I have been training as a bookkeeper for a few months now. I'd like to start my own bookkeeping business soon, and ideally I'd like to focus my bookkeeping business around restaurants and cafe's. As I used to run a small cafe myself I feel I know these businesses inside out. I already have one cafe business lined up as my first bookkeeping client, and I'd like to know if any other bookkeepers specialise in one type of business?
Does anyone think this idea has legs, or should I broaden my focus to encompass a wider range of business? I dont want to scupper my bookkeeping business before I even start!
I really think it comes down to the makeup of your local area. If you live in a city or town with a large number of restaurants, then yes I think you'd do well targeting that specific niche, especially if you have personal experience in it (clients will love that).
If you decide to go down that road, you will need to target your advertising at that niche also, perhaps advertising in a trade magazine e.g. Caterer and Hotelkeeper etc.
To a certain extent I agree with Jude, in that if you're located in an area full of restaurants you would do well to target them, especially with your experience. It would also certainly be a USP for your bookkeeping business.
However I wouldn't be too quick to overlook other businesses and sectors. I think just to concentrate on one type of business when starting up would make it difficult (and very slow) for you to build up a client base bigger enough to support your needs. Theres nothing stopping you from targeting restaurants, as well as other local businesses when starting out. As your firm grows in size you can always stop taking on non-restaurant clients if thats the way you decide to go.
I have several restaurant/cafe clients, and I don't think (from a pure book-keeping perspective) that they are very much different from my other retail clients. In fact, I find that this sort of business gives me the most grief i.e. completely cash based business, virtually no reclaimable input vat and all sales are vatable leading to comparatively high VAT bills (=unhappy clients!). That said when you put a decent system in place the books do become a doddle, and you can charge a good fee. I agree with Miles, dont discount other retail business's such as pubs, newsagents, hairdressers etc.
Thank you all for your advice. Jude, I will look into advertising in the catering magazines - thanks for the tip. Will also consider taking on other retail biz's, especially pubs which I hadn't considered.
