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Bookkeeping Service

Use your accounting and financial experience to start a bookkeeping service.

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Business At A Glance

Bookkeeping Service

Startup Costs: $2,000 – $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? Yes
Online Operation? No

Business Overview

Bookkeeping is simply the procedure ofrecording financial transactions, or put differently, a record is madeevery time money changes hands. Providing you possess accounting orbookkeeping experience and skill, a substantial income can be earned byrunning a bookkeeping service.

Clients will largely consist of businessowners that either do not have the time or ability to set up and managea bookkeeping system for their business. Recent technologicaladvancement has made operating a bookkeeping service verystraightforward, as there are many types of small business accountingsoftware available that will not only make your job easier, but alsoenable you to service many clients at one time. Typically, bookkeepingservices charge clients a monthly fee to record and update theirfinancial records on a regular basis. Averaged, this fee translatesinto $25 to $35 per hour.

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Financial

Tax Accountant

Help clients organize their taxes to get the biggest return.

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Business At A Glance

Tax Accountant

Startup Costs: $2,000 – $10,000
Online Operation? No

Business Overview

Tax preparation can be time-consuming, detail-oriented, confusing, and,for most people, frightening. Tax laws change frequently, the IRS has atyrannical reputation, and most of us balk at arithmetic anyway. But ifyou’ve got a head for figures, you like solving puzzles of thefinancial kind, and you can keep up with changing tax laws, this couldbe the business for you.

You can work with individuals to fill outtheir yearly tax forms, specialize in small-business tax preparation,or represent clients who’ve fallen under the IRS’ beady eye and arebeing targeted for hefty liens or penalties. The advantages to thisbusiness are that you can work at home, you get to learn an awful lotabout everybody’s personal and company business (although morally,ethically and legally, you must keep it to yourself), it’srecession-proof because people will always need to pay their taxes, andit can be very profitable. As a tax preparation expert, you should havea solid working knowledge of tax laws for your targetmarket–individuals, estates, partnerships, or other types of small orlarge businesses. (Our tax system is too broad for you to knoweverything.) You’ll need a good eye for math and the people skills tohelp your clients make the best of a usually nerve-draining situation.You should also have the experience and instincts to judge whether theinformation your clients give you is A-OK or doesn’t quite ring true.

The Market

Your clients can be individuals or businesses. Get yourself thebusiness by placing ads in your local Yellow Pages and newspapers,networking with professional and small-business organizations in yourarea, and with CPAs and attorneys who can refer their clients to you.Direct-mail your brochures to local businesses or to individuals whohave just moved to your area.

Needed Equipment

You don’t have to have any sort of license or certification, but youmay want to get certified as an EA (enrolled agent) by the IRS. Thisinvolves training followed by a rigorous two-day exam, the completionof which is a bonus as far as your credentials are concerned.

It alsoallows you to go before the IRS in place of your client during anaudit. (Only enrolled agents, CPAs and attorneys are granted thisprivilege, which means you can charge more than an uncertified taxpreparer.) Whether or not you go for the EA designation, you’ll need acomputer with a laser printer, a fax machine, a copier, the usualoffice software, as well as tax preparation software like Intuit’sProSeries. You’ll also need reference materials, including the U.S.Master Tax Guide (available on Amazon), and regular updates to all thisstuff. You can get a CD containing IRS forms for $22, plus lots offreebies, all for the asking. Be sure to check with your insuranceagent about errors-and-omissions insurance as well.

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Financial

Tax Preparation Service

Your accounting and tax prep skills can give customers time to stop and smell the roses in April.

Entrepreneur

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Business At A Glance

Tax Preparation Service

Startup Costs: $50,000 – $100,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Online Operation? No

Business Overview

An accounting background is preferred;however, there are training and certification courses available thatwill enable you to start your own income tax preparation service as aqualified professional. As in any business, the more you know and thebetter your skills are, the more you will potentially earn. Though taxpreparation is a seasonal service, additional income can also be gainedby providing business clients with year-round bookkeeping services.Once established, word-of-mouth advertising and repeat business willsupport the service. However, to initially secure clients for thebusiness, consider offering a two-for-one special for your first yearof operation, prepare one tax return for the regular fee, while aspouse or partner receives the service for free.

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Financial

Venture Capital Broker

Help entrepreneurs who need funding connect with VC firms.

Entrepreneur

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Business At A Glance

Venture Capital Broker

Startup Costs: $50,000 – $100,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Online Operation? No

Business Overview

A venture capital broker is simply a personthat brings two parties together that share a common goal. The goalgenerally and ultimately is to create a profit. One party is theentrepreneur that is seeking capital to start or expand a business.

Thesecond party is a venture capitalist who lends entrepreneurs money forbusiness financing in exchange for a high rate of return on theinvestment or a combination of company shares and a return oninvestment. The venture capital broker that successfully brings the twoparties together is remunerated by way of commission based on the totalamount of financing that was secured. Depending on the amount of moneysecured, the commission rate will range from a low of 5 percent to ahigh of 15 percent. Securing clients for the service is as easy asscanning local newspapers for business financing-wanted classifiedadvertisements, and taking over the task of locating suitable capitalfor the venture. However, finding a source of financing can bedifficult, so be sure to only represent clients that have a viablebusiness concept accompanied by a completed business plan thatreinforces the business concept.

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