It was sometime around 2010 when I had been working as an accounting for a large firm for many years when it suddenly hit me. Why was I putting in all of this extra time with my work when it is directly rewarding the company I work for and not myself? This revelation led to me quitting my secure job and starting my own accounting firm. This decision was a lot of hard work, but it enabled me to take early retirement and enjoy the “golden years.” I wanted to share some of my advice for others thinking about doing the same thing.
Something in Reserve
Never quit your job to start up a business without some savings behind you. The minimum amount you should have saved to do this is equivalent to 8 weeks of your wage. I actually recommend half a year’s worth of wages in savings before attempting to start your own business. This will give you time to setup your business, settle into the new job and find new clients.
Governments around the world are running programs to assist small businesses in getting started. It only makes sense, because more successful businesses means more tax dollars. One of the first steps I took when starting my business was contacting the small business hotline. The helpful operators were able to help me apply for a business name and the appropriate tax forms and numbers. This service makes the process very easy.
Small business consultants are also a great way to get your business of the ground. They are able to help you with almost any aspect of your business including things such as bookkeeping, business plans, marketing and advertising, legal advice, retirement funds, employing workers, and much more. I used the services of AccessPL for many of these tasks and I couldn’t have been happier. A consultant takes away much of the stress of starting and running an accounting business.
Where it is possible it is a good idea to try and engage some of your old clients. However, you may have signed an agreement with your old employer that doesn’t allow this. In this case a great place to get new clients is to ask your old clients to refer you to their business partners. Word of mouth spreads quickly and will ensure that you are never out of work. Advertising and marketing is also important and your business consultant will be able to help you develop a plan to get more clients.
As your business grows you will have the opportunity to employ other workers. This can be a daunting task because there are many rules relating to employees. However, the government offers assistance for businesses in this situation. Your business consultant will also be able to offer advice on employing a worker. You should not be timid about taking this step because it is only with extra staff that your business can grow.
Starting your own accounting business does not have to be a daunting task. There are many people that can offer you assistance and make the process as smooth as possible. It is a good idea to take advantage of these services so that you can concentrate on actually running your business.