How To Start A Book Keeping Business, The Number 1 Top Tip

The top tip if you are thinking about how to start a book keeping business is that you need a business plan. This might not sound like a news flash, but many people start their own business by accident and they stumble along getting clients slowly or doing the books for their family business.

Although this is a great starting point, but if you want to take your bookkeeping business to the next level and want to create a sustainable long term business, you will need a business plan.

Many people run for cover when your start talking about creating a business plan, but it really is a wonderful tool to make your business grow to the next level. A business plan gives you all the information you need at your finger tips. Your business plan then becomes a reference tool and can help guide you in the choices you make in you business life.

There are many things which you can include in a business plan and it doesnt need to be a 10 page novel. Short statements about what you want to achieve and how you will achieve it is fine. Waffle will not make your business plan any clearer and the age old expression, keep it simple stupid rings true.

What is your business?

Is it targeted to specific industry?

Is there a market for the bookkeeping business?

What does your feasibility study say about the need for bookkeepers?

How big is the market for bookkeepers?

Is the market expanding or contracting?

What share of the market do you want to obtain?

How are you going to capture it?

How are you going to price your bookkeeping service?

What will you do which is unique, what is your competitive advantage?

Who are your competitors?

What are your strengths?

What are your weaknesses?

How will you overcome your weaknesses?

How will you caplitalise on your strengths?

What is the cost of start up?

How will you fund the start up?

What is your projected profit?

What does your projected cash flow look like?

What are your ongoing costs?

What are your variable costs?

Do you need staff?

Will you have office premises, virtual office, home or a combination?

These are only examples and you may choose to not use all of them or add some of your own. I have also included as a bonus to this book a separate business plan written specifically for bookkeeping. You can use it as a template and modify it for your purposes and add your own ideas and requirements to it. It is a good starting point and you never know when your business plan may be needed for something.