Many organizations are in need of bookkeeping services as they like to outsource this service rather than keeping it in-house. Hence, if you are thinking of starting a business, this is agood field and one can make a great living out of it. In this brief guide, we will outline the 7 steps that are necessary to successfully start one’s own bookkeeping enterprise.
Step 1: Get the right qualifications
While many companies are actually willing to hire someone and provide them with on the job training as a bookkeeper, it still helps if you have the qualifications. Your qualifications can help you show your potential clients that you are competent enough for this task. Additionally, a few years of experience can also help you convince companies to provide you with their business.
If you do not have the qualifications, you might want to consider studying and adding those qualifications, in the form of a short course or through continuing education programs for adults etc. You can even think about getting certified as a bookkeeper as this will help you show your prospective employers that you are capable of this job.
Step 2: Draw a business plan
Every business needs a data plan as it can help you show your clients that you have the resources you need to succeed in this field. A good business plan is a must to help convince businesses and potential investors that yours is a good company to invest in. A well written business plan will contain detailed SWOT analysis, breakdown of projected income and expenses as well as a detailed sales strategy.
Step 3: Register your bookkeeping business
Every business has to be registered. There are different steps and formats for this depending upon whether you are an individual, a conglomerate or have partnered with others. Tax registration is also a must.
Step 4: Gather resources and tools and make initial investments
Initial tools to invest in include having an office space, computers, a few chairs and tables in case you will meet clients in the office etc. You will also need shelves, cabinets, and computers with Internet connection. You might want to start your website with a registered domain name. For example, www.bookkeeperco.com.au is a good name. Other things you will you will need to invest in include stationery items, files, bookkeeping software and basic project software tools. You must also come up with a pricing structure which you will have to research in the market. This way, you will be in line with what others are charging for the same services so that you will not have trouble finding customers.
Step 5: Administration
To administer the bookkeeping services, you will need to have some more tools including your own financial planning tools, invoice system, e-filing system etc. You might want to consider hiring a secretary for filing and filling forms, writing explanatory documents for clients and handling client data.
Step 6: Market your business
An important part of succeeding in this business is to market it properly. You might want to give free demos, print some business cards, have a good website and even invest in strategies to bring the customers to you. Yellow pages, online and offline advertising, social media advertising are some of the strategies you might want to consider. Word of mouth referrals are also very useful in this line of work.
Step 7: Network continuously
To succeed in your bookkeeping business, you must also build your client base through effective communication and networking. This way; you can establish a sound reputation and continue to thrive in the industry.