Do you enjoy serving others? YES or NO

2. Do others seek you out for advice? YES or NO

3. Are you a leader? YES or NO

4. Are you comfortable making major decisions? YES or NO

5. Are you a people person? YES or NO

6. Do you handle rejection well? YES or NO

7. Are you comfortable working alone? YES or NO


Self-Analysis - II

Success Honesty Family Integrity

Creativity Loyalty Courageous Optimistic

Personal Values: Identify what’s deeply meaningful in your life

Personal Attributes: What do you Bring to The Table?

Knowledgeable Professionalism Perspective Good Communicator

Team Player Assertiveness Smarts Helpfulness


Self-Analysis - III

Business Realities – What to expect…

1. Did you know that running your business may require you to

work 10-18 hours a day and perhaps on holidays? YES or NO

2. Are you aware of the physical stamina required to handle long

work schedules? YES or NO

3. Is your family aware of the strains they must endure particularly

during the startup phase of your business? YES or NO

4. Are you prepared to use your savings as part of your startup

capital? YES or NO

5. Are you prepared to contribute hours of sweat equity to the

growth and success of your business? YES or NO


Self-Analysis - IIII

Knowledge – the fact or condition of knowing something with

familiarity gained through experience or association

Familiar with your industry, experienced in your

profession; understanding your industry, profession or task

Skills – competence in doing

Your ability to execute or perform

Ability – natural aptitude or acquired proficiency

Proficient or proficiency

Definitions Source: MERRIAM-WEBSTER ONLINE (www.Merriam-Webster.com)

Knowledge, Skills & Ability


Conducting a Financial Analysis

The number one reason for small business failure is

insufficient funds (Not enough money to keep the

business going). It is absolutely critical to analyze your

current financial status prior to going into business.

Some questions to consider:

How much money do you have?

How much money do you need to start your business?

How much money will you need to remain in business?


Market Niche

When choosing a specialty or niche market consider the following:

Sizable: Your market segment should be distinct, but not so small that you won't

be able to get enough customers to make a profit.

Reachable: There should be publications, media, organizations, or events for

your market so you'll be able to let potential customers know you exist.

Self-defining: Your market should have – or feel they have – special needs.

Sustainable: It’s important to select a niche that can support your business over

the long term, where you won't quickly deplete the supply of customers. Avoid

specialties highly affected by changes in the economy, and be sure it's something

you won't get bored with quickly.

Rule No. 1 – Know thy Market


Conducting a Market Analysis

collecting facts about potential clients to determine how well your

product or service will sell.

When conducting your market analysis consider the following:

1. What clients are you interested in serving?

2. What will your client’s needs be?

3. Are your products or services in demand?

4. Will your prices be competitive?

5. Have you identified your competitors? If so, have you also

identified what makes your company unique?


Conducting Marketing Research

provides pertinent information about the buying habits, needs,

and preferences of prospective clients.

Examples of Market Research Techniques

1. Observation

2. Online surveys or polls

3. Personal Interviews

4. Snail Mail Surveys

A great place to begin learning all about marketing techniques, research and much more is

the Online Women’s Business Center located at:

http://www.onlinewbc.gov/docs/market/

Communicating in the Virtual Environment


Communicating in the Virtual

Environment

• Listen – to what your clients are saying

• Be Aggressive – ask questions, learn about your clients needs and customize your service or product to meet their needs

• Smile – a genuine smile releases positive energy

• Be available – not only do clients want your Ability but rely on your Availability

• Perfect your marketing/elevator speech – keep it short, keep it simple (1 sentence or less) and Practice, Practice, Practice

• Be resourceful – provide your clients with the information they need to remain competitive (whenever they need information, guess who they’ll call?)

• Don’t be Shy – ask for referrals and or references

• Speak in your own voice – communicate what you do in a way that’s comfortable for you

• Be comfortable in your own skin – be yourself

• Practice – Practice – communicating is an art, not a science


How far we’ve come…

Hand written correspondence Word processing software

Snail mail Email

Western Union Gram Fax

Flying thousands of miles Video conferencing

Telephone tag Teleconferencing

Tape based answering machines Digital voice mail

9-5 24/7/365 via a Website

Traditional-Then Technology-Now


Most Popular Communication Tools:

Participant Exercise:

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6 –

7 –


Setting up your Virtual Office:

The Basics…

• Personal Computer with:

– Email capability

– Productivity software (e.g., WordPerfect, Microsoft Office)

– Printer (both laser and inkjets are very affordable)

– Internet Access (Min. dialup56k or Recom: high speed)

– Dedicated telephone with business voicemail system

» Cell phone are becoming top choice for virtual business owners because of its portability..

• Options

– Camera for video conferencing

– Portable printer

– Laptop

– Stand alone fax (Recom: www.efax.com)


Thanks for Participating!

Contact Information:

Victoria M. Parham, President & CTO

VSSCyberOffice.com.

e: [email protected]

w: www.vsscyberoffice.com

Questions?

detroit women's business center - virtual business ownership webinar

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