In many ways Jeremy started his bookkeeping business on a whim. He encountered Bookkeeper Business Launch online and always had an entrepreneurial streak so it seemed like a good fit. The freedom to call his own shots and choose his own destiny is...
In many ways Jeremy started his bookkeeping business on a whim. He encountered Bookkeeper Business Launch online and always had an entrepreneurial streak so it seemed like a good fit. The freedom to call his own shots and choose his own destiny is what Jeremy was looking for, combined with his appreciation for numbers and it just made sense.
[5:30] Jeremy currently has 8 clients, 6 of which he is working with on a monthly basis. On top of his bookkeeping business, Jeremy is also a Financial Manager at a publicly traded manufacturing firm.
[7:25] Jeremy is pretty passive in his marketing efforts. His first client was a referral from a former coworker and he wasn’t really marketing at the time. Most people get their very first client in a similar way, basically talking to people and letting them know about their new bookkeeping business. Jeremy is also a member of a couple of formal networking groups and has dabbled a bit in Craigslist.
[10:40] Of the eight clients so far, Jeremy has only spent a few hundred dollars on ads. Sweat equity has been a key component in his growth.
[11:30] Jeremy made it very clear that flexibility is the most important aspect of the role so that has given him a leg up on dealing with all the moving pieces between work, family, and business. If you want your life to be better, you will have to make some sacrifices to get there.
[14:20] Jumping through hoops and giving value on the front end is one of the major challenges that Jeremy is experiencing right now. Bookkeeping is a relationship-first business and it takes time to build that relationship. Being an introvert makes the conversations a little more difficult as well.
[18:30] Jeremy’s wife Katie has been very supportive in his move to start the bookkeeping business which has been key. Jeremy’s vision for his business is to be the face of the business and away from the day-to-day tasks as much as possible in a much more strategic role.
[22:10] The goal for the bookkeeping business is to provide for his family and allow Jeremy to connect and spend time with them. It’s important to be very clear what your business is going to do for your life and your spouse’s life. Ultimately he wants to take his 9-5 job out of the equation and that’s kind of scary.
[25:20] Taking the leap and going full time into the bookkeeping business is tough for Jeremy, he regular job provides a lot of stability and security that is hard to walk away from. They have to look at how it will change their lifestyle and how it will impact their family. It’s good to have a counterbalance in your spouse, and if they aren’t ready to take those risks that’s a good sign that it may not be the right time yet.
[30:40] To replace Jeremy’s current income he would need approximately 25 clients. It will take time and struggle to get to that point. You don’t want to coerce your spouse into taking a risk that they are not ready to make. You have to start with why when working with your spouse on what the right decision is. The question is “how do we get from where we are today to where we want to be?”
[36:40] You want to get to the point where you both know exactly what criteria you need for everyone to feel comfortable with the decision. Make a visual representation of your goal and put it somewhere you can see often. Sometimes it’s less about the numbers and more about the feelings around them.
[40:30] Jeremy recently brought on a friend as a contractor to help him with the workload. He may actually want for her to go through the Bookkeeping Business Launch program as well to gain some additional skill set. The people and systems Jeremy has now will not get him to where he needs to be so he’s going to need more of both.
[44:25] In order to reach his vision for his business, Jeremy is going to have to build in processes and people that can get the work done. You don’t want to build your life around your business, you build your business around your life. Jeremy has begun recording the tasks he does daily so that he can bring new people on and start setting up those necessary systems.
[48:05] In terms of action items, Jeremy has to have a conversation with his wife and really figure out where the transition point for the business will be and make sure everyone is on board with it. Step two is figuring out the path to get there, refining his processes, and further defining the market he serves.
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