If you’re reading this, it means that you’ve decided to open your own bookkeeping business, and you want to know exactly how to do it in the least amount of time possible! Well, there are no shortcuts to success, but these eight simple steps will help you launch your new bookkeeping business in less than four months while making you as much money as possible along the way.
1) Write down your bookkeeping business plan
You may have started your bookkeeping business as a side hustle, but it is time to make it official. Whether you just want the peace of mind that comes with having a legitimate business or you want more visibility, there are many benefits that come with hiring a lawyer and filing the necessary paperwork. Here’s how:
1) Decide on an entity type.
2) The two most common choices are sole proprietorship and LLC. A sole proprietorship is the easiest option because no formal paperwork needs to be filed. However, this will limit your liability protection if something goes wrong because your personal assets are at risk. An LLC offers more liability protection while also providing tax advantages, but it requires a little more work upfront.
2) Choose a location
Consider the location of your business. A number of factors will be important, including cost, accessibility, and visibility. According to The Balance, an accountant’s office should have a professional appearance. It is typically located on the main street where passersby can see it clearly from the sidewalk. This will make potential clients more likely to stop by for bookkeeping services.
3) Get legal and accounting advice
The first thing you should do is find a lawyer and an accountant who can help you with the legal and accounting aspects of your business. You will need both of these professionals at different stages of starting your company, but it’s best to get them on board as soon as possible.
4) Create an invoice design that stands out
Invoice design doesn’t have to be complicated. In fact, the simpler the better. Remember, you want your customer’s attention, not their confusion.
5) Advertise your services (online & offline)
We offer a range of services that can be tailored to meet your needs. These include:
-Bookkeeping and financial statement preparation
-Income tax preparation and filing
-Payroll processing -Payroll tax reporting and remitting
-Accounting, business consulting, and many other bookkeeping-related services.
6) Manage your time
The key to success is not just having a plan, it’s sticking with the plan. One of the best things you can do for your new business maps out an achievable daily schedule and stick with it. This might sound tedious, but it’ll help you feel more organized and productive. And, if you’re feeling overwhelmed by starting your own business, you can always start small by offering bookkeeping services on nights and weekends before expanding into full-time hours.
7) Maintain relationships with customers through regular communication and providing value
#1 – Send a Welcome email. The first time you communicate with your customers, make sure you’re warm and friendly. Introduce yourself and offer a way for them to contact you if they have questions.
#2 – Keep in touch. Once you’ve established contact with your customers, stay consistent with your communications so they know they can rely on you. If you are providing a service like bookkeeping or income tax, provide regular updates on their account status so they know where things stand at any given time.
#3 – Answer their questions promptly. It’s not always possible to do this, but try your best! It will give the impression that customer service is important and that not only are you competent but also reliable and trustworthy as well.
8) Track progress on social media and have fun!
1) Create your company’s social media presence.
2) Create a professional logo.
3) Come up with a catchy name for the company, and then register it with the state.
4) Design your website, and make sure it’s mobile-friendly.
5) Gather customer testimonials from satisfied customers.
6) Hire staff, including an accountant/bookkeeper and marketing team member, if possible.
7) Develop a business plan that outlines your goals for the next year and five years down the road (if you are ambitious).
8) Start marketing your services!