Math was always your favorite class in high school. You’re a whiz at doing equations and crunching numbers. There are a lot of things that you can do with your abilities.
One of them is to become a bookkeeper. Many people use the terms bookkeeping and accounting interchangeably, but the two are a bit different.
The main difference is that you only need a high school degree to be a bookkeeper, whereas accounting requires at least a bachelor’s degree.
The ease of entry is only one benefit of getting a bookkeeping business up and running. Keep reading to learn more.
What Does a Bookkeeper Do?
Before we get into the benefits of bookkeeping, let’s talk a bit more about what you’ll be doing when you start a business. You’ll be in charge of handling your client’s various financial activities.
You’ll manage and record all the money coming into and out of your customer’s bank account. You’ll make reports, write up budgets, inform your client when financial discrepancies pop up, and help business owners manage their employee payroll.
As a bookkeeper, you can decide if you want to work for a company or an individual. You can also do some freelance work if that’s more your style.
Benefits of Starting a Bookkeeping Business
Now that you know what your new company will be doing, it’s time to talk benefits. Why should you bother undergoing training to become a bookkeeper?
It’s Easy to Get Started
Bookkeeping is one of the easiest careers to get into. While having an associate’s or bachelor’s degree will make you more attractive in the job market, it’s not necessary.
You can get your new career going with your high school degree alone if you wish. Considering that the average salary for a bookkeeper is almost 18 dollars an hour, it’s a great option for those who need to start earning money in a hurry.
There’s Plenty of Variety
Being a bookkeeper is a good career option for those who become bored of the same old routine every day. A lot of industries have a need for a good bookkeeper, so your customer base will vary.
You can learn how to use bookie software and dig your heels into sports betting or help an industry leader keep tabs on their employee payroll.
It Doesn’t Cost Much to Get Started
Getting most companies going requires a hefty loan from the bank. Bookkeepers can start a new business with only a few thousand bucks in their bank account.
There are no overhead costs involved. You’re selling a service, so you don’t have to worry about storing or packaging products.
You Control Your Workload
You’ll be in charge of everything concerning your bookkeeping business. If you want to dip out early, all you have to do is not book clients for the afternoon.
You decide how much or how little you want to work. If a client comes to you with a job that you’re not that interested in, you can turn them away. That means you choose what kind of customers you work with.
You Can Work From Anywhere You Want
As long as you have access to all your software tools, you can work wherever you want. You can bring your laptop on vacation with you and relax while you earn money by the pool.
You can work from home and spend time with your family while you build your career. If you want to grow your company and work from inside a building at some point, you have the freedom to do that as well.
You’ll Build a Solid Customer Base
For the most part, you’re not going to have any one-off customers. Most of them are going to be returning clients that you build a working relationship with.
This is good for a few reasons. For one, you have a loyal customer who can bring other clients to your business in the form of a referral.
For two, you can afford to turn people away if you want. Since you’ve got a steady stream of regulars coming in, losing out on a few new customers won’t hurt you too much.
Simple Business Model
Most of the time, when you start a company, you’ll have to create a business plan. This is sort of a blueprint that outlines every detail of a start-up company.
Business owners use it to come up with their goals and decide on a business name. They’ll figure out how they are going to finance their company and come up with a killer marketing strategy that will bring in customers.
Being a bookkeeper involves some of this. You’ll still need to market yourself. If you don’t, it will be hard for you to stay ahead of all your competition.
Bookkeeping has a pretty simple business model, though. You should have a seamless start-up process with very few hiccups involved.
Pursuing Your Career
So, are you ready to get your new business going in full swing? Getting the ball running doesn’t involve that many steps, but there are still a few bookkeeping tips that you’ll need to keep in mind.
Go After Your High School Degree
You may not need a college degree to get your career going, but you still need some form of education. Getting your high school diploma will allow you to develop your math and communication skills. Both are essential to being a good bookkeeper.
Just because you don’t need to get a college degree doesn’t mean you should avoid higher education. Again, having an associate’s or bachelor’s will make you a more attractive job candidate. It will allow you to polish the skills that you gathered while in high school.
Receive a Little Training
There is a little training that you’ll have to undergo to be a good bookkeeper. Most of it will involve you teaching yourself how to use the software. You can also take a few online classes or attend a seminar that will teach you the ins and outs of this career field.
If you decide to get hired on by a company instead of starting your own business, your boss will provide all the training that you’ll need.
If you do go the college route, you’ll have access to internships that will allow you to observe professionals and see how they do things. They’ll give you pointers about what it takes to get the job done.
There’s also a lot of networking opportunity involved with internships. Many people go on to get full-time jobs with firms that they interned with in college.
Start Applying Around
Once you receive your training, you can begin to apply around to different firms. That is, of course, you’re not planning to go the self-employed route.
You’ll want to read every job description carefully and tailor your resume toward the one(s) that you’re applying to. Experience with bookkeeping software is a must, so you’ll want to highlight your skills.
Be a Freelancer
Becoming a freelancer involves a little more work than simply applying to a firm in your area. You’ve got to establish your brand. That’s not easy to do when you’re a new business owner.
What you can do is work with a firm for a year or two. This will allow you to gather a customer base that you can transfer over to your new company. Working with a business for a while will also help you to gather a little practical experience.
Something else to note is that freelance bookkeepers have a lot of competition. To stand out, you may want to specialize. You can be a bookkeeper for a school or a local charity in your area.
Get a Certification
High-end clients are only going to work with a bookkeeper that they can trust. The best way to establish trust and secure these clients is with a certification.
To qualify, you have to work as a bookkeeper for at least two years and pass an exam. Going through this process isn’t a requirement to keep your doors open, but it’s something to consider.
Get Your Business Going
If you’ve always been good at crunching numbers, starting a bookkeeping business might be for you. It’s an easy field to get into. It’s lucrative and pretty flexible.
You get to choose when you work and build your customer base all on your own. What’s not to love? Get started with your training today!
Are you looking for more tips that will help you succeed in your new career? Explore the rest of our blog to read additional articles like this one.