How You Can Start a Bookkeeping Business

If you love numbers and you are a stickler for organization, you may find that you can very easily start a bookkeeping business. It will take some work to get it up and running, but it is possible to start earning a great salary through this type of business – best of all, you’re working for yourself!

It’s important to note that when you are starting this business, you are not going to be operating in the black right away. It may take up to a year before you really start seeing a regular income from your bookkeeping business, so make moves to start your venture, but also ensure that you have another source of income until you build up a regular client base.

Requirements

If you want to offer straight forward bookkeeping services, you do not need any special training or education, but it is highly advisable to have a few bookkeeping and accounting courses under your belt. Of course, some clients would feel more comfortable with you providing them their bookkeeping services if you have a degree in finance, but it is not necessary. More important to a lot of customers is your experience level. If you have been keeping the books for companies in the past, this may work just as well for you as a formal education would.

Your Clients

In this industry your clients can vary greatly from small businesses to large corporations. You may even get some business from individuals who just need help keeping their bills and finances straight! You need to decide who your target audience is. If you have kept the books for smaller companies, you may want to try to cater to these potential clients as this is your comfort zone. If you are up for a new challenge, consider taking larger clients. Just be sure that you have a clear understanding of what is required so you can keep everyone happy, regardless of their needs.

The Job

Every bookkeeping job is just a little bit different so you are going to need to gather details from each customer detailing how they want things done. You may want to create a template of how all jobs will be done to keep things simpler for yourself. If you feel confident working within the parameters of how other people want things done, feel free to try working with the templates of your clients.

The job will require keeping track of many different pieces of information and ensuring that all accounts balance. This means that you will need to be very well organized and have a space and the clarity of mind that will allow you to keep all of the details straight. Ensure you set up your business and office in such a way that you will be free of distraction and will be able to give your full attention to your clients and their needs.

Advertising

Advertising for your bookkeeping business can be quite simple. You’ll want to start out targeting the type of client that you most want to work with. See if you can put up advertisements in local banks or consider taking out a small ad in a local mailing or even a newspaper or newsletter. You’ll find that if you market in these simple but effective ways, your business will grow little by little until you are able to make enough money to cover all of your personal expenses and perhaps even quit your day job!

How Much Can You Make?

Starting a bookkeeping business can be relatively simple if you have the space, the software you would like to use, and a basic knowledge of bookkeeping. How much you can make depends on what type of client you are targeting and how many of them you have. The average person can work with about 30 clients at a time and easily make $150,000 a year! You’ll have to work up to this, which is why it is important not to quit your day job, but over time and with consistent advertising and a stellar work ethic, you can build a client base that will allow you to live comfortable working for yourself.

Suggested further reading:

How to Start a Bookkeeping Business