Thursday, May 26, 2022

How to start a bookkeeping business or Accounting firm – Good accountants vs. good entrepreneurs

Hey folks if you're an accountant a bookkeeper a tax professional um i make a ton of videos to check out our youtube channel today i want to talk about what's the big difference between somebody who's really smart that happens to be an accountant and somebody who has their own accounting .

Firm how do you actually bridge that gap you know the other day i had a gal call in uh she said she'd been watching my videos for a long time and she was really excited to talk about she wanted to make the transition from working as a cpa in one of these cpa firms to transitioning over and .

Starting our own gig right and i'm i'm all about that just you know if that's you man give us a call we have a setup and we can do this between about 750 and 4 500 bucks depending on what you're trying to do but a lot of times we do this kind of get started set up for a website digital .

Marketing your branding i will walk you through your messaging and we will get things going it takes about 60 days to do the whole thing but she gave me a call and she wanted to make this transition and this gal is bright she has all sorts of experience in this industry she's a great accountant and as .

I'm visiting she's like you know what this might sound kind of arrogant but i'm a great accountant and what is it going to take for me to actually get uh a business started up because i have these goals i want to hit x amount of revenue why amount of revenue and she's asking like what is it going .

To take for me to actually get there and i think that's a great question and i've had this rant inside of me for quite a long time and you've heard it before but let's just get right into it there's a huge difference between somebody who actually has monthly retainer customers who has their .

Own business and who has crafted their own little machine out in the free market adding value to other business owners lives there's a huge difference between that and somebody who works in a firm like that somebody who's an employee of a firm .

Like that somebody who's an employee of maybe even a a better firm than what that entrepreneur is um there's a huge difference right because i know that there are smarter people all over the place that are working inside of current businesses .

But they will never make it as an entrepreneur they're not going to make it they're never going to have their own business in fact a whole bunch of you listening to this right now you think you've got the perfect business plan out there in fact you might be smarter than most of the people that i talk to .

That have their own firm and you're never going to have your own business you're never going to do it you know why couple different reasons first off are you ready to actually go out and face the discomfort of failure and not just the discomfort of failure but to go out and talk to somebody and try and find out if they have a .

Problem that's worth solving and then you proposing a solution to that problem are you willing to go out and prospect and get sales because i'll tell you right now one of the biggest differences the ultimate biggest difference between somebody who's really smart working in an accounting firm .

Or working in a current business and somebody who has their own business is the person who sets out you have to set out and you have to get sales and execute okay most people that work in a business they understand how to execute they can do their job really well they know how to do .

The actual thing that they do in that profession um but that doesn't do anything and not only does that not do anything but you're in an industry as an accountant people don't leave their accountant you meet your tax person or your accountant most people sit with their accountant for way too long and all they do is wait .

Till the end of the year and hand their taxes in they do it for 30 years they never change anything right um so the number one difference between people that are going to make it as their own business owner who can start their own firm and those that just dream .

Is that execution to go out and acquire customers how do you do that and it's not easy but it's the reason why in every business those that bring in sales are the highest paid people in the company nobody makes more money than the sales person and a lot of times we denigrate and .

Think poorly of a salesperson but you know how difficult it is to go out connect with people who might not have asked for it engage with them to find out whether or not they have problems that you would solve and then to position themselves over the long term to be a solution for that .

That requires a number of different things first of all it requires practice you have to actually try that now i naturally was gifted at that because of my upbringing and i but when i first started at best buy that was my first sales job i ever had it felt so weird i'll never forget man .

So i get hired i'm like 20 years old and i get hired at best buy and the first week they have me like organizing the printer ink it was just stupid and they had me shadowing the guy who was in charge of the laptop by them this is back in like 2004 when a new laptop was like 500 and that .

Was like a ton of money not like now or it's a macbook and that's not that even great um anyways i i watched these guys this whole time and i i was an extrovert like i was okay with people but i was so nervous i'll never forget the first time that after i shadowed the .

Guy for like 30 or 40 different times all of a sudden he started handing it over to me and he had to go to the bathroom so i we're in the laptop aisle and the dude's like hey man i'll be back i gotta go to the bathroom will you cover this because i'm gonna go on break after that too and i'm like .

I just gonna cross my eyes like that i was like i'm in charge of this this is gonna be awkward and i'll never forget as that first it was it was always like a mom and their daughter you know similar age to me college age daughter who's trying to get a laptop to go back to school and they make their way over .

And i had to do the annoying can i help you find anything right which is the most like pathetic attempt to actually engage with somebody so long story short i had to intersect with those people and they walked into my world at best buy here you are in b2b sales where the person you want to help are in .

Their pickup truck hustling and making money and for you to get them to turn to you it takes intentionality it takes a purposeful intentionality that you have to set out to accomplish and you can't just sit back and wait for people to google you here i am a digital marketer .

We'll set you up with the best digital marketing for a cpa ever but i'll tell you what you're just sitting there and waiting for phone calls to come in is not going to build a good business you have to go out and intersect into business owners lives you have to cold call you have to email .

You have to network you have to be around them you have to go where they are you have to swing the bat when you meet somebody and actually try and connect with them right that's the difference between an entrepreneur and somebody who just works in a business .

Are you willing to to set out and get your own sales and that's just getting your own sales forget the fact that you have to be in the financial position to have the risk where you can actually go do that right i have to measure my time in terms of prospecting and doing the work and managing my .

Employees and and keeping vision out and updating our own website and helping all my customers like you have to manage your time but you the biggest difference between an entrepreneur somebody who owns their own firm and somebody who's just really smart working in a firm is can you get in position to go out and .

Get sales and then execute and the fact of the matter is most accountants you're terrified at that and you suck at it and you will never be good at it but that's okay because you can get okay at it you can get good enough at it and people don't expect .

An accounting person to be super engaging right so the good news is is the bar is pretty low for you and i mean that respectfully but almost everybody that i know that's really good and making sure that all of the accounting the bookkeeping the payroll the tax planning and all that .

Is done excellently is not good at sales they're not it's not that they're not good they're not naturally driven by it so you have to practice you have to practice you have to practice so if you're thinking of starting your own firm here's my big takeaway i want you .

To sit down and start writing and practicing to yourself so what do i mean by that you need to to be able to write down what what is your company what's your elevator pitch right this is before you even start you need to think of what your company is what's the name of my company .

What do you do and why do you do it right so what you do is you do taxes you do accounting you do bookkeeping but how are you any different so the main thing that i set out whenever i started my two businesses was i sat down and i i started with my company name a simple statement of what the service is what's .

The main problem and you want to work on what's called a one-liner okay and i'm gonna show you something if you go to my website right now there's a little tool that i have that you can take a look at that will help you with this go to feedbackcrunch.com and go to the way bottom of my page here okay .

And i want you to go to there's two tools here um one of them is called the brand scripting tool and one of them is called writing for your website so brand script and writing for your website and i'll just tell you right now that this will help you become better at what you do for sure .

And you will uh look at that handsome dude so here's the brand scripting guide and basically what this is is from donald miller who helps you craft messaging right but i want you to come through and listen to each one of these uh videos and i want you to think about creating a one-liner and we'll hit on .

That in a little bit but if you just come and look and think about who's the character um in in the story of your business the character is that business owner and that business owner has a problem and they're going to meet a guide which will be you and they're you're going to help give .

Them a plan and call them to action and it's going to end in success but i want you to come to this brand scripting tool and just pay attention read through this watch all the videos this is something i'm just giving away because i want to help people understand a little bit more of the situation then the second page that i just showed .

You there it's called the nine sections of a website that will close sales okay and what i want you to do is very slowly read this entire article okay this is not like some high ranking super interesting article but what this is gonna do is it's gonna help you understand the customer journey that people go .

Through and then i'm gonna show you exactly how to mark up a website okay now this is the same process that i use when i'm working with a customer or when we're working with any of the companies that hire us but inside of this is this thing called creating a one-liner right .

And essentially what this is challenging people to do is to think about um the problem that your customer is going to face the solution you have for them and the result too often we start thinking about all of the services we provide but we forget what's the main .

Problem that these business owners have i usually give it to you they don't want to overpay in taxes they want to keep more of their money they want to save time i don't want to deal with this help them focus on their their core focus right by you doing the accounting and bookkeeping you empower them to just focus on their business .

Focus on their staff they don't have to screw around doing stuff that they're not good at and the last thing is is keeping them compliant but how do you say that in a statement so when i was at nuance financial i would talk about you know we exist to help you focus on your business .

By being your outsourced accountant basically we're going to help you pay your fair share and not a penny more so we do taxes bookkeeping but our main focus is to help you just focus on your business we handle all the nonsense and we're going to make sure that you do everything possible to reduce your taxes .

How do you put that into a sentence how do you make sure that that's compelling uh but so the reason why i'm talking about this is by doing the work of writing that out and thinking that through and creating a presentation or even creating kind of like a map here so if you go to this article .

I have the entire map for all nine sections really there's six of them that you'll want to work on um and do the hard work of starting to write this out write out these nine sections that you would put into you know what what's the value proposition what are the benefits that you want to provide by .

Doing business with you so go through this exercise i would take a look at that brand scripting tool and again this is all in the footer on my website way down here brand script tool and how to write your website and essentially what i would do in fact if you go to the bottom there's .

I have the whole thing so you can copy and paste it right um but do that and then the second thing that i would do is i would just establish what's your mission you know our mission is to help uh entrepreneurs we want to help maximize the efforts of entrepreneurs that's why .

I exist why i want to do what i do it's why i was great at the accounting business and why i'm great here that sounds kind of arrogant right um but basically it's not about websites it's i want to amplify and and i want to just make what they do better i want to .

I want them to grow and and the reason why or the purpose so my mission is to help maximize the efforts of entrepreneurs that's my mission why it's because i know that if i can help them in their business it'll help their life right i do that because by impacting .

Their business it's going to make their life better it's going to make them better husbands and wives they're going to be able to focus on their family a little bit more you're going to create margin in their life generally speaking by helping their business run smoother right .

Then develop so that's your mission what you do your purpose why you do it and then your values who you are as you do it now my values are and those are outcomes in the lives of the of yourself when you work with your customers right so ours are to be trustworthy .

Competent enjoyable and rigorous trustworthy competent enjoyable and rigorous and i'll tell you what trustworthy for me is all about putting the best interest of my customers above my own my own best interest like that's our number one thing i know that this isn't about me just generating .

Revenue i'm not like hubspot where i'm trying to get as many people in and ring them out as hard as possible by putting them in long contracts by messing around with things by conveying value that's not really there and trying to convince people of nonsense right no to be trustworthy we treat you like we treat ourselves .

We put your needs above our own and we seek your best interest that also means that i speak the truth and love right a lot of times we'll work with clients and they kind of need to hear a little bit of tr tough love or at least my consultant perspective i'm not here to make you like me i'm here to be .

Enjoyable as i work but i'm here to add value right and i'm not here to just tell you what you want to hear so trustworthy is big for me competent everything that we do i want to be one of the top providers we don't just do stuff because it's what we think we .

Try to be um just excellent in everything that we do enjoyable we don't take ourselves too seriously we take our clients very seriously we know what it's like to be around people that think they're the smartest folks in the room .

Maybe i'm the smartest guy in the room i'm by myself but it we're not here to we just want to be enjoyable to work with we don't want to be buttheads we don't want to be jerks we we put people above process like we just we value people we love people and then rigorous when we do something i .

Want to make sure we know why we're doing it and we want to do it extremely well um i hate coddled ideas i don't like just doing stuff because we think it's something like figure it out let's let's put some rigor behind everything that we do where there's multiple eyes and and just .

Making sure that things go well so that's my values if you sit down and write this out you start writing out what your company is what the service would be what are the benefits of the service who are you trying to differentiate yourself from and then build your mission your purpose your values .

Suddenly you're going to take on kind of this new measure about your language your your motivations the what drives you your ability to wake up and get after things because you're going to start believing it and this is the last thing because getting sales is hard you have to go get sales .

But if you're not even in tune to who you want to be it gets really hard to just go out there and mumble your way through some sale right go watch some of my other videos i have videos called how to get b2b leads how to get b2b sales how to get your first customers go look through my channel there's a ton out .

There but i'm telling you if you really want to separate yourself you need to come to grips with the idea that you need to go intersect into the lives of customers or potential customers and you have to do sales and not only do you have to do sales but .

You in order to do that you need to know who you are when you know yourself and you practice and you start talking about who you are and what you do you're going to be a lot better um than if you just kind of go out there and wing it so that's kind of a long rant good luck god bless .

I'm super thankful for all of you that tune in all the time all of our customers ah man we'll set you up right our team is phenomenal i hired i built a great team and uh we would love the opportunity to help you we've got some really great stuff for .

More established firms or if you're just getting started man we've kind of got this get started package and you will get some clients um we'll be doing more interviews of our of our customers too talking about their experience so good luck and god bless

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