There’s Never Been a Better Time to Own a CPA Practice

With the current state of politics in the U.S. today, it looks highly unlikely that simplification of the tax code is going to happen any time soon. In fact, if anything, things are going to get more complicated as implementation of the Affordable Care Act (otherwise known as Obamacare) continues.

Businesses of all sizes will be affected by the increasing regulations brought on by this new legislation. Companies that have more than 15 employees may have more hoops to jump through because of this legislation. This presents a great opportunity for aspiring CPAs, because the more complicated the tax code becomes for businesses, the less likely they are to rely on some automated software. They will seek REAL advice, from an expert and not a computer program.

How to Start: From the Ground-Up or Buy-In?

Once you decide you want to have your own CPA practice, there are generally two ways to go about getting started. One way is to open up an office and build your book of business from scratch. The other is to buy an existing practice.

If you choose to start from scratch, you will need to do all you can to keep costs under control. Since you will not see any steady income for a while, it may be best to start out renting a virtual office where you can meet clients and project a positive image, then move to a permanent building later. The road will be long and hard at first, but after some time, you should have a large enough clientele to enjoy a nice income.

The second option is to buy into an existing CPA practice. This will be more costly, as there is value already built in, but there are also some good financing options available from the SBA that can make it easier to get in. Generally, if you have 15% you can put down, it should not be hard to get financing for the rest. Just be sure you are working with a reputable business brokerage firm that can help you get through each step of the process.

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