Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Eric Egeland, Owner of Capacity Bookkeeping, located in Middletown, NY, USA.
What's your business, and who are your customers?
We are a full-service bookkeeping firm for small businesses.
Tell us about yourself
I own Capacity Consulting, which does management consulting for businesses. That business would occasionally get a client that needed help figuring out what was wrong with them. The first thing we ask for in that situation is financials, which would often be a mess. Reading them to determine what's wrong takes 30 minutes, but cleaning them up so you CAN read them can take weeks.
I knew no company would pay Capacity Consulting $300/hour to clean up their books, so I created Capacity Bookkeeping for $50/hour. What motivates me most is providing the opportunity for bookkeepers in rural areas to make a decent living working from home and on their schedule.
What's your biggest accomplishment as a business owner?
Capacity Bookkeeping has grown an average of 34% a year for the last eight years without much effort. Also, winning larger clients after one of our bookkeepers participates in an interview process is very satisfying!
What's one of the hardest things that come with being a business owner?
I think business development is what weighs me down the most. I am lucky that my people and clients are amazing!
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- In today's information overload, the more narrow your focus, the better. People will ONLY remember you if you are very specific. I own a bakery, and I own a company that makes the best oatmeal raisin cookie you have tasted. Which one are you going to remember?
- It is going to take four times longer than you think. So make sure you are prepared to survive that long financially.
- Good employees/vendors are like gold, so treat and pay them that way!
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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