More people are deciding to start their own business, oftenwith little to no experience in running one. As such, they could use all the help they can get, which makes starting an accounting firm a good idea, especially because bookkeeping and taxes present one of the biggest obstacles rookie entrepreneurs face.
However, like any new business, starting an accounting firm isn’t as easy as you might believe. To help you get your firm off the ground, we came up with 5 pieces of advice you should have in mind when starting out.
Set your goals
When starting a new business, it’s extremely important to set goals that’ll help you keep going forward. The goals you set will be the heart of your accounting firm in the first couple of months and they’ll play a huge role in any success your firm is going to have. So, think about how many clients you want your firm to have. And how much profit you want it to make. Once you have all of your goals defined, you can even think about writing them down and keeping them somewhere you’ll be able to see them every day. Revisiting your goals and making some adjustments from time to time is also recommended.
Decide on software
Another important thing you need to do when starting an accounting firm is choosing the software you’re going to use. With so many new accounting firms being opened, there is more and more accounting software you can opt for. What’s so great about all the new software out there is that it allows you to keep all of your files on Cloud, which means you and your employees will be able to access them with ease. Some companies even offer online courses and learning videos your employees can use to get a hang of the software you’ve opted for.
Get a loan
Starting an accounting firm requires a lot of money. Not only that you’ll need to set up your office and pay your employees, but you’ll also need to invest in your marketing strategy and an accounting software. So, if you don’t have enough money lying on your bank account, you should definitely think about getting a loan. A bank loan is probably the first thing that comes to mind but don’t forget that these can be quite difficult to obtain. This is why you should also consider turning to a company that offers cash loans. Getting one of these is possible even if you have a bad credit history.
Get some help
Surviving your first couple of months in the accounting industry isn’t going to be easy and you’ll need to do everything you can to stay afloat. This means you should be ready to turn to companies that give you a hand when it comes to your core operations. So, if you seem to have too many clients to handle or too complex situation to deal with, outsourcing some of your tasks is a smart move. That way, you and your employees will have more time and energy to deal with your core operations. Keeping up with industry-related blogs is also recommended.
Think about marketing
Attracting clients to your accounting firm can be tough and in order to be able to build your client base, you’ll need to invest in marketing. Luckily, there are many marketing channels you can use to get your accounting firm out there. For example, you should definitely think about using social media platforms like LinkedIn as these can help you connect with business owners who might need your services. On top of this, you should think about going for some more traditional marketing channels such as flyers and radio commercials. Designing branded pens and mugs is also something you just can’t go wrong with.
Getting into the accounting business isn’t easy but it can be extremely rewarding. Just make sure you’re extra careful in your first couple of months and you’ll have nothing to worry about. It may take some time to establish your ideal accounting firm, but once you do it, there will be nothing stopping you from conquering it all.