Starting a business

[Pink]

So, in about a month, I'm going to be trying to start my own business.

It's not gonna be anything grand, I just plan to run a bookkeeping and related accounting and tax advice out of my house. Basically, client drops off shoebox, I sort out and record, and hand back.

I've got two years of post-secondary education in the field, and a year working at a public practice, and I know for a fact that I can do a much better job than some of the bookkeepers whose work I've had to look through and correct.

However, while in theory this shouldn't be something that requires a huge investment of money to worry about if it falls through, I think I'd be silly to at least not ask the advice of others more worldly and potentially knowledgable than me before starting this, to see if I've missed something or someone might have some excellent advice.

Basic things on my to-do list
-Get business number with related gst and pst accounts.
-get business license from city
-get latest quickbooks program and search for a good income tax program.
-rent sign to advertise and put article in papers of most of the major centres of the province (I am doubtful a classified ad will come to much success though)

[Thajocoth]

Good luck to you!

I know a lot of people who've started their own businesses (Mother, Uncle, Other Uncle, Cousin, Mother's Uncle, Mother's Other Uncle, Current "Employer", Previous Employer). It's never been as easy as they expected, but they were generally able to pull through it.

[Dallas-Dakota]

Get contacts, know people.

Know people in the publishing world and such.
Know writers, know what range of customers you want to attract and what kind of customers there are in your area.
Are there other bookstores in the area? Are there big (international) bookstores in your area which could force you out because of way bigger sales numbers?

But you probably know most of that already.:smallwink:

V: Ow-, sorry for the misread.:smallredface:

[Pink]

Get contacts, know people.

Know people in the publishing world and such.
Know writers, know what range of customers you want to attract and what kind of customers there are in your area.
Are there other bookstores in the area? Are there big (international) bookstores in your area which could force you out because of way bigger sales numbers?

But you probably know most of that already.:smallwink:

No No, not opening a bookstore. As nice as that would be, that'd require like, capital.

When I say bookkeeping, I mean in the accounting sense. You know, the bean counter people that deal with recording sales receipts and invoices. :D

[Quincunx]

Do you have annual certification in the field, as CPAs and the like have in the U.S.? Am I wrong in viewing you as someone who does income tax preparation, as I know a few folk who do that work out of their homes during income tax season? One of them even belonged to an informal network of home-based income tax preparers, specialized in doing returns for other home-based business.

[Pink]

While it wouldn't necessarily be the intended bread and butter of what I'd like to do with it, I would indeed plan to do tax returns if I felt confident.

I do not have a designation, however I would only need that to sign off on audits and reviews, which I don't have any intention of doing.

[THAC0]

Make sure you have your own documentation in order, as far as paying tax on the income your new business makes.

[Johel]

So, in about a month, I'm going to be trying to start my own business.

It's not gonna be anything grand, I just plan to run a bookkeeping and related accounting and tax advice out of my house. Basically, client drops off shoebox, I sort out and record, and hand back.

I've got two years of post-secondary education in the field, and a year working at a public practice, and I know for a fact that I can do a much better job than some of the bookkeepers whose work I've had to look through and correct.

Hello, colleague !! :smallbiggrin:

4 years after secondary school, 6 months of internship in a business center, 3 months in an European non-profit organization (my current job).

If I can give you an advise, it's to choose your customers very well. The "receipts in a shoe-box" thing is very messy and if you don't "discipline" the customer, he'll create an administrative nightmare of lost documents.


However, while in theory this shouldn't be something that requires a huge investment of money to worry about if it falls through, I think I'd be silly to at least not ask the advice of others more worldly and potentially knowledgeable than me before starting this, to see if I've missed something or someone might have some excellent advice.

The initial investment might be small but the legal responsibilities might be slightly higher. Are you going to certify the financial books, sign legal paperwork and such for your customers ? Or are you just doing the encoding, classification and tax advises ? If it's the former, some countries hold the accountant liable if a fraud is discovered in certified books.

Audits is even worse but since you can't and don't want to do it... :smalltongue:



Basic things on my to-do list
-Get business number with related gst and pst accounts.
-get business license from city
-get latest quickbooks program and search for a good income tax program.
-rent sign to advertise and put article in papers of most of the major centers of the province (I am doubtful a classified ad will come to much success though)

Dude, I don't know about Canada but where I live, charted accountants (the only ones allowed to operate independently) are forbidden to advertise, just like doctors, lawyers and several other professions. The justifications are the "standing of the profession" and the old custom that "a good professional doesn't need publicity". The accounting offices are allowed to advertise but it's frown upon.

[Pink]

Hello, colleague !! :smallbiggrin:

4 years after secondary school, 6 months of internship in a business center, 3 months in an European non-profit organization (my current job).

If I can give you an advise, it's to choose your customers very well. The "receipts in a shoe-box" thing is very messy and if you don't "discipline" the customer, he'll create an administrative nightmare of lost documents.



The initial investment might be small but the legal responsibilities might be slightly higher. Are you going to certify the financial books, sign legal paperwork and such for your customers ? Or are you just doing the encoding, classification and tax advises ? If it's the former, some countries hold the accountant liable if a fraud is discovered in certified books.

Audits is even worse but since you can't and don't want to do it... :smalltongue:



Dude, I don't know about Canada but where I live, charted accountants (the only ones allowed to operate independently) are forbidden to advertise, just like doctors, lawyers and several other professions. The justifications are the "standing of the profession" and the old custom that "a good professional doesn't need publicity". The accounting offices are allowed to advertise but it's frown upon.

Yo.

I already know the pain of the shoebox clients (I was in charge of the bookkeeping for one such client while at the public firm. So many missing receipts, and some times, when he ran out of money in his personal account, he'd buy groceries and stuff on the business account. )

I most certainly plan to 'discipline' the clients if need be, but as long as they actually have all the info, I don't mind the sorting (hey, if they want to pay me for the extra time needed to sort receipts, I don't mind too much.)

I don't plan to go into anything that would require me to sign for legal documents or give an opinion of records, mostly because I'm pretty sure, without a designation, I couldn't do that anyway. It's a good tip to look into though.

As for the last point, yes, I also have this in the back of my mind. Though I don't believe things are as strict as 'no advertise' I believe there are certainly restrictions, at least for the CAs and other designations. Again, another good thing to look into, but I'm fairly certain as long as the advertisement is little more than the name, number, and description of the service provided, I should be fine. Still, there may be restrictions to the sign and such, though I have seen sign's for people offering income tax services.

Edit: also, heh, I'd look a pretty shoddy bookkeeper if I couldn't do my own books.