BOOKKEEPING BUSINESS PLAN TEMPLATE
Are you that knowledgeable in the art of bookkeeping and would love to start a bookkeeping business? Bookkeeping is a profitable business as every business whether it is big or small needs to maintain proper financial records.
With a bookkeeping business, you’ll have no shortage of potential clients as so many people dislike bookkeeping and are willing to hire a professional to take care of it for them.
Your clients will depend on you and so you’ll need to be willing to commit yourself to fulfill your obligations, and in taking great care to handle their business and personal bookkeeping with the utmost professionalism.
Starting a Bookkeeping Business
There are so many benefits of starting a bookkeeping business and here is a run-down of just 3 of them.
- You write your paycheck.
- The demand for bookkeeping is high.
- You can start your bookkeeping business from home and don’t need to rent an office.
If you currently working for your boss as a bookkeeper, you may want to consider starting your own bookkeeping business on a part-time basis before giving up your day job as you have the flexibility to do your bookkeeping at your home.
What You Need to Consider Before Starting Your Bookkeeping Business
Before you decide on starting a bookkeeping business of yours, you need to consider these important two factors:
- Do I have the required bookkeeping experience?
- Do I have the minimum capital outlays?
- Do I know how to use bookkeeping software?
There are other important factors that you have to take into consideration such as how to find your first client before you decide to start a bookkeeping business.
Here is a sample business plan for starting a bookkeeping service company.
Now, that you have known the benefits of starting a bookkeeping business and factors to consider before starting a bookkeeping business, it is time to take you through the various necessary steps.
- Be a Member of the Institute of Bookkeepers
While it is not necessary to be a certified bookkeeper to open your bookkeeping business, it is more advantageous to be a member of the Institute of bookkeepers than those who are not.
By joining the institute of bookkeepers, it allows you to network with other freelance bookkeepers just like you and possibly secure bookkeeping jobs by supporting the business of other members.
Besides, it gives your potential clients the impression that you are competent in your work as the institute of bookkeepers requires some important criteria to be met before admitting you as a member.
- A Bookkeeping Business Plan is a Must
Many people run for cover when you start talking about creating a business plan for their business, but it is a wonderful tool to make your business grow to the next level. A bookkeeping business plan gives you all the information you need at your fingertips.
Your business plan then becomes a reference tool and can help guide you in the choices you make in your business life.
You can pinpoint what your market is, who your market is and how you will capture your market when you have a business plan. You will be able to understand your weaknesses and strengths with a business plan.
It will give you a road map of where you are going and how to have a successful bookkeeping business.
- Picking your Rate
If you are thinking about starting a bookkeeping business, at some stage you will ponder what to charge your clients.
You might look at a fixed fee for your services or an hourly fee for services. Either way, you will need to be sure that it is the right rate for your business.
You need to sit down and state your fee according to who you want to target as your ideal clients or customers. Just remember, you are running a business and you need to be profitable.
As a business owner, there will be several expenses you will need to cover which might have been paid as an employee. Additionally, you are providing a skill set which others do not necessarily have and there is a value on those services.
With a bit of research and thought into your specific expertise and skill set you will be well on your way to selecting a fair rate for service which will assist you in the growth and development of your own bookkeeping business.
- Tools Required for your Bookkeeping Business
Before starting a bookkeeping business of your own, you are required to invest in things like bookkeeping software, payroll software, a laptop with an internet connection and other supporting equipment such as fax machines and printers.
Work out what is the preliminary capital required for your bookkeeping business and figure out the likely sources of finance.
- Marketing your Services
Lastly, marketing your services will take time and you will learn some new skills. Marketing, advertising, and sourcing clients will be important. Don’t discount the opportunities when you are talking with people to mention what you do. Many bookkeepers agree that word of mouth is their best source of clients.
You should also plan to have some business cards made up, and try to figure out ways to advertise that won’t break the bank. You might also want to invest in creating a website for your business.
While this also might take several months for you to notice an increase in the amount of interest in your business, it may be well worth the effort in the long run.
BOOKKEEPING BUSINESS PLAN EXAMPLE
Are you looking for a bookkeeping service business plan sample for your new business? To start a bookkeeping service business, important aspects of the business such as funding, equipment, quality customer service for its clients and also achieving total client satisfaction are among the most important things to consider, but the most important of all these is the business plan.
This is so crucial to the survival of the business because it charts a way forward for the business. It is like a guide for directing the business along the paths of success.
Bookkeeping mainly deals with the documentation of financial transactions in businesses. There are several businesses and startups requiring bookkeeping services and hence, opportunities are never in short supply.
This article covers a bookkeeping service business plan sample and what a good one should contain.
Sample Bookkeeping service business plan outline
- Executive Summary
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Competitive Advantage
- Sales and Marketing Strategy
- Sales Forecast
Providing premium bookkeeping services for businesses and startups, Hulk Finance Consultants LLC is registered fully licensed with its corporate office in Nevada. Offering state-of-the-art services to our numerous esteemed clients, Hulk Finance Consultants LLC will be offering very affordable yet high-quality services to clients.
There are plans to take this business to enviable heights by making it be among the very best in bookkeeping service business within Nevada and the US.
Our vision at Hulk Finance Consultants LLC is to build a strong brand synonymous with service excellence, thereby, drawing clientele from both startups and corporate clients.
This will be evidenced by our commitment to duty and the provision of service excellence to all our clients, be they startups or corporate bodies.
At Hulk Finance Consultants LLC, our mission is the provision of unbeatable services to our clients at cheaper and affordable rates, adequately taking care of their financial records and all other finance affiliated matters. Also, we plan on achieving a goal of growing this business into a global bookkeeping brand that will see the business join the top league within its first 7 years of operation.
Committed to building a sound business organizational structure, Hulk Finance Consultants LLC plans on putting in place the following structures for its smooth running these include in no particular order, Admin and HR Manager, an Accountant, a Front Desk Officer, the CEO, Marketing and Sales Executive and a Bookkeeper who will also double up as the Payroll Admin.
Those to fill in these positions will be the very best on offer in the industry, and their remuneration will be well handled to ensure adequate job motivation.
The bookkeeping industry is so wide and diverse and quite affordable for businesses especially startups. Instead of them hiring accountants which might cost them more, it is much cheaper to hire booking service providers which is the area we come in. thus, providing high-quality bookkeeping service yet at affordable rates for businesses, hence, eliminating the need for them to hire accountants whose services are more expensive as compared to bookkeeping service providers.
Although starting small, providing bookkeeping services to small businesses, Hulk Finance Consultants LLC will also have the capacity to handle large clients while trying to expand to favorably compete with already established bookkeeping and payroll firms in the country.
Although young, Hulk Finance Consultants LLC will be hiring the very best hands considered to be authorities in their fields. Hulk Finance Consultants LLC will be riding on the back of sheer skill and experience which is sure to drive its fortunes to enviable heights. Also, it is strategically located within the business district of Nevada to enable easy accessibility to clients.
Employee remuneration will be periodically reviewed to promote job motivation and employee loyalty, thus, creating an enabling environment where employees will work diligently to achieve the growth objective of the company.
SALES AND MARKETING STRATEGY
The sales and marketing strategy to be adopted by Hulk Finance Consultants LLC is the engagement of the services of a competent business developer to mainly take care of marketing and sales. This will eventually translate to business boom and higher sales of our services to clients and also, providing total satisfaction to these valued clients.
Also, there is a plan by Hulk Finance Consultants LLC to create various bookkeeping service packages for different client types so that we will fit into their budgets and still provide high-quality service to them. Also, the use of the internet is going to be paramount in the advertisement for our services to a wide spectrum of society, especially startups and corporate organizations.
The sales forecast for Hulk Finance LLC will be determined by our business location and with the location of the business being focal to our sales; we expect our current location in Nevada to generate the following profits for four years;
First Year $200,000
Second Year $350,000
Third Year $500,000
Fourth Year $750,000
These projections have been put forth discounting recession or economic crisis and with the knowledge of what is obtainable using industry standards, and with the expectation that these will remain unchanged.
Above is what a detailed bookkeeping service business plan sample should look like. Capturing all the most important aspects of a sound business plan relevant to the survival, and profitability of the business. These insights, once diligently followed are sure to be of the greatest benefit to any business venture.