With the expansion of businesses, the demand and opportunities for accounting services is growing. There is much room for accountants who want to make it on their own. All it needs is the right approach to be able to start your own accounting firm in Orlando. Here are some steps to guide you in moving your idea forward:
Identifying an Entry Strategy
There are many options available when it comes to starting your own accounting firm. How you decide to go about it is something you need to decide upon. Starting from scratch has its benefits. It gives you more control, removes legacy issues and service issues with past clients however it also carries with itself challenges such as attracting clients and capital. Some other options to start your accounting firm in Orlando which you can look towards are, partnering with an established company, picking up part time clients or buying an existing firm.
Develop a Business Plan
Your accounting firm startup is like any other business startup and you need to think for it in the same way. You need to have in place a proper business plan covering all the mechanics of your business. Define your vision, mission, and goals. Be specific about the kind of accounting services you are going to offer. Identify your skills and abilities and evaluate how best you offer the thought services. It is also important to identify your target market and the competition you expect to be facing. Which firms or individuals do you plan to target? What price are you going to charge them? How will you market yourself? These are all important questions to answer before you step in with the legalities and formalities. Remember always keep room for changes, but a well-defined and thoughtful business plan is essential to take you a long way in setting up your accounting firm in Orlando. A business plan is crucial if you want to obtain funding from lenders.
You will need to decide on your staff requirements and office space. Where will your office be located from where it could serve its purpose best? Which location will be most suitable for ease of access and the kind of services you are offering. Whether you will buy an office or rent it. There are different strategies available to cut down on your office space initially. You can also opt for shared office space, which could minimize your operational costs. Initially, you should keep your head count to a minimum. Salary and benefits package to attract and retain staff are also important components which you need to think through.
Marketing and Development
A marketing strategy for your accounting firm in Orlando is essential, as it will establish your presence and a company image. In today’s fast moving pace of doing business, you need to maintain a website and way to approach clients through your online presence. This not only expands your outreach but also gives you the networking opportunities and support to build your business.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.