Starting A Bookkeeping Business - Part 2

So when I started writing my blog post about starting a bookkeeping business I realised I had more tips than could fit into one post so here is the rest of what you need. These are the 'nice to haves' and 'maybes' which appear further down your starting a business checklist ...

The top of the nice to have and maybes list is a Privacy Policy and Terms and Conditions. If any personal or sensitive personal data is to be processed, it is mandatory for the website owner to display a privacy policy and terms and conditions mean your clients will know exactly what and what not to expect from doing business with you.

"You can download templates from the internet!"

Or you could ask an established bookkeeper to share what they have, but if you can afford to get your own bespoke documents written then it is better in the long run. It's that chicken and egg situation as to if you can afford these in order to get started.

Remember you are taking a risk if you don't have these things in place when you start working with clients if things go wrong, and we never take on a client intending to do a bad job, but sometimes life happens and it can't be helped. I used BEB Contract and Legal Services (another contact made through business networking) for my Privacy Policy and Terms and Conditions documents. Do ask for Kerry Gibbs and mention my name if you call them.

HMRC Inspection Insurance is really useful, but instead of taking out this insurance individually, I joined the Federation of Small Business which includes the inspection service as part of their membership!

You can also use their document library to help with your Privacy Policy and Terms and Conditions to get yourself started, and they also have a legal helpline for members who need help. I also chose to use the Co-operative Bank for my business bank account which is free for FSB members, in fact, they pay you each year for keeping the account with them.

And lastly, think carefully about your sole trader or company name. Our business name Silicon Bullet is from a combination of Silicon Chips for computers and the Silver Bullet being the perfect solution. We do sometimes get people thinking we offer breast implants or small battery-operated devices, but that seems to with most people give them a giggle rather than being bad for business.

Be careful you don't pick a company name with a dodgy acronym, or choose a name from a recently dissolved company that might still have negative reviews knocking around on the internet. Also, ensure you don't use a name already taken in your sector as this will cause problems for you trying to get a domain name and may even result in a cease and desist letter from the other company using the name you chose.

If you are starting as a sole trader and may want to progress to a limited company in the future, it might be worth registering the limited company name now to ensure it is still available when you are ready for the next step.

"So, those are my top tips of nice to haves and maybes!"

If you need help and support with getting going and specific help with Xero or Sage 50 software for you or your client then do get in touch about my hand holding or bookkeeper mentoring services and don't forget to read Starting a Bookkeeping Business - What do you need - Part 1 for my other top tips.

If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.