Why You Need to Earn More Money
You need to focus on earning more money for many reasons but most of them are simply to keep up with increases in your cost of living. Here are some:
- As an independent contractor you manage your own revenue and costs so you need to be diligent
- The cost of property and living is increasing every year
- You’re getting older and have a limited earning period
How Can You Increase Earnings in a Service Business Like Bookkeeping
Most bookkeeping work is performed on the basis of an hourly rate so to earn more money in the same amount of time can only be performed by using the following three principles:
- Become an expert in your field (preferably something you love doing). This includes providing clients with a bookkeeping solution, not just an hourly rate
- Systemise your work so you can get the inefficiencies from a systemised approach and employ people who can plug into that system in the future
- Get more clients and Charge more money
The thing is you can’t really charge more money until you perform steps 1 & 2 so the key steps you can take is to improve the solution you offer potential clients and then choose the right clients – that is businesses who understand the value that you are adding and are willing to pay your rates.
The defining process helps you justify your charge out rate
Writing a business plan can be boring and time consuming, but not when you have all the tools and you can just play with the numbers and core strategies!
When you create a business plan forecast (like the one included in the Business StartUp Course) you can then match that with the actual number of hours you are available to work and you can clearly forecast your yearly income. Most importantly you can schedule your time so you know how much spare time you actually have for new customers.
One of the most important things in operating a business is offering good customer service and that’s important even if you can’t take on any more clients. When you forecast your yearly revenue you can then focus on ways to increase your earnings, here are some tips.
- sell some products that compliment your services,
- focus and become a specialist and charge more
- create joint ventures with influential partners
There are risks involved in performing bookkeeping work and this includes the risk of getting things wrong. We cover risk management and compliance tasks in the Legal subject of the StartUp Course.
Join National Bookkeeping
National Bookkeeping was created with you in mind. You can just use our digital and social media marketing services or go through our full education and marketing program. We can help you:
- Work closer to home (or from home using cloud-based software like Xero),
- Increase your professional profile (business courses, standard templates and use of our brand in your business and email address), and
- Get the benefits of leveraged marketing (we promote the services of good local bookkeepers across Australia)
Are you a bookkeeper who wants more clients?
If you are an experienced bookkeeper and want to get more clients for Xero training sign up with the Xero Accounting Plus package and you’ll receive the SILVER membership package for free. You’ll have access to the tools to support a professional training regime for new clients with the marketing support to get discovered for Xero training services.