Key to getting this right? Effective communication. You include the in-come and expenses of the business on your personal tax return. You undertake the risks of the business for all assets owned, whether or not used in the business. Its liabilities are your personal liabilities. The business has no existence apart from you, the owner. Create a family environment that your staff and clients really want to be part of. the simplest form of business organization to start and maintain. This is your competitive advantage over the bigger firms. Keep things professional, but never cold. If you can hold meetings in your clients’ offices during the start-up phase, avoid buying a plot in the newest office park – however nice the view is. Increase spending on infrastructure as necessitated by growth in clients and generally cut spending on “nice to haves”. Make an effort to stay as lean as possible for as long as possible. The lifeblood of any small business is cash flow and subsequently the management thereof. You need to be comfortable with technology so you can access a. It could be expensive to purchase and update various accounting software. You need to take measures to ensure all client data is kept secure. Be ready to pitch your brand in any situation and carry your details with you at all times. Some of the potential challenges you may face if you start a bookkeeping business include: There could be significant liability issues. Relationships built today might not lead to immediate business opportunities tomorrow, but it will make key industry players aware of your existence which often leads to long-term business opportunities down the line. Networking should be considered a necessary tool for growing your business throughout its lifetime, but even more so in the early days. With time as a limited resource, it is imperative that you manage your time with the utmost efficiency, strategically balancing time spent on billable (revenue generation) and non-billable (creating systems for revenue generation) activities. The reality, however, is that not all time spent on business activities is recoverable from clients. Time managementĪs an accountant, you are partly a salesman of your time. Learn from past disappointments fast and you’ll succeed in the long run. Stay positive and develop the ability to dust yourself off and move on. The temptation to get discouraged is real when new ideas fail or a potentially significant new client rejects your proposal.
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