How To Start Your Own Bookkeeping Business

With all this talk of a global economic downturn, downsizing, high unemployment and lay-offs, it’s no surprise that many people are coming to the realization that they’re going to have to start taking responsibility for employing themselves and creating their own jobs. What kind of job could you create? The easiest job to create is one which you know something about. Bookkeeping is a skill. And if you have this skill, this is one of the critical success factors that will help you, if you want to start your own bookkeeping business.
What Do You Need?
Above all else – you need to have the right mindset. You have got to want to do it, and to enjoy the work. The worst people are those with pound signs in their eyes who just see a potential customer as ‘money’. This isn’t a good attitude to have. You need to want to do bookkeeping and to enjoy it and to want to be there. As this is a ‘business’ and not a ‘job’ – if it’s a job you’re after, you won’t last. But that’s not necessarily a bad thing – just know why you’re doing it. If it’s to find a full time job – it’s quite possible that one of your clients will want to offer you a full time job.
Begin with the end in mind
You need to understand why you are doing this. What is it that you want? Sit and think about it and be honest with yourself. Do you want a lifestyle business? A few clients, work from home and work around the kids? Do you want a full time job? Do you want to build the business and then sell it within five years?
Services
Think about what services you want to offer. Bookkeeping services? Payroll? VAT? Year end returns? Secretarial services? PA or VA (personal assistant, virtual assistant)-type services. Year end accounts? Tax Returns? ‘Bookkeeping’ can embrace a variety of skills – depending on your personal experience. Offer what you are competent in and improve your skills base in the other areas you’d like to add, if necessary.
Who Do You Want To Work With?
Not all clients are equal. A client in a bar / restaurant (catering) industry will have different needs from a client in the legal industry or from a client who is a charity. Your personal experience and background will probably affect who you want to work with, but also look at the market. And consider what clients are in need of a bookkeeper. Can you assist them?
Where – on site or off site
Depending on the client type, some work can be suitable to do remotely, whereas others will require an onsite presence. The place may affect the price. If you don’t have to leave out – then you may be able to price the job at a cheaper rate, than if you have to travel. You may or may not charge for travel time. It may be possible to do part of the job on-site, and part off-site.
When
The benefit of starting your own bookkeeping business is that you can choose your office hours, but the reality is that you may never really be ‘off’ the job – especially if you’re working from home. It’s important to set boundaries and have office times and to take time off – just as you would if you were working for someone else. Don’t allow the business to consume your life. If you work without holiday or time off, you’ll soon burn out and become resentful and start to hate the job, the clients and the business – and this isn’t healthy.
Clients
Making the decision to start is one thing, finding clients is the next. You need to decide who you want to work with (what does an ideal client look like?) And where can you find them? Then you go there or market there.
And Be Successful