You are a chartered accountant and you have thought about opening your own practice? Do you want a new adventure and to develop as an independent? However, it is not easy to be an entrepreneur and start from scratch!
That's why we decided to prepare this content to help and enlighten future entrepreneurs in the field of accounting to launch themselves on the market. But also to share a message: opening a practice is within the reach of all accountants, you just need to have the will, the courage and to surround yourself with the right people.
How to open your accounting firm?
Opening an accounting firm can be a long and complex process, but like any other business, with careful planning and effective management, it can be successful and profitable.
Here are some tips for opening an accounting firm:
Research the market Before starting your practice, it is important to study the local market to assess the competition, identify potential opportunities, risks and market needs.
Developing a business plan It's your expertise, so it's up to you! A well thought-out business plan will help you define and clarify your objectives, vision, mission, target audience, strategies and action plan, as well as forecast your expenses and set short, medium and long-term financial goals.
Draw up your administrative To Do Opening a business is a process that involves a lot of paperwork with various government agencies, so a list of all the steps and documents needed will ensure that nothing is forgotten. You do it perfectly for your clients, so take care of your project too.
Define the location Location: consider the best location for your office based on your target audience, their needs, their habits, etc. But also according to you and your life goals.
Create a visual identity: Create a strong brand for your accounting firm, including an attractive and memorable name, logo and visual identity.
Define all service processes Defining your service modus operandi will ensure service excellence and the organization, direction and performance of your business.
Building a strong team What internal team do you need? What profiles are required? What activities can be outsourced? These are some of the important questions you need to answer, not forgetting that you must first and foremost ensure that your company provides high quality services to its customers.
Building a network of contacts Networking: Developing your client base can be difficult and slow at first. So attend trade events, conferences, etc. to meet other entrepreneurs and potential clients.
If the idea of opening your own accounting firm is on your mind, take action and put these 8 steps into practice. Remember, it won't be easy, but it doesn't have to be that hard!
Read the testimonial of our Portuguese viseeoner Susana Neves and how she progressed in the world of entrepreneurship in this field.
Getting started in accounting with Viseeon | Testimonial
As the CFO of a group of companies, Susana Neves wanted something more for her professional life.
For two years, she worked part-time in an accounting firm owned by a friend and realized that this could be a path to follow. And that's when she started thinking about opening her own business in this field.
It was at the end of 2020 that, through José Pires, she became aware of the Viseeon project which, from the start, seemed to "fit" perfectly with what she wanted. Everything happened very quickly and she launched her office in Amadora, Lisbon, in early 2021. According to her, her business has grown rapidly initially thanks to the Viseeon network.
"It's not a franchise, but it has the best of a franchise!"
Susana chose to join our network and start her business for several reasons she listed:
- Viseeon is not a franchise, so we remain autonomous and free
- Viseeon supports us on several levels (e.g. training and marketing - lead generation)
- Viseeon is a network and spreads the culture that goes with it
- For synergy with other accountants and knowledge sharing
- Through synergy with other companies
- For the "sponsors" who help their "godchildren" and guide them whenever necessary
"Being an entrepreneur is not easy. That's why it's good to have someone to help and guide us!"
She also reinforces that it is extremely important not to be alone in this process and that basically Viseeon's business model is interesting not only for the support that is provided, but also for the fact that it allows everyone to win: "the form of remuneration for this sharing of knowledge and experience from sponsors to sponsees is great".
It also points out that the brand's marketing structure offers a great prospect for growth in terms of customers, whereas if it had operated in the market without this support structure, it would have been much more difficult.
We also asked her what advice she would give to an employee who wanted to open his own practice:
"You can perfectly do it incrementally or not, because you have the support of the network at different levels. There are offices with spaces that can be shared, for example, by sponsors. The person will benefit from their business and when they feel it's time to be full-time, they will make their decision."
Ready to open your own accounting firm?
Susana didn't do it alone and without support, with you it will be no different. You can count on Viseeon to help you.
