Doing Your Own Bookkeeper Business Blueprint Review?
Great! You’ve come to the right place.
In this post, we will cover the most frequently asked questions (FAQs) we receive from students just like you!
So, without further ado (what is “ado” anyhow??), here are the FAQs:
Do I actually learn how to do bookkeeping in addition to starting my business?
You learn the bookkeeping skills you need to serve your clients. This is the practical information needed to be successful. We kick theory to the curb whenever we can do you get 100% meat.
How do I decide on what my niche market is?
There are a number of personal factors that should play into your niche selection: your prior professional experience, industries in which you might have key contacts etc.
Also, there are certain industries which are easier to serve and are more profitable: service industry and healthcare providers come to mind.
However, selecting your niche is very personal. B3 walks you through how you go about finding that niche nugget.
Some students find that a niche doesn’t come natural to them…
…AND THIS IS PERFECTLY OK.
In this case, you will most likely opt to be a “generalist” serving businesses regardless of industry. However, over time, we do suggest that you become a niche provider. Under this strategy, you let the niche find you vs. you finding the niche.
By working with several different businesses types, you will uncover those you enjoy serving and can serve well.
I call this organic niche selection and it’s a good fall-back option should a niche not come to you at first. Heck, this is what I did!
Do I need to be a math whiz-kid to be a success?
A squared + B squared = ???
Well, I forgot!
Fear not though. You don’t need to be a calculus whiz to be a successful bookkeeper.
But…YOU CAN NOT FEAR MATH either.
Most of the calculations are done within the applications. However, you need to be an eagle and know when numbers just don’t make sense.
How to I make sure that the information is secure when working with my clients?
As you can imagine, this is real important!
You want to work in the cloud using applications that implement military-grade security.
By keeping your client’s sensitive information in the cloud, behind military-grade security, you are much safer (in my opinion) than if you kept the info on your own computer.
In B3, you discover other ways in which to keep your client’s sensitive information secure.
Will clients be turned off by the fact I don’t have an office?
Well, maybe one or two along the way. But hey: those aren’t good clients for you anyway.
Most business owners want two things from their bookkeeper:
- someone who is trustworthy and
- someone who can take care of the bookkeeping
Most clients don’t care if you work from home or from the moon…just get their stuff done!
This is much different than it was even five years ago. Today, most business owners are used to service providers who don’t have offices. Heck, whenever I hire a professional to help me in my business, I never even ask about this.
And, if this is a problem with one potential client…say “thank you” and move on to the next. There’s plenty of business owners (vast, overwhelming majority) who don’t care one bit!
How many of Bookkeeper Business Blueprint students have started successful businesses?
…although I have no way of saying the %.
Here’s what I do know: the students who follow the blueprint, persevere through the rough patches (and there WILL BE those) and keep their goals in front of them…
Now, if you think you can go through the course, take no action and be successful, then RUN NOW!
Bookkeeping is a simple business…but that does NOT mean that it is easy.
Like a new-born infant, it takes a lot more time on the front end taking care of your baby…I mean business, than it does once it’s more mature.
I like to say that it’s a short-term sacrifice for a lifetime of benefit.
And, oh…check out the comments from successful students below inside our awesome exclusive Facebook community for B3 students only.
About how long does it take to complete each module?
The early modules go by pretty quick: 2.5 – 3.5 hours per week.
The later modules get a bit more intense requiring 4-5.5 hours per week.
That’s for going through the modules. There are homework exercises and implementation things you need to do on top of building your business.
For this reason, you need to plan to set aside a minimum of 10 hours per week. The more you can work your business doing the right things well, the quicker you’ll be successful.
I wanna go fast: can I complete the course in less than 10 weeks?
Yes you may.
Once you register and complete the first set of modules, just sent me an email prosper [at] learntobeabookkeeper.com and I will hook you up.
You do the work and I will help you succeed by fast-tracking you.
What core bookkeeping services will I provide to my clients?
- Record the financial transactions in the bookkeeping software that occur in the accounts.
- Classify the financial transactions in the bookkeeping software.
- Reconcile (double-check basically is what this is) in the bookkeeping software the accuracy of the transactions.
- Produce a set of beautiful set of financial statements (balance sheet, income statement and statement of cash flows) from the bookkeeping software.
- Have a conversation via Skype, telephone, sky-writing device, with your client about what the financial statements are saying.
That is the core service offering.
Of course, there are lots of additional services that you can provide to clients if the mood so strikes you!
So, how much does it really cost to get started?
One million dollars (insert Dr. Evil laugh here)…
Ok, not really.
You already learned that the average start-up costs for a bookkeeping business (which, by the way, is the #1 most profitable business in the world) is $1,219 by my estimation.
This is in addition to the B3 course costs.
So, less than $2,500 to begin work in the most profit-lucrative business known to man…hmmmm.
Why will potential clients choose me as their bookkeeper if I have no experience?
First, we target people who ALREADY know, like and trust us: friends, family, non-profits, churches, long-lost cousins who own businesses.
Next, we work to establish relationships with referral partners: people who are already in front of your target audience (business owners) who can refer you to their clients.
Under this second scenario, you borrow someone else’s creditability and trust. And, once you land that first client, you’re now on your way because you can get referrals from those clients.
What you DON’T want to do is to say this: “Hi Miss Prospective Client. I’m Ben. I just became a bookkeeper. I have no clients and no degree. Want to work with me?”
No way…so, let’s take the easy route via those we already know and referral partners.
And, don’t worry…you learn ALL about this inside of B3!
What is the average time spent working on a client each month?
It’s very hard to say as clients vary significantly from one to the next.
Some of my students report working less than two hours per month on some clients.
Other students have clients which consume 20-30 hours per month.
It all depends.
The key is that you are paid for the effort you put into each client. This is why you spend a lot of time, on the front-end before someone becomes your client, to understand their specific needs.
You determine how much of your time it requires so that you can quote a price in which you are fairly compensated.
So, there you are: the most frequently asked questions about B3 and starting your own bookkeeping business.
This post should provide you with the information you need to make an informed decision. Should you need additional help in your Bookkeeper Business Blueprint review, please email us: success [at] learntobeabookkeeper.com