Have you ever dreamed of being an entrepreneur? Being your own boss and bringing your lofty business visions to life? Well, as someone with a degree in accounting, you may be more capable of pulling this off than you think.
Accounting is a valuable skill in today’s world and a myriad of individuals and businesses will always need accounting services. This being the case, taking the leap and starting an accounting firm isn’t as crazy of an idea as some might think. In fact, it can result in you being able to find more fulfillment and freedom while still engaging in the field that you’re an expert in.
However, actually setting off on your own to build a successful business can seem intimidating at first. Thankfully, a little guidance can go a long way in boosting your confidence and showing you that this type of venture is well within your reach.
Here is how to turn your accounting degree into a successful business.
Assess Your Experience
While it would be exciting to venture into your own accounting firm straight out of school, this could, in reality, have disastrous results. Though it’s vital to get an education in accounting before starting your own firm, it’s also essential to have an adequate amount of experience.
If you’re truly committed to the idea of setting up your own shop, it’s important to be honest with yourself and assess your experience. If you haven’t worked in the industry for a sufficient amount of time, you may find setting up an accounting firm to be an uphill battle.
However, if you find that you haven’t gained enough experience — don’t fret. This doesn’t mean that you have to give up on your entrepreneurial dreams. Rather, this just means that you should take a few years to gain more experience in the industry and ensure that you have a fighting chance of succeeding as an accounting firm owner.
Decide How You’ll Fund Your Venture
Though you may be ready to grit your teeth and bootstrap your firm, the truth is that starting an accounting firm is incredibly expensive. This being the case, many who have made the leap to start their own business have had to secure funding from outside.
If you don’t happen to have an abundance of capital lying around, you’re going to have to do the same to start your business. Typically, you’ll want to have at least two years’ worth of operating costs at the ready to ensure that your accounting firm makes it over the initial hump.
While some of these costs will be general expenses that most businesses need to plan for — such as an office, internet connection, etc. — others will be specific to accounting firms. Namely legal fees, tax planning, and other expenses of this nature. Though it may seem difficult to secure this initial capital — don’t be intimidated. This is a normal part of the process and, with enough grit and determination, you can surely overcome it.
Make Sure You Meet Accounting Firm Requirements
Once you’ve secured your startup costs, it’s time to get down to the nitty-gritty. Namely, making sure you meet accounting firm requirements before you open up for business. For many entrepreneurs starting a firm, this can be one of the most difficult parts of the process.
One key tactic that can be extremely helpful during this step is enlisting the help of a legal professional who is familiar with this process. These professionals can walk you through all of the necessary steps and ensure that you’re not missing anything.
Unfortunately, if you do make a mistake during this stage, you could face a significant number of legal troubles in the future. So, to avoid the possibility of facing an accounting scandal and having your firm crumble, make sure to cross your t’s and dot your i’s when it comes to meeting accounting firm requirements.
Decide on a Specialty
Though many are under the false impression that accounting is a one-size-fits-all profession, the truth is that there are many specialties that you can choose from. To succeed as an accounting firm founder, it’s key that you choose a specialty that you’re familiar with and have the ability to excel in.
Some options include tax accounting, fiduciary accounting, and financial accounting. However, there are plenty more specialties to choose from out there, and only you can determine which one is right for your accounting firm.
Beyond the type of accounting you perform, you can also choose a specific industry or clientele to serve. If you’re unsure which is the best, it can be helpful to do some market research and determine where there is a need for specific specialties in your geographic location. Ultimately, you’re in the driver’s seat and your accounting firm will be an extension of your vision, goals, and expertise.
Get the Word Out
Once you’ve got the bulk of your startup figured out and you’re ready to start serving clients, it’s time to get the word out about your accounting firm. There are seemingly endless options for marketing your business, but there are a few practices that are usually a safe bet.
Some popular and effective options you can take advantage of to market your business include promoting your business online, reaching out to people in your network, and joining local business associations. However, it’s important to remember that the sky is the limit when it comes to marketing your accounting firm and you can try to get the word out however you see fit.
If you feel your calling lies more in the technical nuances of accounting rather than marketing, it’s never a bad idea to enlist the help of experts. By tapping marketing professionals, you can rest assured that you’re effectively spreading the word about your firm while freeing up time so you can focus on operating your business.
You’re Capable of Taking the Leap and Becoming an Entrepreneur
Though accountants are typically risk-averse by nature, taking the plunge and starting an accounting firm can be your path to success. While it can seem intimidating at first, familiarizing yourself with the process and thoroughly preparing yourself can greatly increase your chances of excelling in your venture.
So, if you’re ready to get out there and forge your own entrepreneurial path, take these steps as a general guide, and continue your research to ultimately step into your dream life as an accounting firm founder.
