So, you want to start your own CPA firm. For many, there is always some point in the future that one would like to grow their career and take it a step further. For accountants, this step is starting a CPA practice. If this sounds like something that you are interested in, please read on. Our agents at Mitchell and Mitchell have a few key tips to share.
#1: Assess yourself. Before you go ahead and start your own firm, you must look deep inside yourself and make sure it is the right decision. You should ask questions such as “Why do I want to start my own practice?” or “Do I have the right personality and motivation to carry through with this plan?” This is a huge step and will require a lot of dedication and hard work. Are you ready to tackle it? You may consider finding a partner to help with your plans.
#2: Build a business plan. Once you are positive that this is the route you want to take, it is crucial to build a solid business plan. It will outline all aspects of your “business” in logical and detailed thoughts. It should include the following (but not limited to): goals of business, structure, market, experience, staff and management plans, start up cost estimates, projected revenue, etc.
#3: Consider the finances. Money, money and more money. Do you have enough of it to start? It is important that you consider all assets that will need to be paid for. This includes: household budget, personal debt, estimated revenue, estimated break-even point, operating costs, etc.
Once you have a solid plan in place, it will be much easier to judge whether or not you are ready to take such a big leap. Once you establish that yes, you ARE ready, contact our agents at Mitchell and Mitchell Insurance Agency. We would be more than happy to extend our expertise and guide you during the insurance process, too. Good luck!