Whether you are a firm of one, or have dreams of managing a team, there are a few foundational steps that play a key role in determining a new accounting firm’s long-term success.
But breaking away from “corporate” can be daunting. Many businesses fail within their first year and 70 percent of businesses do not make it to their 10th birthday. Is there a secret ingredient in order to #BeTheThirty percent that makes it beyond one decade? Plus how can you ensure you’re not just a surviving firm, but thriving? And where is that opportunity for bookkeepers?
It’s absolutely doable. Choose joy, prioritize your values, set goals and build the business. When you’re ready to take the leap, here’s how to successfully go out on your own.
1. Choose joy. It seems easy enough, but if you’ve made it this far, then you are looking for more joy in your life that you aren’t getting from your current position. Congratulations! It takes nerve to realize – and act – on a solo venture. So dive in 100 percent. Joy is the secret sauce of successful entrepreneurship. Because those who are most successful are loving their careers, not punching in for the job.
2. Prioritize values. Firms of all sizes often promote their mission, vision and values, and now it’s your turn. These statements are excellent exercises in figuring out your firm’’s professional purpose and the type of work you want to do.
Ask yourself: What does your brand stand for? Your values should play into every aspect of your business – from the way you build your strategic plan to the types of clients you take on.
3. Set clear goals. Beyond the qualitative aspects of business formulation, there are quantitative numbers that you must calculate. Do some accounting to determine what you need to bill per month for expenses. Then, think about the clients and sales you’ll need each month to match, or better yet, exceed those expenses.
Small firm owners tend to put their salary last on the chopping block, don’t make this mistake. In fact, budget for it, then add 10 percent on top for cushion. Be realistic with your calculations, and set actionable goals for building your business.
4. Build your business. There are infinite ways to learn from other entrepreneurs online, including articles across AccountingWEB. You can also watch YouTube videos and research information that can help you succeed.
Offline, look for ways to participate in mentorship by joining an association. Professional groups instantly connect you with future business connections, both partners and prospects alike.
Another way to build your business is by aligning with a professional franchise. For example, at Breakaway Bookkeeping + Advising, bookkeepers and advisors work for themselves, not by themselves, meaning there are multiple ways to come together as a cohort to troubleshoot client problems but each advisor is his-/herself an independent business owner.
Conclusion
If you are ready to go out on your own, I encourage you to do so! Choose joy, prioritize your values, set goals and build your firm the way you want to. As I said, while 70 percent of businesses do not make it to year 10, if you lay the groundwork now, you can #BeTheThirty percent that makes it to your double digits. Take the leap, here’s to your success!
