How to Make Money as a Stay-at-Home Mom & Never Join an MLMNov 01, 2021
In this episode of Profits + Prosecco Podcast, we're going to get a little more technical than usual. I’m going to be talking all about how to run a very lean bookkeeping business that profits around $2,500 a month WITHOUT sacrificing your entire life. For all my stay-at-home moms looking to benefit from a bookkeeping business, stay tuned!
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!
In this episode, you'll learn the process behind making an income as a bookkeeper who doesn't have tons of time on their hands. For even more juicy details, listen to ALL of episode 51 of the Profits + Prosecco Podcast on your fave streaming platform.
What you need in order to profit from a bookkeeping business.
In order to profit $2,500 a month from bookkeeping, you would need to have about 10 clients (if you are charging $300 a month). What you profit will cover the costs associated with these clients so that you’re not doing all the admin tasks yourself.
If you charge $350 per client, you're going to need about 8 clients and if you charge $400, you're going to need about 7 clients to bring in this kind of revenue.
Once you've got the clients lined up, you'll be spending some unpaid time on marketing and sales calls. Additionally, your client work hours will probably range from 2-4 hours a month on each client, once they’re set up. That means if you have 10 clients, you're working 20 to 40 hours doing bookkeeping. Keep in mind, you want to make sure all your systems, software, and apps are supporting your lifestyle otherwise you'll be working more hours.
Having a bookkeeping business as a stay-at-home mom.
Since you would ultimately be working about 40 hours a month to take home a decent income, that's going to be about 10 hours a week, which is only 2 hours a day! I recommend blocking out periods of time during your day because not every day is going to look the same, especially if you have little ones at home.
When I was going through this process, I was doing most of my work at night because of the routine my kids had. It's all about what works for you and what time best fits into your schedule. If you're someone who doesn't mind having a heavy week, you can always cram those 40 hours into one week and be done for the month.
The more you do this work, the more you’ll be able to increase your fee and make a higher income. Clients who see the value in your work and can afford to pay for your service will 100% stay. There are also a lot of different ways you can work with timing and making sure each client fits into your lifestyle. Overall, you need to choose the expenses that will buy back your time and increase your ability to get paid and get clients in.
How to Make Money as a Stay-at-Home Mom & Never Join an MLM: The Bottomline
I hope this episode helps you see the value in building your own business & avoiding the cost of inventory & fees associated with working through a direct marketing company. Through this process of becoming a bookkeeper, you can make money within only a small amount of time. It is up to you to decide what is worth your time and money to better your business and clients. Even as a stay at home mom, we all have different lifestyles.
If you're looking for more insight on how to actually do the work and become a bookkeeper, enroll in Become A Bookkeeper (BABs), or to learn how to grow and scale a bookkeeping business, you can apply for Booked Out Bookkeeper (BOB).
If you enjoyed the episode, please take a second to rate and review. Each review helps us reach and inspire more entrepreneurs and bookkeepers just like you.
Don’t forget to take a screenshot, share it in your Instagram stories, and tag me at @orderlyaccountingbykatie. Cheers to your inevitable success and I’ll see you in the next episode!
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Episode #46 - 3 Skills You Need to Start Your Own Bookkeeping Business