If you have experience as an accountant, then you may have come to the realization that you could earn a lot more money by working on your own. This means you’ll need to know how to start your own bookkeeping business. Starting up a business initially is pretty simple. From your own office, you will start to take clients on your own to provide them the same services you’ve been offering to your employer in the past.
The first consideration you’ll need to make is whether you should dump your full-time job right away to start your business or gradually transition. If you don’t have a lot of clients at first, you may wish to keep working at your employer until you can get yourself established. Then you’ll be ready to start following these steps.
1. Decide What Kind of Office You’d Like to Establish.
The benefit of running your own business is that you get to select your own office environment. The advantage of a home office is that you can reduce overhead costs and take some tax deductions on the amount of space you’re using. The disadvantage is that you may find many of your clients won’t like to have you doing their work around your kids or pets.
2. Make Sure That You File for a DBA.
Although you don’t have to generally register a business that is being run under your own name, it’s still a good idea to separate your business interests from your personal ones. A DBA will allow you to open up a separate bank account, run a separate register, and pay yourself a salary out of your business funds. This can open up new lines of business credit for you as well that won’t affect your personal credit score.
3. Begin the Networking Process.
Whether you’ve got just two clients or 20, joining the local Chamber of Commerce is a good idea. This allows you to network with more local clients and take on the amount of work that you wish to do on a daily basis. Make sure you attend official Chamber events and have attractive marketing materials that you can hand to interested prospects who might need your services in the future.
4. Get Yourself a Secure Online Presence.
Being online is critical for a bookkeeping business. It’s a way for you to easily schedule appointments and even accept retainers if you have a digital funding account like Paypal at your disposal. You can sign up for a credit card processor if you wish as well for more traditional funding options. Use your online presence to discuss your strengths, what your clients should expect, and any positive client testimonials that you may have already received from your bookkeeping services.
5. Send your Information to Businesses who want Part-Time Employees.
If a company is looking for a part-time bookkeeper, then you have an amazing opportunity to show off the advantage of working with you. As a contracted service instead of an employee, a business will generally save money on their bookkeeping needs and they’ll be able to receive proven services that they can easily terminate if not satisfied. Send these listings a C/V and any marketing information you have have created to promote yourself.
6. Don’t Get Settled Into a Standard Routine.
Your business may grow enough that you’ll need to hire employees. People do not generally want to work within the confines of someone’s home. This makes it difficult to separate a working life from a personal life. You may be find by yourself in your home office, but if you do need to hire someone, you’ll need to be flexible enough to seek out a commercial space. You may also wish to consider hiring online freelance bookkeepers to help you keep up with demand.
7. Make Sure That You Set Clear Professional Boundaries.
When you’re working on your own, you can start to feel guilty if you don’t take work calls after hours. You might even receive complaints if you don’t take early or late calls or emails. Make sure that you set clear, firm boundaries that you do not break. In doing so, you won’t burn yourself out because you’ll always have a place on your schedule where you can take a break.
Knowing how to start your own bookkeeping business means having the knowledge needed to free yourself from the typical 9-5 business world once and for all. Start slow, begin to work with trusted clients, and then begin to build up your revenues. Make sure you have the equipment you’ll need, have a workable office space, and then you’ll be able to finally earn what you know you’re worth.