6 Major Challenges Faced by Logan Graf CPA when Starting his CPA Firm, Accounting Firm Startup Tips

Trying to Start an Accounting Firm or Bookkeeping Business?

Feedbackwrench builds websites & marketing for Accountants  and Bookkeepers, I have a $500 Accountant Business Training Course, and I love coaching and guiding accounting firm owners.

I was watching Logan Graf CPA Youtube Videos, a fantastic business CPA firm, and on his youtube channel, he shares his real experience.

Logan Graf CPA said some stuff in this video, that was super important for everyone starting their own accounting firm, starting a CPA firm, or starting their own bookkeeping business.

First - Watch Logan's Video About Whether He Recommend's Starting an Accounting Firm:

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Logan briefly goes over some of the challenges he faced when He started his own Accounting Firm, and he went so fast I wanted to expand.

Watch My Deep Dive of the Challenges Logan Mentioned:

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6 Punches You'll Face as an Accounting Firm Owner (and How to Roll with Them)

1 - Productive Paranoia:

Logan describes this as a constant, low-level anxiety that can easily consume you. As a business owner, your mind is always racing, always looking for ways to improve. It's a double-edged sword.

My Experience: This resonates with me deeply. My business often consumes my thoughts, both positively and negatively. It's crucial to set boundaries and prioritize other aspects of life – faith, family, community – to avoid burnout.

2 - Being Busy vs. Being Productive:  

Employees are rewarded for being busy, but entrepreneurs need to focus on high-value, profitable work. "Good" is the enemy of "great" in the service business.

My Experience: It's easy to fall into the trap of being busy for the sake of being busy. Before starting your firm, define your ideal lifestyle and build your business model around it.

3 - Anxiety and Fear:

Starting a business is inherently risky, so anxiety is natural. But fear can also be a motivator, keeping you focused and driven.

My Experience: A well-thought-out business plan, persistent action, and continuous improvement are key to overcoming anxiety. Don't be afraid to experiment and adapt as you learn.

4 - Failure and Disappointment:

Everyone makes mistakes, but the weight of failure feels heavier when you're responsible for others. Letting down clients can be devastating.

My Experience: I've learned to view failure as a stepping stone to success. Every mistake is a chance to learn and improve.

5 - Wearing Many Hats:  

As a new business owner, you'll be the accountant, marketer, salesperson, customer service rep, and more. It's a juggling act.

My Experience: Focus on the two most important hats – sales and client delivery. Delegate or outsource non-essential tasks to free up your time and energy.

6 - The Executive Mindset:

You'll need to make countless decisions without a clear roadmap. This can be daunting, but it's also part of the thrill of entrepreneurship.

My Experience: Embrace the challenge of leadership. Be decisive, learn from your mistakes, and constantly seek to improve your decision-making skills.

How to Deal With These:

Starting your own accounting firm is totally different than being an accountant for another firm or company.

You probably understand this, but I think it's vital that if you're going to start an accounting firm or a bookkeeping business, you get ready.

The idea here is to prepare yourself and "brace. yourself" for when these punches come through.

Financially & Mentally Prepare

You need financial margin in order to launch your own business, and you'll need to prepare mentally, and strategically, to get clients in order to have money to. live.

Starting your firm is a bit like heading out into the wilderness to hunt and fish for a meal.

If you ever watch survival shows, you'll notice how even highly prepared people succumb to the struggle to get enough food and shelter to. last a couple nights.

If you don't have low expenses, if you don't have cash on hand, and if you abruptly quit your old job, you're probably at unnecessary risk of failure.

It's much easier when you're young, don't have children, don't have mortgages, and still have some other income streams.

dont' put unnecessary pressure on yourself when you're starting.

Also - You better start selling.

If you don't sell, you don't get to have an accounting firm.

That harsh reality can be difficult.

So when you're ready to launch, make it as easy on yourself as you can financially, and build up the mental fortitude to get rolling, and then own the role of a sales person so you can get enough customers to stand on your own two feet, and keep pushing on.