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  • #967300
    Shoebox Bookie
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    Hi

    My husband and I are looking at starting up a small bookkeeping business from home. My husband will still work full time and I will run the business. Our reasons for doing this are we are planning a family and I want to stay home with our children but financially this is not a realistic option for us, so I would like to do something from home. This is something we have been thinking about for a long time. My husband has a Bachelor of Commerce degree, and worked as an trainee accountant while studying his degree, he now works as a finance manager with a large telecommunications company in our area. I am currently enrolled to study Cert IV in Financial Services (bookkeeping) and have spent the last five years working in banking.

    While this is something I really want to do and have thought about for a long time, I am not sure where to start. We know all the basics about registering ABN, business name, marketing etc. We have a home based website business and have all the computing software and also have the MYOB professional version at home. However, hubby seems to think we have to register to run a bookkeeping business and that costs alot of money to start off with? Is this correct?I know the Govt is cracking down on unregistered bookkeepers (as they should be!).

    We probably have only about $5k to start off with and for the first 12 months any funds we recieve from the business will go back into the business, upgrading equipment, purchasing new software, further study etc.

    We are not looking to make alot of $$ from this business (it would be nice though), but just a business that can allow me to stay home and raise our family, while bringing in an income and not going mad being at home all day!!

    Any tips/advice/help would be much appreciated.

    Thanks!

    #1025277
    Anonymous
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    Hi Shoebox Bookie,
    Just wanted to drop by, welcome you to the gang, and wish you all the best for the new venture.

    You’ve picked a good place to post your questions, because we have a number of bookkeepers around here who love to help out newbies like yourself. I’m sure one of them will be around to offer some advice any moment now…

    All the best
    Jayne

    #1025278
    Accountix
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    • Total posts: 33
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    Shoebox

    Running your own bookkeeping business can be very challenging and very rewarding.

    If you wish to provide BAS servives as defined by the Tax Agent Services Legislation , make sure you meet the qualifications be be a BAS service provider. See http://www.tpb.gov.au

    Is $5,000 enough to start a bookkeeping business? Very hard to answer as it depends on your financial commitments. Just know that by placing an ad in yellow pages and building a website, doesn’t necessarily mean the phone will instantly start ringing.

    Building a good customer base takes years.

    Best of luck

    Shane Holbeck – Accountix

    #1025279
    Julia Nitschke
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    Hi Shoebox Bookie

    Welcome to the forum, hopefully you will get lots of help from fellow soloists. It is exciting to hear about your new business venture. My experience is in Accounting and Bookkeeping and I run my own bookkeeping business as well as help others develop their own bookkeeping business. I run a seminar in conjunction with AAT for bookkeepers starting their own business and run a business devlopment program, specifically for bookkeepers.

    There have been changes recently which affect people wanting to be public bookkeepers and as mentioned previously, you need to check out the Tax Practitioners Board and have a good look at the new processes for BAS Agent Registration.

    As also mentioned before by others, building a client base takes time and consistent effort. Networking and having alliances with other professional organisations can help with client generation. Word of mouth is such a popular tool in bookkeeping for generating clients, so it is important to gain exposure for your business. There are a lot of ways to market your services and some of them are quite cheep. Use your business cards a lot, tell people what you are doing and network, network network!

    I know of many successful bookkeepers who start off with much less than $5000, so I am sure you can get your business going if you are careful and budget for the really important things. Don’t get carried away with marketing and printing, it is easy to eat up your budget quickly if you are not careful.

    If you do decide to have a web site you need a plan to get targeted people to it, just a site will not achieve much.

    I am running a free one hour webinar (online seminar) on Tuesday 1.00pm – 2.00pm EST about the BAS Agent legislation if you want some additional information regarding the changes. You can just log in at your computer and see and hear the seminar. It might be valuable to get up to date with what is going on in the industry. The link to register is below.

    Free one hour BAS Agent Webinar registration.

    Good luck with your business,

    To Your Bookkeeping Best!

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