Accounting & Bookkeeping & Small Business Forum

[nlsjma]

Hi,

I’m could use some help and honest feedback.

I’m in my mid-50s and plan to semi-retire within the next few months. When I do, I plan to relocate Northwest Florida – my original home. Although I can probably survive on my pension and other assets, I want to keep working part time. It will keep me busy and provide a financial safety cushion.

I’m proficient with QuickBooks (but not a ProAdvisor). Although I have never been in public practice, I have a CPA (inactive status). Most of my career has been spent developing and implementing mainframe financial software applications.

I’d like to start a small bookkeeping (and possibly tax) service. I want to do all of the work myself and work between 15 and 30 hours per week.

My overall general question is . . . is this practical? Everything I read says that bookkeepers and bookkeeping services are in demand. But how difficult is it to break into this business? I know much depends on location, the individual involved, the amount of effort, and such but . . . what’s the likelihood of success?

Any comments would be welcome.

Thanks.

[RobJ]

nlsjma wrote: My overall general question is . . . is this practical? Everything I read says that bookkeepers and bookkeeping services are in demand. But how difficult is it to break into this business? I know much depends on location, the individual involved, the amount of effort, and such but . . . what’s the likelihood of success?
I think what you're proposing is entirely practical. As you said, "I know much depends on ...". It will depend entirely on you. It will succeed if you want it to succeed. Being "retired" comes with an assumption that you'll have income to sustain you while you get this off the ground. There is very little necessary in the way of investment. Make contact with CPAs and small businesses in your area. I don't think you'll have a problem at all unless your living in a remote village on the North Pole.

Best of luck,

Rob

[RobJ]

I meant to include a link to the QuickBooks ProAdvisor Program.

http://proadvisor.intuit.com/content/program/overview.jsp?lid=left_nav

[sgbdad23]

Well lets get started......
You do not need to keep your CPA Active, but if you would like to use it, I would research if FL, and NC have a reciprocating agreement. Meaning will Florida honor your CPA Lic. If yes get it reactivated prior to moving.

Finding clients, it is easier than you might think, but it still may be the most difficult portion of your task. UA puts out a program call the Universal Practice Builder, this program can help you identify, propose, price, and land clients. Based on your parameters of 15 to 30 hours a week, you are looking for 8 to 16 clients. This is a monthly revenue of $3200.00 to $6400.00 per month.

I hope that this helps.

Scott