Why now is the best time to start an Accounting Firm:
75% + of active CPAs are retiring while new talent is rescinding in the field. We're facing a very pivotal point in our profession that many people won't capitalize on. There's a generational wealth shift. These aging firms are retiring and they have 3 options: sell to private equity (clients will hate it and leave), sell to another accountant (no guarantee they'll stay with the new owner) or walk away.
All 3 options leave the ultimate choice up to the client. These clients have been with these firms for years if not decades. And they're forced to re-enter the market to find someone new to work with. Let's make sure that their new accountant is you!
About us:
I've been an Accountant 10+ years with a focus in Tax. I've built my own accounting firm from scratch and I've helped numerous others scale theirs. I've been a CEO, COO, CFO and everything in between. But the bottom line is that I see a big opportunity in the market. I also see the eagerness of current Accountants to jump in. And I just want to help you be successful because I've been there before!
About you:
You're a seasoned Accountant. You kill it at work but you feel undervalued. Lately, you've been wanting to start your own firm but have no idea where to start. You want to help clients, create your own schedule and not leave any money on the table. But, you have no idea where to even begin. You know it's a process but you need the roadmap. You need someone who has done it before.
Okay so how would I go about starting an Accounting Firm before next tax season if I had to start from nothing? Here's what I'd do:
Answer the biggest questions first:
Will I operate remote or have an office? (most clients don't care if you're 100% remote contrary to corporate beliefs)
What type of clients do I even want to work with? (Tax/Accounting/Both)
What software do I need to have in place beforehand? (Practice Management/Accounting/Tax/Proposals)
What will be my pricing? (Per Hour/Per Return)
How am I going to find the clients once I'm ready!?
**The above assumes you've already done the pre-compliance work like structuring your LLC for your firm, obtained your EA/CPA, obtained your PTIN/EFIN, Etc.
If you can answer the above 5 questions, 95% of the battle is done and the other 5% is just doing the work you already know how to do!
Here is how I am set up at my firm for reference:
I work 100% remotely but I have a physical office I go to during tax season to focus (all client meetings are done over the phone, zoom or through Loom videos)
I solely focus on Taxes (Preparation and Planning). I don't do bookkeeping, payroll, sales tax, audits, etc. (I refer to others for those) because I like working 6 months and not working 6 months.
My core software comprises of 4 pieces: Tax, Accounting, Practice Management and Tax.
My pricing used to be SO low ($50 a 1040 low) but I've sourced dozens of local and non local competitors pricing and priced according to market. (I only have 3 services: business returns, personal returns and hourly tax planning)
Now the HARDEST question of them all, HOW in the world do I find the clients once I am ready to work!? There's 3 parts to starting an accounting firm : (1) how clients will find you (marketing), (2) what they're going to see when they find you (branding) and (3) providing them value once they hire you (you're already doing this!). You know accounting. And I'm sure you have a pretty rough idea of your ideal branding in mind. So I want to help you with #1, finding the clients.
How to find clients for your Accounting Firm (the hardest part)!
The old school advice : Go to networking events, post on Facebook and let everyone know you just hung your first shingle!
Why this still works but barely : Networking events these days are.. well, selling events. It's all corporate employees trying to get business. They want YOU to be their client not the other way around. While networking does have benefits, I want to help you have clients come to YOU vs the other way around. Facebook posts and social media are great as well but unless you're posting daily or posting very niche content, it's rarely going to gain the traction you'll need to be ready for tax season and quit your full time job. Both of those methods again are tried and true but we want to pour gasoline on marketing.
Another possible way to acquire clients is to buy out one of the aging firms. Now this is a great idea for some people and a bad idea for others. As someone who spent thousands of dollars going down this route via weeks and weeks of heavy research, I wouldn't recommend it for anyone who wants to start off with a virtual practice or higher end pricing. Clients you're purchasing are set in their ways and you need to wait at minimum 1-2 years before changing ANYTHING. (pricing, the office, the staff, the processes, the software, etc.) If clients are used to paying $50 for a 1040, then an increase to even $51 is going to have them beating down the door elsewhere. Albeit a great way to quick start a firm, I'd still recommend the elbow grease method I'm about to mention below.
The answer? SEO.
When clients go to Google to find 'Accountant Tampa' (my example), you don't want to be the website from the 1980's with no photos of a person to be found. And if you can do that, you've already out performed 99% of accounting websites, awesome! Clients want to see your face, know a little about you and know how to contact you. Be simple, be clear, and be somewhat modern! (small bar but again, look at your local competitors websites and you will see what I'm talking about)
Just to reiterate, you already know how to be an Accountant! And that's really the hardest part. Once clients start coming to you and they see how great you are, they will inevitably refer their friends. So let's just focus on getting those first few clients in the door!
If you're looking for help hanging your first shingle, reach out ! We work with a Branding expert and an SEO expert to help you get more clients ! Our Branding and SEO team have helped me personally double my business.
About our Accounting Firm!
For over a decade, our firm Taxes Tampa has sought to be a communication-focused Tampa Accounting firm. We don’t operate on a volume-based business model which allows us to check in with our clients more than the average accountant in Tampa and offer our clients a more hands-on and advisory tax experience. We want to ensure you understand the ABCs of LLCs, Taxes, and everything in between. Contact us today for a free tax consultation with one of our Tax Accountants in Tampa!
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