Starting a bookkeeping business can be an exciting experience and one filled with everything “new.” It can also be a time of uncertainty, as you wade through the establishment of a business entity, while taking care of clients and crafting your own plans, at the same time. In this article, we’re offering an easy step-by-step guide to complete your business plan. If your first thought is, “I don’t have time to compile a business plan,” our answer is, “Yes, you do!” In fact, you can work on your business plan one section at a time, as time allows. So, let’s get started!
Step 1: Research your Target Clients
In setting up your bookkeeping business, you may have considered who your customers might be. You’ll want to form a demographic of your customers in order to market your business to those potential clients. For example, are your clients small business owners or corporate executives? Are your clients within your local area or are they regional or even national? How will you reach out to clients; through email or in-person? Each identifier you can create that refines your demographic customer will assist in preparing your marketing strategies for them.
Step 2: Analyze your Competitors
There are several bookkeepers in every city; how will you offer unique or special features to overcome your competitors? What do your competitors offer and what pricing models do they have with clients? Do your competitors offer in-person visits or do they conduct business online only? Do you competitors focus on one industry alone or on several? The answers to your questions will bring your consideration of your bookkeeping business offerings that will stand out among the rest of the offers.
Step 3: Build your Business Plan
Working section by section, add your demographic research and competitor analysis to a mission statement and objective outline you will create. Add to these sections, your financial projections, marketing strategies, your organizational plan, and other elements needed to complete the picture of your new bookkeeping business.
Place all sections within your bookkeeping business plan and refer to it often within the first five years. Change or evaluate the plan, as needed, to conform to the stride of your business. If you require startup or growth phase funding, present your business plan to investors, lenders, banks, or other financial institutions for consideration. If you prefer, prepare a pitch deck to accompany your business plan and know in advance the amount of funding required. If considering an investor, be aware that the funding will probably accompany ownership of a percentage of your business, while lenders will expect interest payment on a loan.
Step 4: Collaborate in your Community
Collaboration may be familiar to you, as it is basically a joining of two parties with a common goal. As a bookkeeping business, you’ll want to look for collaboration with other business owners to extend the reach of your business. Each collaboration brings relationships and relationships bring business. Consider joining community groups, libraries and volunteer organizations. Sponsor local sports teams as a business and invest in the care and concern for others in your neighborhood. These are ways you can grow your business through everyday, personal relationships.
Step 5: Create Marketing Strategies
There are many ways to bring your business to the attention of potential clients. Some of these, as follows, are tried-and-true marketing efforts:
- Use keychain tags as public relations handouts.
- Join the Chamber of Commerce to host networking events.
- Email monthly newsletters to current clients.
- Sponsor a local show: a car show, an antiques show, a fashion show, etc.
- Advertise on pizza boxes – contract with a local pizzeria to place your ad on their boxes.
- Sponsor your local police or fire department.
Using today’s social media and multiple online capabilities, you’ll want to extend your marketing efforts to the following:
- Spend your marketing budget on a designed, well-developed website with click-through options.
- Follow-up on every lead you capture from your website or email.
- Ask for client testimonials and use them on your website.
- Use search engine optimization (SEO) to keywords that raise your ranking in searches.
- Bundle online marketing services – include SEO, PPC, email, etc.
- Use “live quotes” on your website if you get a sizable amount of interest.
- Create a Google+ bookkeeping business page – it will raise your search engine results.
We’ve included in this article several formats to create your business plan and why completing your business plan matters for the success of your business. Add to your plan as needed, use the marketing strategies we’ve suggested, implement community outreach and continue to build your bookkeeping business toward long-term growth and success. We wish you the best!