Thinking about opening a public accountants business? We tell you what you need to know to get started.
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Creating a Business Plan for a Public Accountants Business
A common mistake for an entrepreneur is to not create a business plan.
The key benefit of writing a business plan is that it defines the game plan. The absence of an effective business plan inevitably results in impulsive leadership, making decisions that could be detrimental to your public accountants business's values and long-term goals.
Before you make another business decision and before you start writing a business plan, you need to create a mission statement. From there, the other piece of the business plan puzzle will begin to fall in place.
Assess the Competition
Prior to opening a public accountants business within your community, it's a good idea to see what the competition looks like. Try our link below to generate a list of competitors nearby. Simply enter your city, state and zip code to get a list of public accountants businesses in your town.
Is the local market large enough to support another public accountants business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
If you are seriously contemplating launching a public accountants business, it's essential that you have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. What's in it for them?
However, an entrepreneur who owns a public accountants business in another town may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How would you find an entrepreneur who is running a public accountants business in another city who you can speak with?
Simple. Let your fingers do the walking by using the link below.
Advantages of a Public Accountants Business Purchase
On a percentage basis, more entrepreneurs intend to enter public accountants business ownership through a startup than through a business purchase. But the harsh reality is that startup public accountants businesses experience a high failure rate compared to entrepreneurs who buy existing public accountants businesses.
So it makes sense that the idea of buying vs. starting a business should be carefully evaluated before you commit to an ownership strategy. By buying a profitable public accountants business, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Accounting Franchise Options
Your chances of achieving the entrepreneurial goal of thriving in your new business greatly improve if you become a franchisee rather than going it alone.
If your goal is to start a public accountants business, you would be wise to investigate whether buying a franchise could make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you.
These additional resources regarding starting a business may be of interest to you.
If you currently own a public accountants business, these resources will come in handy:
If you sell to public accountants businesses, we've got better information for you elsewhere on our site. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.