3 Keys To Running A Successful Accounting Practice
I've learned that it's best not to advise on subjects you don't have expertise in. Fortunately for any readers interested in starting an accounting firm, I have a lot of knowledge in that field. Over the last dozen years, Fix-It Accounting has grown from a fledgling organization into a thriving enterprise, and in that time, I've learned a lot about what it takes to succeed in this business. If you are interested in owning an accounting firm of your own, here are some of the most important things I think you need to know.
1. Find A Niche
To start your accounting firm, you first at two be really good at your job. That goes without saying. But one thing I think most beginning accounting firm owners miss is the importance of finding a niche. I own a business in a small town, where most of the other accounting firms are competing for the business of a small number of local clients. When you choose a niche, you allow your business to grow deeper instead of wider. Choosing a niche is about eliminating the types of business you won't take as much as it is about specifying the types of business you will take. I set my sights on a broader scope when I realized that it was not worth my firm's time or resources to compete for the limited number of companies in our area. We now have clients all over the country. We also know that our best clients come from two or three lines of work, so we focus on what we do well and pass on the opportunities that don't serve us.
2. Get A Mentor
You wouldn't go on a trip without a map, and it's just essential that you seek expert help as you journey down this path of entrepreneurship. Mentorship is the least expensive and most effective type of education you can find, my mentors have helped me grow my business over the last decade, and I wouldn't be where I am without them today.
3. Learn to pivot
When I started my accounting business, we took a lot of different types of clients. Now, more than a decade down the line, we know that most of our income comes from a few types of businesses. Over time we learned what was serving us and pivoted away from the things that weren't working. Your accounting firm is a business, not a charity, and to make money and pay your employees, you have to be flexible enough to make changes when necessary. Accountants are notoriously compliant. We like rules and structure because those things make our jobs easier. But it's important to remember that sometimes we have to change the rules to grow.
If you're interested in starting an accounting firm, I'd love to talk. At Fix-It Accounting, we are passionate about helping other accountants operate great businesses. We have a lot of exciting opportunities coming in the next couple of years and would love to share that information with you if you're interested.