Then perhaps it is time to think about working from home. While you may think that this is just something that only writers or bloggers can do, you should know that there is a much wider scope of opportunities for those who are willing to give working from home a try. Bookkeeping for example, is a lucrative and progressive career choice that will allow for you to even run your own small business from home!Want to know how it’s done? Keep reading and find out if you can start your very own bookkeeping business from home.
Why should I start a bookkeeping business from home?
- It gives you a lot of flexibility
- Every business needs a bookkeeper
You may feel a bit of trepidation at the fact that there could be a risk of not getting any clients after you start your bookkeeping business from home, but, here’s the catch; every business needs a bookkeeper! There is no way around it and this means that if you deliver on your work well, you will always stay in business. You will see that your very first clients come in by word of mouth. At the start of planning your business, tell people that you know that you are a bookkeeper looking to hire your services and to be working from home. You will be surprised at how many positive responses you will get!
- It does not have any of the challenges other home jobs do
You have possibly seen all those work from home jobs that include selling stuff, buying inventory, throwing parties or recruiting right? Starting your own bookkeeping business means that none of this really applies to you. Most of these ordinary home jobs have very little credibility and will not give you the income you think it will. But with your very own bookkeeping business you will not have to deal with any of these risks. You are a proud entrepreneur!
So what does a bookkeeper actually do from home?
If you have no previous experience working as a bookkeeper, you will need to know the specific duties that will be expected of you. Working with financials and maintaining records is close but isn’t really specific enough. So here’s a list of bookkeeper responsibilities that you will be fulfilling from home in your business.
- Creating content for your business
- Marketing your business
- Handling bank reconciliations for client
- Paying bills
- Data analysis
- Handling client interactions
- Following up
How much can you roughly earn each month and how long will it take to get here?
You need experience to get started as a bookkeeper at home and you will actually be able to only ask for work from home opportunities if you can show your clients your experience. If you work for an organisation in the UK you can earn around £20,683 annually according to payscale.com. However, when you work from home, depending upon the number of clients you handle and the amount of experience you have, and of course if your marketing is great you can match this amount or even exceed it. Besides, you will also be saving on travel expenses and fuel for example which means you will be adding to your monthly earnings.The graph below shows roughly, what you can earn if you combine your bookkeeping services with tax preparation services. If you can handle both, added services are definitely something that you should consider.
How many hours per week will you need to work?
One of the main reasons that you would have thought of quitting your desk job and working from home, could undoubtedly be time. If that is the case you will be a worried about how much time you will actually be able to work for on a daily basis. You have a serious advantage here because you will be making your own schedule. You can even work up to 25 hours a week based on the times that suit your daily schedules. However, experts advise that you should spend about 20 to 30 hours a week if possible taking bookkeeping courses from home or a college before you get started, to brush up on your skills or just gain additional qualifications. This time should also be allocated for marketing and building your business. So in the first few months leading up to the setup of your business, you will pretty much have your hands full.
What will be your startup costs?We’ve got some great news for you!!!
Because it is a work from home business and is virtually established, your startup costs will be really low. You will need to invest in a few things though and they are not items that will make you go bankrupt.
- A computer or laptop and high-speed internet (who doesn’t have this right?)
- A scanner
- A course or program that can help you with setting up and running your bookkeeping business. Online bookkeeping course costs are actually quite affordable so don’t worry too much, just make sure that the provider is recognised.
- Website – here are some tips on how to create a low budget website
- Business registration
- Business cards (take these everywhere with you!)
- You should also get access to a Bookkeeping software that the majority of clients use and some of these are free of charge!