The Reality of Starting a Bookkeeping Business: Real Talk on Rates and Expectations

So, you've seen those enticing ads claiming you can make $60 an hour as a bookkeeper and work from the comfort of your home. The question is, is it too good to be true? Let's dive into the nitty-gritty of what it's really like starting out in the world of bookkeeping.

Starting a Bookkeeping Business Tips

The Illusion of $60 an Hour

Firstly, let's address the elephant in the room - the $60 an hour dream. While it's not impossible, it's crucial to set realistic expectations, especially when you're just starting. If you don't have a degree in accounting or aren't a licensed CPA, chances are your starting rate will be considerably lower.

The Freelancer's Dilemma

Being your own boss comes with its perks – setting your own hours, choosing your clients, and enjoying the freedom that comes with it. However, it also means shouldering significant responsibility. Balancing freedom with accountability is an art you'll need to master.

Real Talk on Earnings

Now, let's get down to brass tacks. The claim of making $60 an hour might be attainable eventually, but initially, it's more likely to be around $30 or even $35 an hour. This may seem discouraging, but it's crucial to understand that experience is your ticket to higher rates.

Finding Your Niche

Having a niche can significantly impact your earning potential. If you're targeting industries with higher revenue, like dentistry, clients may be more willing to pay a premium. However, if your niche is in an area with lower income, such as DIY Etsy creators, $60 an hour might not be a feasible rate.

The CPA vs. Bookkeeper Dilemma

Distinctions matter. While CPAs handle a broader range of financial tasks, bookkeepers play a crucial role in providing more affordable services for small businesses. Your rates should reflect this distinction - offering a cost-effective alternative without compromising quality.

Scaling Your Business

As you gain experience and accumulate clients, you can gradually increase your rates. The key is to leverage your growing expertise to justify the adjustment. Think of it as an investment in your skills, allowing you to provide more value to your clients.

### Conclusion: Keeping it Real

Starting a bookkeeping business is a journey that requires patience, dedication, and a realistic outlook. Rather than fixating on the elusive $60 an hour, focus on building a solid foundation, gaining experience, and gradually increasing your rates as you grow.

In the end, authenticity and transparency will set you apart. Be honest with yourself and your clients about where you are in your journey, and success will follow.