Content

• Steps
• Tips
• What do you need

The accounting work is much more varied than many realize. Employment in this area can offer both a stable long-term employer and autonomous self-employment. Many people who study accounting have the ultimate goal of starting their own business as a freelance accountant. Starting your own business is not an easy task, but the path to self-employment in accounting is worth it. Knowing how to start an accounting business will give you the opportunity to go into your professional business, like many effective self-employed accountants.

Steps

1. 1 Determine your direction in accounting. Frequently, independent accountants work in very small firms, including themselves, some partners, and one or two managers. These firms often offer tax preparation services for individuals, and basic accounting, auditing, and tax filing services for small businesses. However, your own background and experience in bhgalter accounting can help you pursue a different accountancy profile.
   • If you have experience in providing consulting, you could establish an accounting consulting company. In this case, your business will offer clients a choice of the optimal organization of accounting and implementation of internal control. This may include training in accounting programs and providing guidance for staff members.
   • Specializing in a particular type of accounting can identify the core competencies of your firm and set you apart from the competition. However, entering too narrow a niche can scare off a certain number of clients in another area. In the early years of your accounting business, try to remain open to all new clients.
2. 2 Choose a strategy for entering the accounting services market. Entering the accounting services market can vary. Starting from scratch is a good option, but picking clients looking for part-time services, partnering with an existing accountant, buying an existing firm are also good options.
   • By starting from scratch providing accounting services, you have complete control. You don't have to deal with the burden of outdated software, existing pricing, and other issues. However, the tasks of attracting initial capital and finding the first clients are becoming more complicated.
   • Taking a part-time job as an accountant in the beginning is a good way to not be a loser. Working with clients in your free time from your main job will allow you to "test the waters" of the accounting business without huge financial risk.Building relationships with these clients will also smooth out the shift in your employment as you move from your main job to self-employment.
   • A partnership with a recognized accounting professional can help you get started. Working with a partner means more connections, more capital, and more potential customer relationships.
   • Buying a ready-made accounting firm will save you a lot of the questions that beginners start with, but it will also diminish your level of control, which can cost you a fortune. It also takes time to explore the market for services in your area.
3. 3 Create a business plan for your accounting practice. A business plan is a formal document that outlines the entire mechanics of your business, your vision, as well as your mission and core values. A business plan is key if you want to take out a development loan, and it will also help you make sure you plan everything right.
   • Defining a vision, mission and values ​​is key when choosing a niche and course of development. A vision defines your firm's place in the world, while a mission statement represents the more specific method you intend to use to bring that vision to life.
   • Business structure is another important part of a business plan. Limited liability companies (LLCs) and limited liability partnerships (LLPs) are very popular among small audit firms. C corporations and S corporations are ideal if you plan to expand your business, and sole proprietorship is a good option in the accounting business because taxes and overheads are generally lower.
   • The business plan should also cover the main areas such as: marketing strategy and forecast of costs and revenues. Overall, the plan should demonstrate that you understand your target market and that you have a work plan for managing the administrative and financial aspects of your accounting firm.
4. 4 Creation and market launch of an accounting company. Once you've drawn up a business plan and decided on an exit strategy, business structure, and marketing strategy, you're ready to take action. Bringing your story to life, buying materials, and renting office space are relatively straightforward tasks. Getting your first clients is often the most difficult aspect of starting an accounting business.
   • Use your latest contacts to attract customers. If you have established strong customer relationships with a previous employer, you may be able to attract those customers for your new business.
   • Marketing is very much about building a network and an image. It is now becoming important for a company to have its own website, because most of the time potential customers are looking for information on the Internet. Also, list your business in your local telephone directory, and consider placing an ad in print and on television.

Tips

• Good accounting dexterity is not a guarantee of a successful accounting business. Starting a successful small business also requires excellent marketing and management skills.
• Assessing your financial commitments in your personal life will help you determine your entry strategy and your level of comfort at risk. For example, if you are the main breadwinner in a family and pay the mortgage on your income, you could lose more if your business fails.

What do you need

• Business plan