Practitioners Toolkit
Steve Flynn, CA: Setting up
What budgets and other tools did you use prior to or just after you started your practice?

I prepared a one, three, and five-year business plan that concentrated on revenue rather than expenses. I considered where the revenue would come from and how to get my name "out there." With hindsight, I now realize that I could have spent more time identifying the expenses. While it will likely cost more than you think in the first few years, the expenses should not be a deterrent or major factor in the decision to start a full-time practice as a sole practitioner. I considered the following options relating to office space:

  • Working from home
  • Sharing space with another CA
  • Joining another CA under a formal arrangement
  • Leasing space
  • Using an executive office space.

Because I already had a good setup to work from home, I was very particular about office space and wanted the best space for me at a good price and on good terms. I was very hesitant to take on office space for the sake of having it, and I wanted to keep all of my options open during the start-up of my practice. Ultimately, I concluded that, for now, I could practice from home. This could change in the near future, as I may enter into partnership with another CA.