Starting 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 the projects you want to work on, 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 can 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.
In a recent StartupAmerica article, Steven Staley posed 6 questions every entrepreneur should ask before launching their own business. Here we share 3 of those questions:
1. Do you need an office? If you’re the kind of person who likes to get up, go to the office and come home at the end of the day, then renting office space might be right for you. Of course, office space isn’t cheap. And you really don’t need that kind of expense to operate a successful accounting practice, especially if there’s a room in your home you can dedicate to your business.
2. Can you afford personal health care? Paying for your own medical expenses can be daunting; health insurance costs for yourself and your family can be pricey. However, do a little research before giving up. Places like eHeath may be able to help you find an insurance plan that fits within your budget.
3. How will you structure you company? You must consider which business entity best matches your particular business situation: sole proprietorship, limited liability company, partnership, C or S corporation. The business entity you choose depends largely on your personal situation and circumstances.
Asking yourself the right questions can determine whether or not you’re ready to start your own accounting practice. And even if you’re uncomfortable with some of your answers now doesn’t mean you can’t open your practice later. It just means that you have a bit more to do in order to prepare for success.
Universal’s Training Programs Can You Launch a Profitable Accounting Practice
Startup costs for an accounting practice are minimal. You can begin part-time and work from home. In a market pining for accountants and bookkeepers, you’ll quickly build the client base that will allow you to work full-time and enjoy the lifestyle of which you’ve always dreamed.
The Professional Bookkeeper Program
Universal’s Professional Bookkeeper Program (PB) will train you in the practical application of small-business accounting, while enabling you to earn a professional designation, which demonstrates your expertise and true professionalism. Not only that, but the PB Program will also train you to market your practice, eliminating the competition because of the unique and valuable services you offer clients.
We’re in the business of seeing individuals like you successfully launch and/or grow their own accounting and tax practices. But don’t take our word for it. Read from the many testimonials we have received from students, thanking us for the training that has helped them gain the knowledge, skill and confidence necessary to earn promotions, start their practices, and/or secure more clients. Enroll in these powerful programs today by calling 1-877-833-7909.
Staley, Steven. “Starting Up? 6 Questions to Tackle First.” StartupAmerica Partnership online