Krystena Petrakas: What made you want to start a bookkeeping business, Simon?
Simon Dolan: It was my last effort at making some money. I left college when I was 16 because I wanted to be a rock star… but that didn’t quite pan out.
I used my college qualifications to get a job in an accountancy firm, which I didn’t like but was reasonably good at. After 15 months I left following a row with the boss, who wasn’t paying me enough.
I did a sales job for two years but lost my driving licence so I couldn’t do that anymore. I ran up a lot of debts and things weren’t looking great, so I decided to do the only thing I knew how to do, bookkeeping.
I don’t particularly enjoy running accounts, but I do enjoy owning my own business.
I don’t particularly enjoy running accounts, but I do enjoy owning my own business
KP: So you were in your element...
SD: I’ve always wanted to start my own business because I don’t like being told what to do. I didn’t like it at school and I don’t like it now, so I couldn’t work for anyone else.
I printed the smallest ad I could possibly buy in a local newspaper with my last £10. It said ‘I’ll do your accounts and bookkeeping for £99 a year or £10 a month.’ I got a client and that was it – all started from £10.
KP: Inspiring! How did you grow the business from that to the level you’re at now?
SD: One customer at a time. I started the business 17 years ago and continually strive to give people a decent service, trying different methods with sales, marketing and advertising.
I concentrate on getting one client in, pleasing them and hoping they’ll refer other companies to my bookkeeping service.
KP: Any marketing advice for aspiring bookkeeping entrepreneurs?
SD: Figure out exactly who you’re trying to market to; it has to be a specific business sector. When you figure that out your marketing should explain how you can benefit the prospective client.
No one cares that you used to work for IBM, whether you’ve been going for 20 years or if your company won an ISO 9001 award. All they care about is how they benefit from choosing your bookkeeping service, so you must appeal to that.
KP: How long are your working hours?
SD: At the start I was working roughly 70 hours a week, mainly because you have to do everything yourself, from posting the mail to bookkeeping new accounts. But I do think the first year of business is really exciting because of the challenge and you’re always growing.
Now I’ve built the company up I have people to do the accountancy side. My day consists of supervision and thinking of development ideas.
I’m in the office about 25 hours a week, but still working up to 50 hours.
KP: What have you enjoyed about running your own business?
SD: It sounds shallow, but the money. The money gives me the opportunity to do the things I love.
KP: Is money a strong enough motive to be successful in business, though?
SD: A lot of people start a business through sheer desperation because they haven’t got anything else, so I definitely think it’s enough to start a business.
But is it a strong enough motive to continue running a business? No.
In my opinion, when you get to a certain level money becomes less important, because you’re comfortable and you can afford what you want. I think the challenge of running, growing and developing a business become the main motivations.
Also, some entrepreneurs fall into the trap of looking at turnover rather than profit. They grow a business with huge turnover and then realise they’re not making any money, which defeats the object.
