There are few college majors that essentially guarantee a lucrative career once you’ve finished the program. Getting a degree in accounting is one of them. Many accounting majors dream of joining a huge accounting firm like Deloitte or PricewaterhouseCoopers once they graduate.
Not everyone has that dream, though. In fact, some dream of hanging their own shingle and starting their own accounting firm. Getting that idea off the ground, however, is not so simple.
Read on to learn how to start an accounting firm that’s destined for success.
1. Choose Your Services
If you’re an accountant, then you know that there are a lot of different services your accounting firm can offer to clients. Take some time to research the area in which you want to grow your firm. This will allow you to curate the services needed for clients in that particular area.
Want to make your firm more attractive to potential clients? Think about getting certifications for you and your employees in niche accounting specialties. For example, https://universalaccountingschool.com/professional-tax-preparer-certification/ has a certification program for accounting firms that specialize in tax preparation.
You should also consider the competition. What can you do to make your firm stand out?
2. Consider Incorporation
If you’re going solo, then you may not have spent time considering whether you should incorporate your firm because it’s not required. You should probably rethink that stance.
You might be a world-renowned expert on accounting, but that doesn’t mean that your firm will be free from errors. As a solo practitioner, you could be personally liable if something goes wrong with one of your clients. Incorporation into an LLC is a good way to limit your personal liability.
3. Bring In Clients
Once you have your business concept and your articles of incorporation squared away, it’s time to plan how you’ll bring in clients. If you have an existing relationship with clients from a position at another firm, then you might be able to bring them over. Consult with your attorney to determine whether there’s any kind of restriction on that.
Many accountants get clients from word of mouth. Parlay your clients’ positive experiences into good reviews online. You can also incentivize new clients by giving them a free consultation or a reduced rate for a limited time.
Take the Time to Learn How to Start an Accounting Firm Properly
Long before you ever start planning your future as the owner of a successful accounting firm, you need to take the time to learn how to start an accounting firm. Creating your own firm without the proper structure in place is a recipe for disaster. Taking the time upfront to learn what needs to be done sets a solid foundation on which you can upon for years to come!
Starting your own business, whether it’s an accounting firm or a restaurant, is a lot of work. As a new business owner, you’re bound to have tons of questions. Check out the rest of our blog for tons of great advice that’ll help you find success!