Last week, we gave you 10 questions to ask yourself before you went off and started your own CPA firm. We asked you to question your own skills, your experience, your plans and of course, your accountants insurance policies. It is important that you are 100% ready for this big step.
This week, we would like to focus on developing a business plan. Your business plan should be designed to do a few different things. Here is a quick list to guide you:
- Your business plan should outline all of the goals you have in mind.
- What is the structure of your business? Make sure you write down whether you are a sole proprietor, partnership, C Corporation, S Corporation or Limited Liability Company (LLC).
- Give a thorough describe of the services you will provide.
- Do you have any competitive advantages? Write them down.
- Identify your market.
- Price out your services.
- Figure out how many managing and staffing positions you will need.
- List out all the office equipment and requirements you must purchase.
- Give a rough estimate of start-up costs, monthly operating costs, projected revenue, etc.
Once you have a thorough business plan, it’s time to put it in action! This means finding a commercial office space, purchasing equipment for the office, and staffing your firm. As soon as these plans are in motion, you will need to start marketing your services and of course, purchase accountants insurance. Come back next week for the final installment of our three part series, where we will discuss marketing, legal and insurance considerations!