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

10 Questions to Ask before Taking the Plunge

startup-quiz2Victor Kiam once said, “Procrastination is opportunity’s assassin.”  If you’ve been procrastinating your startup, it’s time to determine, once and for all, whether or you’re truly interested in the opportunity to build your own accounting practice.  Last week we posed the following five questions to help you gauge just how prepared you are for self-employment:

  1. Do you enjoy making decision and taking charge?
  2. Are you flexible?
  3. Do you have a vision of what your business could become?
  4. Are you self-motivated?
  5. Do you have the necessary expertise?

This week we pose five more:

6.  Are you passionate about accounting?

If you answer “no” to this question, than go back to the drawing board.  You should be passionate about your business, otherwise you’ll dread the work you do, regardless of how skilled you are.  But if you are passionate about accounting, it will exude from you, attracting more clients who trust your enthusiasm and confidence.

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

This is where you ask yourself if you should continue to work full-time while serving a few clients in your spare time, or if you have enough clients to sustain your home business and quit your day job.  Maybe you’re ready to quit regardless, but do so with a well-padded savings account that can fill in the gaps until your income can support you.

8.  Whose your competition and how can you gain a competitive advantage?

You should do a little market research to see if the area can sustain another accountant.  And what are those other accountants doing that you could improve upon?  This could also be where you get some ideas on marketing.  How are they attracting clients and how could you improve on those methods?

9.  Will your family support your decision?

This is not the type of decision you casually break to your spouse.  “Honey, guess what I did today?”  In order to succeed, you’ll need your family’s support.  Be sure to discuss all the pros and cons together before making any decisions, because in a crunch you just might need to enlist their help in order to succeed.

10.  Will you be happy working for myself?

Ask yourself if you’re truly interested in running a full-time accounting practice.  Will you enjoy managing the business-end of your practice?  Is this something you will enjoy doing every day?  Because if you’re unhappy having your own accounting practice, then nothing else will compensate for your dissatisfaction.  But, on the other hand, if it’s something that will challenge and excite you, then pursue it with gusto.

Asking yourself the right questions can determine whether or not you’re ready to start your own accounting practice.  And just because you’re uncomfortable with some of your answers now doesn’t meant you can’t open your practice later.  It just means that you have a bit more to do in order to prepare for success.

UAC’s Training Can Help

The Professional Bookkeeper (PB) Program is just the course you need to prepare your startup.  For over 25 years we’ve honed our training in small-business accounting, the most lucrative market for contract accountants.  In less than 60 hours you can learn everything you need to know to start your own practice and attend to all your clients’ needs.

When you enroll in the Professional Bookkeeper Program you receive to the following:

  • Flexible training you complete on your own schedule
  • Rich and engaging training DVDs you can view again and again
  • Hands-on instruction and practice sets through which you gain much-needed experience
  • Training in building and marketing your new practice
  • 6 months of valuable follow-up support
  • The opportunity to earn professional certification
  • Our iron-clad risk-free guarantee

The time is right to realize your dreams of self-employment.  Take action today and enroll in UAC’s Professional Bookkeeper Program.