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Innovative Business Ideas for a Chartered Accountant

Posted 2021-08-02 / by admin

            

Accountant on phone in office while looking at chart

Accounting is a popular and dependable occupation, with plenty of opportunities, as well as the possibility of a long career. However, the business management skills and financial acumen that you acquire in this profession also lend themselves well to managing your own enterprise.

Indeed, many accountants often develop into senior management positions, either as CFOs making the transition to CEOs, or as administrators taking over struggling businesses.

 Therefore, taking the leap into entrepreneurship is a logical step, especially as you will already possess a wealth of relevant experience and an active network of high-caliber professionals to draw upon. The key is to understand how you can turn this knowledge and expertise into a functioning business model. This means identifying a core product or service that you are going to offer clients, and then focusing your energies on generating sales around it.

What Are Some of the Best Small Business Ideas for Accountants?

There are numerous ways to achieve the latter; you may rely on relationships you have already developed with previous clients, or you might make a clean break and rely on your marketing plan. The former, however, can be a little trickier.

Generally, it's a good idea to focus on an area or sector in which you have previous experience and authority, but through which you can also stand a chance of competing. You should also offer something unique that your rivals do not; for example, if you didn't like certain things about the way your previous employer did things, emphasize to potential clients that your company does things differently. If you spotted an opportunity to do things better, then promote them as your value proposition. If you're still looking for inspiration, however, we can help.

We've compiled nine potential ventures that any qualified accountant can establish; all you have to do is consider which one best suits your background, and can be marketed effectively.

Note: Depending on your location, some of the services described in this article may require the acquisition of additional licensing or certification on your part.

1. Tax Preparation

If you have a background in tax management, then a personalized tax preparation service could be a viable starting point.

Many businesses are unaware of the numerous savings that they could be missing out on when filing their taxes, which means that you can offer free consultations to small businesses to drum up custom. You can also manage the core tax affairs of smaller companies, especially if you have a Rolodex of existing leads.

 As a small firm, you can also promote the angle of personalized service. This can allow you to target high-net-worth individuals as potential clients, as you will be able to dedicate all your time and resources to ensuring a high level of customized tax management.

 

 

2. Real Estate Appraisal

As discussed, transitioning from an accounting background to self-employment is all about identifying which industry your finance skills match best with. If you have knowledge in real estate, property valuations, or asset management, then you could consider carving out a niche for yourself in the world of real estate appraisal.

Real estate is a notoriously cyclical sector, of course, but you can mitigate the effects of bust periods by reverting to traditional accounting or bookkeeping services as an income source.

 During boom periods, you can then reap the assorted benefits. After all, a healthy real estate market means that homebuyers and businesses will have money to spend to assess their potential investment, and you can even specialize in a particular area of real estate to maximize your impact and your value.

 

3. Remote Bookkeeping

Although it is a fairly basic service for a chartered accountant, the fact is every business needs a reliable bookkeeper to understand its cashflow and make sound decisions.

While there are many software tools available for businesses to try and manage their books themselves, an experienced accountant is always an asset. In the present digital world businesses can outsource your bookkeeping services from anywhere and at lower cost to traditional employed accountant.

There are numerous videoconferencing options available that can help you build a close relationship with remote clients and given the outlook for business in the near to mid-term future, this service could prove lucrative. This is an ideal proposition for those who are looking for a lower time commitment while still wanting a stable income.

 

4. Financial Consulting

Sometimes people and businesses end up with more money than they know what to do with. Therefore, given your money management expertise, you could create a financial consulting service to advise businesses and individuals on what they can do to invest, save, and spend their money wisely.

As with several of the propositions on this list, the success of a consulting firm depends on your ability to attract clients. If you don't have existing leads, then you may find that a lot of your time isn't spent consulting, but actually chasing down that first client.

 After all, if you are going to be telling people or startups what to do with their money, then they need to trust you. Therefore, to make this business work, you need to convince clients that you are the best at what you do.

 

With this in mind, to maximize results, it's a good idea to specialize in one area. For instance, you may have a lot of experience working with and advising small tech startups. If this is the case, then it's better to market your services in this field rather than to, say, trust fund recipients who are looking to invest with equity firms.

At first, it is better to present yourself as an authority in one niche rather than a jack of all trades, as this will allow you to build your reputation.

 

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Posted 19.07.2015 / by Admin

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