For anyone considering starting their own practice, I believe this is a solid approach:
Years 0-5: Focus on foundational tasks such as tax returns, Bookkeeping, and basic taxation services.
Years 5-15: As you gain experience, you can begin to take on Audit assignments. By this stage, you’ll have the capacity to hire 2-3 teams of trainees to support your work.
Years 15 and beyond: With a solid foundation and a growing team, you can start tackling more complex projects, such as valuations, mergers and acquisitions, and forensic audits.
What are your thoughts on this pathway?
One response
I think you’ve laid out a solid progression for establishing a successful practice. Starting with basic services like returns, Bookkeeping, and taxation provides a strong foundation and helps build essential skills. This initial phase also allows you to understand client needs and develop strong relationships.
As you move into the 5-15 year range, taking on Audit work as you grow your team is a natural next step. This not only expands your service offerings but also allows you to mentor your team, fostering their professional development while effectively increasing your capacity.
By the 15-year mark, branching into more complex areas like valuations, M&A, and forensic audits demonstrates a strong growth trajectory and positions your practice as a more comprehensive service provider.
Overall, this progressive approach encourages steady growth and helps build a reputation in the industry, which is crucial for attracting larger clients and more complex projects. I would also suggest staying adaptable and continuously seeking professional development opportunities, as the industry can change rapidly. Emphasizing client service and maintaining quality will be key throughout this journey. What specific challenges do you foresee in this progression?