Sometimes it helps to get another opinion, especially if you're not sure how to interpret the results of some of the tools you've used in this stage. Contact your provincial institute/Ordre if you have questions about the toolkit.
Here's what practice advisors have to say about this phase:
You've decided to start your own practice.
At this stage, it's important to remember that running a practice means selling a product – namely: your time and expertise. As with any new business venture, you need to assess your strengths, weaknesses, opportunities, and threats up front. More importantly, you need to determine whether running your own business is the right choice for you. We hope the tools in our "Ready?" section will help you make this assessment.
In our experience, the ones who prove to be successful are the ones who recognize that starting a practice means going into business – the business of providing accounting services and tax advice. These CAs set up their practices because they enjoy the challenges of working with clients and the challenges of running their own businesses. They understand the potential frustrations of being self-employed, as well as the potential rewards.
The kinds of members who thrive in this environment are those with exceptional marketing and communication skills. Strong technical knowledge is a given – to be more than "just an accountant" you also need to have good people skills. Deciding to run your own business is a big step, but according to the testimonials of many entrepreneurs, it's also an exciting, challenging, and rewarding one!