5 Things To Consider Before Starting An Accounting Business
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Should You Start An Accounting Business?
The Ultimate Free Guide to Starting & Growing An Accounting Business & Earning $200K/year
Should I Start An Accounting Firm?
Before spending time and money, make sure you really want to do this.
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- 5 Things to consider before starting
- The Theory of Pii [Passion, Income, Impact]
How To Start An Accounting Firm
This is a summary and checklist of everything you need to do.
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- Checklist for starting an accounting firm
Your Services
It’s to create and offer services that clients actually want.
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- How to research and develop the best services to offer your clients
- Other revenue opportunities
Your Marketing
See the practical and ultra-effective marketing strategy I created specifically for growing an accounting business. Check out the article / video / podcast here.
If you want to develop your own marketing strategy, I have created a complete guide for accounting firms. Check out the article / video / podcast about:
Research
- Customer Research
- Competitor Research
- Unique Selling Proposition
Branding
- Branding
- Domain name
Website, Apps & Tools
- Website
- Trust Factors
- Apps & Tools
Promotion
- Funnels
- SEO
- Social Media Strategy
- Advertising
- Email Marketing
Your Operations
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- Legal
- Funding
- Budget & Projections
Theory Of Pii – For Accountants
Possible Accounting Services
Certifications
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Do you need the certification to be allowed to practice?
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Do you need the certification to be able to compete?
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Do you have the skills and knowledge to be able to obtain the certification if you don’t have it?
Upfront Costs
Pros & Cons Of An Accounting Business
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Every business needs accountants for multiple reasons so the demand for services is high
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If you do a good job for your clients, they will usually become repeat customers
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As I mentioned earlier, start-up costs can be very low so the financial risk of starting an accounting firm is low
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One of the biggest challenges of any services business is finding a steady flow of customers. I mentioned earlier that, if you do a good job for your clients, they should become repeat customers, but this is not always the case. If you offer a service like small business accounting or tax preparation, you’re offering a service that your customers will need annually so, if you do a good job, you should accumulate many repeat customers over time. If, on the other hand, you offer services like interim CFO, these are services that are not required annually and may only be required once in the entire life of a business. In this case, you constantly have to find new clients. You need to keep this critical concept in mind when you’re making a decision about which services you want to offer.
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You will have an enormous amount of competition but the good news is that it’s easy to differentiate yourself if you avoid offering commodity services. For example, if you offer simple bookkeeping services you will have an enormous amount of competition and your customers will be very sensitive to price and when you combine these two factors it will be difficult for your business to grow and, even if you succeed in growing your business, your business will not be very valuable if you decide to sell it. On the other hand, if you offer a service where you help businesses to structure their supply chain in a way that maximizes cash flow you’ll be offering a service that is dependent on your advanced skills and knowledge as opposed to offering a service like bookkeeping that can be offered by anybody.
Note: We have done a lot of research and created The Best Strategy + Website + Marketing tools for accounting businesses. Rapid launch. Low cost. All designed to work together. Check it out now. Or complete the form below to get more info. This article continues below.
How To Start An Accounting Firm:
The Ultimate Free Guide To Earning $200,000 / Year
Rapid launch. Low startup costs. High growth strategies.
Should You Start An Accounting Firm?
Check out the article / video / podcast about:
How To Start An Accounting Firm
Check out the article / video / podcast about:
Your Services
Check out the article / video / podcast about:
Your Marketing
See the practical and ultra-effective marketing strategy I created specifically for growing an accounting business. Check out the article / video / podcast here.
If you want to develop your own marketing strategy, I have created a complete guide for accounting firms. Check out the article / video / podcast about:
Strategy
Research
Branding
Website, Apps & Tools
Promotion
Analytics
Your Operations
Check out the article / video / podcast about:
- Legal Issues
- Budget & Projections