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I've done both & don't mind sharing my experiences.
It's kind of long, but just wanted to put it all out there.
I think the one that's more attractive in the long run depends on your end goal & will vary for everyone & may change along the way.
1) Pros about corporate -
It gave me a good foundational structure after graduating college, great on-the-job training/business etiquette, steady income & a set plan for retirement with other affordable benefits like health insurance.
2) Cons about corporate -
I worked in corporate for about 10 years in various industries. I left because of the strict work schedule 8a - 5p/lack flexibility, office politics, the pressure of becoming a CPA in order to get to the level I desired although I was able to run an accounting department without it, but with multiple degrees/other certifications, & busting my butt going above & beyond only to see someone who did half the work & get promoted.
3) Pros about starting your own accounting firm-
I have been operating an accounting for the last 6 years. It has given me flexibilty when needed, ability to spend more time with my family, travel without having to ask permission, no cap on the income I can generate, provide jobs for others, & decide who I want & don't want to work with. Clients could careless if you have a degree or what type of education you have, just as long as you can save them money, fix their issue and/or get the job done. They are usually very appreciative. People are looking for someone they can trust.
4) Cons about starting your own accounting firm-
Since I'm solo (no partner). For the first 4 years (2 years operating while working as a fulltime director of accounting in corporate), I had no employees & tried doing everything myself (but now I've hired help). Starting out & doing everything alone such as: social media marketing/branding, creating flyers, answering calls, responding to emails/messages, scheduling appointments, consulting with clients, doing the actual work, networking at events, searching for the right employees, hiring/firing employees, making sure client contracts are signed, hounding clients for documents, dealing with client issues, etc. have been an eye opener & can be taxing on your physical & mental health in addition to your personal life.
If you dont have a spouse to cover you for health insurance, that can be a hefty price (don't forget to factor in being able to meet the deductible if you ever need medical care in addition to the premium)- I've seen this with many of my new business clients. Even if you do have a spouse, it's usually much more than what you'll pay with your own insurance from your job. Saving for retirement & even paying yourself are usually the last thing you're thinking about, because you have to make sure your business expenses are taken care of. If you dont have the proper help, you may find yourself working 60 - 70 hours per week including nights & weekends to do everything. However, you can control the work time when needed as long as the work get done.
My current situation -
I'm now married & in my mid-thirties, and just started having kids. Although my processes & workflows have gotten much better in the firm than when I first started out, I can never turn my mind off from business. Although I'm not as hands-on anymore & allow my contractors/employees to do what they were hired to do, I'm constantly thinking about making the next move, getting the next client, is my marketing the way I want it since someone else is handling it, making sure my workers are getting the assistance needed to do their job properly, customer satisfaction, etc. It never turns off even when I'm on vacation & spending time with family. My priorities have changed since I left corporate & changed again since I started expanding my family.
I'm now wanting to go back to corporate for stability in pay, only be responsible for the work I'm tasked to do (I no longer care about promotions or management postions - pay me a decent salary based on my education, experience & knowledge & not low-ball me), however, the job must be flexible & remote, which will help avoid office politics & a strict 8a - 5p schedule. I want to truly enjoy my family, friends, & life & to be able to get away mentally from work.
My overall opinion/advice -
It has been a great journey operating an accounting firm & it opened up lots of opportunities within my community & the state I live in. I would never take back this experience because it has helped me evolve.
Here are the things I would have done at the very beginning, but didn't learn until later on down the line: (1) Hiring help as soon as you start your firm...you can't afford to do everything on your own because it's the quickest way to burnout. Include hiring help in your start-up costs. You can hire a part-time assistant to handle the smaller tedious task (answering phones, scheduling appointments, social media, etc). There is also a website called Upwork, where you can find contract workers at decent pay rates (this has been a lifesaver - I've hired all my virtual assistants & bookkeepers from there). If you're near a local college, college interns are great & sometimes will work for free in exchange for college credit just to get the experience.
(2) Figure out how much you need to net (not gross) each month in order to live your current lifestyle. People get caught up in saying they make 6 & 7 figures as an entrepreneur, until you ask them how much was made after expenses.
(3) Factor in health insurance costs, get quotes as soon as possible.
(4) Pay yourself first & make your business expenses work around what's left...we usually go into business to make more than what we did when working in corporate... look up Profit First. I wish I would have started out using this.
(5) Have an exit strategy in mind. Whether that be selling the firm for X-amount dollars 20 years down the road, passing it down to your next generation, or working in it until you retire & then shutting it down. This will shape what direction you want it to go.
Hope this helps.
Depends what you define as attractive and corporate ladder. Do you consider public accounting the corporate ladder? As eventually you’re technically a owner. Do you value prestige brand or a work type? Or do you more value having something you started from scratch and the dollars more so than the prestige. How risk adverse are you?
These are a small set of questions to ask yourself. There is more money to be made by opening your own shop as you run what the overhead costs are. With that said, your clientele will essentially be individuals so if your a corporate guy, you may have to do a lot of reading and be willing to shoulder the risk of screwing up.
Very well pull TSM, I appreciate the intentionality
There is a benefit to starting your own firm but it takes time to build versus steady work working for a firm. You have to bare in mind, you carry all the risk. That being said, you also receive the biggest benefit. Focus on a specific service such as credits, audits etc. and your practice will grow.
Yes, the risk is what's putting me off but the ratio to the reward is phenomenal, just a lot of hard work like you said