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  • #989198
    LukeBrown
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    • Total posts: 13
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    Hi everybody.

    I’ve been reading this forum for a while but this is my first post so be gentle!

    After thinking about it for a long time, and after many discussions with the wife, I’ve finally resigned from my corporate 9-5 job and I’ll be having a crack at setting up my own Accounting business. It’s a bit daunting as I’ve never gone solo before, but hopefully I can make it work!

    I’m already a qualified Management Accountant so that box is ticked and I’ve also already registered my business name and for GST. I’m going down the sole trader path as that’s seemed simpler to start with. Next up is to do a couple of training courses to refresh a few technical topics that I haven’t dealt with for a while, and then I hope to attend a few networking events to learn from other small business owners and also maybe find some leads.

    I’ll be focusing on helping small businesses improve their financial performance. I’ll offer everything from preparing their quarterly BAS returns right through to things like P&L reviews, business plans, budgets/forecasts, process streamlining, investment appraisals and accounting system upgrades or training.

    Any tips gratefully received, especially any other Management Accountants that have done the same thing? What worked or didn’t work? What were the biggest challenges?

    #1170870
    Prashant Murphy
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    • Total posts: 16
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    Hi Luke

    Well done for jumping right in! The best way to learn is to do :)

    My main advice would be to know what problem your business solves for your target market and articulate a value proposition based on that. So ‘helping small businesses improve their financial performance’ is a great start.

    Then you would build your brand and marketing efforts around that.

    I would warn not to get carried away with ‘offering everything’. It is an easy trap to fall in to. For example I am considering dropping web development services in my business and moving purely to graphic design. That is my core business. Find what works for your business based on your experiences with clients. Everything in your business is fluid. You are constantly able to adapt and change and that is your advantage as a small/micro business.

    Hope this helps and all the best in your new solo endeavour!

    Regards,

    #1170871
    Tony Manto
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    Some good advise already given Luke. Another approach is to identify what most accountants do poorly and create a pitch focusing on that. From my experience Accountants are known to take too long getting information back to them. Also most focus on historical data and don’t help the business to grow. After all that’s what every business owner wants!

    #1170872
    Anonymous
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    Hi there Luke,

    Congratulations on making the big decision! What an exciting time for you :)

    I hope hanging out here on the forum with us helps you pick up lots of handy tidbits and that you’re up and running in no time.

    Good luck for your new venture :)
    Jayne

    #1170873
    LukeBrown
    Member
    • Total posts: 13
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    Thanks everybody for the welcome and the tips.

    For the first time in ages I’m excited to be learning new things :-)

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