bookkeeping business plan

Bookkeeping Business Plan Template

Written by Dave Lavinsky

Bookkeeping Business Plan

You’ve come to the right place to create your Bookkeeping business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Bookkeeping companies.

Below is a template to help you create each section of your Bookkeeping business plan.

Executive Summary

Business overview.

Pacific Bookkeeping is a new bookkeeping firm located in Seattle, Washington. The firm will focus on providing expert bookkeeping services and exceptional customer service. We will help both small businesses and individuals and provide them with tax preparation, forecasting, budgeting, and other bookkeeping/accounting services.

Pacific Bookkeeping is led by Rebecca Stone, an experienced accountant who has been managing a large bookkeeping firm in Seattle, Washington for the past ten years. She graduated from Washington State University with an accounting degree and has been working at a large payroll firm since then, starting at an entry-level position and working her way up to a management-level role. Her experience and education have fully equipped her to run her own local bookkeeping firm.

Product Offering

Pacific Bookkeeping will provide a full range of bookkeeping services for individuals and small businesses. Some of these services include:

• Recording invoices
• Tax filing and preparation
• Financial reporting
• Payroll processing
• Monitoring accounts receivable
• Documenting receipts
• Forecasting
• Customer analysis

Customer Focus

Pacific Bookkeeping will primarily serve individuals and small businesses in the Seattle, Washington area. The city is home to over four million residents and around 100,000 businesses and many of them have a need for professional bookkeeping services. We will offer a wide variety of bookkeeping services in order to serve as many customers as we can in this target market.

Management Team

Pacific Bookkeeping is led by Rebecca Stone, an experienced accountant who has been working at a large bookkeeping firm in Seattle, Washington for the past ten years. She graduated from Washington State University with an accounting degree and then began working at the firm, starting at an entry-level position and working her way up to a management-level role. Though she has never run an accounting firm of her own, her experience has given her an in-depth knowledge of the bookkeeping industry, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

Success Factors

Pacific Bookkeeping will be able to achieve success by offering the following competitive advantages:

• Location: Pacific Bookkeeping is centrally located in the community, which provides ease of access for clients. The firm’s office will be located between the retail and business districts, making it accessible to a larger customer base.
• Competitive pricing: Pacific Bookkeeping’s pricing is more affordable than its closest competitors.
• Management: The management team has years of accounting experience that allows the company to market to and serve clients in a much more sophisticated manner than competitors.
• Relationships: Having lived in the community for over 20 years, Rebecca Stone knows all of the local leaders, newspapers, and other influencers. As such, it will be relatively easy for Pacific Bookkeeping to build brand awareness and an initial customer base.

Financial Highlights

Pacific Bookkeeping is seeking a total funding of $200,000 of debt capital to open its bookkeeping firm. Funding will also be dedicated towards three months of overhead costs including the payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

Company Overview

Who is pacific bookkeeping, pacific bookkeeping’s history.

Once her market analysis was complete, Rebecca Stone began surveying local office spaces for lease and identified an ideal location for the bookkeeping firm. Rebecca Stone incorporated Pacific Bookkeeping as a Limited Liability Corporation in January 2023.

Once the lease is finalized on the office space, interior design work can begin to make the office an appealing place to meet with clients.

Since incorporation, the company has achieved the following milestones:

• Located available office space for rent that is ideal for the bookkeeping firm
• Developed the company’s name, logo, and website
• Hired an interior decorating company to design and furnish the office
• Determined equipment and necessary supplies
• Began recruiting key employees

Pacific Bookkeeping’s Services

Industry analysis.

The United States Bookkeeping Industry is forecast to generate more than $66B this year. According to research reports, the largest bookkeeping firm in America generates approximately $9.5B annually. There are currently over 1.5M bookkeepers employed throughout the United States.

The top bookkeeping firms industry-wide are Automatic Data Processing (ADP) ($9.5B in annual revenue), Intuit ($7.8B in annual revenue), and Paychex ($4.0 in annual revenue). All other bookkeeping firms in the United States combined generate approximately $43.5B in annual revenue. An estimated 42% of industry revenue is generated through payroll services. Additional services such as billing, general accounting, tax preparation, and bookkeeping make up the remainder.

One of the biggest challenges for bookkeeping firms is the ability to keep up with changes in regulations. Additional hurdles include recruiting and retaining high-quality employees, keeping up with evolving technology, and acquiring new clients.

However, despite the challenges, the bookkeeping industry is expected to grow significantly throughout the rest of the decade. According to Data Intelo, the industry is expected to grow at a compound annual growth rate of 9.5% from now until 2030. This large growth shows that bookkeeping services are still in high demand, meaning that Pacific Bookkeeping has a solid chance of succeeding and maintaining a profit.

Customer Analysis

Demographic profile of target market.

Pacific Bookkeeping will serve individuals and small businesses in the community of Seattle, Washington, and its surrounding areas. Seattle has thousands of individuals and small businesses that would benefit from affordable bookkeeping services.

The precise demographics for Seattle, Washington are:

Customer Segmentation

Pacific Bookkeeping will primarily target the following customer profiles:

• Individuals
• Small businesses and nonprofits
• Government organizations

Competitive Analysis

Direct and indirect competitors.

Pacific Bookkeeping will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Young & Mitchell

Founded in the 1930s, Young & Mitchell has intentionally remained a small business so that the core group of professionals within the company could get to intimately know each one of their clients. The company is one of the leading tax firms in the Four State Region and offers financial guides and tax tools for individuals for free. Listed below is an outline of the services that the company offers according to its website:

• Tax Preparation and Planning Services
• Assurance and Advisory Services
• Estate and Trust Planning and Tax Preparation
• Bookkeeping/Write-up
• IRS Representation
• Accounting Services
• Audits, Reviews, and Compilation
• QuickBooks Accounting Help and Assistance
• Entity Selection and Restructuring
• Payroll Services

A Plus General Bookkeeping Services

A Plus General Bookkeeping Services is a bookkeeping firm that specializes in financial strategy and consulting for businesses of all sizes. The firm has been in business for over a decade and has acquired a loyal client base.

Clients may work with accountants in person, over the phone, through email, on video conferencing software, or completely through a new digital application. Although this firm has an excellent track record for service, it is also the most expensive bookkeeping company on the market.

Smith Brothers Accounting

Established in 1974, Smith Brothers Accounting is a privately held accountant practice that offers a wide variety of financial services including tax planning and preparation, payroll processing, financial planning, and small business accounting. Smith Brothers Accounting serves individuals and businesses.

Smith Brothers Accounting Services:

• Business Services
• Tax Services
• Individual Services
• Notary Services

Competitive Advantage

Pacific Bookkeeping will be able to offer the following advantages over the competition:

Marketing Plan

Brand & value proposition.

Pacific Bookkeeping will offer a unique value proposition to its clientele:

• Client-focused bookkeeping services
• Service built on long-term relationships
• Thorough knowledge of the latest regulations
• Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for Pacific Bookkeeping is as follows:

Pacific Bookkeeping understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer others by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Website/SEO

Pacific Bookkeeping will invest heavily in developing a professional website that displays all of the features and benefits of the bookkeeping company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The company will use social media to develop engaging content and post customer reviews that will increase audience awareness and loyalty.

Special Offers

Offers and incentives are an excellent approach to assisting businesses in replenishing the churn in their customer base that they lose each year. The company will introduce special offers to attract new clients and encourage repeat business.

Pacific Bookkeeping’s pricing will be moderate so consumers feel they receive great value when purchasing the bookkeeping services. The client can expect to receive quality bookkeeping services at a more affordable price than what they pay at other accounting firms.

Operations Plan

The following will be the operations plan for Pacific Bookkeeping.

Operation Functions:

• Rebecca Stone is the Owner and CEO of Pacific Bookkeeping. She will be in charge of the executive and operations aspects of the business. She will also provide bookkeeping services for her initial clients until she hires a full staff of accountants, bookkeepers, and tax preparation professionals.
• Rebecca is joined by Rhonda Wolfe who will be the company’s Administrative Assistant. She will help Rebecca with the administrative functions of the business.
• Rebecca is also joined by Samual Wright. He will act as the Marketing Manager and manage all the marketing and advertising functions for Pacific Bookkeeping.
• As the firm grows and takes on more clients, Rebecca will hire a team of experienced accountants, bookkeepers, and tax preparation professionals to help with the company’s service functions.

Milestones:

Pacific Bookkeeping will have the following milestones completed in the next six months.

• 3/202X Finalize lease agreement
• 4/202X Design and build out Pacific Bookkeeping
• 5/202X Hire and train initial staff
• 6/202X Kickoff of promotional campaign
• 7/202X Launch Pacific Bookkeeping
• 8/202X Reach break-even

Financial Plan

Key revenue & costs.

Pacific Bookkeeping’s revenues will come primarily from its bookkeeping services. The major costs for the company will include the salaries of the staff, marketing spending, and the rent for a prime location in Seattle.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Annual rent: $50,000
• Year 3: 100
• Year 4: 125
• Year 5: 150

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Bookkeeping Business Plan FAQs

What is a bookkeeping business plan.

A bookkeeping business plan is a plan to start and/or grow your bookkeeping business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Bookkeeping business plan using our Bookkeeping Business Plan Template here .

What are the Main Types of Bookkeeping Businesses?

There are a number of different kinds of bookkeeping businesses , some examples include: Traditional Bookkeeping and Accounting Business, Tax Preparation Services, Payroll Services, and Billing Services.

How Do You Get Funding for Your Bookkeeping Business Plan?

Bookkeeping businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Bookkeeping Business?

Starting a bookkeeping business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Bookkeeping Business Plan - The first step in starting a business is to create a detailed bookkeeping business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your bookkeeping business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your bookkeeping business is in compliance with local laws.

3. Register Your Bookkeeping Business - Once you have chosen a legal structure, the next step is to register your bookkeeping business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your bookkeeping business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Bookkeeping Equipment & Supplies - In order to start your bookkeeping business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your bookkeeping business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful bookkeeping business:

• How to Start a Bookkeeping Business

Bookkeeping Business Plan Template

Written by Dave Lavinsky

Bookkeeping Business Plan

Over the past 20+ years, we have helped over 9,000 entrepreneurs create business plans to start and grow their bookkeeping companies. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a bookkeeping business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Bookkeeping Business Plan?

A business plan provides a snapshot of your business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Bookkeeping Business

If you’re looking to start your own bookkeeping business or grow an established business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your bookkeeping business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Bookkeeping Startups

With regards to funding, the main sources of funding for a bookkeeping business are personal savings, credit cards, bank loans, and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a bookkeeping company is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan.

Finish Your Business Plan Today!

How to write a business plan for a bookkeeping company.

Your business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of business you are operating and the status; for example, are you a startup, do you have a bookkeeping business that you would like to grow, or are you operating a chain of bookkeeping companies.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the bookkeeping business industry. Discuss the type of business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing strategy. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of bookkeeping business you are operating.

For example, you might operate one of the following types:

• Traditional Bookkeeping and Accounting Business : the traditional bookkeeping and accounting business can provide the entire range of bookkeeping services, including maintaining journals and ledgers, balancing and reconciling accounts, preparing payroll, preparing and filing taxes, and providing billing and collection services.
• Tax Preparation Services : this type of bookkeeping business primarily prepares, reviews, and/or files tax returns and supplementary documents.
• Payroll Services : this type of bookkeeping business typically collects payroll information, processes paychecks, processes withholdings, and files reports.
• Billing Services : this type of bookkeeping business deals with sending bills and collecting payments.

In addition to explaining the type of business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the bookkeeping business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the bookkeeping industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, it would be helpful to ensure your plan takes into account the seasonal nature of certain services such as tax preparation.

The following questions should be answered in the industry analysis section:

• How big is the bookkeeping industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your bookkeeping business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments : families, entrepreneurs, businesses, retirees, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of bookkeeping business you operate. Clearly, families would want different pricing and product options and would respond to different marketing promotions than established businesses.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most bookkeeping companies primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your business clients.

Finish Your Bookkeeping Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other bookkeeping services and companies.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes accountants, companies’ internal accounting departments, professional employer organizations, and entrepreneurs/individuals doing their own bookkeeping. You need to mention such competition to show you understand that not everyone engages in bookkeeping services.

With regards to direct competition, you want to detail the other bookkeeping companies with which you compete. Most likely, your direct competitors will be bookkeeping companies located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What services do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior bookkeeping services?
• Will you provide bookkeeping services that your competitors don’t offer?
• Will you make it easier or faster for customers to acquire your services?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a bookkeeping business plan, you should include the following:

Product : in the product section, you should reiterate the type of business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to account reconciliation, will you offer services such as tax preparation?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections, you are presenting the services you offer and their prices.

Place : Place refers to the location of your business. Document your location and mention how the location will impact your success. Discuss how your location might provide a steady stream of customers. 

Promotions : the final part is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Email marketing to prospective clients
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites 
• Social media advertising
• Pay per click advertising
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your bookkeeping business such as serving customers, procuring supplies, keeping the office clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your bookkeeping business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in the bookkeeping or accounting business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in bookkeeping businesses and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 10 customers per week or 20? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your bookkeeping business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a bookkeeping or accounting business:

• Location build-out including design fees, construction, etc.
• Cost of equipment like computers and software
• Cost of maintaining an adequate amount of office supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office design blueprint or location lease.

Bookkeeping Business Plan Summary

Putting together a business plan for your bookkeeping business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will have an expert bookkeeping business plan; download it to PDF to show banks and investors. You will really understand the bookkeeping business, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful bookkeeping business.

Don’t you wish there was a faster, easier way to finish your Bookkeeping business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business plan consultant can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Free Accounting and Bookkeeping Sample Business Plan PDF

1 min. read

Updated February 26, 2024

Looking for a free, downloadable accounting and bookkeeping sample business plan PDF to help you create a business plan of your own? Bplans has you covered. 

Keep in mind that you don’t need to find a sample business plan that exactly matches your business. Whether you’re launching a larger accounting business in a bustling city or a smaller neighborhood office, the details will be different, but the bones of the plan will be the same. 

Are you writing a business plan for your accounting firm because you’re seeking a loan? Is your primary concern building a clear roadmap for growth? Either way, you’re going to want to edit and customize it so it fits your particular company. 

No two accounting businesses are alike. Your strategy will be different if you’re partnering with other CPAs, rather than working independently, for example. So take the time to create your own financial forecasts and do enough market research so you have a solid plan for success. 

• What should you include in an accounting and bookkeeping business plan?

Your accounting business plan doesn’t need to be hundreds of pages—keep it as short and concise as you can. You’ll probably want to include each of these sections: executive summary, company summary and funding needs, products and services, marketing plan, management team, financial plan, and appendix. 

One of the things that makes an accounting business plan different than some other service-based business plans is that you might decide to only work with businesses and not with individuals.  

You may offer different tiers of service to different types of clients. If that’s the case, make sure you include ideas like up-selling small businesses from hourly consultation to quarter contracts.

Download this accounting and bookkeeping sample business plan PDF for free right now, or visit Bplans’ gallery of more than 550 sample business plans if you want more options.

There are plenty of reasons accounting business owners can benefit from writing a business plan —you’ll need one if you’re seeking a loan or investment.

Even if you’re not seeking funding, the process of thinking through every aspect of your business will help you make sure you’re not overlooking anything critical as you grow.

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Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

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How to Start a Bookkeeping Business

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Even as the nature of business changes, one job that is always in demand is bookkeeping. Bookkeepers are essential for other businesses to thrive, making sure that they’re keeping track of their financials correctly and on the right track to grow.

In this guide, we’ll review how to start a bookkeeping business, including what you need to do to get set up, how to price your services, how to find your customers and how to fund your business if need be.

What does a bookkeeper do?

A bookkeeper is an instrumental part of any business operation. A company hires a bookkeeper to manage and organize its finances, including detailing and categorizing all transactions. They help small-business owners get a handle on their cash flow — one of the most important barometers for a healthy business. They will also often help businesses produce crucial financial statements such as the profit and loss statement and balance sheet.

Keep in mind, though, bookkeepers differ from accountants as they cannot file taxes or perform audits like certified public accountants. Bookkeepers also aren’t required to have an accounting degree. While they can receive certifications through training programs, they can also simply acquire on-the-job experience to establish their bookkeeping business.

Typical bookkeeping services include:

Managing a business’s finances through business accounting software.

Manage accounts payable and receivable.

Help businesses with an overview of their finances to help them understand their habits.

Generate financial statements.

How to start a bookkeeping business in 8 steps

The good news is that learning how to start a bookkeeping business isn’t hard. Follow these steps to launch your bookkeeping business in no time.

1. Pick your market and niche

A bookkeeper’s work is applicable across many different types of industries — after all, every business needs to track and optimize its finances. However, to help market your business and set it apart amongst the competition, you may decide to specialize in a specific industry.

This could help you build credibility inside that segment, as well as help you hone your skills. Additionally, determining your target audience will be simple if you have a specialty. To help determine your niche, you should also research the market to determine what bookkeeping businesses are already established and which industries they serve.

2. Write a business plan

Regardless of the type of business you run, all business owners should write a business plan . That, of course, includes bookkeepers.

A business plan involves outlining your plans for your company in detail. It is a comprehensive document that explains not only your services but also your market and the competitive advantage you’ll have in your business. You’ll create projections and make plans for your growth. This document does tend to be lengthy, but it’s important to do. It’ll help you focus your business and run efficiently out of the gate.

There are two pieces of the business plan that deserve a little extra consideration.

Choose a business name

Your business name will be the first impression for potential clients, so you’ll want to consider this very carefully. What do you hope to communicate with your name? Is it your expertise, your specialty, your personality?

Before you choose your business name , make sure someone else isn’t already using it, lest clients get confused. Also, run the name by a few people to see the impression they get of it. Once you have your finalists, run the names through your secretary of state’s business name database to make sure it’s available.

Consider certification

As we mentioned above, you don’t technically need to be certified to run a bookkeeping business. You might, however, want to consider becoming a certified public bookkeeper , or CPB, which signals to clients that you have professional-level skills and might be an important part of how you differentiate yourself in a competitive market.

Certification is also available within certain software products, too — for instance, you can get certified in QuickBooks.

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

3. Register your business and get insured

Once you’ve picked a business name, the next step is to register your business and make things official. The exact process will vary depending on how you plan on structuring your business and where you’re planning to do business. You’ll want to look up the exact rules for how to register your business with your secretary of state’s office.

Choose a business entity

A major part of registering your business and opening up shop is choosing a business entity. This will govern how you pay taxes as a small-business owner, but also what kind of liability protection you have in case something goes wrong and how you’ll structure your business.

If you’re just starting a bookkeeping business, it’s likely that you’ll just be working solo, at least for the beginning. Consider starting your search into business entities for bookkeepers by looking into sole proprietors and LLCs. The latter could be a great option if you might bring in some help down the line.

Obtain insurance

It’s not compulsory, but you might want to look into insurance for your bookkeeping business. This can help protect you from costly liability in case you make a mistake on your customers’ books — which can be a huge hit to your business and, in some cases, your personal finances — if you aren’t insured. Common business insurance policies for bookkeepers include things such as professional liability and general liability.

4. Choose your bookkeeping software

This one is a no-brainer: Your bookkeeping software will be the foundation of your business. You have lots of options for the best bookkeeping software, so look into them carefully.

If you are overwhelmed, however, or simply want to use the overwhelming favorite, you should consider using QuickBooks Online—this is one of the most popular accounting software providers on the market and is used by many small and large businesses alike. Another popular option is Xero, but there are plenty of bookkeeping apps to choose from. You can get certified in each of these programs, which can not only help you become a power user but can also help you market yourself as an expert.

5. Set up your business infrastructure

When you’re learning how to start a bookkeeping business, you’ll find that there are a few key pieces of infrastructure you’ll need to kick off. Carefully think about setting up the following:

Many clients will look for your website to find out about you and your experience. If you’re specifically running a totally virtual business, a website is extra important since it can demonstrate to clients your skills. And luckily, there are plenty of website builders to make creating your website a breeze.

Client database management

As you grow your client roster, you’ll want to make sure you're tracking them effectively and completely. You can use a CRM and project management tool in which you can set up your own workflow. You can also look into specific accounting practice management software, some of which integrate directly into software such as QuickBooks Online.

File-sharing

If your clients will be sending you things such as receipts or statements, you might want to consider the tool that you’ll use to share files. A popular option is Dropbox, in which you can create a shared folder that both you and your clients have access to.

Business bank account

You’ll also want to make sure that you set up a business bank account to keep your business finances separate from your personal finances. This is crucial for taxes as well as personal liability protection.

Start with a business checking account and, as your business grows, you may also opt for a business savings account to let your excess funds earn interest. Both traditional, brick-and-mortar banks and online institutions offer attractive banking options, so shop around before deciding where you want to park your hard-earned money.

6. Price your services

Figuring out what to charge is any small-business owner’s greatest challenge. Too little and you aren’t fairly compensated for your work; too much and you’ll have a tough time competing with other bookkeeping businesses.

PayScale, a site that tracks salaries and rates, puts the average hourly rate for a bookkeeper around $17 per hour ($10 on the low end and $24 on the high end). You might also want to look into freelance and for-hire contractor sites, such as UpWork or Fiverr, where people list their rates. Find bookkeepers that are similar in your skill set and experience to help gauge what you should be charging.

Remember that the amount that you charge should be contingent on your years of experience, specialization in industries, certifications you carry and your area. And, of course, your rate isn’t fixed — you can always change it if you feel like you’re not priced correctly.

7. Find your customers

Marketing is so important, no matter the type of business you own. The savviest small-business marketers are the ones who figure out exactly who their customers are and advertise directly to them.

You’ll want to think up a unique selling proposition for your business: For instance, are you touting your experience? Your industry specialization? Your focus on local business? This will all help you come up with the most creative ways to market yourself, which may include direct mail or radio ads, social media ads, email campaigns, or any number of other strategies.

Look into our comprehensive guide to small-business marketing, which will cover how to reach people through SEO, search ads, social media and more.

And never forget the power of word-of-mouth referrals — and don’t be too shy to ask for them.

8. Understand your funding options

If you’re starting out small, it’s likely you won’t need a large amount of business funding — you can always explore options down the line if, say, you open a brick-and-mortar office and hire multiple employees.

For now, though, you’ll likely want to get a business credit card to fund your bookkeeping business. This will give you the spending power to set up your company and put all of your business expenses in one place. That’s not only important for separating your business and personal finances, but can help you with your own bookkeeping come tax season.

There are lots of different types of business credit cards to look into, including options with 0% introductory APR periods, so if you have a few startup costs you can’t cover with savings, you can treat this type of card like an interest-free loan. Just make sure you have a plan to pay off the balance before the introductory offer ends and a variable APR sets in.

LLC Formation

The bottom line

One final thought on how to set up a bookkeeping business: Make sure that you grow as the businesses around you do, too. That doesn’t mean you have to take on more clients, but rather grow your knowledge and network.

Keep your skills up to date, evolve the depth in which you know your preferred platforms and stay apprised as their features change, as well. You can always attend professional events, too, such as conferences and networking events. Don’t forget that investing in your business means investing in yourself.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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Bookkeeping Business Plan Sample

Published Mar.28, 2019

Updated Apr.19, 2024

By: Noor Muhammad

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Table of Content

Do you want to start accounting and bookkeeping business plan?

A bookkeeping business requires you to manage your expenses and income, prepare tax returns for clients and process payrolls. You should learn how to approach clients and create a bookkeeping business plan template to get your business up and running. One thing you should not overlook is looking for an ideal banking partner. You should write a business plan before starting your business.

When a business plan is needed to acquire funding, the value it provides is all about the overall process. You need considering every aspect, like services and products, you are going to sell, the way you will market your offerings, and your competition. Here are some of the major items you should include in your business plan –

Executive Summary

When writing a bookkeeping services business plan template, the executive summary is a very important part. You need writing the overall review of your company business. You need describing your services to your clients. It will need investment in staff and marketing for the overall growth of your business to include the complementary range of your business. This segment of the business plan helps you in starting your own bookkeeping business . You need to do an in-depth and detailed analysis of your business strengths and weaknesses and ensure it has great odds of success.

• What services do you offer?

This way, your company can definitely provide bookkeeping services to your clients along with management accounting, tax accounting, as well as QuickBooks installation and services. You can also further expand to offer bookkeeping services for small businesses. You may want to offer quality and reliable services like Accounts Payable/Receivable, General Ledger, Billing & Collections, Payroll Management, Tax Preparation and Filling State, Federal and Local Forms.

• Who buys your product?

As a licensed and standard bookkeeping firm, you can offer a huge range of consulting solutions to a huge range of clients’ base. Your target market may be ranging from different industries and sizes. This way, you may want to target NGOs, Mom and Pop stores, Blue Chip companies, Hotels and Restaurants, Religious Organizations, Sports Organizations, Schools and others.

• How he implement business management?

Proper planning needs well-trained staff and efficient management team enough to run your business. You need describing the efficiency of your business partners and staff.

• What target of this business?

Here, you need describing your measurable goals. You should have a well-defined target and measurable elements to ensure the success of your business.

Company Summary

Financial services are quite a large industry and bookkeeping is one of the active segments of the businesses, which includes recording financial transactions in business. It is a kind of financial accounting process. The payroll and bookkeeping services industry has plenty of small business operators which serve many clients from start-ups to well-established ones.

Bookkeeping industry is a mature stage of growth. If you are wondering how to start a bookkeeping service business plan , it is very helpful to know how to outsource your human resource functions like payroll etc. to focus your attention on core business operations. The bookkeeping is a large and active industry especially in developed countries like USA, Canada, UK, France, Italy, Japan, China, etc. There are around 285,212 licensed and registered bookkeeping companies in the US alone.

• Who is owner of this company?

You need telling the ownership of your company, like a sole proprietorship, partnership, etc.

• Why you have started Bookkeeping business plan?

Bookkeepers usually keep transactions like sales, purchases, payments, and receipts by the organization or person. Your purpose to start this business may be related to one of these things.

• How you have to start the Bookkeeping business plan?

For doing this, you can partner with smaller companies also engaged in financial services, such as auditing firms, tax consulting firms, and others.

Here is the data in table containing the costs-

Services for customers

When creating an accounting business plan template , you need to describe what services you have on offer. Establishing the clientele of the accounting business takes time. It takes words of mouth, referrals, and recommendations for new clients to select your services. You may look at the advertisements or Yellow Pages to figure out the services your business can offer. Then you can add further information and pricing.

You should be prepared well to make profits from your industry. As a general overview of <strong>how to start a business plan template for home bookkeeping</strong>, you may offer the following services.

• Tax services like Tax Planning, Tax Preparation, addressing tax issues (IRS issues, payroll problems, bankruptcy, audit representation etc.)
• Cost Accountant/Management services like Cost and Margin analysis, Audits, Credit Card Processing setup, and Financial Projection
• QuickBooks training, QuickBooks setup, etc.

Along with these, your accountants may add these bookkeeping solutions –

• Sales tax processing
• Payroll processing
• Accounts receivable (invoicing, entry, collection, deposits etc.)
• Accounts payable (bill payments, entry)
• Bank Reconciliations
• Financial statement preparation
• Inventory Management

To add further value to your offerings, your accountant or bookkeeping manager may audit and supervise the work of bookkeepers, answer their queries, and provide quality service. They will also review QuickBooks reports and files to ensure they follow the formats properly and are prepared well.

Marketing Analysis of Accounting and Bookkeeping Business Plan

The market for small accounting business consists of almost every small business in the US. As businesses grow larger than a sole proprietorship, they usually need an expert solution with tax preparation and additional bookkeeping and accounting solutions. Even most of the non-employer proprietorships need accounting services at least once. When most small businesses have CEOs or bookkeepers for full time, some even outsource these services. When making home based bookkeeping business plan template, you need to consider the following questions –

• Who is the targeted audience of accounting and bookkeeping business?

Promotion activities in your business also vary according to your target market. When it comes to choosing an accountant, there is a great importance of referrals and words of mouth among all market segments. There are certain efforts you need to take to stimulate business when starting your own bookkeeping business plan home . You need creating a cost-effective business campaign, based on publicity, direct marketing, advertising, and customer reward program.

• What business target should company achieve?

Your business target clarifies what you want to achieve in your specific goals. You need to have a well-defined target with measurable elements to make an effective goal. There are different types of goals, and your plan should have a variety of goals. There are two different categories of goals for many businesses – marketing and financial targets. You need to tailor your objectives to cover the overall bookkeeping business.

• How much will be the average price of the product?

Here, you need to describe how much you are going to charge for your services. You should consider fee structure for your business clients according to their unique needs. On average, you may charge $55 on an hourly basis for businesses for accounting services. There is a base fee range of $50 to $125 for personal/housing tax preparation. There are also charges for filing in the schedules and forms involved. The personal consulting is also priced at an hourly rate of $25.

Referrals are the effective and most important parts of your business. Therefore, you need to be more aggressive in attracting new clients in the first few years, which will pass on the words and your business, can start experiencing natural growth. Useful and constructive planning needs a broad and detailed understanding of changes, which take place in the market where your company has competition, or want to compete.

SALES FORECAST

You also have to consider the ever-changing and thriving financial markets when starting your own bookkeeping business home . You need considering detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing, which are the important components to assess the risks and opportunities in a company.

• Who are your competitors?

When writing a business plan tamplate for bookkeeping business , you need to explain how you are going to stand out in competition. You may want to have detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing. These are the important components to assess the risks and opportunities for the company. Your management should develop disciplined planning and methodology to anticipate your economic needs and other important information.

• What is your sales strategy?

It is a strategy for business plan to sell your services to your existing clients, especially before your marketing efforts pay off with upcoming inquiries. You need to inform about the services to all the clients by phone. You may approach the clients through regular sales calls.

• What about your sales forecast?

When writing a business plan template for a bookkeeping business , describe the average cost of a project like tax services ($750), QuickBooks services ($300), and cost accounting ($1000). Bookkeeping services are charged on an hourly basis, i.e. $30 per hour.

Personnel Plan

When creating a business plan for accounting services , you might want to have a bookkeeping manager who will keep track of the work of bookkeepers. He will be in MS or MBA accounting program with years of bookkeeping and professional work experience, especially at the beginning of their graduate school program so they can work through two years of the program and be considered for a move to a full-time position in the third year.

The manager will also move from part-time to a full-time position in a few years to come. In the personnel plan, you need to explain about the staff you are going to hire and the team you have already.

• What staff would be needed for accounting and bookkeeping company?

In this part of the bookkeeping business plan template, explain what staff you would need for your company. You have to explain the key business members of your business. You need to explain whether you would hire full time or part-time staff. Will you need additional support staff to further expand your business? You need to explain key members of your business.

• What will be the average salary of your staff?

You will also have to explain the salary of your staff on average, along with office and other expenses during the first year. You can describe this part in detailed form.

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Financial Plan

This section of your bookkeeping company business plan consists of growth with positive cash flows with operations. It is unimportant to add owner investment or outside investment for business plan . The new line of business is not capital based and it will improve the fixed costs of business. Additional revenues from sales should cover it quickly. At least five clients use service without any problem, as they are all set to use bookkeeper or outsource their bookkeeping. Here are some of the assumptions of financial plan –

Important Assumptions

You need to describe your assumptions on the growth of your business over the next 2 to 3 years. You need to explain the working hours of your bookkeepers before reaching the capacity.

Break-even Analysis

It should be based on fixed costs behind running the business with old lines of your business. It is a significant rise from the breakeven point. You can describe your payroll, capacity, marketing activity, expenses of new bookkeeper, insurance, cost of sales etc.

Projected Profit and Loss

Here, you need to explain the proposed income and expenses of your business as well as the overall profit and loss. Also, explain how you are going to balance them.

Projected Cash Flow

You will need to explain the overall cost requirement in the first year and how you will balance out and get back to the positive cash flow in the next few years to come.

Projected Balance Sheet

If your new business succeeds as you expect, the net worth can improve in your business. Explain the debt of the business as well as external financing.

Business Ratios

You will need to explain the overall ratio of your assets with net worth. Explain how gross margins can be higher than averages.

Download Bookkeeping Business Plan Sample in pdf

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Bookkeeping Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Accounting, Bookkeeping and Tax Preparation

Are you about starting a bookkeeping business ? If YES, here is a complete sample bookkeeping service business plan template & feasibility study you can use for FREE .

In case you didn’t know, there are loads of small businesses, mom and pop businesses, amongst a few without the faintest idea of any bookkeeping, payroll and accounting skills. These businesses struggle with their books a lot.  Research shows that one of the reasons why many small businesses remain small and sometimes close shop is not because they don’t have clients or capital to run the business but because they fail to keep their books properly.

If you are an accountant, then you can leverage on this read to start your own bookkeeping and payroll services Business. You can be sure that your services would always be in demand by those small businesses that can’t afford to hire a full time accountant.

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They know that it would save them cost and the good thing is that you can handle up to 20 clients per time depending on how organized and hardworking you are. Here is a sample bookkeeping business plan that will come in handy as you start your business;

A Sample Bookkeeping Service Business Plan Template

1. industry overview.

The financial services industry is indeed a broad industry and one of the active lines of businesses in the industry is bookkeeping and payroll services business. Bookkeeping is all about recording of financial transactions especially in businesses. It is part of the process of financial accounting in business.

The basic transactions that bookkeepers keep for businesses include purchases, sales, receipts, and payments by an individual person or an organization/corporation. Although there are quite a few standard methods of bookkeeping. Methods such as the single-entry bookkeeping system and the double-entry bookkeeping system are used.

The bookkeeping and payroll services industry has loads of small business operators servicing a wide range of clients ranging from start – ups to well established businesses. Basically, bookkeeping and payroll services firms offers outsourced payroll services for clients’ employees and basic bookkeeping services as requested.

The Bookkeeping and Payroll Services industry is indeed in a mature stage of its growth. The industry is characterized by growth in line with the overall outlook of the economy, consolidation from the largest players in the industry and wholehearted market acceptance of industry products and services.

The bookkeeping and payroll services line of business will continue to be in high demand by business establishment in the united states, most especially as the number of businesses and employees increases. Corporate organizations are also expected to continue to outsource their human resource functions such as payroll et al so as to focus their attention on their core area of operations.

The Bookkeeping and Payroll Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, South Africa Japan, China, Germany, and Canada et al.

Statistics has it that in the United States of America alone, there are about 285,212 registered and licensed Bookkeeping and Payroll Services firm responsible for employing about 929,849 and the industry rakes in a whooping sum of $81 billion annually. The industry is projected to enjoy 7.8 percent annual growth.

One thing is certain about starting a bookkeeping and payroll services business, if you are able to conduct your market research and feasibility studies , you are more likely not going to struggle to secure clients because there are always mom and pop shops, start – ups and even corporate organization who would want to hire your services.

Lastly, with bookkeeping and payroll services business, you can afford to partner with other smaller firms that are into financial related services. You can partner with tax consulting firm, you can partner with auditing firms and you can partner with human resources consulting firms et al. The bottom line if that, if you are have a robust network and you are well positioned, you can indeed maximize your bookkeeping and payroll services business.

2. Executive Summary

Chris Morgan Financial Consulting, LLC is a registered and licensed financial consulting firm with biased in bookkeeping and payroll services and will be based in Las Vegas – Nevada. The company will handle all aspect of bookkeeping and payroll related services such as:

• Full-service payroll services
• Payroll services sold separately
• Billing services
• Bookkeeping and compilation services
• General accounting services
• Tax planning and consulting services
• Tax preparation and representation services and other related financial services.

We are aware that to run an all – round and standard bookkeeping and payroll services firm can be demanding which is why we are well trained, certified and equipped to perform excellently well. Chris Morgan Financial Consulting, LLC is a client-focused and result driven bookkeeping and payroll services firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a standard and professional bookkeeping and payroll services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Chris Morgan Financial Consulting, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the financial consulting services industry with bias in accounting, bookkeeping and payroll administration.

Chris Morgan Financial Consulting, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in bookkeeping and payroll services line of business in the whole of Nevada, and also to be amongst the top 20 bookkeeping and payroll services businesses in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our bookkeeping and payroll services business before sourcing for clients from other cities in The United States of America.

Chris Morgan Financial Consulting, LLC is founded by Chris Morgan and Mark Lake, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business. Chris Morgan has well over 5 years of experience working at various capacities within the financial consulting services industry in the United States of America.

Mr. Chris Morgan graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc.) and he is a chartered account. Mark Lake has ample experience in the area of tax consulting and financial auditing.

3. Our Products and Services

Chris Morgan Financial Consulting, LLC is going to offer varieties of services within the scope of the financial consulting services industry in the United States of America. Our intention of starting our bookkeeping and payroll services firm is to work with both smaller organizations (start – ups and mom and pop shops) and also well – established corporate organizations who would want to outsource the payroll and bookkeeping concerns.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;

• Provide Full-service payroll services
• Provide Payroll services sold separately
• Provide Billing services
• Provide Bookkeeping and compilation services
• Provide General accounting services
• Provide Tax planning and consulting services
• Provide Tax preparation and representation services
• Other financial consulting and advisory related services

4. Our Mission and Vision Statement

• Our vision is to build a bookkeeping and payroll services brand that will become the number one choice for both smaller businesses and corporate clients in the whole of Las Vegas – Nevada.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional, reliable and trusted bookkeeping and payroll services that assist start – ups, corporate organization and non-profit organizations in organizing their books and financial related concern.
• We will position the business to become the leading brand in the bookkeeping and payroll services line of business in the whole of Nevada, and also to be amongst the top 20 bookkeeping and payroll services firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard Bookkeeping and Payroll services firm in Las Vegas – Nevada, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The picture of the kind of bookkeeping and payroll services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Las Vegas – Nevada as long as they are willing and ready to work with us to achieve our business goals and objectives.

Below is the business structure that we will build Chris Morgan Financial Consulting, LLC;

• Chief Executive Officer

Bookkeeper and Payroll Administrator

Admin and HR Manager

Marketing and Sales Executive

• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for ensuring that all transactions whether it is cash transaction credit transaction are recorded in the correct daybook, supplier’s ledger, customer ledger, and general ledger
• Brings the books to the trial balance stage
• Provides Full-service payroll services
• Provides Payroll services sold separately
• Provides Billing services
• Provides Bookkeeping and compilation services
• Provides General accounting services
• Provides Tax planning and consulting services
• Provides Tax preparation and representation services
• Handles other financial related services
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writs winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distributes mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Chris Morgan Financial Consulting, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured bookkeeping and payroll services firm that can favorably compete in the highly competitive financial consulting services industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Chris Morgan Financial Consulting, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Chris Morgan Financial Consulting, LLC;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new travels and tours agency, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated financial consulting services industry; that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

• Opportunities:

The opportunities in the financial consulting services industry is massive considering the number of mom and pop businesses, start – ups and of course corporate organizations who can’t afford to do without the services of bookkeeping and payroll service providers. As a standard and well – positioned bookkeeping and payroll service provider, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a bookkeeping and payroll service firm operating in the United States are unfavorable government policies , the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The financial consulting services industry is indeed a very large industry and of course it is one industry that works for businesses across different industries.

If you are conversant with the trend in the financial consulting services industry, you will agree that loads of mom and pops, businesses, and start – up ventures that do not have the capacity to hire chatter accountants to keep their books would naturally hire the services of bookkeeping and payroll services providers who would usually charge them service charge.

Relatively, it is cheaper and less stressful to hire the services of bookkeeping and payroll service providers as against employing a qualified accountant. The truth is that, it is common to find even bigger firms contracting their bookkeeping and auditing concerns to competent financial / auditing firms because it is cost effective to do so.

Another notable trend in the financial consulting services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry.

So also, the financial consulting services industry has benefited from the advancement of online and computer payroll and bookkeeping services, with new cloud-based offerings providing a new revenue stream for operators, and attracting new customers.

Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The demographic and psychographics composition of those who need the services of bookkeeping and payroll services providers cuts across both small businesses and large corporations.

Chris Morgan Financial Consulting, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading bookkeeping and payroll service firms in the United States.

As a standard and licensed bookkeeping and payroll service firm, Chris Morgan Financial Consulting, LLC offers a wide range of financial consulting services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around Las Vegas – Nevada and other cities in the United States of America.

Below is a list of the businesses and organizations that we have specifically design our products and services for;

• Mom and Pop Businesses
• Blue Chips Companies
• Corporate Organizations
• Religious Organizations (Pilgrimage journeys et al)
• Political Parties / Politicians
• Hotels and Restaurants
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

The level of competitions in the financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your bookkeeping and payroll services firm or carve out a unique market, you are likely going to experience less competition.

For instance if you are one of the few bookkeeping and payroll firms in your locations that also offer tax consulting and financial auditing services you are likely going to have a competitive advantage over your competitors.

Although the competition in the bookkeeping and payroll services line of business is not just within same service providers but also other financial consulting related service providers in the financial consulting services industry. For example, it is now easier for you an auditing firm to also handle bookkeeping and payroll services for its clients.

We are quite aware that to be highly competitive in the financial consulting services industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of clients.

Chris Morgan Financial Consulting, LLC might be a new entrant into the financial consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified bookkeeping and payroll experts in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be amongst the best within our category (start – ups bookkeeping and payroll service providers) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Chris Morgan Financial Consulting, LLC is established with the aim of maximizing profits in the travels and tours industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Chris Morgan Financial Consulting, LLC will generate income by offering the following financial consulting services for start – ups, NGOs and for corporate organizations;

10. Sales Forecast

One thing is certain, there would always be mom and pop shops, start – ups, NGOs and corporate organizations who would need the services of professional bookkeeping and payroll services providers.

We are well positioned to take on the available market in Las Vegas – Nevada and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.

We have been able to critically examine the financial consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below is the sales projection for Chris Morgan Financial Consulting, LLC, it is based on the location of our business and the wide range of financial consulting services that we will be offering;

• First Year-: $150,000
• Second Year-: $350,000
• Third Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition amongst bookkeeping and payroll service providers and other related financial consulting service providers in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard bookkeeping and payroll service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our bookkeeping and payroll consulting firm to become one of the top 20 bookkeeping and payroll firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.

Chris Morgan Financial Consulting, LLC is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
• Promptness in bidding for financial consulting contracts from the government, religious organizations and other cooperate organizations
• Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local finance and business expos, seminars, and business fairs et al
• Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies.

Below are the platforms we intend to leverage on to promote and advertise Chris Morgan Financial Consulting, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Hourly billing for financial consulting services is a long – time tradition in the industry. However, for some types of financial consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, Chris Morgan Financial Consulting, LLC will charge our clients a flat fee for many basic services such as bookkeeping and payroll services and business advisory services and tax consulting et al.

At Chris Morgan Financial Consulting, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to financial consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At Chris Morgan Financial Consulting, LLC our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

Starting a bookkeeping and payroll services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Chris Morgan Financial Consulting, LLC;

• The Total Fee for incorporating the Business – $750.
• The budget for basic insurance policy covers, permits and business license – $2,500
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
• The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
• The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
• The Cost of Launching your official Website – $600
• Budget for paying at least three employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (150,000) U.S. dollars to successfully set – up a medium scale but standard bookkeeping and payroll services firm in the United States of America.

Generating Funding / Startup Capital for Chris Morgan Financial Consulting, LLC

Chris Morgan Financial Consulting, LLC is a business that will be owned and managed by Chris Morgan and his business partner Mark Lake. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Chris Morgan Financial Consulting, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our financial consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Chris Morgan Financial Consulting, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

Book keeping Business Plan

No matter the type of business or the industry you are into, especially those that involve money, which is almost everything, you really need to account all the transactions of the entity. Bookkeeping is needed in every kind of business, and an entity must have their own bookkeeper to perform the bookkeeping tasks. You may also see strategic plan examples .

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Bookkeeping is naturally challenging because you are dealing with the company’s financial resources, the lifeblood of the company. In order to do your bookkeeping effectively and efficiently, you need to lay out your bookkeeping plans in a formal document called business plan . Bookkeeping business plans will guide you to the small steps to achieve your desired goals in bookkeeping.

Accounting and Bookkeeping Business Plan Example

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Basic Bookkeeping Business Plan Example

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Importance of Bookkeeping

Bookkeeping is an important aspect in the life of every business entity. It involves the recording of financial transactions, which includes purchases, sales, general receipts , and payments. It can help the users of the financial statements as well as the related parties in different ways. Below are the common importance of bookkeeping:

1. It limits the pain of auditing

Internal and external auditing are the two auditing procedures that must be performed on the financial statements of an entity. In auditing, the auditors need to gather the necessary information to determine whether the financial statements are presented fairly in all material aspects. Bookkeeping can help the auditor easily check the financial information of the company.

2. Files for tax filing are gathered

In filing for tax payments, certain papers are needed such as the simple receipts for the revenues and expenses and other related documents evidencing the amount that must be paid by the company for their tax payable. Bookkeeping can help in tax filing because through bookkeeping, the necessary files are already gathered in place.

3. Analysis and management

Through the information and the general summary of the digits of the purchases, sales, receipts, and payments, the management can analyze their performance for the improvement of the entity. The internal control can also be tested on whether or not it is reliable especially in the preparation of the financial statements.

4. Requirement of the law

The law requires that a company must do bookkeeping in their accounts and to keep proper records not just for auditing but for tax purposes as well.

5. You can plan ahead

Based on the previous transactions that you have recorded in your books, you can plan ahead on what you are going to do with the aspects that you think are your weaknesses and do something to improve your strengths.

Company Bookkeeping Business Plan Example

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Comprehensive Bookkeeping Business Plan Example

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Steps in Bookkeeping

Bookkeeping may be burdensome for some; however, it must be done in order to help not only the management but also any other users of financial information of the company. Having a license as an accountant is not a requirement for bookkeeping, but being a Certified Public Accountant is an advantage as they already know the necessary steps to do bookkeeping. You may also see business plan guidelines examples .

To help you in doing your bookkeeping, here are the simple but important things that you must remember:

1. Prepare the source documents

The first thing that you must do in bookkeeping is to gather all the necessary documents—source documents. You must prepare the source documents for all the transactions that your company has entered into such as in operations, finance, and investment as these are the starting point in your bookkeeping process. You may also see risk plan examples .

2. Determine the relevant information about each transaction

Now that you have gathered all the necessary documents for all the transactions of your company, you must determine the relevant information about each transaction. You must also record the financial effects for each of the transactions and other business events. You may also like business operational plan examples .

3. Record journal entries into the general journal

Record in chronological order the relevant transactions into the general journal. Commonly, a double entry system is being used by most of the companies. It states that for every debit, there must be credit.

Hence, when you are going to record an account as a debit, you must also record pair it with its credit. It is better that you study more on the double entry system to understand more about this topic as this can get complicated when you got lots of rare transactions. You may also check out market analysis business plan examples .

4. Perform end-of-period procedures

Most business entities need accounting reports at the end of each quarter or at the end of the month. Hence, you must perform end-of-period procedures which are the critical steps and can be used for getting the accounting records updated and ready for the preparation of management accounting reports, tax returns, and simple financial statements .

5. Compile the adjusted trial balance

When you have finished performing the end-of-period procedures, you must compile a complete list of all the accounts in your record in the adjusted trial balance. In the adjusted trial balance, all the changes in the accounts that has been affected by the transaction within a certain period are reflected. You might be interested in network marketing business plan examples .

6. Close the books

Lastly, close the books of the accounts by eliminating the nominal accounts by transferring them to their respective real accounts. Closing the books can help get things ready for the next period’s bookkeeping process.

Detailed Bookkeeping Business Plan Example

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Lengthy Bookkeeping Business Plan Example

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Typical Structure of a Business Plan

In creating a business plan for a professional goal that you have in mind, you must make a formal paper, detailing all the necessary information that would lead you to achieving your predetermined goal.

1. Cover Page

The first part of your business plan must be your cover page. In your cover page, you must write the title of your business plan , your company, and the date. This is important so you can easily determine this document from your other documents of your entity, especially when you are compiling a hard copy of the document.

2. Table of Contents

The table of contents must also be present in your business plan especially when you are creating a lengthy business plan. This can guide the users and the readers of the different sections in your business. If you are creating a business plan digitally, you may create a clickable table of contents linking the items in your table of content to their respective contents.

3. Executive Summary

In your executive summary , you must summarize the whole document in a way that the readers can be easily acquainted with your business plan without having to read it all. It must contain a brief statement of the problem or subject covered in the business plan, background information, concise analysis, and main conclusions.

4. Mission Statement

In this section you must present the general mission statement or the short statement of an organizations purpose. It must identify the goals of its operations. You may also include in this section the organization’s values or philosophies, your company’s competitive advantages, or a desired future state.

5. Business Description

You must present in this section the description of the business you are in. You can include the nature of the business that you are into as well as the operations and systems that you are implementing in your business.

6. SWOT Analysis

SWOT analysis or the analysis of your strengths, weaknesses, opportunities, and threats must be presented in this section. You must specify the objectives of your entity and identify the internal as well as the external factors that are favorable and unfavorable to achieving those objectives.

7. Industry Background

In this section, you must present the type of industry of your company, whether you are a service provider for a certain service, a manufacturer of a certain good, among others.

8. Competitor Analysis

This section of your general business plan is where you present your competitor analysis. Competitor analysis is the assessment of the strengths and weaknesses of current and potential competitors of the same industry that your company is into. This general analysis provides an offensive as well as defensive strategic context to identify opportunities and threats from those competitors.

9. Market Analysis

In this section, you must include your  market analysis , your studies on the attractiveness, and the dynamics of a special market within a special industry. In this analysis, you can also identify the strengths, weaknesses, opportunities, and threats of your company. This is also known as a documented investigation of a market that is used to inform a firm’s planning activities.

10. Marketing Plan

A marketing plan is an important component of your business plan as this serves as a blueprint, outlining the business advertising and marketing efforts of the entity for the coming year. It also describes business activities that are involved in accomplishing specific marketing objectives within a specified period of time.

Moreover, it includes a description of the current marketing position of your company, a discussion of the target market for your goods and services, and a description of the marketing mix that a company is going to use to achieve their marketing goals .

11. Operations Plan

You must also include a section for your operations plan. This includes your strategic goals and objectives. Your operations plan describes milestones, conditions for success, and explains how or what portion of a strategic plan must be put into operation in a certain operational period. This is usually the basis for your annual operating budget request. It also addresses the following questions:

• What is our current standing now?
• Where do we want to be?
• How can we get there?
• How can we measure our progress?

12. Financial Plan

In this section, you must present a comprehensive evaluation of your company’s current pay as well as the future financial state— financial plan . This can be done through the use of the current known variables to forecast future income, asset values, etc., of the company. This also includes a budget that organizes company’s finances and a series of steps or specific goals for spending and saving in the future. This is sometimes referred to as an investment plan.

13. Attachments and Milestones

In this section, you must present the attachments that are necessary for the complete understanding of the above documents and sections that you have presented. You may also include the notes for your financial statement, which details the information that are not included in the financial statement. You may also see advertising and marketing business plan examples .

Furthermore, you may present the milestones that your company has reached at this point as well as the achievements that you have achieved so far.

Practical Bookkeeping Business Plan Example

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Well-Explained Bookkeeping Business Plan Example

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Quick Recap

Bookkeeping is important as it can help limit the pain of auditing, the files used for filing tax are already set in place, it can be used for simple analysis and management, it is the requirement of the law, and through bookkeeping, you can plan ahead.

Bookkeeping is really not a tough task. To perform bookkeeping, the following steps are necessary: prepare the source documents, determine the relevant information about each transaction, record journal entries into the general journal, perform end-of-period procedures, compile the adjusted trial balance, and lastly, close the books. You may also see hotel business plan examples .

However, before doing bookkeeping, you must plan ahead on what you are going to achieve. This can be done through making a simple business plan . The typical structure of a business plan involves the following: cover page, table of contents, executive summary, mission statement, business description, general SWOT analysis , industry background, competitor analysis , market analysis , marketing plan , operations plan, management summary, financial plan, and attachments and milestones.

To understand more about bookkeeping business plans, don’t forget to refer to the comprehensive and detailed examples of bookkeeping business plans above.

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How to start a bookkeeping business: Top tips to help you succeed

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If you’re interested in starting your own bookkeeping business, read this article to discover the key steps you need to take.

Thinking about starting your own bookkeeping business? If so, you’re in the right place to take your first steps as you go from idea to reality.

There are many reasons why you might want to start a bookkeeping business. Perhaps you’ve worked as an in-house bookkeeper for a business and you’re ready to take the plunge and set up for yourself.

Maybe you’ve been let go and setting up for yourself gives you a great opportunity to take control of your destiny.

Or perhaps you’ve always had a burning desire to start your own business, are good with numbers, organized, looking for flexibility, and want to do something that will help clients achieve their goals.

No matter the reason, running your own bookkeeping practice can be extremely fulfilling.

So, if you’re interested in starting your own bookkeeping business, read this article to discover the key steps you need to take.

Here’s what it covers:

• What’s the difference between a bookkeeper and an accountant?

How software can help to manage business processes

How to start a bookkeeping business, qualifications to consider, rules and regulations to comply with.

• Get insurance so you’re protected

Setting up your business

Final thoughts on starting a bookkeeping business, what’s the difference between a bookkeeper and an accountant.

The terms “bookkeeper” and “accountant” are occasionally used interchangeably, but they are in fact 2 different roles.

A bookkeeper keeps track of monies coming into and out of a business by maintaining accurate  financial records , according to the International Association of Bookkeepers (IAB), the largest bookkeeping institution in the world.

Bookkeepers can help small and medium-sized enterprises (SMEs):

• Prepare for year-end tax and VAT returns.
• Keep on top of day-to-day cash flow.
• Efficiently run their finances.

Characteristics of becoming a bookkeeper include being accurate in your work and having a good understanding of financial topics.

Some bookkeepers also offer commercial brokering services, which involve helping businesses get the best deal when it comes to renewing insurance, buying new equipment, or leasing company vehicles.

Catherine Pyman runs her own bookkeeping business.

She says: “Bookkeepers keep accurate accounting records for a business to enable the business owner to view financials.

“These can then be sent to the accountant to produce the year-end accounts. Bookkeepers also prepare VAT returns and can offer  tax returns and payroll duties.

Claire Adams started her business Papertrail Bookkeeping after she was made redundant from her job of 27 years.

She says: “We process VAT returns, reconcile bank accounts [making sure the software matches the actual bank statements], we process payroll and everything that entails, we complete personal tax returns, final accounts for sole traders, and accounts/corporation tax returns for micro-entity businesses.”

What does an accountant do?

There are numerous roles that accountants perform for their clients. Among them are the following:

• Gauge the financial situation of businesses and further communicate the information to the relevant authorities.
• Prepare financial statements as part of the accounting process.
• Use special skills due to the analytical and complex nature of accounting.
• Act as a trusted adviser to businesses.

How much should you charge for your services?

Essentially, there’s no clear answer on how much you should charge. Factors to consider include:

• Your bookkeeping experience.
• The needs of your market.
• The services you’re offering.
• The size of business you’re working with.

Generally, you’ll charge either an hourly rate or a monthly fixed fee. You may even negotiate a retainer fee with some (or all) of your clients.

Adams from Papertrail Bookkeeping says bookkeepers generally charge around $25 per hour “but it does depend on the work taking place”.

She adds: “I tend to charge my clients a fixed fee to cover everything, so the client knows how much they’re paying up front.”

Setting your fees  and getting your pricing right for your bookkeeping business will take a bit of work but don’t feel that you need to price yourself too low.

Remember, you’re selling your expertise and adding value to clients who need what you’re offering.

Digital software can help you monitor the workings of a business in real time. You can then report analysis from those numbers and enable your clients to make better-informed decisions based on their finances.

Despite its name, good accounting software isn’t just for accountants. It can be used for your bookkeeping business, allowing you to view the finances of your clients and create financial reports, among numerous other things.

And by using a  cloud-accounting solution , you’ll be able to access the numbers on any device, wherever you are.

That means you can work with your clients in real time to go over their bookkeeping and highlight any queries with ease.

Ready to take the first steps to start your own bookkeeping business? Here’s what you need to do.

Do your research and create a business plan

Before setting up your bookkeeping business, it’s important to do your research. Questions to ask include:

• Who will your clients be?  Perhaps small businesses (50 employees or less, for example), micro businesses (9 employees or less), or sole traders.
• How will you find clients for your bookkeeping business?  This could include friends and family, your previous workplace, local advertising, website and social-media marketing, and word of mouth.
• What services will you be offering your clients?  It could cover recording cash receipts, making bank deposits, paying supplier invoices, maintaining an annual budget,  payroll management , and so on. What services you offer very much depends on your clients’ needs.
• How will you work with clients?  Are you going to offer a one-off bookkeeping service or an ongoing contract?

All these considerations are part of the bigger picture of your bookkeeping  business plan .

Do you have 1, 3 or even 5-year plans for your business? What do you want to achieve with your bookkeeping business in terms of employing staff, turnover, and success?

It’s important to do your research before starting out so you’re clear about the path you want to follow and the goals you’d like to achieve.

If you want further information about the above and more, the best place to start is the IAB.

It’s got more than 150,000 students and members. You’ll find plenty of information about the bookkeeping profession on its website. For example, the professional exams and qualifications people have to take in order to qualify as a bookkeeper.

These qualifications are recognized industry-wide and cover everything from understanding business documents, managing books, and being able to post and make entries, to managing credit control, recording ledger accounts, and preparing trial balances and other statements.

Before you set up your bookkeeping business, it helps to do some training and gain relevant industry knowledge (if you haven’t already done so).

There are many bookkeeping courses available online and you can even get a qualification from one of the accounting or bookkeeping organizations:

• American Institute of Professional Bookkeepers (aipb.org)
• Certified Professional Bookkeepers Canada
• Institute of Accounting Technicians (IAT)
• Chartered Institute of Management Accountants (CIMA)
• Association of Chartered Certified Accountants (ACCA)
• International Association of Bookkeepers (IAB).

These organizations offera number of bookkeeping courses designed to fit around your lifestyle.

Most bookkeepers carry out Level 1 and Level 2 qualifications before setting up their own bookkeeping practice, adding to further qualifications as they progress their career in bookkeeping.

Pyman became a bookkeeper by studying qualifications through the Institute of Certified Bookkeepers (ICB). She says: “They [the ICB], provide you with your practice licence, membership number, and advise on what else is required to set up a practice.

“This covers AML [anti-money laundering], policies and procedures, insurance, logos, templates.

“Initially I was based at home and acquired my first clients through local networking groups and accounting connections from when I had been in commercial banking. I now have an office and a couple of members of staff.”

Pyman is also a qualified Associate of The Institute of Certified Bookkeepers and has a Level 1 and Level 2 certification in Manual and Computerized Bookkeeping.

If you’ve always wanted to be a certified bookkeeper—and that’s your ultimate aim —there are options to do so by studying for the relevant certificate and diploma courses through accredited providers. But you don’t need to be certified to become a bookkeeper.

Adams from Papertrail Bookkeeping says: “Becoming a certified bookkeeper shows that you have trained and have appropriate qualifications in place to prove your skills.

“Once you pass the exams, you can apply for a practice licence through organizations such as ICB. You need insurance in place and must ensure you’re complying with current anti-money laundering regulations.

“I know legislation is being tightened up, so it may well be that you need to have completed the qualifications to run your own business in the near future.”

After passing your exams and obtaining your qualifications, the next step is to comply with a series of rules and regulations.

They include registering with the ICB (you can be fined if you don’t), applying for a  practice licence , complying with  money-laundering regulations , and complying with professional-conduct regulations.

The reason why you need to comply with money-laundering regulations is that as a bookkeeper, you need to satisfy a legal requirement to spot and reduce the risk of your clients laundering money.

With regard to professional-conduct regulations, these are set out so you can follow basic principles for ethical and professional conduct.

The regulations also set out your ongoing duties to the ICB and the disciplinary process that is used if a member breaches the regulations.

Get insurance so you’re protected

You’ll need bookkeeping insurance as you’re providing an essential service for businesses. Mistakes can happen. Professional Indemnity Insurance protects you against claims made by unhappy clients and your employees.

It will protect your financial interests, help minimize disruption to your business, pay your fees if an unhappy client refuses to pay you, and cover the costs of fixing a mistake.

You can also take out Public Liability Insurance, which covers you against claims from third parties for personal injury, or property damage.

After passing your exams, registering with the ICB, buying insurance, and observing all the rules and regulations, you’re now ready to start up your own bookkeeping business.

You’ll need to register as self-employed or a sole trader business unless you are setting up a  limited company .

Then you’ll need to decide whether you want to work from home or in an office. There are likely to be more costs associated with setting up in an office space, with rental costs being one expense to consider.

If you’re setting up at home, make sure you have a designated working area—you could turn a spare room into an office space, for example, or perhaps start at the kitchen table—and somewhere that you can store your clients’ paperwork.

Then there are the practical aspects to consider, including buying a computer or laptop, purchasing accounting software and business stationery, and setting up a business bank account.

Setting up your own bookkeeping business can be very rewarding, not only financially but as a lifestyle choice.

In addition to this, you’ll be providing an essential service to your clients, helping them to run their businesses smoothly and efficiently.

Editor’s note: This article was first published in September 2020 and has been updated for relevance.

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Table of Contents

Home-Based Bookkeeping: A Complete Guide to Starting Your Own Business

Every business needs someone to handle their financial records. This role is usually fulfilled by a bookkeeper, who manages the day-to-day financial transactions of a company. Bookkeeping is an essential part of any business and is crucial for keeping accurate records, tracking expenses, and filing taxes. If you know numbers and organization, starting a home-based bookkeeping business can be a lucrative and fulfilling career choice. 

Virtual bookkeeping jobs are widely available and flexible, making them an ideal option for those working from home. With the increasing demand for remote work and the rise of digital technology, bookkeeping is one of the fastest-growing industries in the world. This guide will discuss how you can start your own home-based bookkeeping business and succeed in this thriving field.

Acquire Bookkeeping Skills

Launching a bookkeeping enterprise demands a robust grounding in bookkeeping principles. Before embarking on your own, completing a training program may be necessary. For instance, consider engaging in one of the following options:

• Take courses in bookkeeping and accounting from a community college or an online platform like Coursera or Udemy. These courses will teach you the fundamentals of bookkeeping, including managing financial records, understanding financial statements, and filing taxes.
• Attend workshops or seminars to learn about the latest trends and regulations in bookkeeping.
• Get certified by taking exams such as the Certified Bookkeeper (CB) exam offered by the American Institute of Professional Bookkeepers or the QuickBooks certification from Intuit.
• Gain practical experience by working as an intern or apprentice under a bookkeeper or accountant. This will give you hands-on experience and exposure to real-world bookkeeping practices.

Network With Other Bookkeepers

Networking transcends mere self-promotion; it serves as a gateway to learn from peers in your field and acquire invaluable insights. For those engaging in bookkeeping in Australia , becoming a member of the Australian Bookkeepers Association (ABA) and participating in their events can be instrumental in forging connections with fellow bookkeepers and nurturing industry relationships. Additionally, engaging in online communities and forums provides a platform to interact with peers, seek guidance, and stay abreast of emerging trends within the bookkeeping realm.

Before attending any event, take the time to identify all the opportunities available to you and the best strategies for pursuing them. Arrive at events well-prepared with business cards, an elevator pitch of your services, and a willingness to exchange information. Building a strong network will give you access to potential clients and provide support and resources as you grow your business.

Create a Business Plan

Starting a home-based bookkeeping venture requires careful planning and strategy, like any other business. A well-defined business plan will help you identify your target market, set financial goals, and outline your marketing strategies. Here are some key elements to consider when drafting your business plan:

• Define your services: Decide on the type of bookkeeping services you want to offer, such as accounts payable, accounts receivable, payroll, or tax preparation.
• Identify your target market: Research the potential clients in your area and determine their needs. This will help you tailor your services to meet their specific requirements.
• Establish pricing: Determine how much you will charge for your services and what payment methods you will accept.
• Create a marketing plan: Decide on the best ways to reach your target market, such as through social media, networking events, or local advertising.
• Set financial goals: Determine how much you want to earn from your business and create a budget for your startup costs and ongoing expenses.

Choose the Right Legal Structure

It’s important to do your business correctly from the start to avoid legal issues. You must register your business with your local government and obtain all necessary licenses and permits. Additionally, you must choose the right legal structure for your business, such as a sole proprietorship, partnership, or limited liability company (LLC). Here are the best LLC services in California .

Each structure has its advantages and disadvantages. For instance, a sole proprietorship may be the easiest and most cost-effective option, but it offers no personal liability protection. On the other hand, an LLC provides liability protection but requires more paperwork and fees to set up.

Market to Prospective Clients

A successful business needs a strong marketing strategy. You can effectively tailor your marketing efforts by learning what your target audience needs and where they look for bookkeeping services. Here are some ideas to get started:

• Create a website: A professional website is crucial in today’s digital age. It is an online portfolio and provides potential clients with information about your services.
• Utilize social media: Social media platforms like LinkedIn, Facebook, and Instagram can be powerful tools for promoting your business and connecting with potential clients.
• Network and collaborate: Attend local business events, join networking groups, and contact other professionals in your field. Collaborating with others can help expand your client base and generate referrals.
• Offer free consultations: Consider offering a free consultation to potential clients to showcase your expertise and build trust.

Protect Yourself

When setting up an online bookkeeping business, you should also protect yourself. Have a clear contract outlining your services, fees, and responsibilities to avoid misunderstandings with clients. It is also important to have professional liability insurance for errors or omissions while handling a client’s financial records.

In addition, take measures to safeguard your online data and systems from cyber-attacks. Invest in reliable antivirus software and regularly backup your files to protect against potential security breaches . As a bookkeeper, you will be dealing with sensitive financial information, so it’s crucial to prioritize security measures to protect your clients and your business.

Provide Exceptional Service

The key to success in any business is providing exceptional service. As a home-based bookkeeper, you have the advantage of being able to offer personalized and flexible services to your clients. Communicate clearly with your clients, meet their deadlines, and maintain accurate records.

In addition, always strive to enhance your skills and stay updated with changes in the bookkeeping industry. This will help you provide better services and give you a competitive edge in the market.

Starting a home-based bookkeeping business might seem challenging, but with the correct skills, planning, and mindset, it can be rewarding and profitable. By following these strategies and evolving with the industry, you can become a successful bookkeeper and grow your business from home. With the rising demand for remote bookkeeping services, now is the perfect time to turn your passion for numbers and organization into a thriving home-based business.

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A 10-Step Checklist for Starting a Bookkeeping Business

You’re an expert bookkeeper ready, willing, and able to help other businesses keep their accounts in balance. 

However, before you begin tracking client transactions, you need to build the foundation of your own bookkeeping business. That requires several steps, including filing the proper permits, calculating your rates, and attracting your first clients.

After interviewing dozens of successful bookkeepers and firm owners on our podcast, Growing Your Firm , we know what it takes to launch a new bookkeeping business. Drawing from their practical tips and suggestions, we created this helpful step-by-step checklist to get your bookkeeping venture up and running. 

Step 1: Choose Your Target Market

First, narrow down your target market and the types of clients you plan to serve. Doing so helps guide the rest of the setup process and how you plan to operate your business. It informs which bookkeeping services you offer and how to market yourself. 

Here are a few things to consider when selecting your target market: 

• What’s your area(s) of expertise?
• What are your existing skills?
• What are the demographics of your local market?
• What are the growth prospects of your desired market?
• What types of clients do you enjoy working with?  

Limiting who you work with by niching down may sound counterintuitive when launching your business. However, it allows you to hone your skills in your area of expertise and focus your attention on the clients you’d like to serve. 

Over time, you also build credibility with that specific type of client and distinguish your bookkeeping business from others in your area. 

Step 2: Form an LLC

Make your bookkeeping business official by forming a limited liability company (LLC). Other legal business structures you can use include a sole proprietorship, a partnership, or a corporation, but an LLC is typically one of the most common for bookkeepers. 

Among the many benefits of forming an LLC is that it establishes your business as a separate legal entity and offers liability protection for your personal assets. 

As a result, if your business makes an error for a bookkeeping client or is found liable for some wrongdoing, creditors can only target your business assets. 

Plus, the LLC membership and management structure is flexible, so it’s e asy to scale and add employees or new members as your business grows. Operating as an LLC may give your business more credibility with prospective clients than a sole proprietorship or partnership. 

To make your bookkeeping business an LLC, these are the essential steps to complete: 

• Choose the state where you’ll form your LLC, which doesn’t necessarily need to be the state where you do business
• Select a name and registered agent for your LLC
• Create an LLC operating agreement
• File LLC formation documents with the proper Secretary of State’s office

Step 3: Get Applicable Business Licenses, Permits, and Banking

On top of forming your LLC, there’s some additional administrative paperwork to handle before opening your doors. This step can be tedious, but ensuring you’re operating as a legitimate business is vital. 

Check with local and state guidelines to see whether you must file for a business license. This requirement can vary depending on your location. 

You technically don’t need specific credentials or a certain level of education when offering bookkeeping services. 

However, if you have a professional certification or license (e.g., certified public bookkeeper), make this known to potential clients to demonstrate your skills and expertise. 

You should also set up a business bank account to separate your personal and business finances. The bank you use for your personal accounts may offer business banking services. 

You can also shop around to see which bank offers better options to support your operations, like business credit cards or small business loans. 

Step 4: Decide Where You’ll Set Up Shop

Where will you run your day-to-day operations? 

A home office could keep start-up costs low. When you need to meet with clients, you can choose a setting you both prefer, such as a virtual meeting or at their place of business. 

If you’d prefer not to work from home, consider sharing an office with other professional service providers or coworking spaces. 

As you expand and add more employees, you could hire remote workers or find a workplace with room to accommodate your growing team. 

Initially, where you decide to run your business will likely depend on the startup costs you’re willing to invest. If you’re bootstrapping operations and want to invest more in your client acquisition and software programs, maybe a home office is the safest bet.

Once you begin onboarding clients and generating cash flow, you can reassess your working situation to determine whether renting another type of office is affordable. 

Step 5: Get Bookkeeping and Business Software

Before you start on client work, be sure you have the proper bookkeeping and business software to help you manage your client-facing and back-office tasks effectively. 

First, your business needs bookkeeping software like QuickBooks Online or Xero to manage clients’ books. Both are popular options for small and large businesses, though plenty of alternatives are available. 

A bookkeeping workflow and project management tool like Jetpack Workflow can help standardize client work and automate critical deadlines. 

When overseeing a team, this can be especially beneficial since it gives you visibility over what each team member is working on and what still needs to be done before a deadline arrives. 

Consider other software options like an invoicing app to make client billing easier or a file-sharing app to collect and manage client documents and e-signatures. 

As your client roster grows, a dedicated customer relationship management (CRM) tool could help you manage client relationships and nurture prospects to keep your pipeline full. 

Step 6: Standardize Your Workflow Processes 

Client bookkeeping typically requires completing recurring workflows and tasks. Standardizing these processes with custom templates can help you be more efficient. 

It lets you spend less time on tedious and repetitive administrative tasks and focus your energy on billable client work. 

Building your own custom workflows and process templates is very time-consuming. 

Instead, check out our 32 free pre-made accounting workflow templates for standard bookkeeping projects and tasks to keep you organized and on track. 

Step 7: Work Out Your Pricing Model

It can feel intimidating to set the initial prices for your bookkeeping services. 

You want them to be high enough to cover your overhead expenses and earn a profit and reasonable enough for potential clients to start working with you. 

In our guide on how to price bookkeeping services , we looked at how you could price your services to maximize revenue. 

You can choose from a few pricing models for your services: hourly, a per-project rate, or tiered service packages. 

Whichever pricing model you choose, consider these points as you set your exact rates: 

• What are your overhead costs?
• How big are your clients’ businesses?
• What types of services and value do you offer? 
• How much time does it take to complete client work?
• What’s your experience level and expertise?
• What’s the average market rate your competitors or other contractors charge for similar services? 

We spoke about bookkeeping pricing with Meryl Johnston, a chartered accountant and founder of the bookkeeping business Bean Ninjas, on our Growing Your Firm podcast . 

She shares how a recurring revenue approach can be a great model for earning predictable monthly revenue and keeping work levels consistent throughout the year. 

Step 8: Build Your MVP Marketing Funnel 

Just because you’re open for business doesn’t mean clients immediately come knocking at your door. 

You need a strategy for attracting potential clients in your target market and effectively demonstrating the value you offer them through your services. 

Building a solid marketing funnel helps generate interest in your business and grow your client roster. That means identifying your value proposition or minimum viable product (MVP). 

Essentially, your MVP is what you can promise your clients if they work with you. It drives the rest of your marketing efforts and helps you connect with your target market. 

You should have a professional-looking website that interested small business owners can visit to learn more about you and your services. 

Your site can highlight your expertise and offer free value with bookkeeping tips. You can also nurture prospective clients through an email list where you send relevant content to your contacts throughout the year.

Be sure your mission and value proposition are clear in your messaging and marketing materials. Always include a call to action (CTA) or a simple way for interested leads to contact you for further information. 

For more guidance on expertly advertising your services, check out our in-depth guide on effective strategies for marketing a bookkeeping business . 

Step 9: Mine Your Network for the First 10 Clients 

Often, the first clients for a new business come from within your network. 

That’s because you’ve likely already built some level of trust with one another, so you don’t have to spend as much time and resources converting them into a client.

Josh Bauerle, founder of CPA on Fire, offers evergreen insights on his Growing Your Firm podcast episode on getting the initial clients for your new business. He attracted his earliest clients by tapping into his network of other business owners. 

When taking this approach, you don’t want to be too pushy and damage the professional relationships you’ve built. 

However, you can still assess who in your network falls in your target market and inform them about your new business and services. 

Based on their current needs, they can decide whether they’re interested. If they don’t need your services, they may know of someone else who does and refer them to you. 

Once you’ve onboarded your initial clients, we have an in-depth guide with helpful tips on getting more clients for your business. 

Step 10: Build a Presence in Online Communities

Building an online presence offers several benefits as your bookkeeping business grows. It lets you showcase your expertise and can be a great source of client acquisition. 

This step ties into your overall marketing strategy. 

You can use your presence in online communities or social media to generate interest in your firm and connect with potential leads in your target market.  

Meryl Johnston drove this point home during her interview on our podcast . She explains how being part of several paid communities and Facebook groups helped her expand her network and grow her client base significantly. 

Try joining groups within your target market and with other business owners in your field. 

Actively participate in these communities; interact with and educate others to build genuine relationships.

Instead of immediately offering your services, focus on relationship-building because that’s how you convert contacts into clients over time. 

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Improved Bookkeeping Plan Relaunches to Help Startups and Simple Businesses

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Aug 27, 2024, 08:24 ET

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Basis 365 Accounting is excited to announce its enhanced bookkeeping services, designed to offer tailored financial solutions that meet the evolving needs of small businesses today. Now providing a cost-effective + scalable bookkeeping service for startups and simple businesses across the nation.

IRVINE, Calif. , Aug. 27, 2024 /PRNewswire-PRWeb/ -- Overview

• Basis 365 has re-launched its Bookkeeper plan to deliver what startups and simple businesses need with a scalable, cost-effective plan.
• Small business bookkeeping needs evolve as they grow.
• Small businesses tend to outgrow a basic bookkeeper quickly.
• Our Bookkeeper plan can easily be upgraded to an Accountant or Controller plan as they hit the next growth phases.

Basis 365, Inc. a leading provider of cloud-based accounting & bookkeeping services, is proud to announce the relaunch of its comprehensive bookkeeping services. With a renewed focus on innovation and customer-specific solutions, Basis 365 is redefining how businesses approach their financial management with its blended, team approach .

The newly revamped bookkeeping service plan integrates advanced technology with expert financial insights, ensuring businesses of all sizes can access accurate, timely, and insightful financial data. This relaunch is a testament to Basis 365's commitment to staying ahead of industry trends and continuously improving the value delivered to its clients.

"Our enhanced bookkeeping services are designed to meet the unique needs of today's fast-paced business environment for rapidly growing small businesses." said Rhett Molitor , Co-Founder of Basis 365. "We understand that every business is different and our goal is to provide accounting & bookkeeping solutions that simplify financial management, allowing our customers to focus on growth."

The upgraded services include automated transaction categorization, add-on services not previously available, and seamless integration with other financial tools. Clients can now experience greater control over their financial data, leading to more informed decision-making and improved business outcomes.

With these enhancements, Basis 365 continues to build on its reputation as a trusted partner for businesses seeking expert bookkeeping and accounting services. To learn more about Basis 365 Accounting's outsourced accounting and bookkeeping services, visit the Basis365.com website.

About Basis 365 Accounting: Headquartered in Irvine, California . We serve customers nationally and are completely virtual. We've flipped the traditional accounting method on its head by partnering with our customers and focusing on real-time accounting to deliver timely results to help our customers make better business decisions. We provide a 100% cloud-based, fractional accounting department and specialize in e-commerce, service, and software companies ranging from funded startups to $20M .

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J. V. Stalin

The Tasks of Business Executives

Speech delivered at the first all-union conference of leading personnel of socialist industry 1 february 4, 1931.

Source : Works, Vol. 13, 1930 - January 1934 Publisher : Foreign Languages Publishing House, Moscow, 1954 Transcription/HTML Markup : Salil Sen for MIA, 2008 Public Domain : Marxists Internet Archive (2008). You may freely copy, distribute, display and perform this work; as well as make derivative and commercial works. Please credit "Marxists Internet Archive" as your source.

Comrades, the deliberations of your conference are drawing to a close. You are now about to adopt resolutions. I have no doubt that they will be adopted unanimously. In these resolutions — I am somewhat familiar with them — you approve the control figures of industry for 1931 and pledge yourselves to fulfil them.

A Bolshevik's word is his bond. Bolsheviks are in the habit of fulfilling promises made by them. But what does the pledge to fulfil the control figures for 1931 mean? It means ensuring a total increase of industrial output by 45 per cent. And that is a very big task. More than that. Such a pledge means that you not only pledge yourselves to fulfil our five-year plan in four years — that matter has already been settled, and no more resolutions on it are needed — it means that you promise to fulfil it in three years in all the basic, decisive branches of industry.

It is good that the conference gives a promise to fulfil the plan for 1931, to fulfil the five-year plan in three years. But we have been taught by "bitter experience." We know that promises are not always kept. In the beginning of 1930, too, a promise was given to fulfil the plan for the year. At that time it was necessary to increase the output of our industries by 31 to 32 per cent. But that promise was not kept to the full. Actually, the increase in industrial output during 1930 amounted to 25 per cent. We must ask: Will not the same thing occur again this year? The managers and leading personnel of our industries now promise to increase industrial output in 1931 by 45 per cent. But what guarantee is there that this promise will be kept?

What is needed in order to fulfil the control figures, to achieve a 45 per cent increase in output, to secure the fulfilment of the five-year plan not in four, but, as regards the basic and decisive branches of industry, in three years?

Two fundamental conditions are needed for this.

Firstly, real or, as we term it, "objective" possibilities.

Secondly, the willingness and ability to direct our enterprises in such a way as to realise these possibilities.

Did we have the "objective" possibilities last year for completely fulfilling the plan? Yes, we had. Incontestable facts testify to this. These facts show that in March and April of last year industry achieved an increase of 31 per cent in output compared with the previous year. Why then, it will be asked, did we fail to fulfil the plan for the whole year? What prevented it? What was lacking? The ability to make use of the existing possibilities was lacking. The ability to manage the factories, mills and mines properly was lacking.

We had the first condition: the "objective" possibilities for fulfilling the plan. But we did not have in sufficient degree the second condition: the ability to manage production. And precisely because we lacked the ability to manage the factories, the plan was not fulfilled. Instead of a 31-32 per cent increase we had one of only 25 per cent.

Of course, a 25 per cent increase is a big thing. Not a single capitalist country increased its production in 1930, or is increasing production now. In all capitalist countries without exception a sharp decline in production is taking place. Under such circumstances a 25 per cent increase is a big step forward. But we could have achieved more. We had all the necessary "objective" conditions for this.

And so, what guarantee is there that what happened last year will not be repeated this year, that the plan will be fulfilled, that we shall use the existing possibilities in the way that they should be used, that your promise will not to some extent remain a promise on paper?

In the history of states and countries, in the history of armies, there have been cases when there was every possibility for success and victory, but these possibilities were wasted because the leaders failed to notice them, did not know how to take advantage of them, and the armies suffered defeat.

Have we all the possibilities that are needed to fulfil the control figures for 1931?

Yes, we have such possibilities.

What are these possibilities? What is needed in order that these possibilities should really exist?

First of all, adequate natural resources in the country: iron ore, coal, oil, grain, cotton. Have we these resources? Yes, we have. We have them in larger quantities than any other country. Take the Urals, for example, which provide a combination of resources not to be found in any other country. Ore, coal, oil, grain — what is there not in the Urals? We have everything in our country, except, perhaps, rubber. But within a year or two we shall have our own rubber as well As far as natural resources are concerned we are fully provided. We have even more than necessary. What else is needed?

A government desirous and capable of utilising these immense natural resources for the benefit of the people. Have we such a government? We have. True, our work in utilising natural resources does not always proceed without friction among our leading personnel. For instance, last year the Soviet Government had to conduct a certain amount of struggle over the question of creating a second coal and metallurgical base, without which we cannot develop further. But we have already overcome these obstacles and shall soon have this base.

What else is needed?

That this government should enjoy the support of the vast masses of workers and peasants. Does our government enjoy such support? Yes, it does. You will find no other government in the world that enjoys such support from the workers and peasants as does the Soviet government. There is no need for me to refer to the growth of socialist emulation, the spread of shock-brigade work, the campaign and struggle for counter-plans. All these facts, which vividly demonstrate the support that the vast masses give the Soviet Government, are well known.

What else is needed in order to fulfil and overfulfil the control figures for 1931?

A system that is free from the incurable diseases of capitalism and has great advantages over capitalism. Crises, unemployment, waste, destitution among the masses — such are the incurable diseases of capitalism. Our system does not suffer from these diseases because power is in our hands, in the hands of the working class; because we are conducting a planned economy, systematically accumulating resources and properly distributing them among the different branches of the national economy. We are free from the incurable diseases of capitalism. That is what distinguishes us from capitalism; that is what constitutes our decisive superiority over capitalism.

Notice the way in which the capitalists are trying to escape from the economic crisis. They are reducing the workers' wages as much as possible. They are reducing the prices of raw materials as much as possible. But they do not want to reduce the prices of food and industrial commodities for mass consumption to any important extent. This means that they want to escape from the crisis at the expense of the principal consumers, at the expense of the workers and peasants, at the expense of the working people. The capitalists are cutting the ground from under their own feet. And instead of overcoming the crisis they are aggravating it; new conditions are accumulating which lead to a new, even more severe crisis.

Our superiority lies in the fact that we have no crises of overproduction, we have not and never will have millions of unemployed, we have no anarchy in production, for we are conducting a planned economy. But that is not all. We are a land of the most concentrated industry. This means that we can build our industry on the basis of the best technique and thereby secure an unprecedented productivity of labour, an unprecedented rate of accumulation. Our weakness in the past was that this industry was based upon scattered and small peasant farming. That was so in the past; it is no longer so now. Soon, perhaps within a year, we shall become the country of the largest-scale agriculture in the world. This year, the state farms and collective farms — and these are forms of large-scale farming — have already supplied half of all our marketable grain. And that means that our system, the Soviet system, affords us opportunities of rapid progress of which not a single bourgeois country can dream.

What else is needed in order to advance with giant strides?

A party sufficiently solid and united to direct the efforts of all the best members of the working class to one point, and sufficiently experienced to be unafraid of difficulties and to pursue systematically a correct, revolutionary, Bolshevik policy. Have we such a party? Yes, we have. Is its policy correct? Yes, it is, for it is yielding important successes. This is now admitted not only by the friends but also by the enemies of the working class. See how all the well-known "honourable" gentlemen, Fish in America, Churchill in Britain, Poincare in France, fume and rave against our Party. Why do they fume and rave? Because the policy of our Party is correct, because it is yielding success after success.

There, comrades, you have all those objective possibilities which assist us in realising the control figures for 1931, which help us to fulfil the five-year plan in four years, and in the key industries even in three years.

Thus we have the first condition for fulfilment of the plan — the "objective" possibilities.

Have we the second condition, the ability to use these possibilities?

In other words, are our factories, mills and mines properly managed? Is everything in order in this respect?

Unfortunately, not everything is in order here. And, as Bolsheviks, we must say this plainly and frankly.

What does management of production mean? There are people among us who do not always have a Bolshevik approach to the question of the management of our factories. There are many people among us who think that management is synonymous with signing papers and orders. This is sad, but true. At times one cannot help recalling Shchedrin's Pompadours. Do you remember how Madame Pompadour taught the young Pompadour: "Don't bother your head with science, don't go into matters, let others do that, it is not your business — your business is to sign papers." It must be admitted to our shame that even among us Bolsheviks there are not a few who carry out management by signing papers. But as for going into matters, mastering technique, becoming master of the business — why, that is out of the question.

How is it that we Bolsheviks, who have made three revolutions, who emerged victorious from the bitter civil war, who have solved the tremendous task of building a modern industry, who have swung the peasantry on to the path of socialism — how is it that in the matter of the management of production we bow to a slip of paper?

The reason is that it is easier to sign papers than to manage production. And so, many economic executives are taking this line of least resistance. We, too, in the centre, are also to blame. About ten years ago a slogan was issued: "Since Communists do not yet properly understand the technique of production, since they have yet to learn the art of management, let the old technicians and engineers — the experts — carry on production, and you, Communists, do not interfere with the technique of the business; but, while not interfering, study technique, study the art of management tirelessly, in order later on, together with the experts who are loyal to us, to become true managers of production, true masters of the business." Such was the slogan. But what actually happened? The second part of this formula was cast aside, for it is harder to study than to sign papers; and the first part of the formula was vulgarised: non-interference was interpreted to mean refraining from studying the technique of production. The result has been nonsense, harmful and dangerous nonsense, which the sooner we discard the better.

Life itself has more than once warned us that all was not well in this field. The Shakhty affair 2 was the first grave warning. The Shakhty affair showed that the Party organisations and the trade unions lacked revolutionary vigilance. It showed that our economic executives were disgracefully backward in technical knowledge; that some of the old engineers and technicians, working without supervision, rather easily go over to wrecking activities, especially as they are constantly being besieged by "offers" from our enemies abroad.

The second warning was the "Industrial Party" trial 3 .

Of course, the underlying cause of wrecking activities is the class struggle. Of course, the class enemy furiously resists the socialist offensive. This alone, however, is not an adequate explanation for the luxuriant growth of wrecking activities.

How is it that wrecking activities assumed such wide dimensions? Who is to blame for this? We are to blame. Had we handled the business of managing production differently, had we started much earlier to learn the technique of the business, to master technique, had we more frequently and efficiently intervened in the management of production, the wreckers would not have succeeded in doing so much damage.

We must ourselves become experts, masters of the business; we must turn to technical science — such was the lesson life itself was teaching us. But neither the first warning nor even the second brought about the necessary change. It is time, high time that we turned towards technique. It is time to discard the old slogan, the obsolete slogan of non-interference in technique, and ourselves become specialists, experts, complete masters of our economic affairs.

It is frequently asked: Why have we not one-man management? We do not have it and we shall not get it until we have mastered technique. Until there are among us Bolsheviks a sufficient number of people thoroughly familiar with technique, economy and finance, we shall not have real one-man management. You can write as many resolutions as you please, take as many vows as you please, but, unless you master the technique, economy and finance of the mill, factory or mine, nothing will come of it, there will be no one-man management.

Hence, the task is for us to master technique ourselves, to become masters of the business ourselves. This is the sole guarantee that our plans will be carried out in full, and that one-man management will be established.

This, of course, is no easy matter; but it can certainly be accomplished. Science, technical experience, knowledge, are all things that can be acquired. We may not have them today, but tomorrow we shall. The main thing is to have the passionate Bolshevik desire to master technique, to master the science of production. Everything can be achieved, everything can be overcome, if there is a passionate desire for it.

It is sometimes asked whether it is not possible to slow down the tempo somewhat, to put a check on the movement. No, comrades, it is not possible! The tempo must not be reduced! On the contrary, we must increase it as much as is within our powers and possibilities. This is dictated to us by our obligations to the workers and peasants of the U.S.S.R. This is dictated to us by our obligations to the working class of the whole world.

To slacken the tempo would mean falling behind. And those who fall behind get beaten. But we do not want to be beaten. No, we refuse to be beaten! One feature of the history of old Russia was the continual beatings she suffered because of her backwardness. She was beaten by the Mongol khans. She was beaten by the Turkish beys. She was beaten by the Swedish feudal lords. She was beaten by the Polish and Lithuanian gentry. She was beaten by the British and French capitalists. She was beaten by the Japanese barons. All beat her — because of her backwardness, because of her military backwardness, cultural backwardness, political backwardness, industrial backwardness, agricultural backwardness. They beat her because it was profitable and could be done with impunity. You remember the words of the pre-revolutionary poet: "You are poor and abundant, mighty and impotent, Mother Russia." 4 Those gentlemen were quite familiar with the verses of the old poet. They beat her, saying: "You are abundant," so one can enrich oneself at your expense. They beat her, saying: "You are poor and impotent," so you can be beaten and plundered with impunity. Such is the law of the exploiters — to beat the backward and the weak. It is the jungle law of capitalism. You are backward, you are weak — therefore you are wrong; hence you can be beaten and enslaved. You are mighty — therefore you are right; hence we must be wary of you.

That is why we must no longer lag behind.

In the past we had no fatherland, nor could we have had one. But now that we have overthrown capitalism and power is in our hands, in the hands of the people, we have a fatherland, and we will uphold its independence. Do you want our socialist fatherland to be beaten and to lose its independence? If you do not want this, you must put an end to its backwardness in the shortest possible time and develop a genuine Bolshevik tempo in building up its socialist economy. There is no other way. That is why Lenin said on the eve of the October Revolution: "Either perish, or overtake and outstrip the advanced capitalist countries."

We are fifty or a hundred years behind the advanced countries. We must make good this distance in ten years. Either we do it, or we shall go under.

That is what our obligations to the workers and peasants of the U.S.S.R. dictate to us.

But we have yet other, more serious and more important, obligations. They are our obligations to the world proletariat. They coincide with our obligations to the workers and peasants of the U.S.S.R. But we place them higher. The working class of the U.S.S.R. is part of the world working class. We achieved victory not solely through the efforts of the working class of the U.S.S.R., but also thanks to the support of the working class of the world. Without this support we would have been torn to pieces long ago. It is said that our country is the shock brigade of the proletariat of all countries. That is well said. But is imposes very serious obligations upon us. Why does the international proletariat support us? How did we merit this support? By the fact that we were the first to hurl ourselves into the battle against capitalism, we were the first to establish working-class state power, we were the first to begin building socialism. By the fact that we were engaged on a cause which, if successful, will transform the whole world and free the entire working class. But what is needed for success? The elimination of our backwardness, the development of a high Bolshevik tempo of construction. We must march forward in such a way that the working class of the whole world, looking at us, may say: There you have my advanced detachment, my shock brigade, my working-class state power, my fatherland; they are engaged on their cause, our cause, and they are working well; let us support them against the capitalists and promote the cause of the world revolution. Must we not justify the hopes of the world's working class, must we not fulfil our obligations to them? Yes, we must if we do not want to utterly disgrace ourselves.

Such are our obligations, internal and international. As you see, they dictate to us a Bolshevik tempo of development.

I will not say that we have accomplished nothing in regard to management of production during these years. In fact, we have accomplished a good deal. We have doubled our industrial output compared with the pre-war level. We have created the largest-scale agricultural production in the world. But we could have accomplished still more if we had tried during this period really to master production, the technique of production, the financial and economic side of it.

In ten years at most we must make good the distance that separates us from the advanced capitalist countries. We have all the "objective" possibilities for this. The only thing lacking is the ability to make proper use of these possibilities. And that depends on us. Only on us! It is time we learned to make use of these possibilities. It is time to put an end to the rotten line of non-interference in production. It is time to adopt a new line, one corresponding to the present period — the line of interfering in everything. If you are a factory manager — interfere in all the affairs of the factory, look into everything, let nothing escape you, learn and learn again. Bolsheviks must master technique. It is time Bolsheviks themselves became experts. In the period of reconstruction, technique decides everything. And an economic executive who does not want to study technique, who does not want to master technique, is a joke and not an executive.

It is said that it is hard to master technique. That is not true! There are no fortresses that Bolsheviks cannot capture. We have solved a number of most difficult problems. We have overthrown capitalism. We have assumed power. We have built up a huge socialist industry. We have transferred the middle peasants on to the path of socialism. We have already accomplished what is most important from the point of view of construction. What remains to be done is not so much: to study technique, to master science. And when we have done that we shall develop a tempo of which we dare not even dream at present.

And we shall do it if we really want to.

Pravda, No. 35, February 5, 1931

Collected Works Index | Volume 13 Index Works by Decade | J. V. Stalin Archive

Ukraine war latest: Zelenskyy sacks air force chief; girl among six killed in Russian bomb attack that hit Kharkiv playground

Ukrainian President Volodymyr Zelenskiy has dismissed the country's air force commander Mykola Oleshchuk after claims an F-16 pilot was killed by friendly fire. Six people have died, including a 14-year-old girl on a playground, in a Russian guided bomb attack on Kharkiv, officials say.

Friday 30 August 2024 18:39, UK

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• Zelenskyy sacks Ukraine's air force commander
• Decision comes after MP claimed F-16 pilot was killed by friendly fire
• Girl among six killed with dozens injured in strike on Kharkiv
• Russia accused of war crimes over guided bomb attack that hit playground
• Women killed in strike on Sumy region that hit baby food packaging factory
• Putin to visit International Criminal Court member Mongolia
• Analysis: Why Putin's arrest in Mongolia is unlikely
• Battlefield situation: Latest frontlines in maps
• Watch: Who are Ukraine's secret resistance?
• Your questions answered: Strategic consequences for Ukraine if Pokrovsk falls
• Reporting by Bhvishya Patel , and earlier by  Mark Wyatt

We'll be back with more updates and analysis soon, but before we go, here's a recap of the key developments that took place today:

• Volodymyr Zelenskyy has sacked Ukraine's air force commander, days after a pilot died when an F-16 jet crashed
• Six people have died and at least 55 others hurt following a Russian guided bomb attack on the city of Kharkiv;
• Two women died and 11 people were injured by an attack which struck a factory in Sumy that manufactures packaging for baby food, juices and household products;
• The Kremlin announced that Vladimir Putin plans to visit Mongolia - a member of the International Criminal Court which has an issued an arrest warrant for him;
• The Ukrainian pilot killed when his F-16 fighter jet crashed on Monday was shot down by Ukraine's own anti-aircraft missile system, an MP has claimed;
• Mr Zelenskyy said today's attack on Kharkiv could have been avoided if Ukraine had permission to strike Russian military targets with Western weapons;
• The EU rebuffed a request from Kyiv for the bloc to train Ukrainian soldiers inside the war-torn country.

Ukrainian President Volodymyr Zelenskyy has dismissed the country's air force commander Mykola Oleshchuk.

The sacking was announced on Friday in a presidential decree. 

There was no immediate explanation from Mr Zelenskyy for his decision but it comes days after a Ukrainian pilot was killed when his F-16 jet crashed on Monday.

Lieutenant Colonel Oleksiy Mes was killed while defending Ukraine's skies in a Western-donated warplane.

Ukrainian MP Mariana Bezuhla has claimed the jet was shot down by the country's own anti-aircraft missile system.

In response to Ms Bezuhla before his sacking, Lieutenant General Oleshchuk said her comments were a "tool to discredit the top military leadership".

"Mariana, the time will come when you will apologise to the entire army for what you have done, I hope in court!", he added.

Six people are now known to have died following the Russian guided bomb attack on Kharkiv, local authorities have said.

Kharkiv mayor Ihor Terekhov said one child was killed in a playground and three people were killed in a 12-storey apartment block that caught fire as a result of the strike.

The Ukrainian authorities did not give the circumstances in which the two other people died in the strikes, which hit four areas of the city. 

As well as those people who died, at least 55 others were injured, officials said. 

About 20 of the injured were in severe condition, according to regional governor Oleh Syniehubov.

Top Ukrainian officials have begun a visit to Washington, the Ukrainian presidential office has said. 

The delegation includes economy minister Yulia Svyrydenko and defence minister Rustem Umerov.

"We are working in Washington... We are grateful to our partners for their support," the president's chief of staff Andriy Yermak said on Telegram .

The visit comes amid Volodymyr Zelenskyy's renewed a call on Western allies to allow Ukraine to use long-range Western weapons to attack Russian military air bases.

Kyiv says that the most effective way to counter Russian strikes is to target Russian planes, not the bombs themselves.

The US ambassador to Ukraine has called on Russia to be "held accountable for these war crimes" in Kharkiv. 

In a statement on X, Bridget A Brink said "Russia struck an apartment building in Kharkiv with a guided aerial bomb, killing several and injuring many, including children".

Kharkiv has been the focus of heavy Russian bombing throughout the war, although there had been a drop in intensity in recent weeks, possibly related to a surprise invasion launched by Ukrainian forces into Russia's Kursk region.

Ukrainian authorities said today's attack involved five aerial guided bombs launched from planes in Russia's Belgorod region, also known as "glide bombs" which are fitted with a navigation system taking them to their targets.

The footage below shows the aftermath of the attack in Kharkiv.

The EU has rebuffed a request from Kyiv for the bloc to train Ukrainian soldiers inside the war-torn country, but will train them as close as possible to Ukrainian territory, EU foreign policy chief Josep Borrell has said. 

The EU has trained some 60,000 Ukrainian soldiers inside the economic union's borders since Russia's invasion of the country and will aim to train 15,000 more by the end of the year, Mr Borrell said.

Kyiv has asked the EU to consider some training inside Ukraine, arguing this would be faster, more cost-effective, and logistically easier than inside the EU.

But multiple EU countries are reluctant to deploy troops inside Ukraine, expressing concerns about their safety and questioning whether such a move would divert Ukrainian forces from their core mission, in order to protect trainers.

Mr Borrell told reporters: "Some member states were ready, others reluctant.

"Finally, we decided that the training will be as close as possible to Ukraine, but not in Ukrainian territory."

Ukraine has urged Mongolia to arrest Vladimir Putin on an International Criminal Court (ICC) warrant when he visits next week.

The court issued an arrest warrant in March of last year against Mr Putin, accusing him of the war crime of illegally deporting hundreds of children from Ukraine. 

The Kremlin has dismissed the accusation, saying it is politically motivated.

The warrant obliges the court's 124 member states, including Mongolia, to arrest Mr Putin and transfer him to The Hague for trial if he sets foot on their territory. 

Now, the Ukrainian foreign ministry has called on the ICC to arrest the Russian leader when he visits Mongolia on 3 September. 

"We call on the Mongolian authorities to comply with the mandatory international arrest warrant and transfer Putin to the International Criminal Court in the Hague," the ministry said on Telegram.

Asked earlier today whether Moscow was concerned that Mongolia was a member of the ICC, Kremlin spokesman Dmitry Peskov told reporters: "No, no worries about this. We have a great dialogue with our friends from Mongolia."

Asked whether there had been discussions with Mongolian authorities about the ICC warrant, Mr Peskov added: "Obviously the visit, all of the aspects of the visit have been thoroughly discussed."

Volodymyr Zelenskyy says he held a meeting with the top military commanders of Ukraine this afternoon.

The president said that three key issues were discussed, starting with the situation on the frontlines.

Kursk invasion

Ukraine's top commander says Kyiv's forces have advanced up to 2km in their invasion of Russia's Kursk region.

Oleksandr Syrskyi briefed Mr Zelenskyy via video link and said Ukrainian forces took control of 5sq km of Russian territory. 

Discussions were also had over the next set of reinforcements in the area, which Mr Zelenskyy said was "extremely important for strengthening our positions".

General Syrskyi also briefed the president on the ongoing fighting near Pokrovsk, which Ukraine is trying desperately to hold in the face of advancing Russian troops.

Preparing for new academic year

The meeting also covered how Ukraine will deal with the new academic year for schoolchildren, which starts next week.

Mr Zelenskyy heard reports from Prime Minister Denys Shmyhal, internal affairs minister Ihor Klymenko and education and science minister Oksen Lisovyi.

The president said discussions covered security issues, as well as the construction of bomb shelters.

Energy problems

The third key issue addressed was the current state of Ukraine's energy grid following a week of heavy Russian strikes.

Mr Zelenskyy heard analysis of energy issues, including the potential construction of protective structures around key energy infrastructure.

Images are emerging of the aftermath of today's attack on Kharkiv.

Russia denies deliberately targeting civilians, but thousands have been killed and wounded in its strikes during its invasion.

The scenes come as Volodymyr Zelenskyy renews a call on Western allies to allow long-range attacks on Russian military air bases after the attack.

The number of people killed in a Russian strike on Kharkiv has risen to five.

Meanwhile, 40 people have been injured after the Russian missile hit a residential building and playground, according to the regional governor Oleh Syniehubov.

Earlier, we reported that a 14-year-old girl was among the dead.

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New Accounting Plan Targets Coordination of Digital Global Rules

By Michael Kapoor

The global accounting standard setter proposed an update to the rules dictating how companies report on financial instruments and other key information digitally. Digital reporting is increasingly important as the International Accounting Standards Board’s sister body looks for ways to make sustainability reporting work with separate national or regional requirements.

IASB on Thursday published the proposed changes for public comment until October 28. They reflect modifications to accounting standards since the digital rules were published in March, notably to the way that companies report financial instruments.

• The first of the changes reflect the publication of a new standard issued in ...

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How To Start A Business In 11 Steps (2024 Guide)

Updated: Jul 29, 2024, 8:15pm

Table of Contents

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business .

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Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?
• What do you hate to do?
• Can you think of something that would make those things easier?
• What are you good at?
• What do others come to you for advice about?
• If you were given ten minutes to give a five-minute speech on any topic, what would it be?
• What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

• What type of funding do you have?
• How much time do you have to invest in your business?
• Do you prefer to work from home or at an office or workshop?
• What interests and passions do you have?
• Can you sell information (such as a course), rather than a product?
• What skills or expertise do you have?
• How fast do you need to scale your business?
• What kind of support do you have to start your business?
• Are you partnering with someone else?
• Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

• Start a Franchise
• Start a Blog
• Start an Online Store
• Start a Dropshipping Business
• Start a Cleaning Business
• Start a Bookkeeping Business
• Start a Clothing Business
• Start a Landscaping Business
• Start a Consulting Business
• Start a Photography Business
• Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

• Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
• Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
• Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
• Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
• Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
• Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
• Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
• Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
• Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

• Selling the business to another party
• Passing the business down to family members
• Liquidating the business assets
• Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

• Subscription-based businesses
• Businesses that sell digital products
• Franchise businesses
• Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

• LLCs offer liability protection for the owners
• They’re one of the easiest business entities to set up
• You can have a single-member LLC
• You may be required to file additional paperwork with your state on a regular basis
• LLCs can’t issue stock
• You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

• Partners have limited liability for the debts and actions of the LLP
• LLPs are easy to form and don’t require much paperwork
• There’s no limit to the number of partners in an LLP
• Partners are required to actively take part in the business
• LLPs can’t issue stock
• All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

• Sole proprietorships are easy to form
• There’s no need to file additional paperwork with your state
• You’re in complete control of the business
• You’re personally liable for all business debts
• It can be difficult to raise money for a sole proprietorship
• The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

• Corporations offer liability protection for the owners
• The life span of a corporation is not limited
• A corporation can have an unlimited number of shareholders
• Corporations are subject to double taxation
• They’re more expensive and complicated to set up than other business structures
• The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

Helpful Resources

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There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

• It can help you open a business bank account under your business name
• A DBA can be used as a “trade name” to brand your products or services
• A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

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Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are 40 cents per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards
• Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

• Small business loans
• Small business grants
• Angel investors
• Venture capital
• Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

• Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
• Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
• Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
• Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
• Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
• Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

• Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
• Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
• Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
• Product liability insurance protects against claims that your products caused bodily injury or property damage.
• Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
• Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

• Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
• Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
• Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
• Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
• Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
• Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
• Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
• Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

• Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
• Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
• Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
• Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

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Guest Essay

Republican Donors, Do You Know Where Your Money Goes?

By Juleanna Glover

Juleanna Glover is the chief executive of Ridgely Walsh, a corporate consultancy, and a former adviser to many Republican officials.

We long ago blew past any meaningful controls on political giving in American elections. Now we should focus on the rules governing political spending, which are in equally terrible shape. For that we can blame the Trump campaign and the federal government’s feeble enforcement efforts.

Anyone who has spent time reviewing Donald Trump’s campaign spending reports would quickly conclude they’re a governance nightmare. There is so little disclosure about what happened to the billions raised in 2020 and 2024 that donors (and maybe even the former president himself) can’t possibly know how it was spent.

Federal Election Commission campaign disclosure reports from 2020 show that much of the money donated to the Trump campaign went into a legal and financial black hole reportedly controlled by Trump family members and close associates. This year’s campaign disclosures are shaping up to be the same. Donors big and small give their hard-earned dollars to candidates with the expectation they will be spent on direct efforts to win votes. They deserve better.

During the 2020 election, almost $516 million of the over $780 million spent by the Trump campaign was directed to American Made Media Consultants, a Delaware-based private company created in 2018 that masked the identities of who ultimately received donor dollars, according to a complaint filed with the F.E.C. by the nonpartisan Campaign Legal Center . How A.M.M.C. spent the money was a mystery even to Mr. Trump’s campaign team , according to news reports shortly after the election.

All but 18 of the 150 largest expenditures on a Trump campaign’s 2020 F.E.C. report went to A.M.M.C. None of the expenses were itemized or otherwise explained aside from anodyne descriptions including “placed media,” “SMS advertising” and “online advertising.” F.E.C. rules require candidates to fully and accurately disclose the final recipients of their campaign disbursements, which is usually understood to include when payments are made through a vendor such as A.M.M.C. This disclosure is intended to assure donors their contributions are used for campaign expenses. Currently, neither voters nor law enforcement can know whether any laws were broken.

A.M.M.C.’s first president was reported to be Lara Trump , the wife of Mr. Trump’s son Eric. The New York Times reported that A.M.M.C. had a treasurer who was also the chief financial officer of Mr. Trump’s 2020 presidential campaign. Mr. Trump’s son-in-law Jared Kushner signed off on the plan to set up A.M.M.C., and one of Eric Trump’s deputies from the Trump Organization was involved in running it.

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Ukrainian president says the push into Russia’s Kursk region is to create a buffer zone there

Ukrainian President Volodymyr Zelenskyy on Sunday announced plans to create a “buffer zone” in Russia’s Kursk region. “Our primary task in defensive operations overall - to destroy as much Russian war potential as possible and conduct maximum counteroffensive actions,” he said in a nightly address.

The Ukrainian armed forces released footage on Sunday of what is said to show the destruction of a key bridge in Russia’s Kursk region. Ukraine also struck a second bridge nearby, less than two weeks into its stunning cross-border incursion.

In this footage released by the Ukrainian armed forces on Sunday, Aug. 18, 2024, smoke billows in . what is said to show the destruction of a key bridge in Russia’s Kursk region. Ukraine has destroyed a key bridge in Russia’s Kursk region and struck a second one nearby, less than two weeks into its stunning cross-border incursion, disrupting Russian supply routes and possibly signaling that its troops are planning to dig in. (Ukrainian Armed Force via AP)

In this photo provided by the Ukrainian Defence Ministry Press Office, a strategically important bridge over the river Seym is destroyed by Ukrainian troops as they continue their incursion into the Kursk region, Russia, Friday, Aug. 16, 2024. The bridge was used by the Kremlin to supply its troops and its destruction could hamper their efforts. (Ukrainian Defence Ministry Press Office via AP)

In this photo taken from video released by the Russian Defense Ministry on Sunday, Aug. 18, 2024, Russian soldiers fire Giatsint-S self-propelled gun towards Ukrainian positions at an undisclosed location in the Russian - Ukrainian border area in the Kursk region, Russia. (Russian Defense Ministry Press Service photo via AP)

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KYIV, Ukraine (AP) — Ukrainian President Volodymyr Zelenskyy said Sunday the daring military incursion into Russia’s Kursk region aims to create a buffer zone to prevent further attacks by Moscow across the border.

It was the first time Zelenskyy clearly stated the aim of the operation that began Aug. 6. Previously, he had said the operation aimed to protect communities in the bordering Sumy region from constant shelling.

Zelenskyy said “it is now our primary task in defensive operations overall: to destroy as much Russian war potential as possible and conduct maximum counteroffensive actions. This includes creating a buffer zone on the aggressor’s territory -– our operation in the Kursk region,” he said in his nightly address.

This weekend, Ukraine destroyed a key bridge in the region and struck a second one nearby, disrupting supply lines as it pressed the incursion, officials said.

Pro-Kremlin military bloggers acknowledged the destruction of the first bridge on the Seim River near the town of Glushkovo will impede deliveries of supplies to Russian forces repelling Ukraine’s incursion, although Moscow could still use pontoons and smaller bridges. Ukraine’s air force chief, Lt. Gen. Mykola Oleshchuk, on Friday released a video of an airstrike that cut the bridge in two.

Less than two days later, Ukrainian troops hit a second bridge in Russia, according to Oleshchuk and Russian regional Gov. Alexei Smirnov.

As of Sunday morning, there were no officials giving the exact location of the second bridge attack. But Russian Telegram channels claimed that a second bridge over the Seim, in the village of Zvannoe, had been struck.

According to Russia’s Mash news site, the attacks left only one intact bridge in the area. The Associated Press could not immediately verify these claims. If confirmed, the Ukrainian strikes would further complicate Moscow’s attempts to replenish its forces and evacuate civilians.

Glushkovo is about 12 kilometers (7.5 miles) north of the Ukrainian border, and approximately 16 kilometers (10 miles) northwest of the main battle zone in Kursk. Zvannoe is located another 8 kilometers (5 miles) to the northwest.

Kyiv previously has said little about the goals of its push into Russia with tanks and other armored vehicles, the largest attack on the country since World War II, which took the Kremlin by surprise and saw scores of villages and hundreds of prisoners fall into Ukrainian hands.

The Ukrainians drove deep into the region in several directions, facing little resistance and sowing chaos and panic as tens of thousands of civilians fled. Ukraine’s Commander in Chief, Gen. Oleksandr Syrskyi, claimed last week that his forces had advanced across 1,000 square kilometers (390 square miles) of the region, although it was not possible to independently verify what Ukrainian forces effectively control.

Buffer zones sought by both sides

In his remarks on creating a buffer zone, Zelenskyy said Ukrainian forces “achieved good and much-needed results.”

Analysts say that although Ukraine could try to consolidate its gains inside Russia, it would be risky, given Kyiv’s limited resources, because its own supply lines extending deep into Kursk would be vulnerable.

The incursion has proven Ukraine’s ability to seize the initiative and has boosted its morale, which was sapped by a failed counteroffensive last summer and months of grinding Russian gains in the eastern Donbas region.

For his part, Russian President Vladimir Putin said while visiting China in May that Moscow’s offensive that month in Ukraine’s northeastern Kharkiv region was aimed at creating a buffer zone there.

That offensive opened a new front and displaced thousands of Ukrainians. The attacks were a response to Ukrainian shelling of Russia’s Belgorod region , Putin said.

“I have said publicly that if it continues, we will be forced to create a security zone, a sanitary zone,” he said. “That’s what we are doing.”

Ukraine’s move into Kursk resembled its lightning operation from September 2022, led by Syrskyi, in which its forces reclaimed control of the northeastern Kharkiv region after taking advantage of Russian manpower shortages and a lack of field fortifications.

Zelenskyy seeks permission to strike deeper into Russia

On Saturday, Zelenskyy urged Kyiv’s allies to lift remaining restrictions on using Western weapons to attack targets deeper in Russia, including in Kursk, saying his troops could deprive Moscow “of any ability to advance and cause destruction” if granted sufficient long-range capabilities.

“It is crucial that our partners remove barriers that hinder us from weakening Russian positions in the way this war demands. … The bravery of our soldiers and the resilience of our combat brigades compensate for the lack of essential decisions from our partners,” Zelenskyy said on the social platform X.

Russia’s Foreign Ministry and pro-Kremlin bloggers alleged U.S.-made HIMARS launchers have been used to destroy bridges on the Seim. These claims could not be independently verified.

Ukraine’s leaders have repeatedly sought authorization for long-range strikes on Russian air bases and other infrastructure used to pummel Ukraine’s energy facilities and other civilian targets, including with retrofitted Soviet-era “glide bombs” attacking Ukraine’s industrial east in recent months.

Moscow also appears to have increased attacks on Kyiv, targeting it Sunday with ballistic missiles for a third time this month, according to the head of the municipal military administration. Serhii Popko said in a Telegram post the “almost identical” August strikes on the capital “most likely used” North Korean-supplied KN-23 missiles.

Another attempt to target Kyiv followed at about 7 a.m. Popko said, this time with Iskander cruise missiles. Ukrainian air defenses struck down all the missiles fired in both attacks on the city, he said.

Fears mount for Zaporizhzhia nuclear plant

Elsewhere, the head of the U.N. nuclear watchdog agency said Saturday the safety situation at the Russian-occupied Zaporizhzhia Nuclear Power Plant is deteriorating.

International Atomic Energy Agency head Rafael Grossi urged “maximum restraint from all sides” after an IAEA team at the plant reported an explosive carried by a drone detonated just outside its protected area.

According to Grossi, the impact was “close to the essential water sprinkle ponds” and about 100 meters (100 yards) from the only power line supplying the plant. The IAEA team at the plant has reported intense military activity in the surrounding area in the past week, it said.

Kyiv and Moscow have traded blame for attacks near the power plant since it was captured by Russian forces early in the 2022 invasion, including a fire at the facility last weekend. Grossi said the blaze had caused “considerable damage,” but posed no immediate danger to nuclear safety.

Belarus says it’s deploying more troops on Ukraine border

Russian ally Belarus has massed “nearly a third” of its army along its border with Ukraine, according to authoritarian President Alexander Lukashenko.

Lukashenko told Russian state TV that Minsk was responding to the deployment of more than 120,000 Ukrainian troops to the 1,084-kilometer (674 mile) frontier. Belarus’ professional army numbers upward of 60,000.

Ukrainian border force spokesman Andrii Demchenko said Sunday it had not observed any sign of a Belarusian buildup.

Lukashenko, in power for three decades, has relied on Russian support to suppress the biggest protests in Belarus’ post-Soviet history after his 2020 reelection, widely seen as a sham both at home and abroad. He allowed Russian troops to use Belarus’ territory to invade Ukraine and let Moscow deploy some tactical nuclear weapons on its soil.

Follow developments in the war at https://apnews.com/hub/russia-ukraine