How to Run a Bookkeeping Business
Running your own bookkeeping business is an ideal way to either supplement your current income, or make it your only source of income, if that is your goal. Businesses of all types are constantly looking for bookkeeping services. Increasingly, they are willing to pay a person for their services as an independent contractor to avoid adding another employee to their payrolls. This is a win-win, since you prefer to work independently, and companies do not have to pay benefits. Before making the leap, plan for your business success. If you are already bookkeeping independently, but are looking for ways to grow your business, the same advice holds.
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Instructions
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How to Run a Bookkeeping Business
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Figure the costs if you are just starting out, or calculate the costs and look into ways of growing your business if you are already established. Use a room in your house or apartment to begin with. Eliminate every unnecessary cost until you can start to generate sufficient income to pay for such costs of doing business. Include such costs as (limited) advertising, basic office supplies, marketing costs (use of your vehicle to drive around and seek out clients) and survival expenses until clients start to pay you.
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Do not skirt business legalities Get legally registered as a business in your county of residence, if it is required. (Different states and different counties within states have differing regulations about what is required to be registered, and what is not.) Obtain all necessary information from your county seat about whether you need to be licensed as well.
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Tell others in order to grow your business. Establish yourself as a business. Run ads in local papers advertising your service, rates and contact information. Use the best advertising still around, word-of-mouth. Tell your friends and acquaintances that you are in business and looking for clients. Post tear-off contact information on area bulletin boards that announces your services. Send emails to prospective clients. Run an introductory special rate for your new clients.
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Build your business from your first customer. Use the principle of under-promise and over-deliver with all your clients. Get their work done correctly and on time, every time. Ask them for referrals once your relationship is firmly established. Include little extras from time, and always point them out to your customers. Do not presume they will notice.
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Strive to grow beyond what you can do alone Work diligently at preserving your service reputation. Make yourself available to discuss and clear up any confusion and your rare mistakes. Seize every opportunity to expand your business beyond your immediate service area. Be prepared to recruit help as your business grows beyond what you alone can possibly get done at the promised times.
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Tips & Warnings
Be on guard always to minimize expenses while maximizing profits.
Maintain an extremely high level of accounting accuracy.
Work with and for only honest, legitimate businesses.
Join at least one professional organization that will lend your business credibility.
References
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