Need feedback from business owners.

[CRMH Eagle]

Currently I make decent money employed as the Controller/Comptroller for a small manufacturing facility. For various reasons which at this time I will forego discussing, I am contemplating opening my own accounting & tax business here in Denver. This hinges on the possibility of keeping my current company as a client which is highly likely.

In a month or two my work will require only two weeks a month to complete. It will be obvious very soon to mgmt that, on a business viewpoint, I am not needed here every day. And no, this company does not give out add'l compensation if someone is laid-off. So to wait and see if that will happen is only a practice in waiting.... no extra financial gain. Or, I could use this current situation as the opportunity to transition to something else. If I keep my current company as a client and work 2-3 weeks a month here then it will be enough financial support to go at it on my own and have time to attract other clients.

If anyone here is a business owner then I'd love to hear from you... specifically if you or someone you know owns an accounting & tax service.

Thanks.

 

[happyPuppy]

I have done 4 startups since the mid '90's, and all are still thriving. My first rule was to outsource everything I knew little about. That would be why I always had someone like you do my monthly books, payroll, & taxes and every other financial thing I needed. I never regretted working on my own or even viewed it as a risk. When I worked for big companies I never felt I had any real control as to direction and many times it felt like a death march and sometimes it was. Starting your own gig is safer , IMO in this economy. The key is networking from the Rotary Club to your local Church if you attend one. Get the word out of your plan and see how much business you will get and crunch the numbers. One of my good friends is my CPA ( from Church too) and has so much business he has trouble taking time off. Granted you have to have a certain degree of risk tolerance , but other than that it is just selling your services to the most likely clients , I suspect that maybe emerging businesses.

 

[charismaticmegafauna]

As you know, the U.S. Tax Laws are expressly designed to benefit small business.

But, you may not know? -- that unless you're in mgmt. of said small bus. (and not the one & only worker-drone), you'll have absolutely zero time to ride your FJR.

 

[TheAxeman]

I've owned a residential and commercial water treatment company in NY since 1984.

The single most important thing is communicationwith your clients. Answer every phone call in a timely, courteous manner whether you think its going to be unpleasant or not. Do what you say you are going to do and don't make any promises that you can't keep and always stand behind your work. If you make a mistake admit it....******** goes nowhere. Don't take on more work than you are capable of handling as a start up. Spreading yourself to thin will result in a bunch of pissed off clients. It takes years to build a reputation of quality service and trust but all it takes is a couple of dissatisfied customers with big mouths to ruin your credibility. Stay on the right side of the law and treat your employees in a way that you would want to be treated. Make sure you have enough cash reserves to carry you for awhile until the business takes off (2 years?). Be prepared to say goodbye to extended vacations. You'll do great......Good luck with it.