self-assessment
Make sure the time is right and your motivation in opening your own CPA practice is clear. Before you announce to the world that you’re opening your own CPA firm, it’s wise to ask yourself these five key questions:
Self assessment CPA infographic
After working for other people, being your own boss can sound like a dream. But the reality – at least initially – means many sacrifices: low pay, long hours and the drive it takes to build your business. The time commitment needed will change your everyday routine. The cash flow of a start-up will strain your budget and change your family’s spending patterns for months and maybe years to come. Those who weather through the start-up phase and go on to establish a successful business, however, say it’s an incredibly exciting journey, and the rewards can be outstanding. As a business owner, your future is truly in your hands!

How do you establish a business? There are several ways to consider:

Buy an existing practice. An established CPA may be ready to retire or move onto other opportunities. Buying an existing practice has the advantage of an established client list and assets, but the cost may be prohibitive.

Open a firm with a partner. Partnering with another CPA means you can share start-up costs. Of course, you'll share the revenue too. All decisions will require agreement or compromise between you and your partner.

Start from scratch. Perhaps the most demanding and most risky, but potentially the most rewarding option, where you build your firm from the ground up. You call the shots. You handle the expenses. And of course, you reap the profits.

“There will be obstacles. There will be doubters. There will be mistakes. But with hard work, there are no limits.”
--Michael Phelps

Opening Your own CPA Practice
Self-Assessment
TOPIC 1
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