Wednesday, 14 January 2015

Are you ready to fly solo?

There’s no denying that the idea of being your own boss is perennially appealing. If you’re an ambitious accountant, trading in your nine-to-five job to steer your own workload is sure to feel like a rewarding career move. But although flying solo can offer powerful opportunities to test your skills, knowledge and business acumen, it’s impossible to sustain your own practice unless you make an effort to prepare.

Supercharge your skills and knowledge

When working for an agency, you have access to colleagues and resources to solve problems and issues that feel out of reach. But when you’re self-employed, you won’t have the luxury of depending on this kind of support. Enrolling in a taxation course to fill the gaps in your skill set can give you the confidence to strike out on your own. The Graduate Diploma of Applied Tax Law – a course that incorporates practical expertise from working tax professionals – is a good place to start.

Ramp up your networking efforts

A networking strategy should be a high priority if you’re planning to start a business from scratch. Whether it’s attending conferences and seminars held by industry organisations, reaching out to prospects on LinkedIn or promoting your services via Facebook, making an effort to cultivate contacts is the first step towards garnering a loyal client base.

Play to your strengths

In the entrepreneurial world, playing to your strengths is often a catalyst for success. While taking the time to establish your niche can feel like it costs you business, investing in the areas you excel in can help you develop stronger relationships with clients and build a reputation that will attract new prospects down the track.

Whether you specialise in offering tax advice to small businesses or help creative professionals with superannuation issues, the benefits of developing expert knowledge isn’t limited to relationships alone. A strong professional focus often makes for a more effective marketing strategy.

Make sure you plan ahead

Every new business encounters ebbs and flows. This means that making an effort to plan ahead – from ensuring you have enough money to see you through slow patches to managing your workflow during high-pressure periods – will help you build the foundations of a successful business.

Although flying solo can be challenging, success hinges on your willingness to invest in your skills. Investing in further taxation education could be one strategic stepping stone that helps you achieve it.


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.