5 Best Small Business Ideas for a Chartered Accountant!

Accounting is a popular and stable job that offers a lot of opportunities and the chance of a long career. But the skills you learn in this field, like how to run a business and how to handle money, can also help you run your own business.

In fact, many accountants end up in senior management positions, either as CFOs who become CEOs or as administrators who take over businesses that are struggling.

So, it makes sense to start your own business, especially since you’ll already have a lot of relevant experience and a strong network of high-quality professionals to draw on.

The key is to figure out how to turn this knowledge and skill into a business model that works. This means that you need to choose a core product or service that you will offer clients and then focus your efforts on getting leads for that product or service.

What Are Some of the Best Small Business Ideas for Accountants?

There are many ways to do this. You could rely on the relationships you’ve already built with past clients, or you could start over and use your marketing plan. The first one, on the other hand, can be trickier.

Most of the time, it’s best to focus on a field or area where you have experience and are an expert, but where you also have a chance of competing. You should also offer something that none of your competitors do.

For example, if you didn’t like the way your previous employer did things, tell potential clients that your company does things differently. If you saw a chance to do something better, use that as your value proposition.

But, if you are still looking for ideas, we can help. We’ve come up with nine business ideas that any qualified accountant can start. All you have to do is think about which one fits your background the best and can be marketed well.

Here are our suggestions.

1. Tax Preparation

If you know how to handle taxes, a personalized tax preparation service could be a good place to start. Many businesses don’t know about the many tax breaks and benefits they could be missing out on. This means you can get more business by offering free consultations to small businesses.

5 Best Small Business Ideas for a Chartered Accountant
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You can also take care of the basic tax needs of smaller businesses, especially if you have a Rolodex full of leads. You can also market the idea of personalized service as a small business.

This can help you get high-net-worth people as clients because you’ll be able to put all your time and money into making sure they get the best tax management possible.

2. Real Estate Appraisal

As we’ve already talked about, if you have a background in accounting and want to work for yourself, you need to figure out which industry your financial skills fit best with.

If you have experience with real estate, valuing properties, or managing assets, you might want to consider making a name for yourself in the field of real estate appraisal.

Real estate is known for being a very cyclical industry, but you can lessen the effects of bust times by going back to traditional accounting or bookkeeping services as a source of income. When times are good, you can get all kinds of benefits.

After all, a healthy real estate market means that people and businesses will have money to spend to evaluate their potential investments. You can even specialize in a certain area of real estate to make the most of your impact and value.

3. Remote Bookkeeping

Even though this is a fairly basic service for a chartered accountant, every business needs a reliable bookkeeper to understand its cash flow and make good decisions.

Even though businesses can use software to try to manage their books on their own, an experienced accountant is always a good thing to have.

There are also ways to be different. Use the fact that records are now kept digitally to your advantage by offering your bookkeeping services remotely.

There are a lot of videoconferencing options that can help you build close relationships with clients who are far away, and given how business is expected to go in the near to medium term, this service could be profitable. This is a great offer for people who want a steady income but don’t want to spend a lot of time on it.

4. Financial Consulting

People and businesses can sometimes have so much money that they don’t know what to do with it. So, since you know how to handle money well, you could start a financial consulting service to help businesses and people make good decisions about how to invest, save, and spend their money.

As with a number of these ideas, the success of a consulting firm depends on how well you can bring in clients. If you don’t already have leads, you may find that you spend a lot of time not consulting but looking for your first client.

5 Best Small Business Ideas for a Chartered Accountant
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After all, if you’re going to tell people or startups what to do with their money, they need to trust you. So, if you want this business to be successful, you need to show customers that you are the best at what you do.

With this in mind, it’s best to focus on one thing. For example, you might have worked with and advised a lot of small tech startups.

If this is true, it would be best to market your services to people in this field instead of, say, trust fund recipients who want to invest with equity firms. At first, it’s better to build your reputation as an expert in one niche than as a “jack of all trades.”

5. Finance Software Tutoring

Many businesses agree that it’s best to hire a professional to handle their books, but some feel more comfortable taking care of it themselves.

Still, these new businesses need advice and help, and you can make money by showing people how to use financial tools to their advantage.

It’s not just new businesses that need help. Large accounting and professional services firms often hire college graduates and high school graduates who need intermediate and advanced training, especially in Microsoft Excel. So, there are a lot of possible clients.

All you need is to be able to explain complicated information to students, know a lot about the software in question, and be able to get contracts with companies that need your services.

If you’re good at explaining things, you could also teach and sell online courses as a way to make money without doing much work.

Leila Gharani is a good example of how this can work. She quit her job as a financial consultant to teach Excel courses on Udemy and made six figures doing so.

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