Have you ever considered a career in accounting?
If you really want to succeed with this lucrative venture then you should consider starting a new accounting business. This is a recession-proof business that you can scale without many hurdles.
So how do you work as an accountant and compete with others to garner more clients? How do you build your fortune from accounting?
Here’s how to start an accounting business:
1. Focus On Small Business Accounting
You want to start your work as an accountant by focusing on garnering small businesses as clients.
One mistake that many new accountants make is that they focus on working with individuals or employees. These entities are likely to have simpler accounting needs.
As a result, you won’t have a great scope of work for which you can charge higher prices.
Focus on working with small businesses and freelancers. You can help them with their basic bookkeeping needs and help them prepare their tax returns.
2. Get Certifications
You can always pursue a degree in accounting but this isn’t a requirement — in most cases — to qualify as an accountant.
But you should take some sort of course to learn the skills needed for accounting. You should choose a course that provides you with certification upon completion.
You can hire coaches to tutor you on how to provide bookkeeping, tax filing, and creating financial reports for your clients.
3. Establish Your Business
For this step, you’ll want to hire a lawyer to help you with the process. You want to first legally incorporate your business.
In most cases, you’ll want to set up an LLC for your accounting business. This is one of the easiest business structures and one that offers protection from liability.
You’ll also have to come up with an interesting name for your business. You should also hire a graphic designer to create your logo.
As a beginner, you want to focus on doing all the work on your own. As your business scales, you can start hiring employees.
4. Find Your Clients
In the beginning, you’ll have to seek clients for your accounting business. Once your business scales, you’ll have clients coming to you!
You can start by working for your friends and family members who run businesses. If anyone is a freelancer or has a side venture, you can offer your accounting services to them.
If you can’t find anyone willing to pay you then you should work for free. Focus on building your skills and reputation among your clientele and the money will come!
That’s How to Start an Accounting Business
Now you know how to start an accounting business and how to scale it as fast as possible. Following the steps ensures that you’ll grow your accounting venture in no time!
You want to start by focusing on small businesses and freelancers. Make sure you also get certified and receive professional training to learn to account.
You want to then establish your business so that it lends you credibility. Seek out your friends and family to find your first clients.
You can find more great business tips on our blog!