Are you sick and tired of working for someone else?
If so, operating your own bookkeeping business might be the best move you have ever made. The pandemic has taught us that there's really no such thing as job security. Lots of people working from home before the COVID-19 crisis hit are now unemployed because the businesses they worked for didn’t come back.
Millions of business owners nationwide are looking for someone to do their books. That's because they either don't enjoy doing it or don't want to take the time to learn the skill.
If you love obsessing over financial figures and have decent math skills, starting a home-based bookkeeping business could be right up your alley.
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ToggleCharge What You’re WorthWhat Does a Bookkeeper Do?
Bookkeepers have been around since at least 2600 BC when they did their work on slabs of clay using a writing instrument known as a stylus. In colonial America, bookkeepers recorded entries in a "wastebook." The name came about because the information would eventually be transferred to a ledger, and the wastebook would be thrown away.
As a person running their own bookkeeping business, you’ll be part of a long and storied tradition, operating an enterprise that commands respect.
You’ll provide services such as:
- Recording transactions into the general ledger
- Processing payroll
- Ensuring that deductions are legal
- Posting debits and credits
- Monthly bank account reconciliation
- Managing accounts receivable and accounts payable
Here are the eight benefits of starting your own bookkeeping business:
1. Unlimited Earning Potential
Some individuals work their butts off just so they can get a measly 2% raise. When you run your own business, you’re no longer groveling at your boss’s foot in a futile attempt to get paid what you’re worth.
With a bookkeeping business, you'll enjoy unlimited income potential. You decide how much you'll charge and how many hours you want to work each week.
2. Freedom to Work Wherever You Want
If you run a virtual bookkeeping business, you can do it from the comfort of your own home. That means no more long, energy-draining commutes. Saving time on getting back and from work means being able to spend more quality time with family.
You can also operate your business from anywhere in the world you want to be. So, if you decide to move right next to a secluded beach in a beautiful tropical paradise, you’ll still be able to make money with your bookkeeping business.
3. You’ll Be Providing an In-Demand Service
There are 30.2 million small businesses in the United States, and every one is a potential client.
Every business is legally obligated to have its books done. Small companies can either do their own books or find a bookkeeper to do them. Most of the time, busy business owners don't have time to do them.
This means they'll be outsourcing their bookkeeping needs to someone else.
That person could be you!
4. You’ll Enjoy Greater Flexibility
By starting a virtual bookkeeping business, you’ll finally be able to say goodbye to the 9-5 grind. That way, you decide how to use your time—not some micromanaging boss looking over your every move.
Working from home gives you the flexibility you won't get in a traditional office setting. You have the freedom to set your own schedule. You can even work three days a week if you want.
If you're a morning person, you can start early and finish your work before noon. If you're a night person, you can do your bookkeeping when everyone else is sleeping.
A home-based bookkeeping business is perfect for stay-at-home moms who need a flexible work schedule. That way, they can take care of doctor’s visits, sick kids, dental appointments, and school activities without interfering with work tasks. They can do their work when their children are napping, after they go to bed and while they're at school.
5. No More Getting Stuck in Traffic
The average commuting time is 26 minutes each way. When you include the time it takes you to get dressed, that’s over an hour wasted every single day.
A virtual bookkeeping business means no more long hours stuck in traffic because your commute will be a simple downstairs walk to your home office. By not having a commute, you'll save time and money and won't have to spend money on bus fare or automobile expenses.
6. You’ll Be Able To Ditch the Dress Code
Almost every office has a dress code. Which, while helping the company to project a consummately professional image, can be torture for people subjected to it.
When you operate a home-based bookkeeping business, you can dress however you'd like, even if you want to wear a faded old tiki T-shirt, shorts, and flip-flops. Not having to adhere to a dress code means you'll be more comfortable, which can also make you more productive.
7. Better Work-Life Balance
You'll make more money by running your own bookkeeping business while working fewer hours. This can help prevent job burnout, which can cause long-term physical and psychological damage.
8. Fewer Startup Costs Than a Brick-and-Mortar Company
You won't need much startup cash running a virtual bookkeeping business from the comfort of your home. Since this is a virtual business, initial costs are super low. You'll need a computer, high-speed Internet, a scanner, a website, business cards, bookkeeping software, and not much else.
These things typically cost between $1,000 and $2,000. There aren't too many businesses you can start with such a low investment.
On the other hand, if you operate a traditional business with an actual storefront, you’ll need bucketloads of it. You’ll also need to pay rent, which can be astronomical.
Of course, there are more costs in running a brick-and-mortar business besides paying rent. For starters, you’ll need to shell out money for utilities and a security system. Insurance will likely be more expensive than it would be for a home-based business.
Become Your Own Boss with Your Very Own Bookkeeping Business
If you want to stop making someone else rich and instead, fatten up your own pocketbook or wallet, it might be time to start your own bookkeeping business.
However, If you’ve always worked for someone else and have never been your own boss, you’ll need someone to guide you.
Thanks to training from The Expert CFO, you’ll acquire all the skills you need to be successful in this endeavor. We’ll help you to build your virtual bookkeeping business from the ground up. Not only that, but we’ll teach our proprietary marketing methods proven to quickly convert prospects into paying customers.
No experience is necessary, and you won’t need certifications.
