Why NOW Is the Best Time To Start and Grow Your Bookkeeping Business
Jan 25, 2021
In this episode of Profits + Prosecco Podcast, I want to talk to you about why right now is the best time to start and grow your bookkeeping business. I want to focus on what you need to know how to grow your business and how to keep on getting new clients.
But before we dive right in, welcome to the Profits + Prosecco Podcast! I’m your host, Katie Ferro, CPA, reformed rule follower, creator of Booked Out Bookkeeper, mom to 3 little ones, and Kajabi enthusiast.
This podcast is for entrepreneurs who desire to change their life through their profitable business, and for bookkeepers and accountants who want to escape the 9-5 and start a simple scalable bookkeeping business like I did.
Bookkeeping increases profits and profits change lives. So pop some bubbles and let me show you how!
In this episode, we are going to tackle how you can grow a profitable part-time business using the skills you already have. And for even more juicy details, listen to ALL of episode 8 of the Profits + Prosecco Podcast on your fave streaming platform.
What I want you to understand about bookkeeping.
What I love about bookkeeping is that it provides a true monthly recurring revenue. I don't want you to underestimate what bookkeeping is and what it can do. It is such a great skill that allows you to sign clients. If you serve those clients well and help them profit, then you're going to have clients that stay with you as long as their business is in business. They are also going to refer you to other people which is a plus. It is true monthly recurring revenue and you'll hear a lot of people in the online space talk about this.
Bookkeeping is a great stream of revenue because it's very passive, especially if you have your bookkeeping revenue and any other affiliate incomes. My bookkeeping revenue is the one that helps me sleep at night the most. This is because when you sign a client one time, they're in it for the long haul and you have a diversified book of clients. If something happens to one, all you have to do is turn on your energetic open sign and call in another client. What’s going to happen from there is that you're going to replace the client who left with one who pays more and is an even better client. Therefore, losing clients isn't a bad thing! You can have the monthly recurring revenue of your clients and then you can test them out to make sure they're the right fit so that you're not stuck with them.
How valuable bookkeeping is.
You can shed clients that don't work for you, you can increase the package and price for clients who need more, and you can do whatever you want with your business to make it grow. It is extremely comforting to have 18 different clients on a recurring cycle. Don't view the clients who might pay a smaller cost as less valuable. These clients are spreading out your base and it creates security. It can also be extremely hands-off if you hire a team and invest in them. Bookkeeping is so valuable and I want you to understand that. I love businesses that are built around performing a service. I think there is way more demand than there is the supply of talented bookkeepers in the online space.
What having your own business is really about.
If 2020 taught me anything, it's that having your own business is about autonomy, security, and having a diverse bookkeeping business. Bookkeeping is about having stability and security and way more control over your circumstances even when circumstances can be rough. In 2020, way more people shifted online and my people who were already online started making more money. You are in a very safe place when you have a bunch of different businesses because as long as your business is there, you're needed by someone.
Bookkeeping allows you to have control over your own life so that you can provide for yourself and others. You can create income for yourself even as a stay at home mom. If somebody else is controlling you with money, that doesn't have to be the story. If you're worried about how to pay the bills, that doesn't have to be your story. You can create money yourself and you can gain clients by diversifying how many clients you have. You can get to the point in your life that if one client falls off, you just replace them with the system we talked about. Your own business gives you so much more freedom and allows you to have much more confidence and control over the decisions in your life. A bookkeeping job is so much better than a corporate job because when you're working corporate, all your eggs are in one basket.
Why bookkeeping is in demand.
Bookkeeping is 100% in demand and that's never going to change. It’s going to stay in demand as long as there is business happening. If you're in the online space that’s a great place to be because online businesses are booming and you're just going to become stronger. Since people are shifting online, they're going to see you there, you're going to be able to ask questions, and you're going to be able to be a better "go-to" person who understands the industry. Once you get the ball rolling and you figure out the system of attracting clients, things will start happening a lot faster than you can handle. It'll go from you having to put out a lot of effort to filter out the responses you're getting because you won't be able to sign 15 clients in one month unless you start hiring very strategically.
What it takes to get booked out.
If you want to book out you have to believe it and you have to ground yourself there. You have to believe that results are coming and you have to believe that you're learning something through every stage. You have to get excited about what doesn't work because it's one less thing for you to try. Most importantly, you have to believe that you're worth what you're charging and believe that you're going to be able to deliver the value needed, and then you need to do it. Your fears are what's going to be the only thing standing in your way of booking out. Besides believing in yourself, the other tool to booking out is strategy. There is a strategy towards attracting clients and towards getting them on sales calls. There's strategy involved in the sales call, the follow-up, the pricing, the packaging, the delivery, how you hire your team, and everything in between. You have to have the skills to be a bookkeeper and become booked out. Believing in yourself so that you can deliver to clients is so important. Make them love you in a way that they can refer you to others because that's really where the magic happens.
Why NOW Is the Best Time To Start and Grow Your Bookkeeping Business: The Bottomline
I wish you all the best for this year in your business. Remember that the business you're dreaming of exists, it's just not here yet. If it's on your mind, there's a reason for it. I hope this episode encouraged you all to start your bookkeeping business and pushed you to take action on your desires.
Don’t forget to tune into episode 8 of the Profits + Prosecco Podcast. Thank you so much for listening to Profits + Prosecco Podcast. I hope this episode has helped you see that now is the best time to start growing your bookkeeping business. If you enjoyed the episode, please take a second to rate and review. Each review helps us reach and inspire more entrepreneurs and bookkeepers just like you.
Don’t forget to take a screenshot, share it in your Instagram stories, and tag me at @orderlyaccountingbykatie. Cheers to your inevitable success and I’ll see you in the next episode!
Connect with Katie Ferro
Join my Facebook Group, The Profit Pursuit Community, which is ridden with tips and trainings to help you know your numbers, increase profits, and avoid mistakes when it comes to the numbers side of your biz.
Be sure to sign up for free monthly bookkeeping & tax reminders sent straight to your inbox to be sure you stay on track and never miss a deadline.
