Why start a bookkeeping business?
There are several reasons why a bookkeeping business makes a lot of sense for someone who wants to start their own business:
- Every business must keep bookkeeping records for the ATO
- Most small business owners don’t want to keep their own books, instead focusing on getting new sales and growing their own business
- It is work that you can complete after hours or in flexible working hours
- It is work you can do as a virtual assistant
Starting your own Bookkeeping Business
Although there are opportunities to buy a franchised bookkeeping business, there are compelling reasons to go out on your own and start one up from scratch. A bookkeeping business is based mainly around your knowledge of accounting and accounting software programs. Your success will also depend on how well you get on with people and how efficient and cost effective you are, particularly if you are a virtual assistant.
If you are a people person and a hard worker you might find that you can pick up your first customers by word of mouth marketing with your friends. If you are interested in meeting other Sydney Bookkeepers visit our meetup page and explore the possibilities.
Steps to starting your bookkeeping business
Here’s a quick guide to help you on your journey in starting your own bookkeeping business:
- Choose a business name and domain name and REGISTER them
- Choose a business structure (sole trader, company etc) and REGISTER it
- Set yourself up with the ATO for ABN and GST
- Open up a bank account and Paypal account
- Do some market research and decide what you want to offer and how much you want to charge
- Create a website to promote your services and rates
- Create business cards so you can network and get new clients
- Setup your own bookkeeping software so you can start invoicing
- Join a professional industry organisation or a bookkeeping business licencing system (like National Bookkeeping) to provide credibility quickly
- Register with ATO as a BAS agent (if you do want to lodge BAS’s for clients)
- Ensure you keep up to date with software and bookkeeping regulations
- Understand important customer service skills to ensure you attract good clients
- Find a way of keeping track of prospects and understand important aspects of the selling process so you have a constant supply of new clients
- Grow your business so it replaces your existing full time or part time income (or to build a bigger business with your own staff)
- Make sure you pay yourself and that your business is profitable and your own cashflow is good.
- Pay your bills on time, save some money and enjoy yourself too!
- Reward yourself when you work overtime or reach important milestones
Learn important business startup skills to share with your own clients
If you are an accountant or have the Cert IV in Bookkeeping qualifications (needed if you want to be a BAS agent) and want to start your own business the Small Business StartUp and Admin Course takes you through most aspects of running your own business from start up legals and business structure, to pricing and packaging, understand the market and how to approach your own marketing and reporting to keep track of your progress. The end result is a business plan.
Many of our students are degree qualified in accounting and have worked corporate jobs most of their life and want a career change so they can work closer to home, work child friendly hours, get paid a good rate and have flexibility in how and when they work to be available for their children. If you are interested in exploring other businesses that you can start from home as a virtual assistant see our business opportunities page.
Explore other jobs where you can work from home
It’s important to understand some of the other jobs that can be performed at home because you can
- find contractors who can perform the work for you,
- find alternatives that you might enjoy more
- help other people in their quest to have better work/life balance
How to Guides
- How to become a freelance writer
- How to become a real estate agent
- How to become a Social Media Consultant