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I was considering starting my own tax and accounting firm (if I am able to pass everything and get a license). It would be a one man shop to start. I don’t have any audit experience and I don’t plan to get any since my impression is you have to start at the bottom. So it would just be tax and accounting / bookkeeping.
I have a full time job so this would be a second source of income. I have about 10 – 20 extra hours per week to dedicate to developing and running the business (more of course if the hourly rate is higher).
My plan is to finish w/ the exams and then touch base with some other small firms / one man shows to see if they can provide useful insights. Then I am going to figuratively hang up a CPA shingle and start business development. Not sure what reasonable expectations for clients / revenue is for the first year or two. My initial thought is that 5% of my salary (from my primary job) by year two would be a big win.
My dream of dreams would be that this works out very well and I can leave my initial job (big corp financial planning role) and be my own boss. Would really be great to have a successful family business that I could bring my kids / nephews into.
Anyone tried this or have any thoughts / experiences?
BEC - 5/2012 - 91
AUD - 8/2012 - 89
REG - 1/2013 - 90
FAR - 5/2013 - 88
Wife, 2 kids and a job
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