Has Starting a Business Always Been Your Dream? Start a Bookkeeping Business

At some point in our lives and careers, many of us have toyed with the idea of starting our own business, but for a good few people it remains just that: an idea; albeit, a wistful one.

But for those of us who do seriously discuss our desire to start a business, there never seems to be a shortage of detractors. Suddenly it seems everyone is an expert on starting a business, or more specifically, why you shouldn’t

“Most businesses fail in the first year” and other tales of woe involving friends and friends-of-friends that “lost everything” in a start-up gone wrong serve as cursory warnings for why you should leave the enterprising to the Richard Branson’s and stick with what you know—because for whatever reason, you’re just not the enterprising type.

But while it’s true that starting your own business is no walk in the park, there’s still no reason why, with a good business plan, you can’t be the next Richard Branson or—ladies—the next Lorna Jane.

Of course, starting your own bookkeeping business can also prove to be a good first-step into the world of self-employment. At last count, there were over 2.1 million businesses operating in Australia; 96% were small businesses and over 1.3 million were sole traders.

In fact, it’s the sheer number of sole traders operating in Australia that makes operating a bookkeeping business so lucrative: sole traders are time poor and outsourcing their bookkeeping allows them to focus on the many other hats they’re wearing in their business.

And because the internet and accounting software like MYOB has made it possible to work from home, you can easily operate your bookkeeping business from your home office, freeing you of the costly overheads associated with running a traditional bricks and mortar business.

Working from home also means that you don’t have to dive straight into your bookkeeping business; you can test the waters first by working part-time hours while also maintaining your current employment.

As you build your up your business and accumulate more clients, you can then decide whether you want to make it your sole source of income or keep it as a side-project.

Whether it’s full-time, part-time, or a side-project, starting your own business is both a rewarding and exciting experience. So turn that idea of starting your own bookkeeping business into a reality—find out the tools you need to succeed with your own bookkeeping business.