How To Pick a Niche For Your Bookkeeping Business

Summary

This video script offers invaluable advice for aspiring bookkeeping business owners, emphasizing the importance of specializing in a niche such as QuickBooks Online to enhance efficiency and expertise. It discusses various payment methods, including the convenience of recurring invoices and direct debits, and stresses the significance of trust in financial services. The speaker shares insights on gaining clients without credentials, leveraging social media for marketing, and the strategy of starting fresh with a new QuickBooks account for accuracy. The script provides a practical guide for building a bookkeeping business through consistent marketing, relationship building, and proactive sales outreach.

Takeaways

• 📚 Specialize in a niche: Focusing on a specific area, such as using QuickBooks Online, can make you an expert and increase efficiency.
• 🏢 Consider industry-specific niches: Tailoring marketing to specific industries can attract clients who are more likely to need your services.
• 💰 Billing and payment methods: Utilizing QuickBooks Online for recurring invoices and electronic payments can streamline the process and minimize fees.
• 🔍 Credentials and experience: While formal education or certifications aren't always required, becoming a QuickBooks Online certified ProAdvisor can boost credibility.
• 📈 Start with the basics: Learning bookkeeping fundamentals is essential, even if you don't have a background in accounting.
• 📑 Receipt management: It's not mandatory for clients to provide receipts, but offering to upload them can be part of your service.
• 🔑 Trust is key: Building trust with clients is crucial in the financial services industry, and it takes time and consistent effort.
• 🚀 Quick start for new clients: Recommend starting fresh with a new QuickBooks account if the existing setup is disorganized.
• 📈 Marketing strategy: Consistent social media marketing and networking are key to building a client base and reputation.
• 📞 Proactive outreach: Actively reaching out to potential clients through various channels can accelerate business growth.
• 🔄 Ongoing learning: Continuously updating your knowledge and skills in bookkeeping and software is important for staying competitive.

Q & A

What type of business should a beginner bookkeeper focus on?

A beginner bookkeeper should focus on a niche in the software they use and the services they provide. For example, specializing in bookkeeping and using QuickBooks Online can make them an expert in that area. This specialization allows them to be more efficient and handle more clients.

Can a bookkeeper have a niche in a specific industry?

Yes, a bookkeeper can tailor their marketing content to a specific industry, such as real estate investors, trucking companies, or restaurants. This can help them target their marketing efforts more effectively, although they should be open to working with a variety of industries initially.

What are some ways a bookkeeper can manage customer payments?

A bookkeeper can use QuickBooks Online to manage accounts receivable by setting up recurring invoices. This allows customers to pay electronically via ACH or credit card, with the bookkeeper potentially passing on the credit card processing fee to the customer.

How can a bookkeeper automate the payment process for their clients?

A bookkeeper can set up a direct debit or ACH origination, where they can withdraw the agreed-upon amount from the client's bank account automatically each month. This requires an agreement and approval from the client's bank.

What are the benefits of specializing in bookkeeping rather than offering multiple financial services?

Specializing in bookkeeping allows a bookkeeper to become highly efficient and skilled in their area of expertise. This can lead to faster work, the ability to handle more clients, and potentially higher earnings.

What qualifications or certifications are recommended for a new bookkeeper?

While formal qualifications are not strictly necessary, becoming a QuickBooks Online certified ProAdvisor is recommended for those with no experience. This certification can provide credibility and demonstrate competence to potential clients.

Who should be responsible for keeping the receipts of transactions, the business owner or the bookkeeper?

The bookkeeper does not necessarily require clients to provide receipts. However, if clients choose to send receipts, the bookkeeper can upload them into QuickBooks, potentially at an additional fee due to the extra work involved.

Why do business owners need a bookkeeper instead of handling their own bookkeeping?

Business owners may need a bookkeeper because they either lack the knowledge to do bookkeeping or they do not have the time. Outsourcing bookkeeping allows them to focus on other aspects of their business, such as operations and sales.

How can a new bookkeeper build trust with potential clients?

Building trust involves consistent social media marketing, networking, and showing up every day to engage with potential clients. Being professional, positive, and polite can help establish a good reputation over time.

What is the best approach for a bookkeeper to start fresh with a new client who has disorganized bookkeeping?

A bookkeeper can recommend starting with a new QuickBooks account for a clean slate. This approach is typically faster and more accurate, although the final decision rests with the business owner.

How can a bookkeeper effectively market their services and get new clients?

A bookkeeper can use social media, direct messages, emails, phone calls, and even direct mailers to reach out to potential clients. Consistent and strategic marketing, along with sales outreach, can help attract new clients.