When Forbes reports something, it’s usually a good idea to listen. Extensive research and experience goes into each article or study published through Forbes magazine, and it’s the place to go for up-to-date business information. If you’ve been thinking about branching out on your own as an accountant, or you are hoping to change careers to a more stable and lucrative field – Forbes has shared three reasons that accounting firms are the most profitable, no matter the economic conditions.
3 Reasons YOU Should Start an Accounting Firm
- High Demand: Everyone needs one. It’s pretty self-explanatory. Every single business, large or small, need to account for all of their incoming profits and external costs. Every single business wants to maximize revenue while decreasing costs. Everyone needs to file taxes each and every year, which means they need help from a skilled and trustworthy accountant. The very best thing about accounting, though, is that it is largely unaffected by economic swings. Whether the economy is in recession or thriving – everyone needs accounting.
- Low Cost: Did you know you can start your own accounting firm for just $100? This is probably the most motivating reason for people to choose accounting when making a career change or striking out to own their own business. You don’t need to rent office space, buy supplies, invest heavily in other employees, software, or other overhead items. You can hit the ground running with your accounting firm in an afternoon. If you do want more training or assistance to maximize profitability, Universal Accounting can strengthen your business with at home classes and training.
- Marketing Scale: Once you focus your marketing on ideal customers, your focus can turn to retention. Retaining your customers with prime performance and skill will keep your revenue up month after month. You’ll gather new clientele while continuing to gain profits from your existing clients. As an individual business owner you will connect with other business owners and find clients for whom the match is mutually beneficial, and profits will be consistent. Marketing strategy is usually only an initial effort that will bring in more clients than you need for a small amount of preparatory work.
So what are you waiting for? If you find yourself in a dead-end job, or bored with your corporate accounting gig, you could be starting your own accounting firm by the weekend. Work for yourself, retain all the profits, help others, and take control of your future. Universal Accounting is ready to show you how.