Have you always dreamt of starting your own accountancy firm? Many accountants work in their own practices while others work for larger companies. Running a business is not for everyone as there is a lot involved. Of course, if you know what you are doing and you have the right funding, there is no good reason not to try to make it on your own. Many of the biggest firms were start-ups in the beginning so why not make your dreams come true and join them?
In this guide, we are going to give you some of our tips for starting your own accountancy firm. Hopefully, you’ll pick up some tips and get your business started in no time at all.
Write A Business Plan
The first step to setting up your own accountancy firm is to write a business plan. With a business plan, you can set out exactly what you are going to do and make sure that you are not making any decisions too quickly. Business plans can be the blueprint for your business and there are many people who would advise that you don’t do anything without writing one of these beforehand. If you are struggling with your business plan, make sure to look online for some tips and tricks.
As an accountant, you will know how important funding is for any business. Without the right financial backing, you are not going to be able to get your business off the ground and start making some real money. This is why you need to make sure that you have secured funding before you start hiring anyone or even paying yourself a salary. Some of the most common ways to access funding in 2020 include loans from the bank, SBAs, personal finance or even crowdfunding.
Invest In Software
Our next tip for those who want to set up their own accountancy firm in 2020 is to invest in the right software. If you are planning on running your business alone without hiring anyone in the short-term then you might benefit from this kind of software. You can invest in software that is designed to support you with making tax digital which will save time in the long run. Check this out online and make sure that you are equipped with the right tools before you get started.
Brush Up On Your Skills
If you are a qualified accountant, then you will probably think that you are ready to go with your new business. Of course, it is important to recognise that laws surrounding taxes and accounting change regularly and so you might not be as up to date with the right information as you think you are. This is why you should consider brushing up on your skills before you get your business started. You could take an online course, do some reading or check out any courses taking place in Brighton. Brush up on your skills and this will go a long way.
Find A Location
The next tip that we have for those who want to set up an accountancy firm is to think about where you are going to be based. Will you go for a city centre office or choose something a bit cheaper out in the suburbs? Another thing to consider here is the concept of running an online accountancy business from your home. This can help you to save money and is usually the best way forward for those operating alone. You can always meet your potential clients in coffee shops or hire out a meeting space when the time comes.
Our final tip for those who want to set up their own accountancy practice is to market yourself as well as you can. We are sure that you are aware that there are already plenty of accounting businesses based in Brighton, so you’ll need to make sure that you are standing out. Think about the USP that you could offer your clients. Could you offer a quicker service? Do you have skills in another area that you could offer? Choose your USP and use this to market yourself.
If you are an accountant that is hoping to start their own business in 2020, we suggest that you take on board all of the tips that we have given you in this article. Think about the funding that you will need for your business and the USP that you will use to market yourself. If you are able to take on board all of our tips, you should be able to make the right decisions. Soon, you’ll have a great new business that looks after the accounts of many other businesses in your area.