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Is accounting a great business to start? Assuming... (alien.top)

submitted 9 months ago by Sardine86@alien.top to c/entrepreneur@indiehackers.space

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Assuming:

A) your goal is to reach 8-figure net worth within 7-8 years

B) you're willing to work your ass off (obviously!)

C) you're able to be one of the best out there AND adapt to new technology

In other words: with the above criteria and a strong desire to learn and apply a valuable analytical skill set as you become an entrepreneur, is accounting a particularly good choice?

Hot takes welcome!

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[–] HangryHangryHobo@alien.top 1 points 9 months ago (1 children)

Ya OP is looking to accumulate over 10M in 8 years meaning they need to clear 1.25M per year after taxes and expenses. Not sure accounting will get you there.

[–] Sardine86@alien.top 1 points 9 months ago (1 children)

Very fair point. I should have been much clearer, sorry. I did mean starting a firm and growing it from there. Outsourcing, automation, and likely combined financial planning services could all be key tenets of the business. It's hard to know what to do nowadays since I'm not one who's inclined at all towards programming or dragging myself through poverty in university (when it hardly seems necessary IRL) but everything seems to be going that way!

[–] LeadThySelf@alien.top 1 points 9 months ago (1 children)

The margins on this business are tough, there are some new companies that are doing accounting for startups for like £20/mo I have no idea how they will generate enough profit. Honestly I would steer clear.

[–] Sardine86@alien.top 1 points 9 months ago

That's crazy. Maybe combined AI automation, oversees outsourcing, and frankly minimal services? Just a wild guess.

I'll steer away from this iceberg. Not sure where to but the sea of business is immense!

Like the name by the way: Lead Thy Self.