Are there any recent grads out there? We’d like to bet that there are! If you have recently graduated with a degree in accounting, you have a variety of options. For one, you could go to grad school. Or maybe you are going to start studying and preparing for the CPA exam.
If you are feeling really confident, you may decide to start your OWN CPA firm! If this is the case, we have some tips and advice to share about putting this plan into action. There is a lot to consider, from your business plan to your CPA insurance plan. We’d like to help in any way we can, so let’s start with a quick checklist. You should ask yourself these 10 questions before going ahead:
- Why do you want to start your own practice?
- Do you have the necessary skills and experience to start your own firm?
- Do you have what it takes to be your own boss and the boss of others?
- Do you have the motivation to market and build your clientele?
- Are you financially stable at home?
- Will you need to borrow start-up capital?
- Is your business plan well developed and thought out?
- Will you be staffing your firm?
- Do you have the necessary CPA insurance policies in place?
- Have you gone through ALL expenses on paper (staff, equipment, office/building, etc.)?
You must be 100% positive and confident before starting your own firm. Be sure to come back in the coming weeks for the rest of this three part series, including advice on how to build your business plan and insure your firm.
If you are ready to discuss CPA insurance with an expert, come and visit us at Mitchell and Mitchell Insurance Agency! We would be more than happy to sit down and figure out exactly what you will need to cover your new firm. We can offer CPA liability insurance, home office coverage, workers compensation and much more; we will be your one-stop shop!