Where to begin vol. 10

I briefly mentioned before the budget spreadsheet that I have included with this book. Here is where you need to evaluate your personal and business expenses. I cannot stress enough how important it is to look six to twelve months into the future and budget how you are going to survive and support yourself. 1 have included a budget and a cash flow schedule that can be modified in Excel or Works for you to play- around with. You need to know how long your savings or even credit is going to carry you without earning as much money as you thought you would. The formulas are already calculated, so go through the budget and enter in your monthly expenses, business and personal. See what it takes for you to make it. so you are not caught off guard with any unforeseen surprises. Circumstances happen. 1 don't care who buys this book, there will be times when clients can't pay. they pay late, or you lose clients because they fold. Sometimes you have dry spells, when you aren't getting any calls. Who is going to support your mortgage payment during this time? Make sure you figure out how you are going to do this. This is where I have said, even I didn't quit my day job. If you are at a dry spell and are becoming concerned that you are not busy or earning enough money, and if you do not want to give up on your own business, the best solution would be to work temp until more clients come in. There is absolutely nothing wrong with calling Kelly Temporary Services to keep you busy- on your down time. Make absolutely sure that you tell them you work part-time for another bookkeeping service. The reason I suggest that you inform them of employment with a bookkeeping service is that you don't want to be put in a situation where they think you are trying to steal their clients. If you must work temp, keep a low profile on the fact that you own the bookkeeping service. That means, don't tell the temporary agency or their clients. Above all. do not try to solicit their clients that you temp for. Just do your job. earn a paycheck and still give yourself time to solicit more work through your business. If you delegate your time properly, there will still be enough time to return client phone calls and work on other clients' bookkeeping needs. Just think of going to a temp assignment the same as going to a client's office. If you have to go there every Tuesday and Thursday for eight hours, let your clients know that if the)' need to get a hold of you. you are at another client's office on those days and will get back to them as soon as possible. Remember, you cannot earn top dollar working temp: the temp agency is charging top dollar for you. and so they will most likely pay you between $12 to $17 per hour depending on your level of experience and what the client is willing to pay for you. Generally the client will pay the temp agency anywhere from $22 to $27 per hour for a bookkeeper and junior accountant.