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Start Up Cost

  • 1 post
  • # 86863

Hello

I am thinking of joining the ICB and being a self employed bookkeeper, and was just wondering how much money do you need when you start up in your bank account? 

  • 1159 posts
  • # 86868

The cost of starting a practice can vary from a few hundred pounds to a few thousand pounds depending on what you aim for.

You really need your practice license, membership and PI insurance.  After that everything is up for discussion.  Do you need to buy a new computer or do you have one you can introduce to the business?  What about software, are you buying it or using free software?  Will you be working from home or the clients place, or will you rent an office?  Do you need to kit out an office?

What about advertising?  Are you aiming to grow the business quickly, if this is the case you'll probably need a decent sized advertising budget but if you're happy to grow slower you can advertise on virtually zero. Will you have employees from the start, or do it all yourself?

The only things I'd really recommend is that any advertising or PR materials are produced professionally.   That you get yourself a new landline number and don't use a mobile number.  Finally, buy yourself a domain name to use as an email address and don't use a hotmail, google or other freebie.  I think these things will show new clients that you are serious and care about your business.

Kris 

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