Auditing firms collate, check, and analyze financial control systems and accounts to gauge levels of financial risk within organizations.
To practice auditing, you must meet the qualifications to receive a registration certificate. The capabilities include a bachelor’s degree in accounting and taking up necessary CPA certifications so you master the accounting functions.
To start an auditing firm, figure out your niche and create a business plan and budget. Auditing is highly regulated, so you must achieve the regulations, qualifications and licensing issues to practice.
Starting an auditing firm requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell auditing services, or selling auditing services online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|Training & Education Expenses||$0||$1,000|
|Advertising & Marketing Costs||$0||$2,750|
|Specific Industry Expenses||$0||$100|
|Total Startup Costs||$13||$11,659|
|Accounting, Consulting, & Technology||crowe.com||#87,351|
|Audit, Tax and Advisory Services||grantthornton.com||#90,337|
|Alvarez & Marsal||alvarezandmarsal.com||#201,011|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Little startup costs required||The cost to start a auditing firm costs significantly less money than most businesses, ranging anywhere from 12 to 11,659.|
|Rewarding work||Starting a auditing firm can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|Traffic to your website||A auditing firm gives people a reason to visit your website and to keep coming back to you!|
|Crowded Space||Competition is high when it comes to your auditing firm, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Constant maintenance of publication||You may find yourself constantly needing to update your auditing firm in order to stay relevant for your audience and for those searching on google.|
|Lack of benefits||With a auditing firm, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.|
|Isolation||Often times, as a auditing firm, you typically work alone and do not have much face-to-face interaction with other team members.|
|Taxes||As a auditing firm, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
|No safety net||Typically, as a auditing firm, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.|
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Hey! 👋I'm Pat Walls, the founder of Starter Story.
We interview successful business owners and share the stories behind their business. By sharing these stories, we want to help you get started.
Interested in starting your own business? Join Starter Story Premium to get the greatest companion to starting and growing your business:
- Connect + get advice from successful entrepreneurs
- Step by step guides on how to start and grow
- Exclusive and early access to the best case studies on the web
- And much more!