Once you have cracked one of the toughest exams like CA or CS, it doesn't mean your battle is over, if you are choosing practice over job, then your real battle starts now. Based on my personal experience, I am sharing some steps / tips which will help you to some extent in starting and growing your practice, as under.
1. Be firm on your decision
2. Financial back up / support
3. Area of Practice
4. Patience
5. Publicity
6. Positive Approach
7. Set targets
1. Be firm on your decision
Once you have decided to start your own practice, be confident on your decision and do not look back. Start your own practice only if you are interested and not because others insist. Do not keep asking others for your decision, as some people may not agree with your decision and sometimes their reactions may shaken your confidence. Do not doubt your decision, your decision is right or not it is up to you only, how you take it and how you make it. One of the best way to keep yourself motivated for practice is always think of it benefits as compared to job i.e. flexibility of working hours, you your own boss, unlimited scope of growth etc.
2. Financial Back up / support
The biggest benefit starting practice of CA / CS is it can be started without much amount of investment. You can initially start from you home only. If you think it will not look professional running from home, you can meet clients at their place instead of asking them to meet at your home.
Unlike job your cash inflow would probably be zero on day one and it will start flowing gradually. It will take some time say from 6 months to 1 year or even more, accordingly you should have provision of enough cash / bank balance to meet your routine expenditures unless you have another sources of income or financial support from your family.
3. Area of Practice
One of the most important decision is area of practice. It should be your area of interest and not others choice. You can choose area of practice even you may not have worked during the course of your article ship / inter ship. To gain expertise in the subject you can join CA / CS firm and get required exposure before starting your own.
4. Patience
'PATIENCE' plays very important role here. Just like any other profession, you will get clients gradually. As it is not a shop in the shopping mall where customers come by themselves, here you have to find clients, to have good cliental it will take couple of months or even years. Initially most of time you will be leisure and you have to ensure that it will not cause any negative thoughts come in your mind and better always you keep yourself engaged. And keep this old saying in mind that 'PATIENCE ALWAYS PAYS'.
5. Publicity
The biggest challenge for CAs / CSs is restriction on publicity, the only option of publicity remains with them is mouth publicity. For that meet as many people in your contacts as possible, your relatives, friends, ex colleagues etc. Always keep in touch with concerned people. Talk to your seniors in the profession for work on assignment basis.
6. Positive Approach
You may not always receive positive response from prospected clients, negative response from them should no way shaken your confidence. If not this then catch another one. Do remember each giant firm has started with zero, if they can why can't you. Try to keep yourself away from those who discourage you. Always have faith in your efforts, if you can crack such a toughest exam of CA / CS then setting up a practice should not be a big deal for you.
7. Set Targets
One of the best way to keep yourself motivated is to set targets and give your best to achieve them. Your targets should be in terms of number of clients to add in budgeted time. Do not be money conscious, try to give best of your services to clients, as satisfied clients only refer others. Do not hesitate to ask clients for references.
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