- Jan 16, 2011
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So, A little bit of background from me. I will turn 22 at the end of the month and I have worked as a equity sales trader for 10 months now. I got picked straight out of university (studied econ) and I continue my undergrad studies in business/econ, hoping to graduate in spring 2012. To make clear, I want to pursue my career in (commodities) trading ideally after graduation and thinking about moving abroad, since there aren't any real commodity business here... And I am looking for something as a side business that would generate me somewhat passive income or on what I eventually wouldn't work more than some 10-20 hours per week. There are no compliance issues with my day job. About a year ago, before I had a real job, I thought seriously about opening a small bookkeeping shop. Now, that idea has come back to my mind. Where I live, you don't need any public certificate, unless you do auditing, which I will not plan to do. As pretty much every bookkeeping company charges a monthly fee, based on the amount of entries, or they provide you a custom quote. I thought about charging purely on a single-entry fee, which will be lower than what you pay per entry with a monthly fee. So, some of competitive edge comes out of it. I can obviously cover all my work myself in the beginning, but bigger plan is to get some freelancers or even college students to do the job and offer them something like 75-80% per entry from what I charge. Since I can work from home and have no need to schelude client meetings in some office, I have almost no start-up costs, except registering a company. I did some freelance graphic design and web-based stuff when still in high-school, so I can probably make the website and everything corporate, like advertising materials, business cards, etc... Now, as it comes to real accounting, I have strong theoretical knowledge and a few accountants I know. One of them is a CFO of a medium-sized company and had the thought of going solo herself, but finally gave up on it due relatively good salary with no risk. However, strongly encouraged me back in the uni and is willing to help me out, should I run into any questions/problems. My idea was to start small and get 2-3 companies as a start and build from there, so I wouldn't overkill myself (still have a day job + university). Has anyone done something similar? This is just a short description of what's going on in my mind and I hope I didn't make a fool out of myself, as I am serious about it. I am open to suggestions, thoughts and shared experience.