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Tips to Start your Small Accounting Business 

11-16-2017 08:03 AM

There are many reasons why starting a small business can be a good idea. You can get some experience learning the trade before expanding your business. Or you can continue to earn money while pursuing an advanced academic degree.

If you are planning to start your own small accounting business, consider the below tips.

Make a Business Plan
Before you invest your time and money into setting up a business, spend some time making a solid plan for your venture. You can learn about setting up a new business from trusted online resources such as the Over Head Watch and many others.

Think about your future clientele. Do you wish to work with other small companies only? Or do you want to work with startups, small businesses and young individuals with solid financial investments? Clarity in this regard will help you give direction to your company’s planning in terms of marketing and investments.

You don’t need to go as far as planning your retirement or business exit strategy at the start. But ensure that you know what you need for setting up a business in terms of your investments and offerings. This will also help you obtain any bank loans that you may require for your business.

Add your Costs
Now, add your costs of setting up the business. Do you want to lease an office space or establish a home office? Consider costs of a computer, internet service, software, phone, business cards and furniture. Also factor in the cost of your business licenses.

Obtain Financial Information
You will need to know about taxes and other business regulations. You will require information about small business tax laws in your state as per your offerings. For instance, taxes for offering accounting services to companies and individuals may differ. Also, learn about tax deductions pertaining to your business category.

Organize the Paperwork
Obtain all necessary paperwork required for your business. Learn about the laws and the cost of certifications and licenses to practice as per your state regulations. If you are setting up the business at home, you will also need to obtain permits from your town or city’s zoning department.

Market your Business
Once you are sure about setting up a business, begin to spread the word about it. This way perhaps you can line up potential clients even before you set up your office. Network with other professionals at industry events and keep abreast of news and developments in your business category. Distribute your business cards and brochures through friends, family and acquaintances.

If it suits your budget, you can also consider making a website for your business. If not, you can even promote your business through social networking channels. You can also offer discounts to your first customers during the initial tax season to gain some clients.
Setting up and running a small business requires a lot of hard work and perseverance. But with some smart planning and marketing efforts, you can be successful at it.

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