Are You Ready to Start Your Own Accounting Practice? (Part One of a Two-Part Series)

10 Questions to Ask before Taking the Plunge

startup-quiz1Starting your own accounting practice can be terrifying and exciting at the same time.  There are lots of pros in self-employment: the flexibility to work when you want and on what you want, the potential to uncap your salary, and the ability to wake every morning to a job you love.  But you aren’t being realistic if you don’t consider the cons as well: the responsibility and risk, the potentially long hours, and no guaranteed salary.  The reality of the last two thoughts could be enough to paralyze even the most enthusiastic from taking the plunge.  But you can be practical about starting your own accounting firm while preparing for potential obstacles.  Here are five of 10 questions to help you determine whether or not you’re truly ready to start your own accounting practice:

1. Do you enjoy making decision and taking charge?

In order to own and operate your own business you must be comfortable taking the initiative.  Business owners must make key decisions quickly and then act on them.

2. Are you flexible?

This has nothing to do with your ability to touch your toes, but it is a reflection of your adaptability.  Bruce Lee said, “Notice that the stiffest tree is most easily cracked, while the bamboo or willow survives by bending with the wind.”  Small businesses can be more successful during economic uncertainty because they are able to change course quickly, adapting to change without much fanfare.  Of course, that can only happen when the leader at the helm of a practice is flexible.

3. Do you have a vision of what your business could become?

If you find yourself daydreaming about a strong practice where your clients are highly satisfied, you have already begun developing a clear vision for your business.  With this vision comes an enthusiasm for your accounting firm’s potential, and your ability to share your enthusiasm with those whom you will associate will do wonders for your business.

4.  Are you self-motivated?

If you start your own accounting practice, you’ll be your own boss.  However, if you currently need a boss to tell you what to do and when, then you probably should continue to be someone else’s employee.  But if you’re self-motivated, proactive, and dynamic, you’ll be able to manage your practice rather than have the practice manage you.  This means you must be able to do more than just get-up-and-go; you also must get-up-and-finish.

5.  Do you have the necessary expertise?

Prospective clients will be unwilling to trust you with their finances unless you can demonstrate accounting expertise.  Luckily, you don’t need to attend college for four years in order to acquire the necessary know-how.  UAC’s Professional Bookkeeper Program can be completed in 60 hours, enabling you to not only gain the expertise necessary to start your own accounting practice, but also a professional designation that proves it.

Universal Accounting Center Can Help You Start Your Own Accounting Practice

If you want to start your own accounting practice but are unsure whether you have the necessary skill and knowledge to serve clients, or if you’re uncomfortable marketing yourself, Universal Accounting Center can help you reach your goals, providing valuable training in bookkeeping and accounting. Learn how to become a Professional Bookkeeper or build a successful accounting practice.  Don’t procrastinate your own success; enroll today.

Return next week when we’ll discuss the final five questions that can help you determine whether or not you’re ready to start your own business:

6.  Are you passionate about accounting?

7.  It is financially feasible for you to quit your job to start an accounting practice?

8.  Who would you competition be and what would you offer that they don’t?

9.  Will your family support your decision?

10.  Will you be happy working for myself?