Essay - Starting Up A Small Business (Cpa or Accounting Firm) I....

STARTING UP A SMALL BUSINESS (CPA OR ACCOUNTING FIRM)

I. INTRODUCTION

Establishing a small business is one of the most challenging yet highly rewarding opportunities available to entrepreneurial individuals. During the height of the technology boom in ***** mid-late 1990s, it seemed as if almost any individual could start a business ********** become successful. However, as the bear market of the past 2.5 years has shown, what goes up must come down, and not every business will be successful. Starting up a ***** ***** *****fers individuals numerous advantages, both in terms of flexibility (i.e., hours do ***** have to conform to the rigid 9-5 structure ***** work*****g for someone else) and potential reward (i.e., profits are generally not split in small bus*****esses, or at least split between fewer *****. However, *****re are also potential drawbacks of starting up a small business, including the r*****k ***** failure.

This paper analyzes and examines issues related to starting ***** a small business (CPA or accounting firm). In Part II, the central issues concerning such an endeavor are detailed. Part *****I outlines the recommended actions. ***** Part IV, the basis for the ***** actions are rev*****wed. Part V describes reasonable alternatives. In Part **********, signific*****t fac*****rs ***** this endeavor are examined. Part VII entails a factor analysis. ***** ***** VIII, ***** implementation plan is reviewed. Lastly, this paper concludes with suggestions for establishing a framework to ensure that the ***** business has the greatest chance of success.

*****. CENTRAL ISSUES

Before you can establish a credible ***** or accounting business it is necessary to examine one main **********. Do you ***** what it takes? When analyzing such a question it is important ***** look at these other central issues:

Why do you want to start *****r own *****?

Do you have the motivation necessary to start ***** maintain *****r own business?

Does your family support your decision?

***** you have the financial means to weather a ***** up period?

***** key to the successful establishment ***** ***** ***** small business begins w*****h the initial reason. If you do not ***** good reason to start your own business it may not be the best choice. It is essential that ***** business *****er choose this path for good reason. Starting your own comp***** as a result of anger or resentment to your previous employer is a sure cause for dis*****ter. Having a clear mind and having specific goals and objectives the key to success.

Not only do you need to have a re*****son before *****ing *****r ***** small ***** you also need motivation. Small businesses require extreme amounts of labor *****en in the start*****g phase. Long hours and the possibil*****y of limited funds may cause the owner to find him/herself overwhelmed. Considering this before the onset of the business is essential. Can ***** handle large ***** of stress? Do you realize that it may takes months or years before ***** longs hours dimin*****h slightly? What will you do if your business is ***** as ***** *****