Writing your own accounting business plan can be an excellent way to put your years of experience in the accounting industry to the best use. Working for someone else is fine, and the security of a steady paycheck can be a big incentive to stay in that situation.
However, if you are looking for financial independence and want to be in charge of your own future and your earnings, there is nothing like owning your own business, and writing an accounting business plan is one of the first things you will want to do.
Starting an accounting business is not easy, but if you are willing to put forth the effort and have excellent communication skills, owning your own accounting business can be extremely rewarding.
Starting a new business is a very serious undertaking and should not be taken lightly. Striking off on your own after years of working for someone else can be a big change in your life.
Planning And Research
Like any other life changing event, you will want to do a lot of planning and research to make sure it is the right decision for you.
When it comes to opening your own accounting business, you will want to consider such things as start up costs, the cost of real estate or rent for your office, the location of your business, your accounting business plan etc.
Creating A Detailed Accounting Business Plan
Creating an accounting business plan will ultimately help your business with the direction you plan on taking it to.
It is vital to start planning your accounting business by creating a detailed accounting business plan. Take some time, sit down and write up a business plan.
Having such a plan is essential to tax planning, business startup and obtaining financial backing for your new business.
How will You Attract Clients?
You will also want to make sure you can attract clients to your fledgling accounting business. Word of mouth advertising and networking are often much more effective and much less expensive than traditional advertising channels.
If you've been working in the accounting field for a number of years, chances are you have made a lot of excellent contacts over those many years. You should not be afraid to use those contacts when starting your new accounting business.
If you are still working as an employee, you will have to be cautious about this approach.
Be sure to use discretion when contacting potential customers for your new accounting business. You will also have to be cognizant of any non-disclosure or non-compete clauses you agreed to in your employment contract.
if it's ok contact all your former clients and let them know you have opened your own accounting business. Chances are at least some of them will be willing to look at the services you offer.
This is where the reputation you have built up over your years as an employee can really pay off. The colleagues you have worked with over the years already know your skills and work ethic. This is a much better way to build a client base than just putting out your flyers and advertising in the local yellow pages.
Of course you will probably need to do some traditional advertising. Placing an ad in your local newspaper, mail flyers and the internet are often good ways to generate new business.
It is also a good idea to call the feature reporter for the local section of your local newspaper and other media to get them to do a feature story on your new business. This is an excellent way to generate publicity.
You may also want to offer a free initial consultation as a way to drum up business for your new accounting business. The accounting business is very competitive; you will need a way to differentiate your accounting business from all the others out there.
Offering a free consultation is a good way to get people through your doors. Once they are there, use your skills and knowledge to keep them there and gain them as a permanent customer.
There are tax considerations with any business, and your new accounting business is no exception. You will have a leg up on other new businesses when it comes to taxes, however.
If you are already familiar with the accounting business, chances are that you know more about taxes than the average person on the street. If there is anything you are unsure of, however, don't be afraid to seek help from another professional in the tax or accounting business plan.