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Essential Tips for Starting Your Own Payroll and Bookkeeping Business

Jul 15, 2015

Payroll administrator courses

A diploma in accounting and payroll administration gives you a lot of career flexibility. That’s because payroll administrators aren’t just in demand – they’re a crucial part of any business’ daily operations.

Working in payroll gives you the opportunity to work for any number of large and medium-sized companies. And, if you want to be your own boss, set your own hours, or even work from home, then a career in payroll also lets you start your very own bookkeeping business.

If you’re thinking about starting your own company once you graduate, then here are a few tips to help you get started.

Create a Business Plan

Writing up a business plan is an important first step in starting your bookkeeping business. Your business plan will help you define your career goals, and the steps you will take to get there.

Start by asking yourself what kind of company you want to have. Do you want to work from home or have an office? Manage several employees and grow a large business, or work on your own?

How many clients do you want to have? Which clients do you want to attract?

A business plan will help you focus your company so that you know exactly what you want to accomplish, and how you’ll accomplish it.

Business Owners First Need to Design a Workspace

Once you’ve written up your bookkeeping business plan, you want to make sure that you create an inviting office to work in. Check out local listings if you’re looking to rent an office. Does the office have good lighting? Is it close to your home, or will it take a long commute to get there?

If you decide to work from home, then try to designate a room or a space that is just for you. Organize that space so that it keeps you motivated and working efficiently. Do you work better at a standing desk? Do you want bright colours to keep you perky, or a colour scheme that will leave you feeling relaxed?

Whatever you choose, you’ll want to invest in a good computer and printer so that you can work efficiently without any pesky technical problems getting in the way.

Don’t Forget to Market Your Payroll Business Online

In today’s digital age, it’s important for every company to have an online presence. Take the time to look at websites made by other payroll companies. Research design, layout, and online marketing strategies that will help you make the most of your online marketing.

Good old fashioned word of mouth is still a great way to get customers, so consider putting up a testimonials page. As your business grows, you can update it to include the reviews of your satisfied clients.

Join Local Business Organizations to Network

Networking is an important part of growing your business. And, while a Herzing payroll administrator diploma includes a four-week internship, you’ll want to continue building up your network throughout your career.

Consider joining a local business organization. Or, if you want to do payroll for a specific sector like hair salons or restaurants, then have a look to see if they have any professional associations in your area. A well placed add or meeting with a prospective client can go a long way towards building up your business.

Professional Development is the Key to Payroll Success

While you’ll receive the most up-to-date training as you complete your payroll administrator courses, it’s important that you continue to stay on the forefront of new developments in bookkeeping.

Stay on top of new legislation and payroll software by reading up on the latest industry news. You can also sign up to professional newsletters, or join a payroll association like the Canadian Payroll Association.

Are you thinking about enrolling in payroll courses in Winnipeg? Visit our website to see why studying at Herzing gives you the educational advantage you need to jumpstart your career.

Categories: Accounting and Payroll
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Herzing College, Schools  Business & Vocational, Winnipeg, MB