Just wondering how things are going for bookkeepers has it improved in the last few years?
I shut down my bookkeeping business (things worsened with the recession lost clients because of it in early 2010 but did not bother building up the business as knew I was expecting my baby that November)
Now trying to decide whether it worth starting up a business again, will be completely new as in new area completely so can't even contact old clients or the accountant contacts who used to pass work onto me.
Has much changed in last few years? Had job centre even though as a single Mum they not supposed to put pressure on me to find work until son is at school one minute was saying I was being negative by saying there is no jobs around and that it not the right time she then went on to say that if I left it too long I would be unemployable as the fact I have worked within accountancy and bookkeeping all my life will mean nothing as it would have changed too much, she said it had probably changed too much now, so one minute telling me I must find work next minute telling me I won't be able to work in the field I always worked. I told her that the government should never have brought in money laundering regislation and making bookkeepers/accountants pay a fee each year as it makes Mums who wanting to work from home very difficult situation finding the money to pay before even guaranteeing a client.
Welcome back to the forum. How old is your son now?
I think to be honest it depends which part of the country you live in as to how good it is. I was doing well, but just lost one and about to loose another. The 2nd one is due to the fact that he is going to be employed. I have just started advertising and also got a website. I think in today's conditions its important to market well and keep plodding away and get involved with as many accountants as poss. I am just seeing work now filtering through from accountants that I made contact with along time ago and have made a point of staying in contact with them. I think networking is very important, also you have got the added advantage of having been self-employed once before so you know what to expect.
I now live in Ludlow, Shropshire so bookkeeping opportunities as self employed most likely going to be as bad as job vacancies in the area very few and far between.
Sorry to hear you are losing some clients. It not like it was when I first set up in 2006 was so easy to get a full diary, I started up 3 weeks before my wedding and had got full diary ready on return of honeymoon. The year before the recession started I got a client who was giving me enough work that that client alone was earning me more then £1000 but did end up working all hours to keep other clients work up to date.
Its the networking that I never liked, might be a bit different now since having son as had to go to various baby groups and talk to other Mums never met before so maybe more confident then I used to be.
Hope you find some more clients soon to fill the gap that your 2 lost clients have left.
Welcome back. Not to take anything away from Amanda losing some clients, but I am finding I'm going the other way. It has been a few hard years but speaking for myself I can now really see the light at the end of the tunnel, to the extent that I am just about to drop a few clients to make some room to grow. I have recently taken on an employee for a few hours a week which I think will increase over the next 6 months.
I do agree with Amanda that networking is the way, though it doesn't need to be in a formal way. I've done a lot of advertising over the last few years and am now beginning to see a return on that. Now, if I could just get some money in that'd be great. The downside is that I actually need to work.
Good luck, don't be let down by the job centre, if they had any kind of entrepreneurial streak they wouldn't be working for the government putting a damper on everyone else.
I remember what it was like in the last days of the previous administration and it seemed that there was absolutely no work out there for us and accountants were pulling everything that they could to keep their own staff employed.
There was a new found sense of optimism when the coalition got in but I think that the honeymoon period quickly waned along with many of the pre election promises (thinking IR35 there).
I would say that there is now a lot more work out there with many people starting their own businesses on the back of redundancies... However, it seems that a disproportionate number of those in some area's (i.e. mine) are new bookkeeping businesses which is seen, at least initially, as the easy option for redundant white collar workers.
Many spend their redundancy on training but there are many more that just set up on the assumption "well, how hard can this be!".
For a short while I got sucked into the competing on price but that's a fools errand and now I compete on differentiation of service which is all any of us can do otherwise we work for peanuts against those with considerably less associated overheads.
I find that there is no shortage of enquirers but conversion rate to clients currently stands at around 38% largely due to (a) the businesses never getting past the theory stage and (b) the old "I heard down the pub that I should be paying x, why are you telling me that I need to pay y". I figure with these one's that I will probably see them again a year or so down the line when their cheaper alternatives didn't quite pan out. I don't burn any bridges with them and keep everyone that visits on the Christmas card list just to keep my services at the forefront of their minds.
I will admit though that the volume of new start bookkeeping practices does make life tough as there are only a finite number of suitable businesses to share out.
Many businesses are doing their own books to save a bit of money.... Although at the moment that is actually proving a good source of work. (Don't you love the way people make assumptions and think that HMRC will be understanding! lol).
My finger in the air feel of my local market at the moment is that people need advice and a helping hand to get their businesses started. They are less enthusiastic about hiring professionals to look after their statutory obligations but if you can get them with the helping hand then invariably the longer term gig follows.
I only assume that such also represents other peoples current experiences but look forwards to reading others views,
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Of course, all of the other bookkeepers in Ayrshire have suddenly disappeared but I'm sure that's just coincidence Kris.
Morning Matey.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I think the problem that I have because I didn't want to get too big and have to employ I stopped advertising as I had enough, this was my problem I should have just kept advertising, and taken everything going, but hey ho you learn from your mistakes, ready for the next time. I hope to see some work filter through soon, I don't expect nothing to happen before xmas. I'm not too bothered at the moment as I'm involved in another project at the mo which is taking up quite abit of my time.
Make yourself known at the toddler groups, and when he goes to school as well. I have a client whose a parent at school, been working for him for nearly 4 years now.
Why am I now thinking of Samuel L. Jackson's line from Jackie Brown "AK47. If you've positively, absolutely got to kill every ************ in the room, accept no substitute".
lol,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Make yourself known at the toddler groups, and when he goes to school as well. I have a client whose a parent at school, been working for him for nearly 4 years now.
Agree, school is a good source. When you're hanging around the school gates (waiting for your child, I might add!!!), you get talking to other parents, build up a circle, and the bottom line is all about building relationships.
On the playground thing it's very easy to end up as a free agony aunt for everyone in the throws of setting up a business without actually making any money from it yourself.
If any advice is given you need to get them onto your turf rather than giving any information away for free, even the stuff that you would normally be quite open about in the initial meeting.
That they have made the effort to come to your offices puts them into the mindset that you are an approachable professional rather than a friend giving a bit of free advice.
Wish someone had told me that ten years ago as I think that I've had a hand in setting up a couple of dozen businesses at my sons primary school and I never saw a penny directly from any of that... Although such has proven a good source of referrals so not a complete write off.
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
From the calls we get at the ICB I think these days it is more about client cycling (unofficial term made up by me).
What I see is that more clients are going under, or going into employment, but there is a lot of new business out there.
People being made redundent or taking early retirement seem to be setting up their own business in whatever skill they were employed in, probably due to Start Up Britain (speaker at the bookkeepers summit) and other government schemes. These all need bookkeepers.
Most of these new businesses attend some sort of networking events, like BNI or 4networking, and many attend HMRC workshops on self assessment etc. So it is a good idea to attend these and find these new guys.
Because of this I have been taking more calls from members wanting to sub contract or employ other members because they have too much work.
I know it is hard but try and stay positive and pro-active. Otherwise you only have the clients you're loosing, and miss out on all the new potential out there.
The thought of going back into working life scares me. Even now son nearly 2 think I am still suffering with baby brain and it been over 2 years since I finished bookkeeping (shut end of September and son born in November as did not want to pay out for another years membership with bookkeeping body and the insurance)
I have got a few months yet as would need my divorce settlement before have enough money to cover set up costs, plus my decent computer and sage package (along with all my personal possessions) I still not got back 18 months after leaving ex, court order says ex must let me have possessions back but is taking its time.
Also because ex refused to allow me the paperwork to get Limited Company that he was director too on that had no annual accounts done and no annual return done but I made it official in the court order that all fines and the closing of the company my exes problem but until he gets that shut down not sure whether I can set up as self employed as I still named a Director.
