Starting an Accounting Practice at 25
- Posted by rooshockaccounting
- On September 24, 2019
- 0 Comments
At the age of just 25, I set out on the journey of Starting an Accounting Practice. The accounting industry is typically viewed as something that you work at for many years before you even get a small chance to become a partner in a firm. I never have enjoyed following a "standard life" and instead took it upon myself to challenge this method.
It was only a few years into my venture into the accounting world when I realised by passion for business in general exceeded my interest in just accounting. From an early age I have always had entrepreneurial tendencies. I remember at 10 years old desperately wanting to start my own business. At that age the business I thought would be successful was a video rental store (probably a good thing I didn't go down this path). Obviously at 10 years old this wasn't something I could do, but I was fascinated with the concept that you could purchase a DVD and then continually generate revenue from that one purchase. I remember looking up how to start a Video Rental store on Google and learning about Point of Sale systems. It wasn't long before I was downloading POS systems on my computer and entering in the DVD's I had lying around the house. I don't think the rest of the family were too convinced on renting them off me, but this was my first venture into the business world.
As I started my journey in the accounting world, I quickly realised that I really enjoyed the management and systems side of the business. While at that stage I didn’t have the plan to one day start my own accounting business, I was quickly starting to get the passion. I loved working with small business owner’s and was fascinated by not only the numbers side to their business’ but the general day to day running of them. This is when I decided I had to scratch the itch of starting a business.
I decided to venture into the small business world via the retail industry. I could see these Funko Pop! Vinyl figures starting to show up in stores. A few Google searches later and I had found an Australian supplier. From this, IronBat Collectables was born. While this business was never going to be an end goal, it was my way to learning how to start a business from scratch. I could see these figures had the potential to boom, but I don’t think I realised how much. From the time I started until the time I finished this business, Funko Pop! Vinyl’s had started to show up everywhere. This was my first indication that I had a good sense for picking a trend.
The business world is changing, and the accounting industry is no different. It has long been viewed as in industry that you don’t even think about venturing into as an owner until you’re at least in your forties. This isn’t something that sat right with me. The barriers to entry are being lowered and with the introduction of new players such as Xero, a firm is able to be started without the high costs previously associated with it. The growth in social media also allows for marketing to be done at a scale not previously seen.
After leaving my previous role, I made the decision that I needed to venture into starting an accounting practice. I set off doing the remaining study I needed and then began the process of applying for a Tax Agent Registration. While I was waiting for the registration to come through, I began doing everything I could do to inform myself on the accounting industry. I began planning out a business that would have the tools for success from day one. I believe one of the key aspects in achieving long term success is the business world, is to build your business from day 1 as if you had 1000 employees. By doing this, you will ensure you have systems and procedures that are able to be followed by anyone.
Rooshock Accounting has only just launched in late September 2019.I look forward to the journey of building not only my own business but also the businesses of my client’s. This isn’t a get rich scheme, no entrepreneurial venture is. You need to be extremely patient in business. You need to be able to not only accept the “no’s” you may receive but also thrive on them. Most may see my age as a negative, but I see it as my biggest strength. The business world is evolving at a pace never seen before. If you don’t adapt quickly, you will be left behind. One of my greatest skills is adapting to a changing environment. It is this skill set that I believe will be able to be beneficial to my clients.
If there is one piece of advice I could give to someone wanting to start their own accounting practice, or any business, it is to just start. The hardest part is always getting started. What holds people back is the fear of failing. The quicker you can get passed that and make a start, the quicker you can begin the process of achieving your goals.
Ethan Rucioch (Ethan Rooshock), is an aspiring entrepreneur in his mid twenties. As the owner and director of Rooshock Accounting, he is always looking for ways to help people grow their business’. When he isn’t running Rooshock Accounting, you will find him passionately following his favourite sporting teams, the Adelaide Crows & Liverpool.