The first few months after starting a bookkeeping business are critical. There’s so much to get organized, from branding to your workflow and on to pricing strategies, it can feel like a bit of a frenzy.
You may want to rush to start connecting with real people who need help managing finances at their business as early as possible. That’s what starting a bookkeeping business is all about right? And, that’s where the money will come from.
But building out long term success starts with a firm foundation. Starting a bookkeeping business can set you up for a more comfortable lifestyle where you choose your hours and are the master of your own success. Here are 10 strategies for a successful launch:
1. Develop a business plan
Don’t get too far ahead of yourself in the whirlwind of responsibilities that come up when starting a bookkeeping business. Create a comprehensive business plan that outlines your business goals, target market, marketing strategy, pricing, and financial projections. Identify what level of work you’ll need to put in to reach the goals you have for your lifestyle.
That will look different for every person, but you need to take the time to meditate on how you want your bookkeeping business to serve you. Do you want to dive in and have your business be your main source of income? Are you hoping to work with a few clients as a side hustle to supplement your income?
Bookkeepers create financial statements and other reports each month that business owners use to see where the company is generating profits. Your workload will turnover each month, so think hard about how many clients you want to work with to suit your lifestyle.
Universal Accounting Center has developed a turn-key model for people to use when starting a bookkeeping business. It’s designed to make things simple — all you have to do is put the time in and “turn the key”. Take the guesswork out of developing your business plan and check out the Turnkey Business Plan for free online.
2. Get certified
Whether you’ve worked as a bookkeeper before or not, pursuing additional training will give you confidence in handling the day-to-day hiccups that come with working with clients.
Obtaining the skills you need is easier than ever online. Universal Accounting Center offers video courses and workbooks to teach you everything you need to know to start a bookkeeping business in as little as 60 days.
The Professional Bookkeeper certification establishes trust with your clients and verifies your skills in the industry. There are also courses on tax planning and how to offer consulting services to CFOs that can take your bookkeeping business to a new level.
3. Identify your niche
Determine your target market and focus on a specific area of tax accounting where you can specialize and differentiate yourself from competitors. Without identifying a niche, a new bookkeeping business may struggle to differentiate itself from competitors and attract clients. This could result in a lack of business and slow growth.
Start with what you know and who you know. Every business needs accounting services and chances are you know someone who runs their own business. It’s likely they know someone who can use your services as well. Each industry will have its own quirks and nuances.
4. Build a professional network:
This plays into identifying your niche, but you need to know, or get to know, other professionals in the accounting industry to help you through any bumps in the road and to refer clients to you as you build your skills.
Universal Accounting Center connects students with seasoned veterans of the accounting industry and enrolling gives you access to a Facebook page with hundreds of pros who share their insights in the group each day.
5. Invest in marketing
Develop a marketing strategy that targets your ideal client and includes a strong online presence, advertising, social media marketing, and networking events. Don’t be afraid to splash some cash here, especially in creating your branding images and social media pages.
You only get one first impression with your clients and mediocre marketing can kill future leads. It may be a good idea to hire a graphic designer or a marketing professional to set you up for success.
6. Price your services competitively
This is another area where it’s great to have some support and Universal Accounting Center specializes in helping folks price their services to attract clients but make it worth your while financially.
7. Leverage technology
Utilize technology to streamline your workflow, automate processes, and improve client communication and service delivery. Without utilizing technology to streamline workflows and improve client communication, a new tax business may struggle to deliver high-quality services efficiently. This could result in a lack of efficiency, decreased client satisfaction, and limited scalability.
8. Develop a strong onboarding process
Depending on the size of the bookkeeping business you want to start, you may consider adding employees as you grow. Think about how you want to integrate people into your team and build some infrastructure to make that process run smooth as butter.
9. Focus on exceptional customer service
No matter how great your services might be, how you treat people will be a big predictor of your bookkeeping business’ success. Make sure you’re turning your reports in on time and communicating proactively.
It’s not uncommon to see a client struggle to explain what they need help with given how hectic it can be to own a business. Ensure you’re on the same page and give them space to show you what they need from you.
10. Plan for growth
Plan for future growth by developing scalable business processes, building a team, and investing in ongoing professional development and education for yourself and your employees.
Begin with the end in mind. Visualize how far you want to take your business and what steps you’ll need to take to get there. Repeat this process often to keep your goals fresh on your mind.
The Universal Solution
Starting a bookkeeping business can feel so overwhelming, especially if you’re doing it all on your own. Universal Accounting Center has helped people build successful accounting firms for more than four decades. The training courses UAC provides break the processes of becoming certified, marketing and retaining clients into digestible videos that will have you on your way to success in no time.
Build the future you want for your self and your bookkeeping business today by talking with one of Universal Accounting Center’s experts today. Call 877-801-8080 or schedule a time when it’s convenient for you HERE.