5 Practical Steps to Start a Successful Outsourced Accounting Company

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5 Practical Steps to Start a Successful Outsourced Accounting Company

This is a transcription of the video below

All right. Well, hey everybody, Rob Satrom here, Feedbackwrench. I want to talk about if you're an accountant, if you're trying to do this outsourced accountant model, or maybe you're a student and you're thinking about getting into this business, if you want to start your own practice, start your own firm, and maybe you've been watching my stuff about this outsource accountant firm. I want to help you out. I want to give you some very actionable steps. What are the first steps that you should take in order to get geared into having your own practice, rather than just going to college? These are the super practical steps that you can take to actually get in position to start your own business, and this is what everybody's asking me. I get probably three or four phone calls or emails a day of people saying, "How do I get started? What do I do?"

And a lot of them are students. A lot of them are people who've been in an accounting practice, or maybe they're an old firm.

1 - Get Free Education

The first thing, I think, is probably the most valuable, is go get free education. You know how you get free education? You go join a tax and accounting firm and you help them out. People don't think about this. Yeah, sure, you can go get formal training, but probably more impactful in your life is going to go and work in a firm. Go find a tax firm. If you want to get started in this, go spend a year or two helping out part time or maybe full time, help out a tax and accounting firm. Go work there and learn what it's like, because there's kind of a couple of different things you learn. One, there's the foundations of business and of tax finance and accounting.

And then, you have the very practical. How do you apply that towards how do you get a tax return done? How do you make sure the bookkeeping is done? How do you do that in software? You're going to get practical skills if you actually join a firm. You're going to find out how do you accept tax returns? Now, I think there's a lot of firms that are your typical firm and they're not necessarily great at that. That's a whole other thing. Do this outsourced accounting model rather than that. But that's my first thing. If you want to get started, doggonit, go work somewhere where you can learn how to do this.

The Core - Take Action

But, here's the next thing. Most people are working at another job or they're in some sort of training, and 80% of the people I talk to are in that. Maybe I'm in school, maybe I've been finishing a degree, maybe I've finished my degree and I don't know what to do. I'm working over here doing this, but I like the idea, Rob, I want to do this. I want to do your outsourced accountant model. That's what they all say. And here's the same conversation I have. Take action. That might be boring, but I'm telling you, you've got to take action. The biggest difference between an entrepreneur and somebody who just works at a normal job, is an entrepreneur, if you look at it a business is kind of like a truck or a tractor.

Now you could be part of a crew that works on a big, heavy machinery tractor that it's an excavator and it accomplishes its work and it's super high productive. It works really well. The bucket, the motor, the engine, the frame, everything's working together and that's like a big business that's already working. That's a business that's already been put together. The entrepreneur is like the engineer that goes and pulls together the parts to actually be able to go out and add its own value. So, the big, hard thing that an entrepreneur does, is says, "I'm going to execute. I'm going to go out. I'm going to make my own truck. I'm going to make my own ability to produce value in the economy rather than just being part of the crew on another thing."

I'm telling you here's how you can take action. And that's what this is really going to be about. One, establish a business name. Simple. Two, buy a domain. Okay? Number three, I want you to write out a basic, what are you going to do, who are you going to do it for, how much is it going to cost? And I want you to read one book. I'm going to give away three quarters of the value that I add here. This book will help you so much, because remember, entrepreneurship comes down to two things in my mind. Get sales and execute. Get sales and execute. Most of you get so concerned about executing that you forget about that you're going to have to do the things to get the business together, but then you've got to go get jobs.

You have this excavator that's your business, you have to go out and actually find homes to produce, right? You've got to go find customers that will say, "Yes, I have a problem. Please solve my problem." And then, you need to solve that problem and meet that expectation and deliver that value. Well, here's one of the core books that I want you to chew on. It's Donald Miller's Marketing Made Simple. Donald Miller, Marketing Made Simple. And in that he reminds us, and he puts out a basic game plan, that what you have to do is you have to embody what is the core problem that you're going to solve? And I would back this up. There's stuff he doesn't talk about that when you're starting a business you really have to do one more thing. Like what's your core service you're going to do? If you're going to do this model, you're going to do taxes. You're going to do bookkeeping. You're going to do accounting.

And I think what you should do is rather than focusing on those services, those services exist yes, but what you really want to do is you want to help them save in taxes, you want to help them save time, you want to keep them protected and keep them compliant. Build their wealth and save taxes, mitigate taxes, be a better alternative than hiring, and then keep them compliant and keep them protected. Those are kind of my three biggest value propositions that changes business owners' lives. It changes their lives. I'm not going to go on and on about that, but that changes their lives, right? So, Donald Miller's book talks about you have to start thinking about how are you going to make their life better? But you do have to figure out what are the core services and then figure out a little bit about how much are they going to cost.

So, the first way you take action, business name, figure out your core services, your core commercial services. I kind of gave them to you, right? I think you should bottle them up into the outsourced accountant model and then I think you should read Donald Miller's book. Listen to it three or four times as fast as you can and you need to come up with your one liner. I think that you help maximize businesses' profits by mitigating their taxes and keeping them focused on their business. Something like that. The idea is that you kind of envelop everything that they do. I've got to hurry, my kids are here. So, by taking action, creating a name, writing a quick little business plan of just what are you going to sell, how much is it going to cost? But then, here's the next thing that I think you should do. Go to Google. Go to Google My Business, and I want you to register your Google My Business account with your business name.

I have other videos that talk about how to name them, but once you get your Google My Business account, you can go and buy a domain. A short, tight, unique domain that you can hook up to your business, and Google actually will give you Google domains, and then you can make a one page basic website. Now, we'll hook you up with a really thorough website, but Google, under the Google My Business, has a Google Sites that you can actually go on and start your own website for free. All you've got to do is pay like 14 bucks and you got a domain name. Google will supply you everything. And I've run tests to actually show that those sites, they do just fine on an SEO. So, you want to take action, you've got to create a business name, figure out what are you going to do, but now the next thing is how do you get clients?

Well, I think one of the main dynamic problems that occurs is that you need to get sales and execute, but most people are not going to agree for you to solve their problem for money until they understand that you can execute. So, you have this chicken and egg problem, right? I'm not going to hire you because I don't trust you. I don't trust you because you have no proof that you can do what you say you're going to do. So, we've got to solve that problem a little bit. We have to show some credibility. That's what this is about. How do you get credibility rolling so that you can actually help? Well one, you need to find people to do this for cheap or free. You need to go out and hustle your buns and do this for cheap or free.

Stumble your way through it. Do your first year just trying it and helping, and maybe doing it with them, so you could say, "Hey, I want to help you with TurboTax." Find people to help with TurboTax or help them, give it away for free, and then go to another firm and maybe work shoulder to shoulder with another firm. Be honest about it, but you can help in a lot of ways. And when you dive into how can you really get that started? You can dive into my outsourced accountant model. Again, I'm going to have some books about this that I'll sell, but basically if you go in there and you show them how to mitigate taxes, you show them how to use retirement plans, S corps, how do you do some proactive tax planning and then wealth coaching and helping them... you kind of do what Dave Ramsey does, plus Mark Kohler, plus Sandy Botkin, so you're this weird like tax planner, wealth consultant, CFO type of person, you're going to add a ton of value and your customers will be excited.

But you got to get some reps under your belt. You've got to execute. So, find some ways to do that. Another way you could do this is you could go work in a firm, and as you're working in that firm you build great relationships with those customers. Not in order to steal them, but to earn their trust and to show credibility. And then, what I would do is I would create a list of people. And it's this concentric circle system of people that you've earned trust from. So one, you've got like your peers, people that you've worked with in the past. It could be customers that you do help. It could be customers that your old firm helped. Whatever that looks like. You want to be really liberal about the idea of who understands that you're worthy of trust in your business.

And that might not be super easy. You're going to be really hesitant about this, but I'm telling you, get that lined up and then go out and get Google reviews. Have people give you honest reviews about your character. Don't have them lie, but go on to Google My Business and what they can do is, they can say, "Hey, I trust Rob. I worked with him for four years in this firm. I'm not a customer but I've seen him work. I've seen his work. I understand how he treats people. I would recommend him." You can have some of those more liberal relationships be Google reviews. They don't have to be just somebody that you took a fee from and did it for. So, build up some Google reviews, some testimonials and you're not fluffing it, but you're trying to show that I'm worthy of trust. Now, you have to be worthy of trust. That's huge.

And there's a whole character and competency and integrity that that's a whole other subject, but let's just assume that you are that kind of person. So, you have to build up some Google reviews. You have to showcase some people on your website to show, hey, people trust me because I'm worthy of trust and I can do good work. Well, once you've got that all figured out and you get some reviews, you've got your basic website done through Google, or call us and we'll give you a good, heavy duty legit website and advertising, then what you can do is you can start leaning into what I call just the proactive selling. So, once you've got some proof that you can add value, you've got some reps under your belt, you've got some Google reviews, then you need to craft together and get a really powerful website and a digital marketing campaign.

And this is, I'm telling you, once you got your feet wet, you've got some reps under your belt, you've got some proof that you can actually add value, then you really need to put the effort into creating a website and an online presence that will absolutely communicate that you add value, that you can do this. And this is hard because usually accountants are not geared to do this. That's why we work on your behalf to craft the messaging, to work with you, not to sell you... but to sell you. Yes it is to sell you, but it's not to be inauthentic and not to be real, but it's to connect value, because one of the things accountants fail at is they're not very good at connecting absolute value to something.

They think more about costs. You're just generally, you might be geared that way. Not all of you, but some of you. So, the bottom line is get those reps under your belt, get your website up, and then we start to craft that website. And then, here's the final thing, you start running Google ads. And those Google ads are in a targeted 19 mile radius around your business, and you attach what's called the location extension to them so that your Google reviews that you have... you need to get more reviews than everybody else. You've got to do work until you have more reviews. Then you run those ads that'll get in front of people. And by doing that and finding your landing page, you have some great connections, some great messaging. You have great videos that show people that you do this. They're going to want to work with you. That may be an oversimplification, but I'm telling you that can work. Good luck with everything that you do. And I really hope that, doggone it, you can build something that's great.

Entrepreneurship is the most equitable path to huge amounts of wealth. There's no reason why anybody can't do it. Whether you're out there like my grandma, my grandma hustled cleaning houses as a side hustle and built a ton of wealth, was very successful cleaning houses. I know gals out there and guys out there that are cleaning houses, watching kids, building websites, they're writing, they're copywriting. They're out there grinding, disposing of old oil from restaurants. It doesn't matter what kind of side hustle you create, if you go out and you decide that you want to deliver absolute value and you get sales and you execute and you craft that messaging, there's no reason why you can't have a super successful business. Good luck. Give us a call if you want help with your website and your advertising to dominate your competitors, fill up your sales funnel, and we're here for you. So God bless, good luck.

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