Office support services can range from basic data entry to a fully-staffed office handling all the details of a client's business.
An office support service company can start very small, offering only a limited selection of services and expanding as you gain the capacity to do so. This modular approach makes office support services very attractive for the talented entrepreneur with limited capital and the motivation to learn and grow over time.
Start Up Costs and Financing Sources:
$500 to $100,000+ depending on services offered
With a strong and well-researched business plan, venture capitalists and angel investors may help with part of the initial financing. Do not depend on this, however, as your source of financing.
Pricing Guidelines for Service:
Set your prices to allow for at least $20-40 per hour (before taxes and expenses), but avoid charging hourly rates. Charging an hourly rate for office support services gives clients the opportunity to demand more and more work for the same price. Before long, it will begin to feel like you are trapped in the very same employment situation which you were trying to avoid by starting a business in the first place! So with that in mind, try your best to set a flat fee (based on volume) for each office support service you provide.
As you become more skilled with specific office support services, you can charge less to a client while actually earning more per hour.
Advertising and Marketing:
Many help wanted advertisements detail office support services which are very suited to your company. Respond to these with a brochure of the services you provide, as well as the benefits of contracting with a service provider instead of hiring an employee.
Temporary staffing companies get many requests for office support services. Sometimes they do not have enough qualified applicants to fill the positions. Rather than telling their clients that they have failed to fill the position, they might be willing to connect you with the client company.
Work with other office support service providers in your area. Identify which services each provider excels at and cooperate to refer those types of jobs to each other. This valuable type of exchange will keep you and your "competitors" working on the projects which profit everyone the most.
Get at least one ad listed in the yellow pages phone directory. Better yet, get listed under the heading for every specific service you offer.
Essential Equipment:
A decent computer with a comprehensive suite of office software is necessary in any office.
At least one telephone line will be necessary. Two telephone lines and a dedicated fax line would be even better.
A three-in-one printer/copier/fax machine can save precious desk space; however, if you do a significant amount of one of those three tasks, it is a good idea to get a dedicated machine for it.
You will need an adequate amount of general office supplies such as printer paper, paperclips, staples, pens, pencils, Post-It notes, mailing labels, etc.
Filing cabinets and similar paperwork storage space will help to keep your work area organized.
Income Potential:
$15,000 to $100,000+
Your income is really only limited by the amount of work you can do in a day. This is definitely a choice business for someone who is good at streamlining and automating their daily tasks. After you have an efficient system in place, you can begin to hire employees to take care of the menial things which can't be automated, greatly expanding your earning capability.
Target Market:
Small businesses which are growing rapidly and have an excess of paperwork to handle.
Staffing agencies which specialize in office support services and have trouble finding qualified applicants for a project.
Tips for Success:
Develop a strong eye for detail. 99.9% accuracy might sound excellent, but that one-in-a-thousand error could cost your clients big money and cost you your contract.
Automate! Identify the areas where you are spending most of your time and determine if it is possible to automate parts of the tasks and save time. Research software which could do some of the dirty work for you. For example, certain data entry projects can be done by an image scanner and optical character recognition (OCR) software, leaving you with just the job of auditing the final data for accuracy.
Training, Skills or Experience Needed:
It is useful to have a background in accounting, business management, etc. Working as an employee for a year or two in an office support services environment is enough to develop the basic skills you will need.
Typing is a big part of the business. Hone your typing skills to at least 70 words per minute with 100% accuracy.
Stay organized. When you need to find paperwork or supplies, they should be right where you expect them to be.
© Copyright Randy Wilson, All Rights Reserved.
Randy has dozens of home based business articles such as Become a Mystery Shopper, Vitamin Business, and Build a Medical Billing Business.
COLLABORATIVE NEGOTIATING:Collaborative negotiating is a win-win strategy that can focus... Read More
What would happen if you decided to take an extended... Read More
CONSIDERING COMPANY NEEDS: In identifying your needs for the internship,... Read More
Do you own a franchised business? Over 400,000 franchised businesses... Read More
In the Truck Washing Business every single type of vehicle... Read More
If you're anything like me then you dislike with a... Read More
1. Resolve to build a consistent network system.Since referrals are... Read More
Have you ever heard the phrase, 'PREPONDERANCE OF PROOF'?I recently... Read More
First, we need to define the different kinds of skip... Read More
People will always stress that having a well researched business... Read More
Continuing from the second article:6. About the aground mathematical model,... Read More
Most folks in the pressure washing business are happier to... Read More
Everyone is talking about small businesses. In 1993, when it... Read More
Why are Chambers a good launching pad?Chambers provide you with... Read More
The home-based business market, sometimes called the SOHO (small-office/home-office) market,... Read More
Just recently, I took a break and caught "The Return... Read More
A top executive called up me late in the night.... Read More
If you own a mobile car washing, pressure washing or... Read More
Which questions do you need to ask to even get... Read More
Sacred cows take a long time to die. We get... Read More
As a Boat Detailing Specialist, you may want to offer... Read More
Great question!Freeing your time is an indisputably key element in... Read More
Every company has business pain, but the pain does not... Read More
Small business owners often enter their field with great expectations.... Read More
So you think you're not justified in taking time away... Read More
In the first article we mentioned the main characteristics that... Read More
Here are some useful tips on what to consider before... Read More
Here are a few tips on how to hand out... Read More
You're pretty proud of yourself! After all, only four months... Read More
BioTechs even with the latest news had shed over 1000... Read More
There is a Batting Cages Business for those people who... Read More
One thing I have noticed in my travels to different... Read More
When a person knows and knows not that he knows.... Read More
There are many little details that go into making sure... Read More
You know what makes me really happy? Drinking a Starbucks... Read More
Every business regardless of size needs a "Business Image Manual"... Read More
If you intend to franchise your company you will need... Read More
Thinking of starting a business on line? If so there... Read More
A recent survey indicated that clean Taxi Cabs Fleets have... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
Cash flow. To stay in business, you've got to keep... Read More
And is having a logo really that important?My answer to... Read More
Like most regulatory bodies in the United States, the Federal... Read More
When you feel like you're always busy working on your... Read More
In today's marketplace the words 'job security' have become an... Read More
Most business owners know when they need an accountant, but... Read More
Why should you describe your business to others in 5... Read More
If you own a Pressure Washing Company and wish to... Read More
$elling $elling $ellingWhat makes a great sales person? Well, the... Read More
As a practitioner and student of Small Business Marketing, I... Read More
How many "get rich schemes" have you joined? Or have... Read More
Never underestimate the power of perception! Perception plays a major... Read More
Don't you find that there are so many decisions you... Read More
What makes a business relationship?What really makes a business relationship?... Read More
If you are looking for a way to own your... Read More
Seventy percent of US households use the web when shopping... Read More
$37.4 million funded from venture capital today. $86.4 million funded... Read More
For the employees, payday is the brightest day; they finally... Read More
If you run a pressure washer business you need complete... Read More
If you plan to upgrade your workshop into an Authorized... Read More
Is it right for you?If you decide to advertise your... Read More
How careful are you with the data you collect from... Read More
The success of your business is critically dependent on how... Read More
When you awoke this morning, you found yourself buzzing with... Read More
"What do you do?" It just might be one of... Read More
Starting your own e-commerce business can be quite the adventure.... Read More
Small Business |