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 own side venture, you can:
- Supplement Your Income
In today’s economic landscape where so much is uncertain, multiplying and diversifying your income streams puts you in a more secure financial position.
- Pursue Your Personal Interests
For many CPAs, investing in or starting your own side business is an opportunity to exercise your creativity and pursue a passion project, whether that’s within the professional field or outside of it.
- Control Your Time & Money
With a side business, you’re in control of your day-to-day operations, and your finances. Depending on what you pursue, you can set your hourly rate, ownership stake, risk taken, etc. and reap the benefits.
- Impact Your Community
As a CPA, you work hard for your clients. A side business is a way for you to make a difference in the lives of the people around you in a new way, by providing employment, financial backing, or a much-needed product or service.
Side Business Opportunities to Consider
Across many industries, CPAs have numerous options when it comes to investing in or starting their own side business. 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 Get Started
No matter what your goals for a side business are, it’s likely that you may need working capital to get started. A business loan from BHG can help. With approval in 24 hours and funds in as few as three days, you can get the money you need at the speed that life requires, so you never miss an opportunity.1 Our loans won’t impact your personal credit and don’t require personal collateral to get started, so you can safeguard your current financial position.2 To see how affordable a working capital loan from BHG can be, try our free payment estimator today.
1Subject to credit approval. Amounts and interest rates vary and are determined by applicant’s credit profile. Call for full program details. 2Monthly payments will not be reported to credit reporting agencies. However, accounts in collections with serious delinquencies may be reported.