My business idea - worth a try?

[Kinsation]

Hey there all,

I have a little business idea. I am working as a general manager right now and im thinking of opening my
Own business. I want to open my own bookkeeping company. But not just that. I would like to offer
Them to help them open their business. I would like to give them advice
If they should be self employed or incorporate. And adter that i will set up their business with the government and from there on i will do all their bookkeeping. I want to get together with different accountants and lawyers in from different industries where i will refer my clients to for year ends etc.

What do you think of that idea? Any comments are greatly appreciated!

[Paul]

Good idea BUT can you really deliver the service you propose..do you have enough experience in starting businesses to be considered a reliable source of advice?
Also, of course the hard part is finding clients...do you have the contacts or marketing experience to get it rolling?

[Harold Mansfield]

Hey there all,

I have a little business idea. I am working as a general manager right now and im thinking of opening my
Own business. I want to open my own bookkeeping company. But not just that. I would like to offer
Them to help them open their business. I would like to give them advice
If they should be self employed or incorporate. And adter that i will set up their business with the government and from there on i will do all their bookkeeping. I want to get together with different accountants and lawyers in from different industries where i will refer my clients to for year ends etc.

What do you think of that idea? Any comments are greatly appreciated!

What country are you doing this in?

My first reaction is that Small Business start ups in the U.S. tend to be self financed, on budgets and thereby investigate most of that on thier own where there are various resources already in place to point them in the right direction.
Also, many use accounting software.

However, the idea of a "business incubator" is done all over the U.S. in various communities, but many tend to be non-profit and operate with grants and donations.

So honestly, I don't see Small Businesses as being a profitable market for the idea because they tend to be on tight budgets.
If you could somehow incorporate that with helping people get financing, then you may have something. But not if there is going to be an upfront fee.

This is all just my immediate opinion, but there are all kinds of variables that have to be answered...mainly where do you plan on doing it and who exactly is your target market?
Also, are you going to be focusing on specific types of business start ups, or on a particular demographic..like say...Women Business Start Ups? Entreprenuers under a certain age? How will you define your market?

[Kinsation]

I live in a small town in Canada where there is lots of construction being done. I am german and well known in the community, marketing is going to be fairly easy - word of mouth. I have no even tried opening a company but I already have clients waiting for me. The key here is to do their bookkeeping and connect them to the right accountant specializingin their field of business. Retail/construction and so on. I will help them start up the business and manage all their paper work. Have everything right from the beginning. You are right there are accountig softwares, but for a busy man it will be impossible to do his bookkeeping him self. I am a manager in a Construction firm right now, i also do the bookkeeping and so on, and to leant the softwares takes quite a while. If they do their own bookkeeping they WILL make mistakes and enter things wrong. After that they will bring it to an accountant who charges $200/hour to re-do the whole thing. I want them start on a solid base right from the start.

Business owners want to rely on people. I want to be the one they can rely on. File their annual reports, income tax returns etc.

[Harold Mansfield]

I live in a small town in Canada where there is lots of construction being done. I am german and well known in the community, marketing is going to be fairly easy - word of mouth. I have no even tried opening a company but I already have clients waiting for me. The key here is to do their bookkeeping and connect them to the right accountant specializingin their field of business. Retail/construction and so on. I will help them start up the business and manage all their paper work. Have everything right from the beginning. You are right there are accountig softwares, but for a busy man it will be impossible to do his bookkeeping him self. I am a manager in a Construction firm right now, i also do the bookkeeping and so on, and to leant the softwares takes quite a while. If they do their own bookkeeping they WILL make mistakes and enter things wrong. After that they will bring it to an accountant who charges $200/hour to re-do the whole thing. I want them start on a solid base right from the start.

Business owners want to rely on people. I want to be the one they can rely on. File their annual reports, income tax returns etc.

So if I'm understanding you correctly:

You live in an area where there is a boom right now.
There is an influx of start ups looking to capitalize and do business with the booming industry and new and supporting industries.
You already work in the industry, and have the skills and knowledge to help new business get set up quickly and properly, especially those who are new to doing business in Canada.

If I understand all of that correctly, sounds like you would be providing a much needed service at a critical time. The fact that you say you already have a few clients lined up is a pretty good start.

Any business is a risk, but it honestly sounds like you already have a good feeling about it. I think it's definitely worth a try.
Just my opinion of course, based on what you've said. I obviously don't know anything about your business or doing business in Canada, but it sounds like a good opportunity.

[DavidDeke]

Yes! This idea works. I used to have an accountant that did the same thing and now owns property, leases out buildings and is successful. You need clientele first before making the jump though. People [like myself] get excited about starting something new, but you have to know the obstacles (i.e. your competition,your area, your potential clients). Ask a lot of question to potential clients, not your friends, if they would use you as their bookkeeping expert.

Peace,