Are you looking for an easy, low-cost way to start a business? Bookkeeping could be the perfect option for you. As the number of small businesses continues to grow, demand for bookkeepers is on the rise too. Starting your own bookkeeping business is a great way to tap into this growing niche and fulfill an important service in many communities. With some basic knowledge and minimal investment, you can be up and running with a sustainable home-based business that fits your lifestyle needs. In this blog post, Jay Holstine will discuss how to start a successful bookkeeping business from scratch – so let’s jump right in!
Jay Holstine On How To Start A Low-Cost Bookkeeping Business
Starting a bookkeeping business does not have to be expensive or overwhelming, says Jay Holstine. By following a few key steps and keeping costs low, you can start your own business with little capital outlay.
1. Establish Goals & Objectives: Before launching into the actual process of starting your bookkeeping business, it is important to establish clear goals and objectives. This will help you stay focused on what needs to be done to get your business off the ground and ensure that you do not waste time or money on unnecessary tasks. Consider carefully what type of services you want to offer, who would be your ideal customer base, where and how you will promote yourself, and what fees are reasonable for the services you plan to provide. Setting goals for yourself in terms of growth and revenue will also help you to stay on track.
2. Research the Market: Knowledge is power when it comes to starting a business and researching your target market can provide valuable insights into how to reach potential customers as well as what type of services are in demand. Gathering data from similar bookkeeping businesses in your area can give you an idea of the competition, pricing structures, and services that have been successful for other companies. This research can also help you to identify any gaps in the market which could be filled by your services.
3. Create a Business Plan: Creating a comprehensive business plan is an important step in mapping out how your bookkeeping business will run and thrive. In addition to outlining goals and objectives, your business plan should include a detailed budget that outlines capital requirements, projected income, expenses, and marketing strategies. A well-crafted business plan can be used to help secure funding from investors or to demonstrate the viability of your business to potential customers.
4. Choose Your Bookkeeping Software: Choosing the right bookkeeping software for you is essential for any successful bookkeeping business. Most modern accounting packages offer features such as invoicing, document tracking, payroll processing, and even financial forecasting capabilities. Popular options include QuickBooks Online and Xero Accounting. It is important to select a system that meets all your needs; however, it is also important not to overspend on unnecessary features if there are free or cheaper alternatives available.
5. Set Up Online Presence: In today’s digital world, having an online presence is essential for any business. This includes having a website, creating social media accounts, and leveraging Google Ads or other digital marketing platforms to reach potential customers. When setting up your online presence, it is important to ensure that you have included all the relevant information about your business, including contact details, services offered, and pricing structures.
6. Network & Promote Yourself: Once you have established your online presence, it is important to focus on networking and promoting yourself in order to get the word out about your bookkeeping business. Jay Holstine recommends making sure to attend local events related to small businesses or finance and take advantage of opportunities to form partnerships with complementary businesses such as accountants, lawyers, or marketing companies. Leverage your online presence by creating content on topics related to bookkeeping, and use social media to engage with potential customers.
Jay Holstine’s Concluding Thoughts
These six steps that Jay Holstine highlights here can help you get started on the right foot when setting up a low-cost bookkeeping business. In addition to keeping costs down, having clear goals and objectives will ensure that you stay focused and remain competitive in the marketplace. According to The Small Business Administration’s Office of Advocacy, there are 30.7 million small businesses in America, accounting for 99.9% of all US businesses in 2019. With careful planning and strategic networking, you, too, can become part of this growing statistic!