One of the biggest decisions which an individual has to make after getting qualified as a charted accountant is whether to take up a job or to set up her/his practice. Despite the fact that both these options have their own pros and cons, most would prefer setting up their own practice. However, the issue in case of the latter is the lack of required capital for becoming an entrepreneur.
Realizing this need, many financial institutions including NBFCs have today started providing what is known as chartered accountant loan. This loan has been specially designed for chartered accountant and helps them secure loans of up to Rs. 35 lakhs and helps them meet all their requirements for succeeding in their entrepreneurial venture.
Apart from the financial aspect, there are a number of other pointers which needs to be borne in mind which can help CAs scale new height, a few of which are as follows -
Tapping Into Emerging Markets
The introduction of GST or Goods and Service Tax has enabled the introduction of a number of new businesses in a single tax bracket. Considering the conventional areas of CA practice such as audit, creating financial reports, business mergers, taxation practices, and more which are already over-crowded, it is best to consider new ventures such as GST consultancy, asset valuation, forensic accounting, international taxes, etc.
It pays to have someone on board who shares the same enthusiasm as you and yet offers a different viewpoint to everything. It thus best to add more partners to your firm and share the responsibilities instead of being a one-man army.