For many CPAs, a successful career in accounting follows a structured growth path toward either partnership or starting your own firm. However, as a CPA, your specialized skillset also makes you uniquely qualified to take advantage of another route to success: a side business. Because accounting is integral to business operations in every industry, your expertise makes you a highly sought-after resource and strongly positions you to pursue an entrepreneurial venture.
Here’s what you need to know about getting started:
Benefits of establishing a side business
By developing your side venture, you can:
- Add to your income – Creating an additional revenue stream can put you in a more secure financial position.
- Pursue your interests – For many CPAs, investing in or starting a side business is an opportunity to go after what you want, whether within your professional field or outside of it.
- Set your schedule & manage your finances – With a side business, you’re in control of your day-to-day operations and your finances.
- Impact those around you – A side business could be a way for you to make a difference in the lives of the people in your community, whether through employment opportunities, financial backing, or other means.
Entrepreneurship opportunities to consider
Across many industries, CPAs have numerous options when it comes to investing in or starting their own side gig. Here are a few ideas to consider:
- Financial and accounting consulting
- Freelance bookkeeping
- Freelance tax preparation
- Accounting software consulting or sales
- Writing a book or accounting student guide
- Investing in real estate
- Starting a real estate business
- Purchasing or starting a business or franchise
- Angel investing or venture capital work
How to kick off your side business
No matter what your business goals are, it’s likely that you may need working capital to get started. A startup loan from BHG Financial can help—and you don’t need to currently own a business or have a business plan in order to qualify for commercial funds.
Our startup business loans provide up to $250,000* with repayment terms out to 12 years,* which give you affordably low monthly payments. Also, our business loans won’t impact your personal credit and don’t require personal collateral to get started.
Call our team to learn more, or see how affordable our working capital solutions can be using our free Payment Estimator today.
*Terms subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details. For California residents: Consumer and commercial loans are made or arranged pursuant to the California Financing Law, License No. 603-G493.
