I started a business, but I do not make enough money to pay the bills. Now what do I do?
Considering tax preparation is my primary income driver, leaving a stable (but disliked) job the day after tax season ended, may not have been my best idea!
Now that we are in a freelance economy, finding side-work shouldn’t be a problem, right? I checked out Upwork and Moonlighting, but neither offered much for experienced accountants. Most jobs would translate to less than $5 per hour. I can make that completing tasks at Mechanical Turk, but that would take more than full time hours to make $3,250 per month now and $2,150 starting in August.
I think it will be easier and better to take a part-time job or create another business.
My brother-in-law is also wanting to leave his job. He has started retail arbitrage (buys items at local stores and sells on Amazon primarily and eBay occasionally.) He is making a few hundred per month now. His income gap is $1,800 per month, considering his wife makes more than him now as a nurse.
We are starting a janitorial service company, which we did 2003-2006 and made good money. This is one of the easiest and cheapest businesses to start. You only need about $10 in supplies for small offices to start. You most likely already have a vacuum. It costs another $40 locally to get a business license.
We got our first account, which will gross me $625 per month. I should net $550 per month after mileage and my share of the chemical costs each month. Considering it takes about 5 hours per week, I will net approximately $25 per hour. Not bad for an easy job that doubles as exercise!
We plan on getting more of those accounts. I am going to spend Monday’s making calls and sending emails to setup more appointments until I generate enough to pay most of my bills.
I spend every Tuesday making phone calls and sending emails to get clients in my personal accounting business.
The rest of the week I plan on trying to get part-time work. I currently have a part-time job at a hospital, but will only work limited hours September thru January. I worked 45 minutes in April, but will not bill until I can invoice at least $100.
This type of work is more specialized. Upwork and Moonlighting have plenty of jobs like this posted, but at very poor rates. Depending on the type of company and level of specialization, I will charge $25-40 per hour plus travel charges if out-of-town.
I used LinkedIn to “connect”and message the one client I have. The way I hope to find more clients is to look for jobs in the newspaper, Monster and Indeed and offer to do part-time or temporary until they fill the position. I will also email other companies that have not posted a position, in hopes that something comes up in the future.
I’m hoping the janitorial service and part-time accounting service drive enough business to hold me over while I build my primary business. My last ditch effort will be to look for part-time evening jobs that are not related to accounting.
Keep checking back to see how I’m doing. Wish me luck!