Cash from 'Taxing' the Fearful

Most people never really graduate from school. You see, they're stuck in that mindset of just showing up then going home. What folks want is to amble through life with their head up their ass and still get a paycheck each week.

That's fine because you can take advantage of the fact!

You can start just about ANY business you want from your break room this week without ANY expertise in the field you've chosen. Let's take an example: bookkeeping business. If you have bookkeeping skills already, imagine something you DON'T have the skill in and apply the same principle!

There are many bookkeeping skilled people out there who do it from home but would probably much rather have a paycheck instead. You gather up several people like that, pay them by the hour at a fraction of what you charge them out for. AND they are happy to do so because you've now afforded them the ability to go through life with their head up their ass! Place an ad in the yellow pages, ask for referrals etc. to get clients in. You just drink coffee in the break room while everyone works for you. Now, that’s how 'The Man' lives... less the break room part.

Create a professional 'look' using letterheads, business cards and a logo and sub-contract everything out. This is the sort of confidence-inspiring image the bookkeeper at home won't offer (because they just want to go through life with their head up their ass. Am I getting the message through okay?).

Here's some notes on that particular business:

A home based bookkeeping business is a service to small businessmen who have neither the time nor the expertise to keep sufficient records for themselves. A plumber or piano tuner can make more money pluming or tuning than doing their book work --and they're good at pluming and tuning!

The home bookkeeper's clients drop off their receipts and sales slips for posting to a ledger or computer data bank. The client is provided monthly statements and information for his yearly taxes, plus any other contracted services.

Although it would be nice to have a full capacity computer operation and an MBA in accounting, there is room and a real need for less than expert (at a much lower price) bookkeeping services. Not all small businessmen can afford or even need a lawyer or professional accountant; many simply need someone to keep track of their day to day operations so they can tell where they are financially and stay out of trouble with the IRS.

For example, a one-man painting business might be happy to find someone to keep a single entry ledger for him. Then, he just drops off his receipts and copies of tickets and his bookkeeper takes care of them (records the information in the proper column and adds it up each month).

The client's product will usually be an orderly report of all of his invoices, tickets, checks, etc., (things the IRS requires) that he brought to you, plus a monthly statement and any other requested options that you offer and he has requested (and pays for).

Clients are charged for your time for daily posting, for reports they receive, plus any additional services or information they may require, such as yearly totals for tax computation. This is a nice way to make the bill add up and something you won’t have to pay your contractor for.

A bookkeeping service is similar to a word processing service in that accuracy is extremely important and business connections are especially beneficial. Join the Chamber of Commerce, Rotary, etc. That is where to find potential customers.

Also, by adding a tax service or service to train employees for other businesses. When you lose a client that gets his own system, he will often need expertise to get started, and who knows his situation better than his "old" bookkeeper?

Another suggestion is to find a professional consultant, such as a CPA that you can go to for advice when necessary. He will probably not worry about the competition because you will handle accounts that couldn't afford him anyway.