You’ve decided to start your own accounting practice. Congratulations! Whether you are branching out on your own after years with a larger firm or going solo from the get-go, starting your own business is a once-in-a-lifetime opportunity.
But the road to independence is not easy. In fact, despite the hard work and determination of millions of business owners, many small businesses ultimately fail.
What can make the difference? Taking the time upfront to think through your strategy. Here are a few questions worth considering:
1. Why Am I Doing This?
For many, the biggest upside of owning your own business is being your own boss. Translation: setting your own hours. But if only working Tuesday and Thursday from 10 a.m. to 3 p.m. is the biggest reason behind starting your own business, you’re setting yourself up for failure.
Before making the commitment to fly solo, take a hard look in the mirror and ask yourself what is driving your decision. Are you looking to develop a niche offering based on a unique skill, or are you frustrated with your firm’s current management? Is your desire to own your own firm rooted in your commitment to providing leading-edge advisory services, or is it tied to a desire for greater work-life balance?
About Amy Vetter
Amy Vetter, CPA, CITP, CGMA, is Global VP, Education & US Head of Accounting at Xero.