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Dreaming of starting your own accounting firm? Whether you’re tired of working for someone else, want more control of your schedule or are keen to adopt your methods, running your own business provides a wide range of benefits. However, setting up an accounting business requires careful planning and preparation. In this article, we’ll take you through the key steps to consider.
Hone your skills and expertise
If your accounting business is to succeed, you’ll need the relevant skills, experience and expertise. You may also require industry qualifications – such as the AAT or ACA or those from the ACCA or CIMA – if you don’t have them already.
Being responsible for your own business and clients demands that you stay up to date with all the latest regulations, tax laws and accounting practices. Continuous development will be crucial, so be prepared to put in the work consistently.
Create a winning business plan
The foundation of any new venture is a well-thought-out business plan. By defining your business objectives, target market and the services you’ll offer, you can strategise more effectively and set your sights on success.
You may want to conduct market research to identify and analyse your competitors and determine how you’ll differentiate from them. Outlining your pricing strategy, financial projections and marketing plan can also be useful if you plan on applying for finance.
Choose your business structure
As with any start-up, selecting the right legal structure is crucial for liability protection, tax considerations and operational flexibility. You can choose between setting up as a sole trader, partnership or limited company in the UK.
If this is your first taste of entrepreneurship, you may want to consult a legal or financial advisor to assess the advantages and disadvantages of each structure. The best for you may depend on the size of your business and your expectations for growth.
Take care of business essentials
Every business needs day-to-day essentials to function. For accountants, this could be a professional office space, accounting software, hardware such as computers, printers and scanners, and other supplies. Check the regulations around running a business from home if that’s your plan.
Investing in professional protection is essential too. Clients will be trusting you with their money, so it’s always worth considering accountant’s insurance to mitigate the risks associated with professional services. Implementing systems and safeguards in line with GDPR is also important.
Market your services and build your client base
Once the basics are set up, effective marketing is key to attracting clients and growing your accounting business. Digital marketing channels are increasingly valuable, with more people searching for accounting services online.
Networking and your ability to showcase expertise are vital in this industry. The more you can offer valuable insights through blogs, webinars and workshops, the more you can establish credibility.
