Why Should You Start a Bookkeeping Business?

bookkeeping bookkeeping business Nov 27, 2023
Bookkeeping Business

Do you feel like you're stuck doing the same thing every day? You're certainly not alone. 

Or maybe you're looking for a way to earn some extra cash - another understandable motivation these days. 

Lots of people may be interested in starting a business to satisfy both of these desires but don't know exactly what kind. 

For many, the right answer is bookkeeping. Let's take a closer look.

7 Reasons to Start a Bookkeeping Business

1. Start-up and Ongoing Costs are Relatively Low

Some businesses have unavoidable start-up costs in the five, six, or even seven figures! Not so with bookkeeping. 

For those looking to get started with the bare minimum, all you'll need is a subscription to a bookkeeping software service like QuickBooks or Xero. While many choose to invest in some marketing, there are plenty of free options for getting your first clients, too. Of course, you’ll also need a computer and internet connection to work with these tools.

You won't have to worry about significant costs even for ongoing work until you're successful enough to start scaling your business - an excellent issue to have!

2. High-Income Potential

Unlike salaried jobs working for others, the only limits to your earnings are ones you set yourself. With a bookkeeping business, you have control over how much time you work and how many clients you take on. You also have the final say over your prices and what services you offer, allowing you to continually add to your potential earnings as you expand.

3. Form Real Client Relationships

Owners of some businesses can feel like one of the many cogs in the machine for their clients, easily replaced if needed. But with bookkeeping, you can develop genuine relationships with your clients, tailoring your services to their needs and desires. This means that, as long as you're providing good service, most clients will continue to work with you indefinitely, creating a robust and stable source of income. 

Plus, you'll enjoy the additional benefit of seeing the positive impact your services are having on your client as your relationship progresses.

4. Experience Flexibility and Freedom in More Ways Than One

As crucial to many as what they make at work is the flexibility and freedom their job provides. It's easy to understand, with most corporate 9-5 jobs taking away the option for an impactful work-life balance.

Bookkeeping offers extensive flexibility and freedom, most immediately in the hours you work. Night owls and early birds alike can thrive as bookkeepers as long as the work gets done. 

Plus, you can work from wherever you like, whether it's a:

  • Home office
  • Coworking space
  • Kitchen table
  • Couch
  • Office space

The size of your bookkeeping business is also flexible. You can choose to work solo for just a few important clients or expand to a larger group with the help of additional employees. 

There's also the potential to specialize or focus on one industry or type of business that matches your experience or has a lot of demand.

As the owner of your own bookkeeping business, you’re free to scale and work how, when, and where you choose!

5. Be Your Own Boss

Even at the best companies, most people rarely like having to report to someone else. With your own bookkeeping business, the only boss is you.

  • No arbitrary work
  • No frustrating decisions
  • No wasted time

You're responsible for your success, a thrilling realization for new business owners.

6. No Certifications or College Degrees Required

Most people think you have to be a math genius to be a bookkeeper/accountant. However, that’s not the case. Some basic math skills (add, subtract, multiply, divide) will do the trick!

Another common misconception is that you need a college degree, certifications, or special licenses to be a bookkeeper/accountant. These things aren’t necessary, but you should have a basic understanding of bookkeeping. You can get this through short courses offered by Coursera. Quickbooks even provides a free course on basic bookkeeping. 

All-in-all becoming a bookkeeper is entirely possible for most people as long as you’re willing to put in a little work to sharpen your skills of the craft. 

7. Bookkeeping Businesses are in Demand

Did you know over 5 million new businesses are started each year? Laws require each of these businesses to keep good financial records, and most business owners would prefer to spend their time focusing on their actual work rather than the financial nitty-gritty. For this reason, the demand for taking bookkeeping tasks off their hands is high.

Unfortunately, most don't know where to find a good bookkeeper, which is why they're often very receptive to your services, and as long as they keep operating, they'll continue to need someone to help with the books.

Ready to Start a Bookkeeping Business?

As you can see, there's no shortage of compelling reasons why you should launch your bookkeeping business. With benefits ranging from financial to professional to personal, it's an excellent way to take charge of your career. 

At Bookkeepers Ignite, we have all of the resources and guidance you need to get started. Visit the website to learn more.

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