10 Lessons from My First 5 Months of Running a Solo Tax Advisory Practice
In 2024, I made one of the biggest decisions of my life: I left a stable job to start my own tax advisory practice. Five months in, I’ve gained a wealth of insights—not just about running a business, but also about myself. If you’re considering starting your own business, such as going solo as an accountant, here are 10 lessons I’ve learned along the way:
1. The Emotional Impact of Leaving a Salary
Switching from a steady semi-monthly paycheck to variable client billings is a big adjustment. Waiting for payments to come in can be emotionally taxing, especially in the early months. Having a solid financial cushion is essential, but even with that, it’s important to prepare for the emotional strain this transition can place on you—and your family. Open communication and shared planning with your spouse or partner can help you weather the uncertainty.
2. Small Savings Add Up
Starting out, every dollar matters. Look for discounts and free trials. As a CPA, I found great savings through membership benefits like QBO and Verifyle. Both the national and provincial bodies offer discounts to members. You can also find valuable discounts through your credit card or other memberships.
Additionally, take advantage of free trials. A personal favorite of mine is Canva. Its free trial allowed me to create and save multiple logo designs without additional cost. These small wins can stretch your budget and help you present yourself professionally.
3. Don’t Try to Be Bigger Than You Are
When you leave a large firm, you leave behind polished branding, sophisticated systems, and expensive software. Resist the temptation to replicate all of it immediately. Make a list of "must-haves" and "nice-to-haves," and focus on the essentials first. Many of those big-firm perks aren’t as critical as they might seem.
When I started out, my wife gave me one piece of advice that I still follow: “Don’t spend your money before you make it.” This remains the best advice I’ve received to date.
4. Learn to Be Your Own IT Person (Within Reason)
If you’re tech-savvy, you can save a lot by managing your own IT setup. However, expect some frustrations. For me, it was setting up my Microsoft Teams virtual phone number—a process that tested my patience more than once.
On that note, I highly recommend getting a dedicated work number separate from your personal phone. It’s an investment in your family’s peace of mind and your own sanity. If you’re not IT-savvy, consider hiring a local entrepreneur who specializes in IT services.
5. Set Boundaries
One of the reasons many professionals go solo is to gain more control over their time. If your goal is to spend more time with family, as it was for me, make sure you actually prioritize that. Building a business takes a lot of effort, but keeping your boundaries clear will help you stay true to your goals and avoid burnout.
6. Know Your Value
This was one of the biggest challenges I faced early on. Transitioning from billing clients on behalf of a firm to setting and discussing your own rates can feel daunting. Stick to your value and avoid undercutting yourself in the moment. Over time, you’ll become more comfortable with these conversations, but it’s crucial to monitor your success rate and adjust your pricing strategy as necessary.
7. Don’t Underestimate the Need to Leave Your House
Working from home has its perks, but even introverts need human interaction. Schedule coffee meetings, lunches, or in-person client sessions when possible. These interactions are not only good for your mental health but can also strengthen relationships and create new opportunities.
8. Be Selective on LinkedIn
LinkedIn is a fantastic tool for promoting your business, and it can bring in a lot of interest quickly. However, be cautious. While many people genuinely want to help, some are simply looking to sell services you may not need or assess you as a competitor. Stay open to connections but trust your instincts and focus on building meaningful relationships. (Pro tip: LinkedIn Premium offers a 30-day free trial—see point 2 above!)
9. Invest in a Booking System
A good booking system is a lifesaver. Whether you opt for a paid service like Calendly or figure out how to use MS Bookings because it’s included in your MS365 subscription (another hair pulling moment but back to point 3 above!), it can save you hours of back-and-forth scheduling. Just remember to block off time for actual work—otherwise, you might find yourself running from one meeting to the next. (My personal record is six coffee meetings in one day!)
10. Be Humble, Listen, and Be Grateful
This is, by far, the most important lesson. I wouldn’t be where I am today without the support of my family, friends, and network. Over the past five months, people have bought me coffee, listened to me vent, and talked me through self-doubt. Their support has been invaluable, and I’m incredibly grateful. When I’m more seasoned in this entrepreneurial journey, I hope to pay it forward and support others just as they’ve supported me.
Starting a business is an adventure, full of challenges and rewards. I hope these lessons resonate with others considering taking the leap into entrepreneurship. If you’re thinking of starting your own practice, know that it’s not easy, but it’s incredibly fulfilling. Most importantly—remember, you don’t have to do it alone. Build your network, stay true to your values, and take it one step at a time.