Is a Bookkeeping Business Profitable?: What to Expect on Your Bookkeeping JourneyDec 13, 2021
I’m excited for you to listen to this episode of Profits + Prosecco Podcast! I’m getting into the profitability of launching your own bookkeeping business, and what you can expect along the way.
But before we dive right in, welcome to the Profits + Prosecco Podcast! I’m your host, Katie Ferro, CPA, reformed rule follower, creator of Booked Out Bookkeeper, mom to 3 little ones, and Kajabi enthusiast.
This podcast is for entrepreneurs who desire to change their life through their profitable business, and for bookkeepers and accountants who want to escape the 9-5 and start a simple scalable bookkeeping business like I did.
Bookkeeping increases profits and profits change lives. So pop some bubbles and let me show you how!
One of the most common questions I get from clients looking to start their own bookkeeping business, is how much time will it take before they become cash positive?
This is an important question; while I love bookkeeping and I think it’s a fun job as far as working goes, I didn’t get into this business for fun. You start a business to make money to, I don’t know, live.
So naturally, you want an answer as to the length of time it’s going to take between you crunching the numbers and turning a profit. Which is why I’m here to tell you…
There’s No Way To Know
Sorry to be the bearer of ambiguous news, but like Tinder adventures, launching your own bookkeeping business relies on many factors.
There is no timeline, formula, time frame, or map so fire your cartographer and get ready to fly a little blind.
There are so many different factors to consider that make this an impossible question. Frustrating I know, but you need to really consider what a full-time income looks like for you, and go from there.
If you’re just getting started, my Become A Bookkeeper program can help give you more of a general timeline and next steps. If you’re already into the bookkeeping game, but you’d like to really see your business flourish, I’ve got a program for that too with my Booked Out Bookkeeper™ program. Both will help you out with tips to succeed based on where you’re at and where you’d like to be.
It’s All in the Timing
I’d love for all of you to have fast and abundant success. But projecting what I want doesn’t help you, and in fact, it might derail your progress.
This is because your success is what you make it, on your time and terms. Are you a methodical person who likes to research and reflect before making moves? Or are you a pedal to the metal kind of aspiring business owner?
Another major factor is establishing steady work. Do you have clients in place who are ready to work with you? Or do you have to build a client base?
This process also depends on the roadblocks you may encounter that are dependent upon what you’ve got going on in your life.
Your motivations are huge as well. Are you getting into bookkeeping as a side hustle, so you can take your time learning and establishing yourself? Or are you starting a business because you enjoy eating three times a day?
Hence why my aspirational projections for you don’t ultimately serve you; because they’re not yours and they in no way factor in your specific personal circumstances.
You have to do what works for you. There’s more than one way to peel a banana. As long as you are consistent, you will reach success; it’s just your pace will be tailored to your life.
Learn to trust your own process and your own pace while remembering that with steady determination, success is inevitable.
I talk more about this during episodes 45 and 46 if you’d like to learn more about combining consistency and compassion to truly launch your business.
At the end of the day, this process is all about your personality, personal motivations, and ultimately the universe’s plan.
The Journey is Yours: The Bottomline
Trust that each step you take is helping you grow a strong foundation for the next. There will be times when it feels fast, and you’ll wonder how you got so far. Then there will be times you’ll wonder if you’re ever going to get to the other side of what you’re building.
And try to release all your expectations while you do. Free yourself from the timing you want, and embrace the timing that was meant to be.
Remember, the biggest hurdle is starting, once you’re past that, you’re golden.
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 embrace your personal timeline, enroll in Become A Bookkeeper (BABs).
Or, if you’re confident in your skills as a bookkeeper and want to learn how to grow and scale your bookkeeping business, you can apply for Booked Out Bookkeeper (BOB).
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