Author: Nibletz Staff

At this point, you’re either operating or considering starting a business that works with chemicals. This is quite common, particularly in manufacturing. But, it’s also something with lots of overlook. When it comes to handling chemicals correctly, you need to be in the know. So, to help you out, this post will cover some of the things that you should think about before starting up.

Of course, the law is different in every country. This means that it’s important that you do plenty of research prior to starting work with chemicals. If you make mistakes, it could cost you dearly in fines and repairs.

• The Environment

The biggest concern for a business working with chemicals is the environment. Chemical spills or leaks can have huge negative effects on the environment. And, simply using certain chemicals will damage it to. As a business owner, it’s your responsibility to make sure that your business is environmentally friendly. In most places, there will be laws in place that state how much pollution is permitted. Ideally, you shouldn’t be anywhere near the maximum levels.

• The Equipment

The equipment that your business uses will play a big part in the effect that you have on the environment. Using the incorrect storage for chemicals can easily result in spills or leaks. So, it’s important to make sure that you have the correct containment for the chemicals you need to store. To make it easier, your government will have rules in place stating the requirements for chemical containers. So, all you have to do is follow their rules. To find equipment, you can use sites like https://www.denios-us.com. Using a site local to you will result in finding compliant items much faster than using worldwide retailers.

• The Premises

Sometimes, a building may not be appropriate for chemical storage. For instance, if you plan to store extremely corrosive acids, it wouldn’t be wise to have a building with storage above offices. Instead, you’d want the chemicals as close to the ground as possible, in case of spills. You should also base the decision on the location of the premises. If it’s an area of outstanding beauty, it might be a good idea to avoid ruining it with chemicals. Or, if you’ve found an old warehouse, that could be great. You have to use logic here and make a decision based on your company.  

• The Staff

To ensure the lowest possible chance of human error causing problems with chemicals, it’s important to have your staff trained to use them. Your staff should be aware of the law, as well. Training your staff is easy and will help you to learn the rules, so it’s very much worth investing in. If you don’t feel as though you can teach your staff effectively, you can pay a professional to give the training, instead.

Hopefully, this will give you a good idea of the work involved with using chemicals in business. Remember; it’s worth doing research before starting something like this. Any time or money you spend now can be viewed as an investment.

Startups are incredibly hard to launch and tricky to maintain, to get the best out of them and to ensure their survival all avenues need to be explored. .Almost everybody is on it these days. Social media can really propel your business to the next level if you use it wisely. It can help in terms of marketing, talent spotting and business awareness. These tips can help you and your business succeed.

Marketing

Marketing is tricky, but social media can help you get the most out of it. First you need to choose your platforms, then create your business pages with direct links back to your website and the services you offer. But for this to happen you actually need to draw people to your page. To accomplish this quality, bespoke content needs to be produced on a semi-regular basis. Don’t swamp the newsfeed, but certainly don’t let it become saturated with competitor posts either. The content is important, if it’s click bait then it’s just going to start annoying people. It needs to be great content that engages people from the get go. If you use this marketing in conjunction with a specialist marketing company you can really make great strides, find a marketing agency that suits your own needs. If you’re a medical company check out healthcare software marketing.

Use Linkedin To Talent Spot

Linkedin can be a great place for talent spotting. If you’re on the lookout for some employees it can be worth trawling the website for your ideal employees and contacting them directly. This stops you having to trawl through troves of applicants if you advertise, instead you approach exactly who you want from the off. Having a presence on Linkedin can also attract the right kinds of people to your business and raise your business profile. There are likely businesses on linkedin that would benefit from the services you offer, so if they can see you on the platform it’s always going to be a bonus.

Manage Your Time Wisely

If you’re devoted a ton of time to social media marketing but you’re not generating much traffic for your website then perhaps you need to move time elsewhere like other social media platform. Being able to manage your time means you spend it equally on different aspects of your advertising. Don’t create content for one page without the other, because people on the other platform aren’t going to be drawn into your page. It needs to always be equal so none of your pages look stagnant and unused.

Focus On What’s Current

By focusing on what’s current you’re more likely to get hits on your content. Write posts that concern your business area but relate them to current situations. For example, how new news can affect the industry you’re operating in. By linking your content to current worldwide affairs you can really make an impact on how many people read your content and follow the links back to the service you provide. It also shows people you’re invested in the news and puts across the image of a company that truly cares.

Many businesses hope that they’ll have to deal with a disaster, whether it be a flood, a fire, a burglary or ransomware. However, it’s always good to have a plan in place. Failure to have a recovery plan in place can mean that when disaster strikes, everything is lost. You don’t want to have rebuild all the way from the bottom. Here are ways to keep your business prepared and give you some peace of mind.

Take out insurance

Recovering from a disaster can run you bankrupt. The best way to avoid having to pay out after disaster is to take out insurance. Every business with an office should invest in some form of commercial property insurance. This can help pay reparations is the event of a fire or a storm. Many schemes also protect your contents, so that if any expensive equipment is stolen it can be replaced. Businesses based in high-risk flood areas should definitely consider this insurance type.

Other useful insurance types include cyber insurance (which could protect you from an information hack if you think you are at risk) and business interruption insurance (a bundle insurance deal to protect against multiple disasters).

Look into escrow agreements

Make sure that all software you are using is escrow protected. An escrow agreement ensures that if the owner behind that software goes bankrupt or is unable to continue maintaining it, you will have access to a copy of the source allowing you to continue using the software.

Similarly, if you are company that deals software to other companies, it may be beneficial looking into software escrow services. This was if disaster strikes, other businesses aren’t suing you for no longer being able to use your software.

Use the Cloud

Having all your files stored on a hard-drive or local server could result in them all being lost in the event of a fire or burglary. One way to prevent this is to store all your files on The Cloud (or at least have backup files there). This way if your computers are destroyed or stolen, you will still have access to your files. Putting information on the Cloud also keeps your business more protected against hacks. Cloud servers have all your files encrypted and sharded, making them basically impossible to hack into. The Cloud can also be accessed from any device from any location, so that if your office is destroyed, you and your fellow staff members can continue to work from home.

Have a work from home day

If your work is largely online-based, test out the practicality of being able to work from home by having a work from home day. Not only is this an exciting way to treat staff by not having them commute in the morning, it’s also a good way to test how business might work in the event of a disaster. You can trial out communication methods and make sure everyone is able to access all files. You may realise you don’t even need an office!

Customers are the lifeblood of our businesses. Without them, we can’t survive in this harsh environment, and we’d be hard pressed to make any profits if we have no one to sell our products and services to. While big corporations go through customer orders like a hot knife through butter, there are many small startup businesses that utilise a different strategy to keep the orders flowing: customer relations.

Businesses thrive because they meet a demand that consumers want. Whether it’s a niche product or just good quality items, you need to meet a demand for consumers. While it’s difficult in the current business landscape to provide niche products (everything from potato messages to pet rocks seems to be covered) there is another consumer demand that few businesses meet: customer service.

Remember Your Customers and Treat Them Well

If you provide a service or product that can be renewed or upgraded, then you need to keep in touch with your customers. Very few businesses sell something that’s just a one-off. An easy way to keep in touch with clients is to send them emails to update them on your new products, deals, and offers. However, make sure you don’t start sending emails every day because there’s nothing worse than a spammy business—you don’t want to end up on spam filters.

Another way to engage customers is to send them gifts. Something simple like a gift card with a coupon or branded stationery is a cheap and effective choice. Stubby holders by Dynamic Gift are also a fun alternative. It’s possible to setup automated mailing systems that will remind your customers every couple of months about your latest products and new surrounding your business.

Customer loyalty is also something that you should reward. Allow your clients and consumers to set up loyalty cards to accumulate points, and give your oldest customers special deals to make them feel appreciated.

Treat Customers How You Want to Be Treated

Be honest with yourself—would you prefer it if your coffee shop barista was grumpy every day? Probably not. Consumers like to feel welcome when they approach a business. It doesn’t matter if you use internet marketing to advertise your products or place banners and welcome signs in your retail store, everyone wants to feel like they are being greeted into your business.

So how do you change your approach to customer service? Simple. Think about how you’d like to be treated if you were a consumer for your business. Would you prefer there to be more or less communication between you and the customer? Although it’s a golden rule to keep in touch with your customers, too much communication is a very real problem. Do you think your staff are polite or could they do with a bit of training? Is there too much or too little information on your products?

A great way to test your business is to ask a friend or family member who isn’t affiliated with your company to use your services or buy a product from you. Ask them to report to you how they found the entire process, and use that advice to tweak your business.

Now more than ever, businesses old and new have to pay attention to currency values. The fallout from Brexit and uncertainty over what the Trump presidency will bring will have a serious impact on the value of the Dollar, Euro, Yen and Pound. The US Dollar has already strengthened following the surprise election result.

All that along with changes in technology have meant the way in which startups and more established firms do business have come a long way. Until the mid-1990’s, if business owners wanted to transfer money abroad or receive payments from another country, options were limited. They could either ring their bank or visit their bank. Either way, the bank was the only avenue to go down.

Another way to transfer

Today, businesses can still transfer their cash overseas through their bank. However, there are a couple of major caveats, one of which is the prospect of paying a fee for each transfer. The other is a lack of flexibility when it comes to getting the best deal for the money – they’ll have a set rate and are likely to take a small percentage of your money.

There are now alternatives for transferring money abroad though. For those who have a limited amount of time on their hands for admin, it makes sense to go online and do it. With information on exchange rates at the fingertips of anyone with a smartphone, tablet or laptop, it’s easier than ever to make a transfer.

Transferring money through websites like CurrencyFair takes out a lot of the administration costs. To use them, all it really involves is having the business’s bank details and the details of their overseas client. They will have something called an International Bank Account Number (IBAN) and Bank Identifier Code (BIC); asking for both is essential.

Recent developments

Business owners as well as consumers are exploring their options for transferring money to another country. Whether it’s because they have an overseas client to pay or that they have relatives to send much-needed money to, it’s become easier to do it without having to go over the counter.

Greater access to information on exchange rates has helped businesses become more savvy when it comes to knowing where value for money lies and what they can expect to pay for turning their Dollars into Euros and so on. It’s likely that transferring money in physical banks is going to be phased out, with internet transfers soon to become the norm.

When it comes to choosing a car for your business, there are a lot of options available to you. No matter what your budget or personal situation, there’s always a way to get the car you need. Here we’ll look at the difference between the top three options available – leasing, buying and PCP.

Leasing Vs buying a car – what you need to know

Leasing has become a very popular option for businesses. The majority of the time, leasing is a much cheaper alternative to buying a car outright. While at the end of the lease you need to give the car back and you’re left in the same predicament, it does save you the hassle of worrying about depreciation. New cars can depreciate in value quite considerably over time. So, when the time comes to sell it may not be worth as much as you think.

Then there’s the obvious advantage with leasing that you don’t need a lump sum to get the car you need. If you’re a start-up business, this gives you the opportunity to get your company up and running at the cheapest possible cost. Companies such as Car4Leasing, offer great models at low affordable monthly prices.

Another benefit of leasing is that you can get a much better model than you’d be able to buy. In business, image is everything so you can take advantage of the manageable monthly leasing costs to hire a more executive looking model.

What about PCP?

PCP stands for Personal Contract Purchase and it involves taking a car out using your personal account rather than business. This again is a popular option as it frees up more finance for the business, while helping to keep the monthly installments low and manageable. These types of arrangements also tend to be more flexible.

The main difference between PCP and leasing is that at the end of the agreement, you have the option to buy the car. Usually you will have paid around a third of the total cost off once the agreement ends. So, you can choose to provide a balloon sum and keep the car, or you can hand it back. There’s also a third option available and that’s to trade the car for another model and restart the lease.

Overall, it’s important to do your research so you can ensure you are choosing the right option for your business. With so many options available, getting the car you want and need is simple.

There are a lot of risks that entrepreneurs need to face on a day to day basis. Most of these problems that stand in their way are only small and don’t take too much effort to deal with. However, there are some common mistakes made by entrepreneurs that can really dent their business reputation. No one wants a silly mistake to cost them their reputation or in the worst case scenario, their livelihood. So it is crucial that all business owners know how to prevent these mistakes from cropping up in the first place. Which are the most common dangerous mistakes to watch out for? Here are some of the main ones.

Bad Social Media Management

These days, almost every firm and company has a presence on social media. So it is important that you also create Facebook, Twitter, and Instagram accounts for your company. But just creating the accounts isn’t enough. You also need to manage them and interact with your followers and fans. However, bad social media management can be detrimental to your business. It is important that you are always extremely professional when you are interacting with your social media followers. If you come across as aggressive or unprofessional on social media, it could end up costing you a lot of customers and clients.

Ignoring IT Problems

Most entrepreneurs may have unbeatable business and networking skills, not many have the necessary IT skills to get a modern company off the ground. Even if they are able to get the basics up and running, they may not know what to do when they hit a bump in the road. But rather than ignoring any IT issues and just hoping that they will fix themselves, it is important that you get them sorted out as soon as possible. If you don’t have a dedicated onsite IT team yet, you can always outsource IT tech help so that you don’t have to wait too long to get your tech issues fixed.

Not Networking Or Going To Trade Shows

No matter what your industry is, there will definitely be networking events and trade shows that you should be going to. These are great for a number of reasons. Firstly, they give you a great chance to get the name of your business out there. Secondly, it’s a great chance to make new contacts. Not doing this can cost your business greatly. You will find it very difficult to grow because no one will know about you and what you are doing. So don’t sit alone in your office. Get out there and start meeting people!

Not Being Yourself

This is a mistake made by many entrepreneurs when they are starting off in their business. If you aren’t yourself, your clients and customers will be able to tell from a mile off. In order to succeed in business, you should always be true to yourself and do things that you believe in 100%. Once you are, you will feel super motivated to achieve all your professional goals.

When you first start organizing the delivery operations of your business, it’s enough of a success just to get it up and running. To just know that customers are getting their products on time and shelves are being stocked when they should be getting stocked. Just making it isn’t enough, however. As with all things in business, efficiency is key to profit. So we’re going to look at how you ensure your delivery service is faster, less costly and simply better.

Create a better mailing room

You need to look at the process of how everything gets shipped and mailed off. Most likely, you’re going to have a team that manually goes it. There’s nothing wrong with that, but there are potential faults in the system to be created. For instance, make sure all packing and shipping materials are within reach of the people who need them. If they have to keep moving several feet to retrieve materials and bring them over, that’s a lot of wasted time building up. Similarly, make sure they don’t have to keep twisting and turning. Consider turning it into a horizontal, factory line-esque setup with packages moving from one process to the next. It’s more efficient and it’s a lot less painful for the employees who don’t have to keep twisting.

Consider the storage costs

Everyone knows that holding onto inventory can be seriously costly. The bills for keeping the storage space can weigh heavily on the business. Especially if you’re dealing in any goods that need to be kept at specific temperatures. Make sure you’re moving them out without letting them sit for too long. Do daily checks on how long certain inventory has been resting there. Look at the storage options for transport too. Providers like Tiger Containers offer options for rent as well as for sale. Buying can be a lot more economically sound in the long run if you’re often transporting goods at that volume.

Track your deliverer’s performance

Looking at the data of your delivery providers is just as important as how quickly you get it to them. If you’re running your own fleet, then telemetrics help you measure the performance of each driver and each vehicle. Otherwise, you should make sure you only use delivery services who can provide the accurate data or where the package is and when it meets checkpoints right up until it’s in the hands of the customer or the retailer its meant to go to. It’s worth trying out a few different delivery companies in that case just to see who provides the most efficient and most reliable services. Those who can’t provide that data should be missed entirely.

An efficient delivery operation needs a keen eye on every aspect of the ball. The amount of deliveries that go out, how long it takes them to travel, how much loss you’re dealing with, how much it’s all costing you. Keep track of that data and you’ll find it much easier to make it just another efficient ingredient of your profitability.

Many budding entrepreneurs wish to set up a business for themselves, being your own boss is alluring, and making it in the world of business has a certain pull which is why so many people give it a shot, unfortunately, many fair. This is why so many people are tempted by franchising, where you essentially use the brand name of a successful company but operate the branch as if it were your own business. There are of course huge plus sides, your marketing is done for you, the brand is instantly recognizable and you have a client base, but there are downsides too.

You Have One Hand Tied Behind Your Back

While owning a franchise as clear perks, you will be unable to make certain changes. Policies, procedure and restrictions are all in place and need to be adhered to. This usually means pricing, what services are on offer and employee benefits. Although you benefit from franchising in a few ways, this is certainly a downside. Although you’re the boss, you cannot change anything for the needs of the business or make new policies you think could make it all run smoother, instead you’re hampered by existing policies which suit the business from a regional perspective, and are not tailored to your own specific branch.

You’re Fairly Limited In what You Want To Do

If you have settled on franchising, then you’ll likely have certain businesses already lined up for approach. What you will soon realize is that on the surface is that the majority are in the simple cash for service game. Restaurants, coffee shops, that kind of thing. It means you can’t do something that can benefit your fellow human, whereas if you set up your own business you can. You can set up a charity or a service that can really help people. These opportunities are few and far between in franchising, however some do exist, there are some senior home care franchise opportunities, which means you can make a difference.

The Initial Expense Is Huge

Usually, when people are setting up business they try to limit the initial costs as much as they can, of course mistakes are made, but loans are required so it is vital nothing is wasted as the cash could be needed later on. When using a franchise a huge cash some is usually paid to the wider company. For example, to use a Burger King franchise you need to pay them 50,000, and that’s before any investment in the new building which will usually cost over 350,000 once architect fees and planning permission has been calculated. So although the long term gain could be great, in the short term you’ll need a huge cash injection that is only really suited to already successful businesses.

You Can’t Put Your Own Slant On It

If you set up a franchise the interiors are exactly the same throughout your country. But if you set up your own business you can really make something different, something that will succeed. Building your own company can also generate more excitement that a franchise, people know what franchises are and what they’re about, but if you create something different, unseen and novel then you’re going to drum up way more business, and keep all of the profit.

For most people, biking is one of those sports that’s a little bit under the radar. You’re either in the world of push-bikes, or you’re outside of it and have literally no idea what’s going on. It’s hard for people who have grown up in a world where the most expensive bike you could buy was $250 from Target to understand how anybody could fork out $6,000 – more than you’d pay for most motorbikes.

But the bicycle industry is a big one, and it continues to grow, thanks to the amazing innovations being made in the space. A good example of this progress in action is to compare a Specialized Stumpjumper from 1998 to the same make and model in 2016. There is simply no comparison. Not only does the 2016 variety look better, but it’s also wildly more capable, allowing even moderately skilled riders to bomb down some of the most treacherous mountain tracks.

Cycle consumers themselves tend to be a very loyal bunch. They all have their favorite bike manufacturers, whether it’s Cannondale with their infamous Lefty fork, Marin, Giant or Specialized. So breaking into the market as an entrepreneur seems like it would be difficult. The cool thing about the market, though, is that the community itself is very engaged. It’s a lot like the video-game market or the digital camera market: it’s a place where people actually want to spend their money, so they spend a lot of time researching the products and getting excited about new releases. There are all sorts of opportunities here, therefore, to build a brand and make a dent in this $6 billion-a-year market.

Pure Fix Cycles

One of the best examples of success in the sector was the experience of Pure Fix Cycles. The company started out back in 2012 as a group of four friends with a passion for bicycles. The company managed to attract more than $4 million in investment capital, and within a couple of years, it had expanded to over 300 bike shops and was selling more than 2,000 bicycles a month through its online and retail outlets.

The fascinating thing about the company was the fact that the people behind it started designing bikes for it in-between their college classes. Back in 2010, two of the men behind, Michael Fishman and Austin Stoffers, went shopping for bicycles near the University of Wisconsin where they were studying. They were looking for a great bike with good wheels that did the job for under $1,000. But soon they bumped up against a problem. Despite the fact that Madison was an area with a thriving cycling community, they couldn’t find any bikes that fit the bill. Either bikes were so cheap that they would fall apart after a year of heavy use, or they were so expensive that they couldn’t justify the purchase. Nothing was in that sub-$1,000 sweet spot that would make the purchase worthwhile.

The pair went away and thought about why the market didn’t seem to be able to come up with a bike that had great wheels, was sturdy and robust, and would suffice for life at college. They discovered that it had a lot to do with the componentry around the gears. Adding up to 30 gears to a bike was costly, even if bikes were using cheap kit.

They decided, therefore, to start a bike company that offered bikers single-speed bicycles, with only one sprocket at the back and one chain ring at the front. At first, the pair worried that they wouldn’t find a niche for their product because of the fact that single speed bikes make it difficult to ride uphill. But then they realized that there is a whole community of hipsters out there who crave simplicity and novelty and would rather have a high-quality bike without gears than a low-quality bike with gears.

The pair then contacted a manufacturer with the facilities to build the bike and powder coating ovens to paint it with their branding. They also brought in a couple of their friends, one a computer whiz, and the other an expert in branding. The four then made their first order of 165 bikes, priced at more than $325 each. They planned to sell them over the course of their first year, but they proved so popular that they ended up selling them over the course of the winter break.

Soon the company was going from strength to strength, and the bike company was making significant profits. They entered a university competition to win some cash, won it and then walked away with another $7,000 in cash which they put towards a second, larger order of bicycles. Every time they sold the bikes, they doubled their order from the manufacturer, but no matter how many they ordered, they still never seemed to have enough bikes.

Once they’d left university, the four grads paired up with a former senior executive from Priceline. They then set up their own national distribution service which allowed them to sell bikes nationwide. Because their focus was on providing bikes cheaply, they wanted to differentiate themselves from the rest of the industry. Under the regular setup, big national distributors bought bikes from manufacturers and then sold them on to bike shops, taking a cut for themselves. Pure Fix decided that they would act as their own distributor to reduce costs and get bikes to their customers as cheaply as possible.

Reasons For Success

So what can entrepreneurs learn from all of this? The first important thing to note is that Pure Fix isn’t a company based on marketing gimmicks – it’s based on a product. The company fulfills a real need out there in the marketplace for a cost-effective bike that allows students on a budget to buy something that is both high-quality and cheap, without any of the unnecessary components that add so much cost to the sticker price.

There’s also the fact that the company operates off a new business model, made possible thanks to the internet and their direct relationship with manufacturers. They’re able to build bikes for a fraction of the cost of the more established players, all thanks to the fact that they manage their own distribution.

The company also cites the fact that it is full of young people. Unlike at a larger company, there aren’t a bunch of gatekeepers who keep a lid on innovation. Instead, getting somebody to say “yes” to a new idea in their company is relatively straightforward. All a person has to do is go to them with an idea and see whether it makes a material impact.

Then finally, there’s the fact that Pure Fix is a startup. They’re lean, ambitious and able to change rapidly with the times. Because of their small size, they’re able to innovate faster and come out with new products quickly. Since creating their single-speed commuter bike, they’ve expanded into other areas like, like trick bikes and kids’ bikes.

Become A Bike Distributor

For entrepreneurs, there is a whole host of ways to get into this business. One way is through the same model as that adopted by Pure Fix. Take Canyon for instance. Canyon decided that it was fed up with the fact that the biggest bike makers in the world charged such high prices for their premium and high-end bikes. The reason for the high prices was the enormous overhead of running a fleet of branded shops, rather like Specialized does. Instead, Canyon, a German company, decided it was going to distribute its bikes direct to customers over the internet. Today, it’s the fastest growing bicycle company in the world, and its prices are anywhere for 25 to 40 percent lower than what you’d see from major vendors.

Canyon makes bikes to order from customers in its assembly plant, and then uses its network of distributors to send bikes directly to people’s homes. Their costs are low, so bang for the buck is high.

Become A Component Designer

Another way into the market is to manufacture and design your own components. Perhaps the best example of a success story in this area comes from British component manufacturer, Hope. Hope, based in Lancashire, England, realized that most mountain bikes weren’t designed to withstand the British weather. American and Japanese manufacturers didn’t seem to understand that not all mountain bikes were ridden along dusty singletracks in the Rockies. Some, especially in the UK, were being taken through feet of mud and getting completely caked in the process. Conditions were so bad that bikes regularly needed replacement parts, especially for things that contained bearings, like headsets and bottom brackets.

Hope decided that there was a market for high-quality, water and mud resistant bearings and bottom brackets. And so it began designing components that would suit this niche market. Now Hope is known all over the world as being a manufacturer of the highest quality and most durable bicycle components out there. If you make a habit of going riding in the highlands of Scotland, you make sure that your bicycle has Hope parts.

The entrepreneurial spirit leads many CPAs to consider opening their own practice. However, opening an accounting firm requires more than accounting prowess and financial acumen. There are a bevy of factors that play into the success of a small business startup, and you must be ready to invest the time and money into establishing your firm as a credible, reputable source for accounting services.

The Financing Requirements

When drawing out the financial plans for your startup, you need to accumulate enough funding to get your firm up and running—and keep it running for a full year. You’ll need to assess the cost of office leasing, equipment, advertising efforts, and living expenses for both you and any employees you hire. Depending on your location and size, you can expect to need $50,000 or more to begin with. First consider your revenue goals. This will help you determine where you should place your office, help you evaluate what types of client you’re hoping to obtain, and determine any specialty services you intend on offering. If you don’t have the personal capital to invest, you’ll need to seek out financing options. Many consider SBA loans and traditional loan options from banks; however, in recent years, banks and traditional lenders have tightened the reins on loan approvals, so without previous experience in running a successful startup, you may need to pursue other means of funding.

Licensing Requirements

In order to open an accounting firm that provides public accounting services you must have a CPA license. To do so, you’ll need to meet the qualifications required to sit the CPA exam; every state in the country requires a bachelor’s degree, and many also require a minimum of 150 semester hours in accounting-specific education, which many achieve through master’s programs. You’ll also be required to apply to your state board of accountancy in order to register your firm.

Invest in Your Employees

The secret to a profitable accounting business is loyal, hardworking employees. Your team is integral to success. Find skilled employees that are well-qualified for the position. The best way to find these individuals is to draw upon a large pool of prospective hires, then implement a rigorous interview process. Once you make a hire, make them want to stay. The cost of turnover can drown a startup, and showing the right individuals they matter to the success of the company can pay dividends down the road. Invest in your employees by fostering strong relationship within the office and through networking opportunities; improve their skills and certifications by funding their CPA prep courses; offer competitive salaries, bonuses, and employee insurance policies to encourage loyalty. There’s no limit to the ways you can invest in your accounting firm’s employees, and doing so means investing in the future success of your business. You may choose to find a partner, use hard money lending, or consider utilizing angel investors from Angel.co. Always be sure that you completely understand repayment stipulations and interest rates on any type of loan you procure to ensure you’ll have the means to pay it off.

Marketing Essentials

You’ll need to generate a cache of clients for your business, so be prepared to invest time and money into strategic marketing schemes. You can utilize resources like the American Institute of CPAs. They offer marketing materials that include templates, printing services, and other essentials. Prioritize networking—your colleagues and even personal contacts are going to be your best resources for attracting new clients. Write articles and have them published online and in local news publications to expand your network. Book speaking engagements; whether that be in local seminars, in support of community projects, or with local service clubs. This gives you another measure of visibility, and will further expand your reputation as a credible source for accounting services. You can also hire a company that provides marketing for accounting firms if you have the finances to invest. This can help you saturate a competitive market from the onset.  

Opening an accounting firm is a journey filled with hurdles, but with the right preparation, funding, and team, your startup is poised for success.