A Bookkeeper Making $600k?!
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Through the process of looking for our next acquisition, Ive had the pleasure of connecting with some incredible owners and operators of other businesses. I had one of those conversations the other day where an hour and a half went by in the blink of an eye.
Let’s call this owner Joe. Joe does $607k/ year with margins of 80-85% as a bookkeeper. 😳
He has a team of 7-8 rockstars from overseas who run the day to day. To quote him;
“if I’m doing bookkeeping, something has gone severely wrong”.
The convo was FULL of gems, I’ll break down the main ones for you:
💎 As a solopreneur, your focus should be on maximizing your time and putting systems in place to step out from the day to day (if that’s what your goal is of course)
💎 To do that, take it ONE thing at a time. Implement a good project management software, hire 1 employee, raise your monthly rate. ONE thing at a time.
💎 When you’re hiring from overseas, focus on people that have US accounting experience. You can get a SOLID hire from the Philippines for $10/hr and with an equivalent of a CPA.
💎 For training NEW inexperienced staff, make sure they are Quickbooks Proadvisors and then if they haven’t already, they should take a basic accounting course on the the 3 financial statements. Something on Udemy would suffice
Joe has built something incredible here with a company netting over half a million on the top end, but he started from humble beginnings of charging $200/ month for his service.
QUICKLY he realized that he was worth far more than what he was charging.
And THAT’S really the main takeaway here; you can run an extremely successful bookkeeping company without doing much of the bookkeeping yourself if you build in the systems and are patient with the process.
➡️ Integrate the project management software
➡️ Hire slowly
➡️ Maintain high standards with your employees
➡️ Understand that the work you provide holds massive value
Questions to ask yourself when you’re developing your SOPs:
❓ What are the tasks you do most every month
❓ How do you do it?
❓ What are you spending most of your time on?
❓ 90days from now what could you take off your plate to work 25% less?
❓ Do you WANT to work 25% less?
I know I’m not the only one out here working to build an empire and change the trajectory of my family.
While I’m not “there” yet, each and every conversation is one more tool in the tool belt and a step in the right direction.
You NEVER know where these conversations will lead or the deeper connections and partnerships you’ll form by simply listening to the value others have to provide.
I’ll leave you with this from another conversation that I had (I’ll break that down soon)
“If there’s not the potential to make a minimum of $400k from your efforts, it’s not worth your time.”
Stay in the fight!
Kevin