Starting your own CPA firm

Moments That Matter

Starting your own firm and going into business for yourself can be a rewarding experience. Being your own boss may seem like a dream. It’s also a huge step that affects many people, including your family and friends. In order to successfully grow your business, a lot of foresight, planning, discipline, and creativity is needed.

While there is sure to be some stress in the early stages of your starting your own business, there don’t need to be any unnecessary surprises. Laying the groundwork for a solid business plan early on will make your journey a little easier to navigate.

Things to Consider

You may be asking yourself a lot of questions as you commit to such a large undertaking; however, a good starting point would be to define your objectives, assess your needs, and lay the foundation for how you want to run your firm. Doing so now will help you avoid some common pitfalls. Ask yourself these key questions:

  • Why do I want to start my own practice?

  • Do I have the motivation, drive, and desire to start and manage my own business?

  • Do my spouse and family support my decision?

  • How will I secure health insurance for myself and my loved ones?  What other benefits do I need to consider – 401k, disability insurance, etc.

  • What kind of services will I offer and what kinds of clients do I want to work with?

  • What technology will I used? How will I set up my systems to ensure they are secure?

  • Is my employer aware of my intentions, and will they support me, or interfere, with my plans?

  • Do I have the financial means to weather a start-up period?

  • Do I have the proper insurance coverage for my new professional needs?

Key takeaways

Just a little self-assessment upfront may save you a lot of headache down the road. Take the time to consider how your firm will operate and the controls you will put in place to do so smoothly. Be honest with yourself about your intentions and desires around starting your own firm. If you’re not honest with yourself or your family, you may end up with a failed business, or worse, an unhappy family.


Plans that might help you

Planning for the next step

Starting your own CPA practice is exciting, challenging, and rewarding. Be prepared for hard work and some periods of tight finances until you're established. Make sure you and your family are prepared for the journey. We’re here to help, too. Take a peek at some of our educational materials and checklists below to help get you started on the path to success. Good luck!

Resources that might help you

Moments That Matter