Being your own boss is perhaps one of the biggest turn ons for having your own business. The idea of having one’s own accounting firm sounds a tempting proposition in current economic scenarios, as most of the newly established businesses come under the domain of “small business”, that seek to hire an external accounting firm due to lacking financial resources for maintaining a dedicated in-house accounting firm.
If you are ambitious and resourceful enough to start your own accounting firm, these are the firms that are going to be your prospective clients and shall form the basis of steady and long term client-customer relationship for your accounting firm. Running your own accounting firm may apparently sound like a dream comes true to many accountants, however, being your own boss is not that easy. As with every business setup, owning your own accounting firm certainly offers you with many benefits as it exposes you to some drawbacks. Before finalizing your decision about going for this option, you should consider its pros and cons.
One of the biggest hurdles for any business is the time it takes to set its foundations right before turning into a profit machine for the owner. Normally speaking, it takes somewhere between 2 to 3 years for any business to establish, depending upon its nature and clientele it gets. Therefore, one needs to have enough financial and other resources to withstand this initial period before one can get fruitful with his business endeavors and satisfy his taste and pockets, all alike.
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