How to Make $10K a Month in Your Bookkeeping Business With Your Dream TeamApr 11, 2022
We’re all in it to make a living, right? Well, that’s why I want to talk about something related to your income in today’s post. Here, I’ll break down how to make $10,000 of monthly profit in your bookkeeping business while employing a team.
In episode 51 of my podcast, we talk about making $2,500 a month without childcare or a team behind you. But the truth is that there’s no limit to how much you can make, which is why I want to break down a more expansive income today.
The model I’m going to explore would allow you to work part-time, employ a lean time, and net $10k of monthly profit. In this breakdown, I’m VERY transparent about what’s realistic and feasible. With that being said, keep reading to learn how it works.
A Client Breakdown to Earn $10k in a Month
For this example, I came up with a hypothetical list of clients and prices you’d need to get you to your monthly income. Here’s the list I’m working off of:
- 28 total clients
- 3 CFO clients at $777 month each = $2,331 of sales
- 21 Bookkeeping clients
- 3 clients at $300 monthly = $900
- 3 clients at $350 monthly = $1,050
- 5 clients at $400 monthly = $2,000
- 10 clients at $450 monthly = $4,500
- 4 quarterly clients at $250 monthly = $1,000
- 3 DIY templates at $127 each - $381
- Grand Total: $12,162 monthly net sales
A Time Breakdown to Earn $10k in a Month
Now let’s go over what your time would look like under this hypothetical model:
- Monthly client calls - 1 hour per CFO client = 3 hours
- Monthly clients - 3 hours per client = 72 hours
- Quarterly clients - 1/2 hour per client = 2 hours
- Grand total: 77 hours
Hiring Part-Time Help for Your Business
But what about hiring help? You could bring in part-time bookkeepers to assist you with your monthly bookkeeping clients. Their time and pay would look like this:
- 51 of your 77 work hours can be done by part-time bookkeepers
- Hire 2 of them for ~25 hours each
- This would leave 26 hours of work for you:
- 3 hours of client calls
- 21 hours of bookkeeping work
- 2 hours for your quarterly clients
I find that a fair wage for most part-time bookkeepers is about $25 per hour. We will tally that up in the next section.
An Expense Breakdown to Earn $10k in a Month
Now, let’s account for expenses in your business to help us better understand your $10k monthly profit:
Reminder: We’re starting with $12,162 net sales
- Bank fees - 3% - $365
- Bookkeepers - $25 x 51 hours = $1,275
- Cost of G-Suite - $6/per user x 3 = $18
- ADP x 2 users at $2.50 each = $5
- Libby = $197 month
- Dropbox = $12.50 per month x three users = $37.50
- Kajabi - $119 month
- Grand Total: $2,016.36
The Grand Total for Profit & Time
After tallying up all of those expenses and detracting them from your sales, the total profit for your month would be as follows:
Wow! Pretty amazing, right? That also comes with the fact that you’re going to only be working 26 hours on client work for the month thanks to the help of your team. The caveat of this is that it doesn’t include things like sales calls or the time you’ll spend on marketing. Chances are, though, that these won’t add a ton of time to your monthly total.
I love having bookkeepers on my team and reducing the number of monthly hours I work because it allows way more freedom in my schedule while simultaneously growing my business. This means I can be a more present mom and lets me be way more tied to my work schedule. It also helps you have more wiggle room for things like unexpectedly getting sick, having an emergency, or just for when life comes up.
A $10k Income for 26 Hours a Month IS Possible: The Bottom Line
While this was a hypothetical breakdown, it is a completely realistic one. I hope this has opened your eyes to the fact that making $10k of profit in a month without having to work insane hours is possible. With the help of a team, you can certainly make it happen!
Ready to take action? Apply for the program that's right for you:
If you're looking for more insight on how to become a bookkeeper, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).
Or to learn more about growing your bookkeeping business and hiring a team, enroll in Life By The Books™ (Libby).
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