Basic Idea and points to remember before kicking your job off.

1. Muhammad Ehtisham Jaadoon

2. Owning an Audit Firm can be very rewarding.
The process requires planning, hard work,
perseverance, and investment. If you can
weather the start-up and early development
phase, the transition can be wonderful.

3. Here are some questions to ask yourself:
 Do I have the experience?
 Do I have the drive and motivation?
 Do I have support from my spouse and family?
 Do I have the capital to get started and operate
for one year?
 Do I know how to market accounting/tax services
and be the “rain maker?
 How will I differentiate my services and earn
higher fees?

4. Entry Strategy
Mostly, Accountants start a firm using the
following entry strategies:
1. Starting from scratch
2. Part-time practices
3. Finding a partner
4. Buying a practice

5. Develop a Business Plan
Develop a written business plan. A comprehensive business plan
should include:
• Goals for your business
• Target audience that you are serving
• Services that you will offer
• How you will better service your target audience
• Your experience and skills
• Capital requirements and sources
• How to market your new accounting services
• Pricing strategy
• Office, equipment, tax software and staffing requirements
• Projected costs and revenues – start-up, monthly costs, and
budgets

6. Financial Considerations
 Honestly assess if you are prepared to make this
transition financially and emotionally.
 New businesses require sweat equity so this move
has to be at the right time in your life.
 Nearly all practices are cash flow negative during the
start-up and development phase so you need to
have cash on-hand to cover household expenses
and retain insurance coverage.

7. Start-up Costs
Office in nearby
town or a home-
based office
Office space
Equipment and
Office Supplies
Tax Software or
Accounting
software
Staffing and
Workforce
License
Requirement
Initial Costs Associated
with Audit Firm

8. End Of Presentation