Do you sell yourself short? How do you calculate the price that you charge your clients? Do you find yourself working all the time? Is your company stuck? Has your income plateaued? Are you not able to dream attainable dreams? Maybe you should do what Vic did?
I talked to a bookkeeper a few years ago who had quit his job to become an independent bookkeeper. He was making $20/hour at his job and gave himself a raise to $25/hour when he went independent. Very normal, but it didn’t take long to realize that $25/hour doesn’t allow a business to grow. Sure, you could work 80 hours a week and gross $100K/year, but then you need to add in time for invoicing, unbillable conversations, doing your books and taxes, returning calls, dealing with sales people calling you, working out, family time, sleep, etc. You never have time to do marketing or make sales calls. You’re stuck!
You could hire a bookkeeper or get a sub-contractor, but they’ll want a minimum of $20/hour. They’ll probably want paid vacations, health insurance, a raise, etc. How long before they’re costing you more than than you charge your client? …and, now you have to manage an employee.
If you are already billing for 80 hours/week, I can’t help you. You’re already full and you’ll have to fire clients in order to have time to learn how to grow your business.
But, if you bill for 40 hours or less a week and you’d like to grow your business, these are the steps in the process.
- Get found by good prospects.
- Learn how to sell “21st Century” style.
- Raise your rates.
- Hire and repeat.
I know that it sound simple and it actually is. Not easy, but simple and I’ve seen it work with bookkeepers, marketing agencies, consultants, attorneys, tradespeople, contractors, IT people. I’ve seen incomes go from $20K/year to $70K/year, from $40K/year to $250K/year and everywhere in between.