How to Build a $7,500/month Bookkeeping Support Business

One of the reasons I love my 97 & Up program for me, is the inspiration I get from our members. Sometimes it is direct, other times it is indirect.

Today's inspiration came in the form of a question that reminded me of a service I used to offer years ago, and in some ways, I wish I had stuck with it and scaled it.

The thing about monthly bookkeeping services is that there will always be compliance. Deadlines to meet, reconciliations to prepare, forms to file.

None of that is fun or rewarding. Let's face it. It has to be done, but I don't think anyone in history has every said, "man I can't wait to file these sales tax returns for my clients! They get SO much value out of them!"

Here was today's question:

I am curious how you guys handle client leads who are in the startup phase of their business. I got an inquiry yesterday from a lady who is a holistic coach for skin care, and she has questions about setting up her business and best practices for not comingling her money. She has a few clients, but she is not big enough for full bookkeeping management. Do you have a service product for this or how would you approach the conversation? Thanks for your tips!

I remember getting these clients and thinking how I hate to turn them away because they can't afford my rates, while I can't afford to lower my rates.

There has to be a way!

And there is.

Not only is there a way, but I would argue the business model I am about to describe to you is both more enjoyable and more lucrative (easy to scale).

If you want a deep dive on this, I have scheduled this very topic for our 97 & Up call next Tuesday, May 21, 2024.

If you are not already a member, you can take a free 30 day trial and show up for the call.

Use me!

Then it's up to me to convince you of the value to stay. If I don't, that's on me.

That call will be a one-hour deep dive, recorded and the replays are provided to 97 & Up members.

OK commercial break over.

As to the service, I said, "why not offer 1:1 Zoom support," this way she can pay you what and when she can afford without having to commit to a monthly arrangement.

And / or offer a monthly support plan. You can do it via email (not my suggestion) or any messaging app will do:

• Slack
• Whatsapp
• Telegram
• Skype (don't laugh it's actually pretty good)
• Other - you name it.

They can ask unlimited questions, and you can answer them.

If and when they want / need more hand holding, for an extra fee they can schedule a 1:1 zoom with you so they can share screens and you can guide them.

You can record the sessions, use whatever AI transcript tool you like, and provide them with a really nice resource they can use for reference after the call.

Now you're not responsible for any of the "work" or deadlines. You show them what to do and how to do it. Then they do the work and follow up with questions.

But Seth, won't I get inundated with questions and messages?

My experience suggests otherwise. You'll get more at first, because they are probably coming in with a bunch of questions. Then as the novelty wears off, it will even out.

So what should you charge for "Seth's Spectacular Support Service?"

What gets you excited?

$250/month?

$500/month?

$750/month?

The first of these prices you stopped on and thought, "That's too much money" is probably what you should charge!

Let's say you go with $500/month?

My contention is that you can get 10 clients in a service like this pretty easily.

So, your base is $5,000/month for no compliance support.

I could be hiking in Griffith Park while answering someone's questions in Slack and then just for fun, share a photo of my current POV!

With Loom you can add even more value (while making your life easier) by sharing short videos to help answer questions.

Now let's say on average each client asks for a 1:1 session each month.

And let's call that $250 for a one hour Zoom session where you will provide the resources I mentioned earlier.

There's your other $2,500/month.

And sure, clients will quit when they aren't using it, so you keep filling it up with new ones.

These clients should not be hard to find.

I'll discuss that in more detail on our call next week!

Until then, post your comments and questions below. I would love to live vicariously through those of you who put this model into action.

And as I told our member today - if she runs into any questions, she's not sure how to handle, she has our 97 & Up Slack community to lean on for support. In theory there will not be a question she can't handle with this kind of support.

Anyone who is in the program can tell you, I am there within 1 business day (usually a lot less) to answer questions, and many others will jump at the opportunity to help right away as well.

I hope you will join me to learn more and share your ideas with us!

Learn more and join here .