Thank you for your interest in learning how to start a bookkeeping business from home. I’ll admit we never started a bookkeeping business of our own, and the reason for that will be described further in this article.
Bookkeeper, Tax Preparer, that’s right, every year the dreaded tax season comes around, and we all stick our heads in the ground hoping that it will just pass by quickly. Then reality sets in, and we need to get our tax stuff in order as not to have the tax person come to us.
There are so many people that do not like or just do not have the time to do their taxes, which is why there will always be customers to provide you an excellent opportunity to create a long-term and steady business.
Bookkeeping is not just a seasonal job; most small businesses need bookkeepers year round to keep track of all their financial documents.
How bout we start by looking at some advantages and disadvantages of starting your home-based bookkeeping business to see if this may be something you would like to do.
Now you’re probably wondering if it is all worth it after seeing the list of things to consider above and whether you can even compete with the big companies. Sure there are many tax preparer agencies out there, but that doesn’t mean you cannot compete.
All this competition information will be part of your business plan of course 😉
Keep in mind that most of the competing agencies, clients have to go to them, wait in line in a mall to try and explain all your personal finances with a stranger.
Due to this type of limited service availability is the reason your business can be competitive with the big companies.
Another way to compete with other home-based bookkeeping businesses is to have proper certifications as mentioned earlier, in most regions or countries one does not require any training, certification or licencing to name themselves a bookkeeper.
Pretty scary thought, here we are passing some of our most precious information to a stranger where they may only have experience doing their mother’s tax papers.
Yup! That pretty much describes my level of experience, but I’ll get to that further down, be patient I’ll get to that subject.
OK, knowing that anybody off the street can title themselves as a bookkeeper is why it is recommended to get certifications. Although it is not a requirement in most countries, it would be a good idea to show potential clients that you have the knowledge and experience in providing you a quality service. If you were looking to apply for a job as a bookkeeper, no employer would even think of having interview unless you have a certification. That would hold true for any business wanting to hire someone to manage their businesses books.
Your business plan should outline the following information I will discuss in more detail, but I wanted to highlight it here for you to consider before going through all that work of creating a plan.
Can you make a living just doing tax papers during tax season or as a full-time business bookkeeper?
Along with all the usual determinations of costs to run your business you will need to do some calculations such as; How long does it take you to prepare the documents for a standard client? How much do you charge that customer?
Can you work fast enough and still provide quality work to make more than working at MacDonalds? Just remember that most employed bookkeepers make an average of $10 to $25 per hour. So the real selling point for starting your home based bookkeeping job would be the
Consider that with added experience you may be able to double or triple your income as your speed increases. Maybe you can start on a part-time basis. Gaining experience and speed over time, to eventually say you can stop your day job.
That, on its own, is one of the real selling points to this type of business. You can start and increase your business at your pace.
Now let me tell you about my experience with being a bookkeeper. In most of my other blogs, I would describe my experiences at the start of the article. In this case, I decided to provide it at the end as my knowledge is limited. As hinted about midway through, I am pretty much one of those that only have experience doing my taxes and those of some family and friends in exchange for a bottle of wine or beer.
Needless to say, I do not feel qualified to be running a bookkeeping business on the merits that I was being paid for with drinks for the work that was completed. However, I do feel qualified to describe what is required as most home based businesses fall under similar considerations, and I do know family and friends that do bookkeeping as an independent business.
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In summary, starting a bookkeeping business from home would be an excellent choice if you need flexible hours, low start-up costs, don’t mind taking a certification course and like crunching numbers.
If you don’t like crunching numbers day in and out, then this may not be the choice job for you.
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My online journey started in 2008 when I was tired of working for somebody else. I searched the internet for years trying to find out how to make a living from home with an online business. In 2015 I finally found the information and support from a website just like this one
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