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Accounting Business Ideas: Grow Your Firm the Non-Traditional Way

Bring Julie for some accounting business ideas. What I had them do before this call is I had them send me their cash sales on a month over month basis since they joined up with us. So, Julie joined up and here’s the thing, I’m going to preface this really quickly. What I love about Julie is that she has a non-traditional background. She is totally non official, but you would not expect her to be where she is today. She doesn’t have a traditional background in accounting at all. I don’t think she even has an accounting degree. Now the other people here are going to have accounting degrees or will have a more traditional background. You’ll hear from them too. But I think it’s incredible what she’s done.

And the other thing about Julie, that’s really amazing, is all of this is recurring revenue, recurring revenue growth. So if you look here October, 2017, I’m going to ask her about these points. December, 2018, January, 2020, and March 2020. Recurring revenue to $71,000 a month recurring revenue.  We’re going to go through a couple of different examples here, but I’m going to bring Julie on and I’m going to do two questions that you guys can ask her when I’m done with her. What I’m going to go through really quickly. Julia, can you hear me on your side?

Julie, so while we’re getting to the video there, first thing, how old are you? Now I always ask people how old they are, right? Because if somebody is 30 or 40 or 50 or 60 or 70, I think about my team, I had Sarah on our team. She’s our VP of marketing. She said, “Andrew, why are you asking their age? Should we maybe ask about their background?” I said, no, because I think about people as assets with a depreciable life. I said, we only got so much time left. If somebody is at 30 years old versus 50 years old versus 70 years old, there’s a certain number of years left to hit a target. And she said assets with appreciable life LOL. Right. So, that’s another thing with Juliet. She’s 38, Julie, how long do you think until, if you had to say a year that you would sell the business or stop working, how old would you be?

At this point, probably like between 55 and 65. Okay. 55 and 65. So we’ll just drop it straight at 60. So that’s 22 years.  What services are you currently offering? I’m doing CFO services to the mental health niche, and we do some tax as well, but only to CFO clients who don’t do tax only work. 

How the hell did this happen? What is the story here? If you had to say what has been the biggest…I know you’ve been part of the program. So, you learned a lot of things from working with the center, but in terms of the things that you actually learned that have helped you be able to achieve this, what’s the biggest thing you would say? 

So for me picking a niche was definitely a game changer. When I was taking, I looked at who are my best clients that I like to work with, but also who is underserved in the community because there’s a lot of repeats sometimes. So, I was looking for specifically a niche that wasn’t a lot of people in it. And then I really went to work to become the main voice in that space. So that has served me really well.

When you first joined up, back in this time period, were you doing like six, seven grand a month? Why did you decide to join a type of program like this, if you think back to that time period? Well, so back then it was just me. I was working on my own and I was actually doing the CPA exam. I was working really hard and never seeing my kids and then I had a call with someone from your team and I thought there might be something else here. Like I might not need to wait three more years to finish the coursework in the exam in order to really grow this thing. That’s what I had been telling myself, is that it had to be really just a small little bookkeeping business until that point. That turned out not to be.

So, you thought you had to do traditional education and traditional certifications, and then you’re like, what if I could just grow? And I remember back then, we were even saying that you can just grow this thing. You don’t have to have a business degree, but I was doing the additional coursework to be able to sit for the CPA

You still don’t have a CPA. So, what was the first thing that got you from, let’s say $7k to $20k a month? I’m always interested in what’s that first sort of push of intentional growth? Was it the marketing? Was it getting appointments? Was it the sales? Was it the pricing? Was it reaching out to people, was it telling a stranger, what was the thing that got you that first $20k?

So, figuring out the messaging, and that took me a long time, but the LinkedIn messaging was specific enough. It took me a while to figure out the voice, what are people actually looking for in that space and to be able to really speak to that. 

I just want to say while we’re kind of going through these, I was talking to another person that’s going to come on here in a second. He said, “What am I going to cover? What am I going to say?” And I said, it doesn’t matter what you say, anything you say they need to hear, because if you’re paying attention to what Julie’s saying, pay attention. I’m listening to every single word, because what she’s telling you right now is what got her to $20k, her first intentional messaging, LinkedIn messaging, being able to say something, we’re gonna talk a lot about messaging later this morning, especially in this whole post COVID nightmare. Messaging is key. So, next question on here. What do you want to do in the biggest year in sales between now and 65. 

I would like to get to a cushy $10M. I think that would be because I can sit back and just manage the business. Yeah. I love it. So, 30 months, $7k to $70k, what do you estimate your salary and net profit will be this year in 2020, because guys that’s one thing I always tell people too. It’s like, we’re growing sales. Yeah, but that’s not always the same. So, what do you estimate you’ll do in terms of your salary? Net profit on a cash basis? Gross estimate is around your set between $750k and $1M for this year. That’s where I’d like to be gross. So net, probably in the $300k plus range. 

And your niche is therapist, right? Therapists, independent therapists, and group therapy practices. She already talked a little bit about how that was helpful today. If you look at where the business is at right now, what is the number one problem today? They don’t understand anything about money. What about for your business? For my business, my scalability, having the right team members, being able to add team members as I add clients.

Is it having the right team members or is it the processes and systems to track the work and hold them accountable? Both. There needs to be bodies in chairs too, to do work. And right now we are working on systems as far as rinsing out some clients that have these weird processes. It really is very, very repeatable.

What is the reason you’ve been with us for a couple of years now? Sometimes I ask myself that, we had this event and I was last night messaging Charles, at 11:00 PM. I think it’s interesting to hear every person get a little bit of a different thought on it because I know for you, you’ve had difficult points. Was it for accounting business ideas? Why have you stayed in the group and why have you kept growing the business?

I love the live events. So, going to that really helps me just get into a different mind space. The accountability might not be in my regular everyday life, my neighbors aren’t working on this kind of stuff. So, to be around people who are able and willing to push me and to keep going and that I can share the wins with, that has been worth a lot to me.

Love it. Well, hopefully we’ll get back to those at some point. So we have one question here, if anybody else has another question, we’ll do two questions. So, I got the first question from Jean. I think he asked this earlier on when you were talking about picking a niche and I think this is interesting, because I’ve seen Julie. If you guys aren’t following Julie on LinkedIn or you’re seeing what she’s posting, you should because she does a great job with it. She also speaks on different podcasts in the industry and whatnot. Julie doesn’t have an accounting degree, doesn’t have a CPA, now she is a financial authority for therapists and group therapy practices. She gets invited on all these podcasts. How did you fake it? 

That’s a people thing, they feel like if I were to tell someone who looked at that, but looked at what you had, they would say, well, that’s fake. That’s not possible. Right. So how were you able to position yourself and become that voice? Well, when I first started, I really had just a handful of therapy clients. So I aggregated the data. I looked at what are the successful people doing and what are they not? Then I just made stuff up. I made up ratios that they should have, and I’ve adjusted them a lot over the course of years, like you just present yourself as an authority.  Then I got on as many podcasts as I could. I would send them, have just a quick intro. “Hey, here’s what I do. Here’s the website, here are three potential topics.” Guess what? They’re looking for topics they’re in, they’re looking for guests. So, they would have me on and I share that. 

Then that gets you onto more podcasts.  Now I get asked to speak in different groups. And if someone asks me to speak, I’m pretty much going to go speak to them, there may be a day where that doesn’t happen, but for now, I want to make sure that wherever they are, they can see me. You can advertise on podcasts too, and I get a lot of referrals from that as well.

Love it. Okay guys, Any more accounting business ideas? I want to get one more question here. How did you fake it? It  feels like faking it right when you go through that. Guys, I want one more question here. You know, when you think about having the opportunity, if you’re less than $70k a month, let’s say you’re $40k a month, what’s your biggest problem? eEspecially from the monthly recurring revenue side, this woman we happen to have here as great as she is, has overcome it in some way.  Anil says, what’s your success secret? Tell me one thing that puts you in this position. I would say the mindset. It has to be the mindset. You have to go into every sales call knowing that you’ve got this.  I love it. Julie, thank you so much.

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AccountingTax.com by Andrew Argue is now Corvee