Bookkeeping: An Ideal Business Idea for Retirees Looking for Income
Many people eagerly wait for their retirement, where they don’t have to do anything. They only enjoy the setting sun and relaxing on the porch. It is the golden period that one gets after putting best efforts in their work-life and accomplishes all the financial goals. Only then, one fully deserves or gets ready to enjoy a happy work life.
However, not everyone expects or desires to get lazy either because either they don’t want to or their current situations demands to make for efforts for their living. Now, when you hit the retirement and are in your 60s or 70s, the number of options available is minimal.
Things to do to start a bookkeeping business
Instead of seeking employment from others, why not do something of your own. You can start a bookkeeping business that won’t involve a lot of physical work only brain. But, to ensure success, you will require a few numbers of skills, including:
- Good communication skills
- Data entry
- Great attention
- Discipline
- Organizing skills
What kind of work will you have to provide with bookkeeping services?
Now, let us know what you will have to do if you are planning to start a bookkeeping business. The term bookkeeper denotes the person who keeps the books of any particular company or organisation. Earlier, all these works were used to be done manually, but today people use the computer to provide such services.
Now, this is the business that is quite versatile, so you will have to select what kind of bookkeeping services you are thinking to provide. Here are the most common types of bookkeeping services that you must know:
- Monthly bookkeeping services
- Tax preparation services
- Payroll bookkeeping
- Financial services
- Banks reconciliation
So, you can select any of these which you are comfortable with and have the relevant skills to provide the service without any inconvenience.
Does one need to do bookkeeping training or course?
One good thing about bookkeeping is that you don’t need to do any course or training to start the business. However, as per the industry norm and standard, you must have good accounting knowledge and the necessary skills mentioned above.
But, if you don’t have complete knowledge in this work, then it’s better to gather it before starting the business. There are several courses and online tutorials available which will help you start a bookkeeping business.
In the meanwhile, there will be expenses as well as fees of such courses that you have to pay. For the financial constraints, you should find a lender to get loans for the unemployed that you can avail even with bad credit.
How to start a bookkeeping business?
After you have got the idea or knowledge of bookkeeping, these are the steps that you need to follow to start a bookkeeping business.
Choose your office
The first thing that needs to be done is to get the space for the office where you will be providing your services. Make sure that you select the office wisely because this is the place where the clients will meet. For the comfort and to ensure minimum or zero transportation, you can set a home office so that you don’t have to face any inconvenience.
Also, you will be saving a lot of money but make sure that the office has enough space to store all the paper works and documents of the clients. For the bookkeeping services, the customers will provide all kind of things, including:
- Papers
- Invoices
- Bank statements
- Payroll documents
Funds for the initial cost
Every business requires an initial charge for the set-up, be it a home-based business or an established organisation. As you will be running the business from home, there will be a nominal start-up cost, but prepare the list of the things that you need to purchase on a prior basis. Here are the expenses that you might face or incur in the initial stage:
- A computer
- Hard disks
- Printer
- A bookkeeping software
- Storage facility
- Marketing costs
So, this was everything that you need to know if you are planning to start a bookkeeping business. The money generated will be enough to handle the expenses of retirement, and also it will help you become financially independent in life
