I'm a single mum of one and my daughter is about to start school very soon. Ive been reading the posts on The Book-keepers Forum for a few months now and it's given me the impetus to start my own book-keeping business.
Can anyone please advise what it would cost to set up my own book-keeping business? Also what equipment would I need? Ideally I would like to run it from home, so dont need any premises.
Assuming you dont need any book-keeping training, start up costs will be minimal probably no more than a few hundred pounds. This would include a computer, low spec one is fine for running a basic software program on. A printer, ideally a laser printer, and a telephone or mobile phone. Other than that a bit of business stationery is about all you need. You may want to look into purchasing some professional indemnity insurance, and this shouldnt cost more than about a hundred pounds a year (try Hiscox.co.uk for an online quote).
Great to hear another single mum is looking to start a bookkeeping business too! I started my book-keeping and payroll bureau six months ago and am loving every minute of it.
Feel free to send me a PM and I would be happy to have a chat and pass on any pearls of wisdom that I've gleaned from the few mistakes I've made :)
Man thanks for the breakdown of equipment needed and the likely cost. Glad it's not going to cost the earth to set-up. I alredy own a desktop PC so will probably use that to start with.
Tina many thanks for your offer of support. Have sent you a PM. Look forward to speaking with you.
I've just finished using the Bookcert Business Kit and am in the process of setting up my own bookkeeping business.
I paid £135 for 500 letterheads, 500 business cards and 500 compliment slips from this website: www.harquil.co.uk I had two colour print and the quality is very good. The cheapest Professional Indemnity insurance I could find was through a broker, www.hensure.com £50,000 cover for £150 a year paid monthly. I've spent about another £100 on stationery bits & bobs and the bookkeeping software I'm using is Visual Accounts (visualaccounts.co.uk) £50, and VT Cashbook which is very good and free from vtsoftware.co.uk.
If you've already got a pc you are sorted! I think I've got everything I need for around £300 so you can do it without breaking the bank.
I've had two enquiries this week through the free website provided by Bookcert which I hope will become clients this weekend.
Thanks for the detailed info. I do need to sort out what software I'm going to use. Had thought about Sage or Quickbooks but the initial cost, and support is out of my price league at present. Will definitely look into VA at £50, and will download a copy of VT too. Thanks for the tips re stationery and insurance - so many things to get sorted
I am currently studying AAT. I have been thinking about starting a book-keeping business for a couple of years now. But the things is i have no Knowledge in book-keeping, but my wife is a qualified book-keepers, and also a part-qualified acountant so if i do start i can drawn on her knowledge.
also i do have all the hardware that is needed i.e computer and printer, as well as updated sage accounting, and payroll software.
i surppose what is stoping me is that i have the following areas i am not sure about can anyone offer me advise and help in the following areas:
1) to start a book-keeping buseiness do i need to have the qualification in book-keeping myself ?
2) with most business they appoint their own accountant which also doing their book-keeping for them, so do we go about convencing them to pay for book-keeping service as well as paying for their accountant.
3) knowing the market price to charge clients for work done
