[Anonymous]

Hello,

I’m wondering how one would get into start-up consulting. I’ve been involved in a couple start-ups, nothing major. I’m currently involved in another start-up that may be successful. I’ve learned quite a bit each time, but obviously don’t have 20 years experience in accounting in general, or start-up accounting in particular.

Is this something I should forget until I have more experience? Or can I be “apprenticed” into it by taking care of ancillary roles etc. at a firm that does this?

any suggestions, reading, or links is greatly appreciated.

Thanks in advance

PASSED:

BEC 81

FAR – taking may 13, 2013

[RopinC]

I started a consulting business about 8 years ago. I never planned on owning my own business but here I am and I wouldn't change a thing. One place you might start is your local SBDC, if they are in your area. Small Business Development Centers offer free counseling to startup and existing businesses, but most of the time they pay their counselors. Not going rates for a CPA but decent. Great place to gain a lot of experience.

My one piece of advice, in our area consulting alone wasn't enough of a steady income. There is only one of you and you can only take on so many people. Clients come in surges so you will have a good income stream and then nothing. I found a way to have additional sides of my business to help level my income over the months. Just something to think about. Good Luck!

Here we go......?

REG - April 06, 2013 PASSED
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[jgrfan1]

I just started my own consulting venture and am doing some work for a startup. I am basically helping them do their books (they are a software firm so nothing to complicated other than AR and AP) in addition to some forecasting and budgeting, basic FP&A tasks. I am also helping them come up with a capitalization table that they can use to lure resources with equity, like coders or programers.

It is very interesting – I'm getting a flat monthly fee now for about 20 hrs of work per month – if things work out they may ask me to work for equity in more of a permanent CFO type role which I would consider if I like their prospects.

I've got a full time corporate FP&A job while I'm doing this – definitely could not live on what they are paying me but it is nice supplemental income. I think if you wanted to consult full time for startups, you would have to have a solid recurring revenue source like a tax/bookkeeping practice and then do the consulting as an added service. I am going to investigate buying a practice and doing consulting for young firms myself. Would be a lot of work but if you can work for equity for some reasonably successful firms, you could be fairly successful. I realize there is a fair amount of risk in working for equity – thus the recurring revenue for more mundane services is important in order to keep the regular bills paid.

BEC - 5/2012 - 91
AUD - 8/2012 - 89
REG - 1/2013 - 90
FAR - 5/2013 - 88
Wife, 2 kids and a job

[mla1169]

I am wanting to venture out on my own but with a family can't make a huge leap like that. I've entered into a “time bank” where you trade your time for other people's time (I'll provide someone one hour of bookkeeping services, and then I can use my credit to get someone to come mow my lawn). I've got it set up so the first 2 hours a month are “free” (well I earn hours that I can redeem) and if someone has more of a need than that they can hire me for pay. I guess a few successful consultants have launched their businesses that way.

FAR- 77
AUD -49, 71, 84
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BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Author]

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