Start-up cost: $3,000–$6,000
Potential earnings: $20,000–$80,000
Typical fees: $35 and up per hour
Advertising: Membership and active participation in community
groups, ads in newspapers and publications for local
fundraisers, referrals, possibly your own Web site with tax
preparation tips on it as a resource for potential new clients
Qualifications: CPA and some experience with services on which you
choose to focus
Equipment needed: Office area, furniture, computer, suite software, printer,
business cards,
letterhead, envelopes, cell phone is optional
but handy
Staff required: No
Hidden costs: Errors and omissions insurance, subscriptions and
membership dues, continuing education
What You Do
This is a service that virtually everyone needs. Th e challenge is to show potential
clients how you can improve their lives by helping them manage their financial
affairs better. Th e two major approaches chosen by solo accountants are (1) to work
with individuals on tax issues and personal financial planning and (2) to serve the
burgeoning small business market with bookkeeping setup, payroll, tax planning,
and all the other financial activities that an enterprise requires. You will need to be
creative in distinguishing yourself from this rather crowded field. How are your
accounting services better than those of the other accountants in town? How can
you show an individual that you can serve him better than the big storefront operations
that prepare taxes for low fees during the winter and early spring?
What You Need
Will you meet clients in your office, or will you travel to their homes or businesses?
These decisions will control your start-up costs (which could be as little as $3,000).
Keys to Success
Being an excellent accountant and being able to create a profitable business are
two different things. Th e people skills required have probably been completely
neglected in your education and possibly in your experience if you have worked
for a large firm. Gaining the confidence of potential clients is far more than simply
having excellent accounting skills up your sleeve, which is why an informative
company Web site might be advantageous for business-building, especially in the
beginning. You’ll need to find a way to present your services in a way that appeals
to people who want your help but don’t really understand how you can best help
them find ways to save money. On the downside, your services will be particularly
needed during peak tax preparation seasons; you’ll be busiest in December and
March/April.
EXPERT ADVICE
What sets your business apart from others like it?
Personalized service and affordable rates are what set apart Kelly M. Zimmerman’s
accounting business in Cuyahoga Falls, Ohio. “I take a genuine interest
in my clients’ businesses. I really care about whether or not they succeed.”
Things you couldn’t do without
Zimmerman says she couldn’t do without a computer, telephone, and
calculator.
Marketing tips
“Get involved in an organization that you believe in personally and where
you can also promote your business. Marketing for accountants is basically
word-of-mouth, so be sure to do everything you can to keep your current clients
happy. They’ll send you more clients if they know you’ve gone out of your way for
them.”
If you had to do it all over again . . .
“I would try to be more organized and focused on the types of clients I
really want to serve.
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