Congrats! You’ve worked and worked, and that hard work is finally paying off in the form of your new business – your own private accounting firm.
Owning and running a business is a dream for many people. The idea of being your own boss, having something to call your own and to pass down through your family, and the feeling of accomplishment that comes along with it attracts many – but it takes more than talent in the subject to make a business successful.
To help you bring your dreams of running your own business to fruition, we came up with a list of the top tips for starting your own accounting firm – these tips will help you stay organized and protected while focusing on other aspects of your new practice.
Prepare A Financial Plan
Being an accountant, you should understand the importance of being financially prepared, especially when starting a new business, which is a large undertaking.
Bringing your accounting firm to life will require a lot of money going towards many different aspects of the business, through different people, channels, etc. You’ll need to purchase or rent real estate, purchase equipment, pay for marketing methods, hire staff, purchase insurance policies, etc. It is likely that you will also be dealing with a variety of mortgages, loans, and credits, which you will need to be paying back regularly.
If you don’t plan, budget, and keep track of all of your expenditures and payments, you can easily lose track and bury your business before it is even born.
Protect Your Business
Insurance may not be the first thing you think of when starting a new business – especially an accounting firm – but insurance is not only a beneficial, it’s essential.
There are many aspects of a business that need to be insured in order to protect you, as an owner, your staff, your assets, and even your clients.
Not only should you get insurance, but you should seek a provider that will offer specialized insurance for accounting firms.
These customizable insurance policies can keep you protected against a variety of potential dangers, such as theft, fraud, cyber breaches, and property damage, and can even help in the event that a third party files a lawsuit against your firm.
Network, Network, Network!
No matter how beautiful your office is, how comprehensive your insurance is, or how organized your books are – you won’t have a successful business unless you can bring in clients.
Before your business is even up and running you can begin to network using the different resources available to you, such as professors and peers from your business school, clients and coworkers from previous workplaces, contacts from your personal circle, and even accounting specific networking groups online or in your community.
Even if you only manage to build a small client base, word of mouth can spread quickly if you are personable, talented, and offer something unique that the competition does not.
Watch Your Baby Grow
Growing a business from scratch is no easy task, but the tips listed above will help you manage your finances, stay organized, grow your client base, and protect yourself and your clients against potential risk.
References
- https://www.arcinsurance.ca/accounting-firm-insurance/
- https://www.cpaalberta.ca/Protecting-the-Public
- https://www.monster.com/career-advice/article/start-your-own-cpa-practice