7 Steps for Launching Your Accounting Startup
Launching your own accounting startup is a scary and exciting prospect. It’s also one of the biggest challenges you’ll likely face. But before things get up and running, there are a few things you can do to set yourself up for success. In this article, we’ve outlined 7 steps for launching your accounting startup.
Make Sure You Have All the Necessary Licenses
Finance and accounting are among the most regulated field in the world, so the first step for launching your startup is to make sure you’re accredited.
Without the necessary licenses, you can quickly find yourself in legal trouble. And if you don’t have the experience or education in accounting, it’s best to hire people who do. Having a solid group of advisors around you as you venture into the world of accounting startups is key.
Write a Business Plan
Business plans are an ideal way to sketch out how you think your startup will grow into a fully-fledged and successful company.
A good business plan should outline what your startup plans to do and how it will do it. It should allow you to see any potential pitfalls in the future without having started to run the startup. It also helps to have something you can show to potential investors.
And don’t worry, your business plan doesn’t have to be an in-depth 20-page document that analyses everything. Even just your core idea jotted down on the back of an envelope will help.
Insure Your Startup
Launching your accounting startup will come with plenty of ups and downs, and a lot can go wrong. No matter how small your company is at the beginning, protecting it with insurance is an all-important step.
You’ll never know when a problem might arise that threatens your startup. Having an insurance like NRMA business insurance will give you peace of mind and protect your livelihood. On top of that, it also signals to potential clients that your startup is a credible and professional operation. The fact that you’re aware of the risks and have taken steps to protect your business instils confidence like nothing else.
Target Your Customer Base
Whether you include it in your business plan or not, an in-depth look at who your customers will be is another key step for launching an accounting startup.
Are you offering accounting services for expats in your country, or have you developed software that pairs companies with freelance accountants? Knowing your demographic will then help you decide how and where you’ll reach them, and through what methods. Doing so is essential to your startup’s success.
Open a Business Bank Account
If you’re reading this article and working somewhere in the accounting field, you probably already know how important it is to set up your own business account with a bank.
With a business account, the accounting and bookkeeping for your startup will be kept clean and accurate. When it comes to doing tax, it’s also much easier to work with an account that isn’t muddled with your own personal finances.
It also signals to yourself and everyone else that you’re taking this seriously. If you want to excel as an accountant and take on the startup world, a business bank account is vital.
Build Your Website
The next step for launching your accounting startup is to build yourself a website. No matter who your customers are, having an online presence is a prerequisite for business growth.
When potential customers come across your business, the first thing they’re likely to do is to search for an official website. It increases brand visibility, brings in customers, and gives you more opportunity to build your startup’s branding and communication.
Track Your Expenses
Another step that you should probably be aware of as you enter the world of accounting startups is the importance of tracking your expenses. Having a good system in place is a must-have.
During the early stages of a startup, you’re in make-or-break territory. Every dollar counts, and since many expenses that you incur during your launch and operation are tax deductible, keeping good track of expenses is just good business. If you’re
The biggest decision you’ll have to make is how you’ll do it. Will you use a cloud-based solution, or keep a simple excel spreadsheet on a drive somewhere? Will you handle everything yourself, or outsource?