Small Business Updates

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Between the television commercials, news articles,and blog posts.. I have a feeling that it’s finally tax season. Why would I say finally? Well, because I’ve literally been thinking about this tax season for a year now.  I work as a CPA by day and specifically in tax. Ever since leaving my first job in public accounting, I’ve been contemplating starting my own accounting business on the side. I actually enjoy preparing tax returns but I hated working in a large firm setting.

Where We’re At

After finally deciding to take the plunge, I hired a business coach. Her advice was worth every penny. It was so nice to have someone experienced to bounce ideas off of and make sure I was on the right track. After speaking with her I began the process of becoming a sole proprietor CPA. This required me to complete two  registrations with the IRS and one with my home state. It was a little intimidating and took about 1.5 months to complete. It felt like forever : ) I also hired a graphic designer on Fiverr to make me a cute little logo. It turned out beautifully. You really can’t beat $5.

This week I published a status on my personal Facebook page letting my friends and family know that I was available for tax prep this year. I got a fairly good response. I had a few people email me and I am hoping that at least two of them will hire me. I think my rates may have surprised some of my friends. I’m guessing that most of them go the DIY approach when it comes to filing their income taxes. That’s totally fine. However, I think they are comparing my rates (as a service provider) with the cost of purchasing tax prep software ($40-$50). They are truly two different things and obviously hiring someone to do the work is going to be more expensive. While I may cost more than software, I know my rates are extremely competitive. I’ve done my research.

What I’ve Learned

I’ve learned a lot  through starting this business. The biggest thing I’ve learned is that I need to be confident in myself. The most stressful part of starting this business was the anxiety I felt about advertising it on Facebook. Turns out that my friends were very supportive and I don’t know why I was so worried about what they’d think. I’ve also discovered that I feel much more peaceful since starting this little business of mine. It feels so liberating just go for something you want. Who really cares about what others think! I’m going to stop worrying about what other people think and just worry about what I feel for now.  I believe that my business will be a success. I believe that I can provide an excellent service and with that, my business will do well.

Do you fear judgement? For all those solopreneurs and side business owners, how did your family and friends react when you told them about your aspirations?

Comments

  1. Well I started because I was laid off, so they were happy I was just working at all. 🙂 But I know what you mean about the fear. It took me forever to “come out of the blog closet” because I was so afraid of what people would think of me, but I’m so glad I did! Good luck and I hope you kick ass this tax season!
    Tonya@Budget and the Beach recently posted…Healthy Habits for a Healthy LifeMy Profile

  2. Congrats on putting yourself out there! It’s funny how we spend time worrying what others will think, and then everyone is super supportive and nice!
    Kara recently posted…My Comfort Zone has Been Compromised + December Side Hustle IncomeMy Profile

  3. What an exciting time for you! Sounds like it was the right step to take, and your business will just grow and thrive from here.
    Lauren recently posted…5 Things I Break that Cost me Money…My Profile

  4. Liz,

    Great job so far! Must be very exciting to go through the process of contacting potential clients and getting them hooked on your services.

    I think it’s a clever idea to have a business coach on board. From what I’ve heard many businesses fail not because their product or service is bad, but because they made one or two small mistakes along the way that could have made a huge difference in the long-run.

    Good luck! I’m looking forward to your next update.

    Best wishes,
    NMW
    No More Waffles recently posted…Net Worth Update: €53,274 (+7.59%)My Profile

  5. Liz, don’t mind them. Dont let yourself get stressed. Just do your thing as long as you feel good, focused, and confident. I am happy to know that you have gained a meaningful realization and that’s all that matter.
    Jayson @ Monster Piggy Bank recently posted…Is it Worth the Risk to Invest?My Profile

  6. I feel the same way as you! Though I haven’t really started a business yet, the thought of posting it on Facebook gives me jitters already!
    How To Save Money recently posted…How to Save Money When Getting Your Hair DoneMy Profile

  7. Congrats and how exciting!

    My family was super supportive when I started my side buz. But I’m really funny about doing business with friends. When I started my side biz (a spin off my day job), I think my friends were a little shocked with my pricing, but they weren’t really the clientele I was after. Some friends wanted steep discounts or wanted me for free and I had to say no! It was hard, but I wasn’t running a charity 🙂

    Good luck!
    Kristin recently posted…How to Save Money on HaircutsMy Profile

  8. You have such a great attitude with this!! You’re totally right – who cares what other people think!? And honestly, everyone will most likely think you’re awesome for going for your dreams and it could inspire them to do the same! I’ve lately been gaining more confidence in what I do, too (freelance writing) and it’s making the world of a difference!
    Sarah recently posted…Book Review: How to Blog for Profit Without Selling Your SoulMy Profile

  9. I think everyone fears judgement to a certain extent. I think that many people have no idea what certain services are cost. When I told my mom I was considering starting my own therapy practice (just a few clients to begin with) she almost choked when I told her the average hourly rate. It’s a little hard to hear that from your own mother, but she doesn’t know anything about the going rate for therapists in NYC, so I’m not offended. It wasn’t a reflection on me, or my worth, just that she didn’t know how much something like costs. I’m sure the same is true for your friends and family. Keep those rates the way they are and don’t doubt your worth!
    KK @ Student Debt Survivor recently posted…Condo assessments right after Christmas = Annoyed ownersMy Profile

  10. I’m a little behind here, but that’s awesome that you got out there and told everyone! Your friends should understand (after you explain to them) that a person is different from software 🙂 Good luck with this tax season — and remember that while it might be a huge success immediately, most people take a few years to see really great results from businesses like this because word of mouth takes time.
    C@thesingledollar recently posted…How To Save Money on Drycleaning with Washable Dress ShieldsMy Profile

  11. Congrats! That’s awesome. Feel the fear and do it anyway 🙂

    I’ve worked with an accountant during tax season and found his services to be a huge asset, especially for people whose finances were more complicated than the average person (say, a small business owner).

    For students and younger people, he charged something like $40 because it literally took him no more than 10 minutes to complete. They basically gave him $40 to do the work they really can’t be bothered to do.

    I’ve been working on my own business idea and only recently “came out” to my friends and family about it. I thought they would laugh in my face but I received SO much support! Not in the cutesy “I’m 5 and wanna be an astronaut when I grow up!!” but in the “I’ll pay you to help me with that” kind of support. It really makes all the difference in your entrepreneur confidence.
    Christine @ The Wallet Diet recently posted…Save Money by Shopping like a ManMy Profile

  12. Thanks for sharing your stories, business, and worrying. Actually, I am not doing the own business but it is working in my plan. You know..? I would admitted that you have the same worrying about doing the business, but I feel like relax now. You have show the next to do this, keep motivate and move on.
    Kimsea Sok recently posted…How to Start Best Small Business With BloggingMy Profile