Thank you Dhiren Sir for sharing your experience,
As a fresher Practising Chartered Accountant (24 year old) I have some issues to discuss.
I had done my articleship in a mid size firm and I am very proud to have been there. I have experience in Audits(Stat and Tax) restricted to Pvt. Ltd. Cos., Income Tax Files. And now started my own practice having office in a residential area(chawl).
Given the above criteria I have following issues to discuss and looking forward for your valuable advice.
1) I am looking out for corporate clients (ofcourse not denying any sort of small work) but some how i am feelig that to have corporate clients I need some amount of Industry experience. Is it true or its a myth.
2) Initially there are not much clients (nos. 2) and I am facing the problem of capital to invest in Laptops, Systems, staff, other off exp., Though right now I am only having an office(no staff, no systems, and no other heavy expenditure) but want to have all such in my office. I want to know how you managed to do this initially and how you managed your flow of capital.(not being personal but want to understand how to manage this)
3) There is a gestation period for establishing practicing firm, but during this period having no work and no money leads to frustration and negative attitude. What to do during this period to manage frustration and negative attitude. How you managed in your time?
4) I am having my office nearby my home in a residential area(chawl). Since this was my own place and i didnt want to take extra burden of monthly rent so i chose to start my office there and never thought of having office in a commercial area. Does location matters?? If my office would have been in a proper market then I would have had an easy access to clients and clients would have had easy access to thier CA so in this way it would have been easy to get clients. Is this correct?
5) I have experience in Audits and Taxation. But I feel that I should also explore new area such as ISO certification, Project Financing etc. But I dont have any experience in such new feild. Please through some light on this and any new area from your side is most welcome.
6) I have tried to get work from CAs on contract basis and even approached them to work on a part time basis but didnt get any response. I feel that nobody will be ready to enter into such arrangements because they would feel that i would take away thier clients by coming to continuos contact with them as i am also a practising CA may be for the reason of higher fees. Whether I am right on my thoughts. Your suggestions are most welcome.
Basically sir I want to know more about How you started initally and managed to get clients and cope up with financial problem.
Thanks in advance for your patience reading and valuable time.
Pritam R. Jain
capritamrjain @ gmail.com