Accountant and Bookkeeper Articles

5 Steps in Taking that First Leap of Faith

A ship in port is safe, but that’s not what ships are built for. – Admiral Grace Murray Hopper

We cannot discover new oceans until we have the courage to lose sight of the shore. - Muriel Chen

Many of us dream about starting our own businesses and may even visualize how successful we could become. But that’s where it ends. The logistics, family concerns, the financial risks, can all be paralyzing and make it difficult to move forward. But as Trammell Crow once said, “There’s as much risk in doing nothing as in doing something.” The longer you wait to act, the more likely you’ll stay put- stagnate, unsuccessful, and ultimately, full of regret. Don’t you deserve better than that? Don’t you deserve to live out your dreams?

If you answered “yes” to the questions above than you need to seriously consider taking that first step to start your own accounting practice. It will require that you leave your comfort zone and experience risk, but unless you do you will never achieve your full potential. But how do you endure the discomfort and take the first leap of faith? The following 5 steps will help.

1. Consider your options.

We want to stress the importance of looking before you leap. You must take the time to consider all your options. Will you start part-time, moonlighting in order to grow your client base? Or do you have enough current and potential clients to provide the income necessary to sustain you and your family? Will you work from your home? If so, what will it take to make your office functional? Think through all the possibilities and allow yourself to gravitate towards that which feels doable. But don’t get stuck on this step. Too many do and find themselves plagued with the infamous “paralysis by analysis.” Think it through and move forward to step two.

2. Research the market.

While it’s important to think through your options, they become more defined when you research the market. How many accountants are currently in your area? Can the market sustain another independent contract accountant? Who would your target market even be? What services are currently being offered and how can you capture the market by enhancing yours to beat out the competition? Is there a niche that’s currently being neglected that you could take advantage of? You can improve on your research by actually talking with other accountants, potential customers, and professionals you respect and admire. They can provide valuable feedback that will ultimately inform your final decision. When on this step it’s important to be thorough, but, again, don’t get stuck here. Answer your most pressing questions and move on to step three.

3. Trust your instincts.

Intuition is more valuable than most think. After spending considerable time looking into your options and researching the market, you’ve gotten a good feel for your alternatives. And chances are you feel better about some of them than you do others. This is your chance to trust your instincts. You know what’s best for you and your family more than anyone else. It’s time to listen to that inner voice and act on it.

4. Act.

This can be the most exhilarating and terrifying step. But nothing happens until you act. Once you’ve made your decision it’s time to move forward, learning as you go. But take note, each event and experience is a lesson, and you should learn from them so you can improve your business and your own approach.

5. Evaluate.

The best businesses are those that continually enhance their products and/or services, grow their offerings and improve their marketing efforts. The only way to accomplish that is by evaluating your business. As your own accountant you need to look at your numbers and determine which areas are weak and which are strong. This enables you to make the best decisions for your business, fostering improvement and growth.

Imagine all that you can see and experience in leaving the comfort of the shore to launch your practice. We can guarantee you will encounter a storm or two, but oh, how grand the view and how exhilarating the ride. Not to mention you can improve your lifestyle, enjoying more quality time with your family and a larger income with which to support them.

Financing a Small Business

Many feel more secure in starting their practice with a small business loan. This can finance your start-up, enabling you to go full-time and concentrate your efforts on promoting your practice and growing your clientele. Universal Accounting Center has designed a manual to help you create a loan package that is complete and effective. Financing a Small Business is packed with clear-cut instructions and terrific resource materials that will make creating a loan application package easy. It even includes a sample loan package that you can use as a model. This manual is not only reasonably priced, but it is a must-read for people like you interested in financing options. Don’t hesitate. Your boat is anxious to set-sail; a successful accounting practice awaits. Order now!

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