Starting another accounting practice at 50....how do I get clients?

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Starting another accounting practice at 50....how do I get clients?

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wlkrs

posts: 8

Sep 18, 2008 1:26 AM ET Quote Report Abuse

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Hi-

I am brand new to this forum and need some help. I have been an accountant (4 year degree, no CPA) for over 30 years. I started my first bookkeeping practice when I was 17 and put myself through college on my income - and supported my husband who was in college and later on my first son also. So I am not afraid of the challenge. The issue is that about 13 years ago my husband landed a wonderful job in another state. I sold my practice and we moved. We spent the first few years just traveling and doing all the things you want to do. My husband decided that at 38, I had worked hard enough and it was time to travel like I had always wanted. Well, I couldn`t agree fast enough, but have always done a little out of state work (for people in my old town) and misc tax work just to keep up to date. Because of the travel and then my son contracting a rare form of bone cancer - Ewing`s sarcoma, I have not been able to get out into the community like I did in my old town. Now I am ready to get back to work - I NEED to get back to work. But I don`t have any connections here in the small suburb of Memphis where we live. I have sent out fliers, phoned, visited a few businesses, joined the Chamber of Commerce and have generally started to go out into the community. I am going to exhibit in the local business trade show here next month. But the clients aren`t coming. Before, I always had to turn people away. My old clients in my hometown have long since found other accountant/bookkeepers. My inability to find even one client is completely confusing and frightening to me. Is there something else I should be doing? I don`t have a lot of money for marketing, but I do have a small amount. Any suggestions on how to use it? Any ideas would be appreciated - Shelia

CraigL

posts: 9051

Sep 18, 2008 1:40 AM ET Quote Report Abuse

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Hi Shelia :-)
You`ve got a service, rather than selling hard goods. The first thing is to focus in clearly on what exactly is your service. You won`t use that to talk with clients, you want to know just exactly what you`re going to do in your work.

When you have that, and it sounds to me as if it`s Bookkeeping, then you`ll want to list what benefits you *offer* to prospective clients. How will you make their life better to the degree that they really want to pay money to get that betterment for themselves.

After you`ve defined your service and worked out three fundamental things you`re offering, then I`d suggest putting an ad in the local Yellow Pages. Spend the money to highlight those three major offerings, the name of your company, and a tagline.

Your CoC may have a sort of small business special interest group, designed to help brainstorm ideas on how to grow the business. If not, perhaps you could start one?

Then there are various other organizations you might take a look at. See what group is a dynamic leadership factor in the community, and see if you can join that group. Word of mouth will be a strong factor, I think, right?

People skilled at accounting really like it. But those who aren`t skilled at it, usually don`t like it at all, and try to avoid anything at all having to do with accounting and taxes. :-) At least in my experience.

We have at least one community member who does house calls. You might feature that as one of your main offerings. Another feature would be maybe a tagline along the lines of "Helping small business startups." In other words, targeting a particular clientele.

It comes down to targeting who it is you want to help, right? Here`s a topic right now, that I`m sure you`ve seen. But consider---aren`t you the person they`re looking for?

Videography

posts: 672

Sep 18, 2008 12:38 PM ET Quote Report Abuse

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Establish yourself as an expert. Tell the Chamber that you are ready to offer a free or low-cost seminar to Chamber members to discuss tax questions for startups, etc. Try to not sell your services at the seminar, but make your business cards and brochures available. As you establish trust with the attendees those who could use your services will seek you out.

-------------------------

Steve Mann
Internet Videographer
MannMade Digital Video
My Email

shane68114

posts: 10

Sep 19, 2008 12:41 AM ET Quote Report Abuse

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Perhaps you should try another networking organization that is more inclined towards growing your business. One organization that I am familiar with is BNI. Google it, find a chapter close to you, and send a message to the chapter president requesting permission to visit. The purpose of this type of networking group isn`t just to get together and be social, but to grow business for one another.

-------------------------

Shane Eloe, CPA
http://numberinsights.com

wlkrs

posts: 8

Sep 19, 2008 10:14 PM ET Quote Report Abuse

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Craig, Steve, Shane - Thank you so much for answering my plea. I am trying to put into action everything suggested. My youngest son, who just graduated with his accounting degree is also starting the practice with me; so we are splitting the responsibilities. We found the BNI in our small town only had four or five members, but the BNI in the next suburb (about 4 miles away from our house) has a huge membership, so my son is joining that. We went to the chamber of commerce meeting yesterday and while I didn`t get any accounts, our two largest financial planners told me to give them brochures and cards because their clients always need bookkeeping and tax services. So I am very hopeful - especially since they came up to me with the suggestion. I guess this is what is called "networking". Once again thank you for all of your suggestions - I am already talking about trying to get a women`s business chapter started in our town. Your encouragement really gave me courage (not to mention some great ideas). Thanks again!! Shelia

CraigL

posts: 9051

Sep 20, 2008 12:53 AM ET Quote Report Abuse

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That`s the ticket :-)
Y`know, the local CoC around here has the "LEADS" group, which is a mentoring type of subgroup within the main organization. What it mostly involves is a combination of helping newer members get involved with the Chamber, and also to meet periodically to work out better ways to get referrals and sales leads within local business.

Do some research on other Chambers around the country, and see if there are various special interest groups that might work in your own area.

Debs5

posts: 30

Sep 20, 2008 8:56 PM ET Quote Report Abuse

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Shelia,

I`m sure you`ll do great. Everyone has offered sound advice. And your getting out there, good for you. I also own a business that offers bookkeeping services to small business and individuals and need to do exactly what your doing....and that is get out there and Network!!

daleyfla99

posts: 111

Oct 09, 2008 4:16 PM ET Quote Report Abuse

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Network your butt off. Lawyers are going to be your best source of referrals. Send them a brochure about your new business venture, mention that your son has joined you in the business. It`s warm and fuzzy. (Congratulations by the way). Emphasize that you have the "latest" information that can save their client`s money. Start picking out "centers of influence" and ask them to a working lunch to "get to know them" *your treat. Or for a cup of coffee. Start building your one on one relationships as fast as you can. Assume you joined your local Chamber of Commerce already?

-------------------------

Dale
www.ourbestidea.com
www.maskerinsurance.com
www.maskercreations.net

wlkrs

posts: 8

Oct 09, 2008 4:47 PM ET Quote Report Abuse

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Dale - Thanks for the tips. I have already joined the Chamber and been to several events. I`m kinda retiring, but my son is networking these things like a pro. I have started the networking with Financial Planners in our community, but didn`t even think of lawyers. That is a really good idea and I am going to start my lists of all attorneys in our area just as soon as I sent this. Thanks again - Shelia

CraigL

posts: 9051

Oct 11, 2008 4:20 PM ET Quote Report Abuse

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I was just thinking: Is there a central reference database containing names and addresses for those applications involving a "doing business as" (DBA) name? Those would often be small business startups, and they likely are also looking for an accounting service.

I know that real estate investors can scan a list of sheriff`s notifications of foreclosure, and that`s public information. Wouldn`t DBA requests also be public info?

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