Build an Accountancy Business From the Ground Up
Accounting is a career that can set you up for life. Accountants are always needed by businesses of all sizes, and they can help people sort out their personal finances too. While you might begin an accounting career working for other people, eventually building your own business could be on the cards. If you’re thinking of getting into accounting, it could give you a great amount of control over your career. Many people want to use an independent accountant, rather than someone from a huge firm. Before you can start running an accountancy business, here’s what you need to do.
Get the Qualifications You Need
You might think that accounting involves being good at math, but there’s a lot you need to know before you can be a practicing accountant. You need to have the right qualifications, and in some places, you’re legally required to have certain certifications too. There are various routes into accounting, from getting your degree with LSBF to taking a range of professional qualifications. If you don’t want to do a degree, it’s often best to combine study and work so you can build both qualifications and experience at the same time.
Start Building Professional Experience
Once you have the qualifications you need, it’s best to start building your experience in accountancy. Jumping straight into running your own business isn’t ideal because you’ll find it hard to start getting clients. You also need to ensure you’ve had plenty of practice before you go it alone. Working for other people will help you learn valuable things, not just about being an accountant but also about running a business. You’ll make some important contacts and perhaps even start gathering some leads for clients in the future.
Find a Niche
When you’re thinking about who your clients are going to be, there are different size businesses that you might cater to. However, there are also some other ways you might begin to find a niche for your business. For example, you might have experience in a particular industry, either while working as an accountant or in a previous career. There could be a particular industry or profession you have a keen interest in, even if you don’t have any professional experience in the field. If you’re going to choose a niche to focus on, it’s important that you understand the market. It can also be useful to remain diversified if you want to avoid too much risk.
Create a Business Plan
You can’t start any kind of business without knowing what your plan is first. It’s essential to have an outline of what your goals are and the steps that you’re going to take to fulfill them. Creating a business plan can be useful to help you keep your business on track. It’s also useful if you want to seek any funding, as lenders and others will want to see what your plans are.
An accountancy business could be a good choice if you want to work for yourself. As you grow your business, you could recruit more people to your firm.