Hannah Stricker always wanted to be her own boss after 25 years in the accounting field. Finally, she gave her notice and went off to start an accounting firm from scratch. WIthin 12 months, she had banked 6-figures in revenues and she's ready to show how she did it. In this episode of the Growing Your Firm Podcast by Jetpack Workflow Software, David Cristello and Hannah Stricker dive into:
- What services she offered as a 1-person firm
- The steps to pricing that generate up to 85% profit
- How to start an accounting firm with zero clients
- Bookkeeping Solutions of Traverse City
- LINKEDIN - Hannah Stricker
- Get consulting clients with zero marketing (interview)
- 3 steps to build a great accounting brand (interview)
Breaking Through the Fear and Starting an Accounting FirmHannah Stricker, Founder of Bookkeeping Solutions of Traverse City, knew she didn't want to work under the overlords forever. For 25 years, she toiled in major accounting firms and also a decade in the local sector. But, her destiny was CEO of her own accounting firm and she needed to make it happen. "It's a scary leap," she says and you can't blame her. Casting out to the unknown shouldn't be taken lightly. For two years she thought about making the jump. At her local firm, it was a 'cushy job' with benefits and a near 6-figure salary. She loved her colleagues, her clients, the work, her pay. All she was missing the sweet taste of entrepreneurship. Finally, in September 2017, she started her own firm. Before she left, she had 6 months of savings set aside. So, even if she didn't make a dime for 180 days, she'd be okay. Because after 4 months she would know if it would work. If it didn't, she had two months to try and find a new job. On top of that, she saved $12,000 for office supplies, software, a computer, basically everything she'd need for an office space. Her first few months were nerve-wracking. But, once she covered her mortgage and bills, she settled in. By her one year anniversary, she had done $70,000 in profit and paid herself a salary of $35,000 (giving her revenues over 6-figures). Her 5-year goal was to have profits of $150,000 with up to $60,000 in salary. However, due to some new clients, she may hit that by the end of her second year! The growth is impeccable and here's how she organized her services.
Services to Offer as a New Accounting Firm:When starting an accounting firm, it's important to know full-well what services you're going to offer. That allows you to market yourself the right way. Hannah's bread-and-butter was accounting and write-up services. The key to finding what services are best for each client is by setting up a 4-hour meeting when you first meet them. That sounds daunting, but blocking out this time allows you to be thorough as well as not worry about other appointments. To make the meetings most productive, Hannah has the prospect bring in at least one full bank statement and access to their Quickbooks. From there, she's able to determine what services would best help them. She always pitched first with her accounting and write-up services then built up from there. Her pricing strategy is quite unique. Check it out.
Pricing to Keep Clients Coming Back Again and Again:Hannah's firm is modeled on a fixed fee engagement. It's basically like a subscription to work with Hannah. And the monthly fees are all-inclusive:
- Quickbooks review
- Monthly statement production
- Unlimited access for questions
- Tax planning
- Business tax return