Creating a business plan is essential to the process of learning how to become a self-employed accountant—and the reasons for this are fairly self-evident.
If you don’t learn how to grow a business that’s good at turning a profit, you’ll end up spending most of your time on business activities that aren’t going to increase your bottom line—and thus, fail to make your business profitable.
At the end of the day, a successful business needs to turn a profit in order to be viable.
And while there’s probably going to be some ramp-up time where your business will need to get to the point of being profitable, it’s important for you to map this out so that you’ll know exactly how much capital you’ll actually need, and how long you may legitimately be waiting before things really kick off and head into profit overdrive.
And for freelancers, this can be surprisingly difficult.
See, as a freelancer, you don’t necessarily have all of the tools and resources that a major company does.
You don’t have all of the support that a major company brings with it.
It’s just you and the universe when you’re a freelancer.
And as such, it’s really important for you to focus on really getting tight in terms of creating your business plan, and making sure that you have everything laid out and in order so that when you actually do business, you’ll be making money instead of losing it.
So let’s dive into how to make that happen.
1. Create Your Offer
Assuming that you already have the skills to be a successful freelance accountant, then the first step is really to create your offering.
- You might want to sign businesses up for a membership product.
- You may want to offer people one on one tax help.
- You may want to specialize in helping other freelancers to manage their taxes—and hence, sell a monthly membership plan with phone calls included for support, etc.
The key here is to identify your target audience and to figure out what product you’re going to sell them.
For the most part, you want to focus on selling one simple, basic product before you jump into offering multiple different products for different types of clients.
This helps to create more simplicity and reduces complexity, which is almost always good for business.
2. Create A Marketing Machine
Another part of your business plan will require you to figure out how you’re going to market your business.
The good thing about becoming a freelance accountant in the modern world is that you have the entire internet with all of the different social media sites and different types of content platforms at your disposal.
This means that you can create content every single day to help drive traffic to your own website, and thus, get business from all over the world.
This strategy will differ based on what types of clients you want to attract.
So you’ll want to create a specific content machine that drives enough people to your offer (and results in enough people purchasing the offer) that your business becomes viable and successful.
3. Allow Some Time To Get Started
Another part of your business plan should include giving yourself a buffer or a cushion as you lead up to becoming profitable.
The truth of the matter is that most freelance businesses don’t always start out making enough money to support a person, a family, or a business overnight.
They require some time to ramp up, to generate credibility, and to establish their place in the market.
Thus, you’ll need to take a serious look at how long you think it’ll take for your freelance accounting business to replace any other methods of income you may be utilizing at this point in time.
In other words, you may not want to quit your day job overnight to start your freelance accounting business.
You may find that it’ll be a much safer and less stressful bet to ramp up your freelance accounting business for a year before choosing to let go of your nine-to-five.
Here are a few key takeaways that you’ll also want to incorporate into the process:
- Actually write out a clear and concise business plan. Your business plan should include your target audience, your products or services, your marketing strategy, and your financial projections.
- Set realistic goals. Don’t try to do too much too soon. Start with small, achievable goals and build from there.
- Be patient. It takes time to build a successful business. Don’t get discouraged if you don’t see results immediately.
If you follow these tips, you’ll be well on your way to creating a successful freelance accounting business.
Here are some additional tips for creating a successful freelance accounting business:
- Network with other freelancers. Networking is a great way to meet potential clients and get referrals.
- Get involved in your community. Volunteering or participating in local events is a great way to get your name out there and build relationships.
- Stay up-to-date on the latest tax laws and regulations. This will help you provide your clients with the best possible service.
- Be professional. Dress professionally, answer your emails promptly, and always deliver on your promises.
By following these tips, you can create a successful freelance accounting business that you’re proud of.
Creating a dynamic business plan as a freelance accountant is essential to your success.
And by following the steps outlined in this blog post, you can create a plan that will help you grow your business and achieve your financial goals.