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    27 Replies Latest reply on Nov 14, 2009 8:09 AM by ideasman

    My own business.

    Danycount9 Wayfarer
      Hello Everyone,
      I am currently in college majoring in accounting. I always wanted to have my own business, so I was thinking if there's any sort of business I can have while I am finishing my bahelor in Accounting. I am able to come up with $6000, so what can be done anybody? All advices and comments are welcomed.
        • Re: My own business.
          InsciteGirl Wayfarer
          Hi there,

          I know a lot of people who have learned Quickbooks or similar programs and provide bookkeeping services to small businesses since you have an accounting background. Are you familiar with this software?

          Best of luck!
          • Re: My own business.
            LUCKIEST Guide
            My own business, Welcome

            Great idea having your own business. Who are you?? Where are you?? When do you graduate??

            Majoring in Accounting opens the door to many businesses you can go into. From a Accounting service to a Tax service or last the last post said, a Quickbooks service or a combination of all of the above. You can also become a consultant

            You can work from home or have an office or??

            Good luck, LUCKIEST
              • Re: My own business.
                Danycount9 Wayfarer
                No, I am not really familiar with the software. However, I am quick at learning new thins.So, how do people provide bookkeeping services to companies. Is it from their home, what's the process? Please give as much detail as you can. Thank you for taking your time to reply.
                  • Re: My own business.
                    Danycount9 Wayfarer
                    How do I accomplish all that? Do I need a lot of capital?
                      • Re: My own business.
                        awan0454 Newbie
                        May be online business can work for you if you are motivated. You can earn some money from online activities as well. here is one
                        www.freedom.ws/adilawan or www.adilawan.ws
                        give it a try. its 100% legitmate and its a company called Global Domains International (GDI).
                        Watch the video and try the income calculator as well to see the power of this system. The decision is yours but i can assure you that this system really has the power to generate huge money but it needs hardwork. If you think i can do it then go for it. I am sure you gonna acheive it.

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                      • Re: My own business.
                        Adventurer
                        Hi Danycount9. Real brief. I am 48 years old. Owned a small finance business on Wall St for 18 years ( just recently closed it ) and am in the process of researching other businesses to purchase.

                        I have limited college credits and have been using Quickbooks I would have to say since 1997. My firm had accountants and lawyers but I became so well versed at using quickbooks, I saved a lot of expense by handling 95 % of the accounting work myself and then pretty much handed the file over to my accountant to review for accuracy and then file any quarterly reports with the IRS, State, City and two major Stock Exchanges. Very rarely did he come back and tell me to make adjustments.

                        Point being.........Quickbooks is very user friendly and if someone like me with no college degree and no accounting background can learn it relatively fast, then certainly you should be able to also.

                        Good luck in your future endeavors.
                    • Re: My own business.
                      onpurpose Adventurer
                      HI Danycount,

                      Luckies' suggestion to explore Quickbooks is a great one. At this early stage of your career, as much as I'm a pro entreprenuerial guy, my suggestion to an accounting major is get a job with a mid-size or large accounting firm. Get some exposure to other businesses, maybe even a CPA track. The demand in the accounting field is very high right now.

                      Your life trajectory coming out of college and becoming a bookkeeper (Quickbooks) versus the potential to be a Chief Financial Officer or CPA is dramatically different. Be patient with starting the business. Gain experience. Save even more money. Get to know yourself even better. You can even work on setting up a business in pre-launch while you work. In a few years, when you have a wade of cash, a few years of experience, and some business connections, consider either buying a business or starting one.

                      You're playing with a life decision here. The very nature of your question indicates to me that you are very much in a search mode rather than a ready to pull the trigger mode. Nothing is pressing upon your spirit to jump into starting a business. The people I know who started businesses while in college, were obsessed with an idea or desire. Your posting doesn't exude that level of excitement... yet!

                      Be On-Purpose!

                      Kevin
                      • Re: My own business.
                        hconnections Adventurer
                        Hi Danycount9,

                        I have been providing small business bookkeeping services for a few years now. My company offers tax and financial services to small businesses and individuals Nationwide. You might have some luck with brand new businesses. They almost always need a bookkeeper of some sort. Start off small so as not to overwhelm yourself since you are still in college. Some challenges you may face is that you're new to the industry but you could present your services in a sense that you can offer very personable services because you'll be a small bookkeeping service firm. If you don't know Quickbooks, I suggest you learn it quickly because that is a software widely used today. The program itself has many tutorials within so you may be able to teach yourself enough in the beginning to get you through and then build your skills as you go along. You might also want to take an online professional bookkeeping course. Having a designation behind your name will add some credibility. Try visiting www.universalaccounting.com. You will also find a wealth of resources at the American Institute for Professional Bookkeepers www.aipb.org. More business development and resources can be found at my website www.hardgeconnections.com. The important thing is to pace yourself and don't grow too quickly.

                        Many people are supplementing income online too. In addition to my tax and financial services company, I also run a home-based internet business. Feel free to take a look at my web presentation at www.gcvacations.info and part two of my presentation can be found at www.gcvacations.biz. I'm available to answer any questions you may have. Best of luck to you.
                        • Re: My own business.
                          ps2chiper Newbie
                          I think you should checkout the open souce software side. They have quickbook equivalents that are free to use on Linux. If you are new to small business I would recommend you get invloveld with chinese manufactures as they actually make the goods people sell. You can do that by going on www.alibaba.com . The shopping carts are free, using Magento, OScommerce, or Zen Cart. Then I would start studying Linux like using Ubuntu www.ubuntu.com .

                          Remember open source software is the most important thing to small business today.
                            • Re: My own business.
                              InsciteGirl Wayfarer
                              Looks like all these suggetions above are great. With the Quickbooks thing - I don't know much but I do know that a lot of small businesses need help with book keeping. I would suggest that you get "Quickbooks for Dummies" to get started - buy it on amazon used cheap. If then this is something you want to pursue further while still in school - do it since you are comptuer saavy and a fast learner.

                              My only concern is the time factor. How many units are you taking in school? How many hours do you have per week to dedicate to this business? Things like that you need to consider. Otherwise, you could be putting that 6K to better use somewhere else.
                            • Re: My own business.
                              odgrell Adventurer
                              Hello Danycount9,

                              I'm also an accounting student and considering doing freelance bookkeeping as well. I'm very good with QuickBooks and creating business plans etc. I was actually beginning the process of putting up flyers but I'm having some trouble getting my first clients. I live in South Florida, which part of Florida are you in? Maybe we can collaborate. Contact me at mgrellbooks@gmail.com
                                • Re: My own business.
                                  hconnections Adventurer
                                  Hi odgrell,

                                  Just a word of advice... I'm not sure if flyers are the only means you are using to get the word out but its usually a good idea to go above and beyond the general flyer. You may want to try sending out a press release annoucing your bookkeeping services. Many businesses would respect that you are an accounting student and may be willing to give you a shot. You should also try getting out in your community and personally meeting with some of the small businesses in your area. If you can, even try to go to your local city clerk's office to learn about new businesses. Go to networking events. Use these opportunities to hand out business cards.

                                  Best of luck to you.

                                  --
                                  Ktasha, your personal tax partner
                                  www.HardgeConnections.com
                                  Want to start a Home-Based business? www.gcvacations.info
                                • Re: My own business.
                                  WrkHrdPlayHrd Newbie
                                  Hi Dany,

                                  I'm also a young guy trying to start a small business in accounting services. I am currently working for a CPA firm preparing financials and tax returns for small businesses as well as bookkeeping. I would recommend getting the QuickBooks Certification as it would train you and help you become familiar with the program. You'll also have the certification which looks great for advertisement to new clients. If you can, become a CPA because then a lot of small businesses would want your help. I'm currently working on mine along with other numerous certifications - CB, ABA, ATP (you can probably get the CB for now).

                                  I'm also located in FL - central. Good luck on everything!
                                  • Re: My own business.
                                    onpurpose Adventurer
                                    Hi DanyCount9

                                    Another thought for you is to check out the competition and learn from what others are doing. Here is business advisory client of mine in California - like you I'm Florida (Orlando area).
                                    Renee does a nice job of marketing herself and team members.
                                    Client acquistion (and retention) is key to your business now and forever.

                                    http://www.adminbooks.com/staffbios.htm

                                    Be On-Purpose!

                                    Kevin
                                    • Re: My own business.
                                      Doublelcl Newbie
                                      There is always a method to the madness. Going into business requires a bit of planning.

                                      First of all, determine what your legal form of business will be. You can start with a sole proprietorship but accounting figure you will move into some other form to limit your liability soon. Most states allow you to create an LLC yourself at minimal cost.

                                      Then, decide who your target market is comprised of...who they are, what problems they have, where they hang out, etc. The narrower the niche, the more likely you are to succeed. It seems contrary to common sense, but it is true.

                                      Then determine what you provide to solve their problems. That is, define the services you provide and how you provide them. Read the Purple Cow by Seth Godin to give some good ideas of how to make yourself different from all the other people offering the accounting/bookkeeping services.

                                      Third, figure out who your competitors are and then what they are doing (well or not) to make sure that you are a different kind of service, one that stands out.

                                      Start networking like mad. Find local groups that you can attend meetings with and join them. It is all about making connections and building a KLT factor (know, like, trust).

                                      Make a plan for yourself. Be like Tom Watson and start with a picture of what you want the business to look like when it is done.

                                      Sorry, but this is only scratching the surface of how to begin a business. Perhaps you should consider finding a mentor.

                                      Good luck.
                                      • Re: My own business.
                                        DomainDiva Ranger
                                        You may want to start out with simple bookeeping to get your feet wet with some of the accounting programs. Accounting software is not all that expensive and an investment of less than 1000 will get you several accounting suites (software) that you can start learning.

                                        Put up some flyers in grocery stores and those copy box mail places advertising bookeeping for small businesses once you have the software figured out. HInt: do not charge an arm and a leg.
                                        • Re: My own business.
                                          Caseyy Newbie
                                          I can give you a lot of ideas but I think if it is your first experience, start with an online business; it is the least risky business. You should understand that your business success does not depend on your business idea but on how you run your business. Persnnaly, I prefer to ask for professional coach to help me if I start my own business for the first time; they have experience and enough knowledge about business area.
                                          If you decide to start your online business, there are professional coach who can help you. For instance, Site Buld It at http://sitesell.com/affiliates-tools.html help affiliates business to succeed. And, as a matter of fact, affiliates succeedd with their online business :)
                                          • Re: My own business.
                                            snipes119 Wayfarer
                                            You have information about accounting in your head from your studies that a lot of people would probably pay for. Create articles and a website showing your knowledge. Package up an information product about accounting that is unique and sell it. Also, you could become an affiliate marketer for an accounting company. Create content about the company and entice people to visit their website for products. For more about information products and a free affiliate e-course visit http://www.theeasyincomepro.com_+*
                                            • Re: My own business.
                                              businessSIR Adventurer
                                              Business Intelligence (BI)

                                              Fraud Investigator for major banks

                                              Forensic Accountant Entry level- Which if you find this job they may pay for some school or for continuing education.

                                              Human Resources

                                              Possiblilities are really endless when you think of broad terms. Dont just think about what you do as accounting. You are also very good with numbers and that is very valuable to most companies.
                                              • Re: My own business.
                                                IdtCPA Wayfarer
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                                                • Re: My own business.
                                                  UncleLeon Scout
                                                  This is an unusual position for me to take, after being in business my entire life until I retired.

                                                  But, IMHO, I suggest that you conservatively invest your 6,000 for now, and concentrate on finishing your education, taking business courses along with your accounting courses.

                                                  Then, after you get your degree (MBA, if possible), and have "learned where the bath room is". Begin pursuing your career, or business interests.

                                                  As the bible tells us: "No man can serve two masters, for he will love one and despise the other." So it would probably be with you if you attempt to divide your attentions between your education and an business. And with 6,000 investeed, I think I know where your priority would be.

                                                  (Don't bother to exemplify Bill Gates. For every one of him, there 100 others you never hear about.)
                                                  • Re: My own business.
                                                    ideasman Newbie
                                                    Either you studied accounting or not, what really matters in starting any business is to look at your talent (i.e your inborn abilities and look for a problem to solve with it! friend, that was how great business minds like Bill gates started their business corporations.
                                                    http://oneminutemotivator.blogspot.com