How to Start a Freelance Bookkeeping Business
Running your own business can be very exciting, and we’re sure you can’t wait to get started. But before you jump into processing payrolls, filing taxes and more, here’s how to start a freelance bookkeeping business.
- Get qualified!
- Decide who your target market will be
- Create a business plan
- Register your business
- Choose the correct software
- Set up business operations
- Get insurance
- Create your home office
- Advertise your business
Get Qualified!
When starting your own business, especially one that involves taking care of people’s money, you have to show customers you are trustworthy. The best way to do this is through having the proper credentials. So start your road to success by studying an accredited bookkeeping course.
Decide who Your Target Market Will be
Your target market doesn’t have to stay the same forever. But it’s important that for the first year, you know what your ideal client base looks like. Do you want to work with other small businesses? Which industries are they in? How many employees are there and what challenges do they face?
Create a Business Plan
You can use a business plan to ask for funding from the bank or even the government. This document is one of the most important parts of starting your business. A business plan should at minimum include what type of business you’ll do, why it’s unique, how you’ll advertise, and a financial plan.
Register Your Business
Registering your business is another way to show clients that you’re the real deal. There’s no need to stand in long lines anymore. You can now register your small business online. And as a bookkeeper, you should remember to get a practice licence with the ICB and adhere to its rules.
Choose the Correct Software
Digital accounting has become the norm. Before you start accepting clients, you need to find the correct bookkeeping software for your company. You should determine if you have enough money for paid software or if you need to use programs that are free. There are many different types, so make sure to do your research and find the one that works best for you.
Set up Business Operations
Business operations include setting up a bank account, internet access, having a professional email address and phone number. This part is to ensure that the day-to-day running of your business goes smoothly, and that you have a good work-life balance.
Get Insurance
Money is a very sensitive part of an organisation. As a bookkeeper, you know how carefully you should work, but mistakes happen. Getting insurance protects you in case a client wants to sue you for a mistake in their books. There are specific plans available for bookkeepers and accountants. So be on the lookout for this special liability insurance.
Create Your Home Office
Right, now that you’ve done all the formalities, it’s time to set up your home office. It’s no time to splurge on an interior decorator. Save that for when you’re rolling in the cash. Invest in a good quality, reliable computer. This way you can meet with clients virtually. Don’t invite anyone to your house unless you know them well.
Advertise Your Business
Without the safety net that comes with working at a large company, it can be difficult to get clients. But the internet has made marketing easy. Start by getting a professional website and setting up social media profiles for your company. If you have time, you can even blog about your experience as an entrepreneur.
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