To set up a small accounting firm that can cater to the accounting needs of individuals and other small businesses.
Product/service description
The business aims at setting up a small accounting firm that will focus on the accounting needs (bookkeeping, tax filing and planning, financial analysis, financial advice and other specialty services) of individuals and small business organizations.
Market Scope/Potential
Tax filing and planning has become a necessity for every individual. However, every person is not an expert at it. An accounting firm can be of a great help in such circumstances.
Similarly, small businesses need to track their finance regularly to keep a record of their expenses. Hiring a private accountant can be expensive. Outsourcing the accounting service from an accounting firm can be a much smarter option.
Opportunities
The demand for accounting services is increasing, as it is mandatory for every individual or a business person to manage the finance effectively.
The business has good scope of profit.
The business can be easily grown if the demand increases.
Less capital is required to start the business.
Risks
The business needs to be registered.
The business also needs to be insured to cover up any loss that can happen by chance.
Smart marketing strategies are required to advertise the business, for eg. flyers, personal websites, blogs, presence on social networking sites and through word of mouth.
Smart accounting software should be bought to ease out the work.
The accounting business builds with the trust of the clients, so care should be taken to deliver quality service on time.
Entrepreneurial qualities
Any person who plans to start this business should not only be an expert at accounting, but also be a smart business person. He/she should know the needs of the clients, the marketing strategies, the competitors and the importance of delivering valuable service on time.
Conclusion
An accounting business deals with the finance of the people so more than anything else, it should work upon building a trustworthy environment. Good service and sufficient market research can help the business to succeed.
Sambath Kumar
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