Chartered Accountant professionals opt to work with a reputed organization in the initial years of their career, maybe switch a couple of times and finally decide to turn entrepreneur by setting up their own practise. They can decide to continue working in their respective field where they held the job or switch to a related field based on their skills and expertise when they are to begin their own practise.
Listed below are the most feasible business opportunities for Chartered Accountants who wish to start a venture of their own:
An Auditing Firm
A qualified CA has significant expertise in auditing, tax consultation and accounting that can be put to use by setting up an auditing firm. Such a firm can cater to the needs of almost all organizations, irrespective of their scale. A practical way to keep the initial costs of setting up an auditing firm low is by hiring a few CA graduates along with an expert or two.
An Academic Consultancy Firm
An experienced chartered accountant has the option of setting up an academic consultancy firm for aspiring CAs who wish to get an insight into the workings of the industry. They can also choose to provide refresher courses and professional training on subjects like GST.
Providing Services to Small Businesses
The transition from a job to starting one’s own CA firm is a capital intensive one as there are several major expenses. Banks and Non-Banking Financial Companies (NBFCs) provide loans for Chartered Accountants to make this transition easier from a financial perspective.
A great way of diversification is by providing services to small and medium sized enterprises on a contractual basis. There are several new businesses that cannot afford to have a permanent in-house resource for their accounting needs- for such businesses, a firm that provides accountancy services on an ad hoc basis is of great help.
The resource given below will give you a detailed insight into the feasible and best business opportunities for Chartered Accountants: