Episode Summary:
In this episode of Cosmos and Commerce, hosts Michele and Janis sit down with Jennifer Beckwith, founder of Wayside Bookkeeping, to discuss her successful journey into restaurant and bar bookkeeping. Jennifer shares how she turned a side hustle into a thriving business, emphasizing the importance of understanding financial reports and the unique challenges of bookkeeping in the food industry. From networking strategies to mentoring aspiring bookkeepers, this conversation is filled with valuable insights.
Key Highlights:
- Jennifer's Journey: From empty nester to entrepreneur, she started her bookkeeping business in 2022 and quickly expanded to managing seven employees.
- Restaurant Industry Challenges: Jennifer dives deep into the complexities of restaurant and bar bookkeeping, mainly how to track labor costs, prime costs, and other financial details to help businesses grow.
- Networking and Trust: Jennifer explains her approach to networking, which focuses on building trust and relationships rather than just passing out business cards. She emphasizes the importance of connecting with people who know restaurant owners, even if they don’t have time for traditional networking events.
- Remote Work and Expansion: Wayside Bookkeeping serves clients across the U.S., including Arizona, Florida, and Colorado, with Jennifer's goal being to land clients in all 50 states.
- Mentorship and Growth: Jennifer not only runs her business but also mentors new bookkeepers, helping them understand the complexities of the profession.
Top 3 Takeaways:
- Know Your Numbers: Business owners should regularly analyze their financial reports, especially in the restaurant industry. Just having money in the bank doesn't mean a business is profitable—knowing your prime costs, labor costs, and expenses is essential.
- Build Relationships: Networking is not just about handing out business cards—it's about building trust and meaningful relationships. Jennifer emphasizes that especially in fields like bookkeeping, trust is key when handling clients' financial information.
- Specialize and Grow: Focusing on a niche, like restaurant and bar bookkeeping, can help you stand out in your industry. Jennifer’s success came from specializing in this area, gaining expertise, and becoming a go-to expert for restaurant owners across the U.S.
Links
Wayside bookkeeping
Profit First by Mike Michalowicz
Networking Essentials for Success by Chris Borja
https://cosmosandcommerce.com
https://www.facebook.com/cosmosandcommercepodcast
