Was Ready to Quit With No Plans!!

[Deleted34902]

Hey Fastlaners,

I'm Chris, 23 years old living in Australia.

Just recently joined the forum and have read some great posts so far. I have read MJ's book a few months ago, it provided me with a lot of valuable information. I will be re-reading it in the next week and making notes as I go.

I have a degree in Accounting & Finance and am currently working in the tax field and am half way through completing my CPA. My Uncle is a part owner in the company. When I first started working in this role 2.5 years ago I was thrown in the deep end, however my level of expertise in the tax field has been advanced at a much faster rate due to this. The company does well and has excellent reputation with all its clients.

A few months ago I was at a cross-road, I was ready to quit my job and not finish my CPA. I thought I could start an online business, however I had hardly any plans in place. I don't know what happened, but one day my whole mindset changed, like a light switch. I got home from the gym and had a shower. I thought to myself, I'm about to throw away my job (one which pays me decently), not finish off my CPA (which I'm already half way through), for what? Nothing. I had no plans and no idea how I would start a business. I realized I was going to make a huge mistake.

My plans for the future;

• I have a CPA exam in 2 weeks which I'm currently studying for, after which I plan to read and learn as much as I can through books and the internet. Some books which I want to read are: Re-read The Millionaire Fastlane , Think and Grow Rich, The 4-Hour Work Week, Rich Dad Poor Dad, The Way of the Superior Man.
• Provide value to others and help them. I plan to provide people with knowledge I have gained over the last 4-5 relating to fitness, weight training and nutrition.
• Aim to reach the highest level I possibly can

I look forward to reading and sharing my thoughts will you all. Great to be part of this forum

 

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[theag]

I plan to provide people with knowledge I have gained over the last 4-5 relating to fitness, weight training and nutrition.

Why? Everybody and their dog does that.

Why dont you use your specialised knowledge to your advantage? One example would be to build a very streamlined, highly process-driven, semi-automated and cheap accounting service for ecommerce/online businesses. I'd pay instantly for sth like this.

I cringe every time I have to wire my accountant 1000€/month for accounting that could probably very easily be almost automated by some good software or a good process.

 

[Deleted34902]

Why? Everybody and their dog does that.

Why dont you use your specialised knowledge to your advantage? One example would be to build a very streamlined, highly process-driven, semi-automated and cheap accounting service for ecommerce/online businesses. I'd pay instantly for sth like this.

I cringe every time I have to wire my accountant 1000€/month for accounting that could probably very easily be almost automated by some good software or a good process.

theag, appreciate the comment. That is an interesting idea. I have had similar ideas but have not explored them further, something I plan to do. We do have simple software/processes that we provide to clients that assist them in keeping accurate accounting records, which if done correctly, significantly decreases the time we need to spend on the job, which in-turn lowers their fees. These could be packaged to provide a service that is targeted for online businesses.

 

[Lex DeVille]

Hey Fastlaners,

I'm Chris, 23 years old living in Australia.

Just recently joined the forum and have read some great posts so far. I have read MJ's book a few months ago, it provided me with a lot of valuable information. I will be re-reading it in the next week and making notes as I go.

I have a degree in Accounting & Finance and am currently working in the tax field and am half way through completing my CPA. My Uncle is a part owner in the company. When I first started working in this role 2.5 years ago I was thrown in the deep end, however my level of expertise in the tax field has been advanced at a much faster rate due to this. The company does well and has excellent reputation with all its clients.

A few months ago I was at a cross-road, I was ready to quit my job and not finish my CPA. I thought I could start an online business, however I had hardly any plans in place. I don't know what happened, but one day my whole mindset changed, like a light switch. I got home from the gym and had a shower. I thought to myself, I'm about to throw away my job (one which pays me decently), not finish off my CPA (which I'm already half way through), for what? Nothing. I had no plans and no idea how I would start a business. I realized I was going to make a huge mistake.

My plans for the future;

• I have a CPA exam in 2 weeks which I'm currently studying for, after which I plan to read and learn as much as I can through books and the internet. Some books which I want to read are: Re-read The Millionaire Fastlane , Think and Grow Rich, The 4-Hour Work Week, Rich Dad Poor Dad, The Way of the Superior Man.
• Provide value to others and help them. I plan to provide people with knowledge I have gained over the last 4-5 relating to fitness, weight training and nutrition.
• Aim to reach the highest level I possibly can

I look forward to reading and sharing my thoughts will you all. Great to be part of this forum

Before you quit you might consider setting up on freelance sites like Upwork.

There's not a lot of competition among accountants.

Plus it's an important role in any business so you can charge higher rates once you get going.

This way you could dip your toes in entrepreneurship before going all in.

 

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[Andy Black]

I agree with @theag. Why throw away your unfair advantage in the tax and accounting space?

Plus it's B2B rather than B2C. You only need a few clients, and to show them positive ROI.

 

[Deleted34902]

Before you quit you might consider setting up on freelance sites like Upwork.

There's not a lot of competition among accountants.

Plus it's an important role in any business so you can charge higher rates once you get going.

This way you could dip your toes in entrepreneurship before going all in.

I will look into that. I am sticking with Accounting and finishing my CPA, I will save as much as possible while using every spare hour I have to learn and develop business plans/ideas. Appreciate your input.

 

[Deleted34902]

I agree with @theag. Why throw away your unfair advantage in the tax and accounting space?

Plus it's B2B rather than B2C. You only need a few clients, and to show them positive ROI.

Good point, the specialized knowledge I have is definately an asset. I guess the journey is just starting for me. Entrepreneurship has always intrigued me, but being a beginner I know there is a lot to learn. I wish I found MJ's book and others when I was say 18, but it's never to late too start is it? Everyone started from somewhere.

 

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[Delmania]

I wish I found MJ's book and others when I was say 18, but it's never to late too start is it?

The best time to plant a tree is 10 years ago and right now. Also, don't quit. One the best times to start your own company is when someone else is paying the bills.

And damn, you were handed an idea on a silver platter in your intro thead.

 

[Imgal]

Agree completely with @theag and @AndyBlack ... as painful as that is

You have some great skills that you've put time and money into developing so embrace them! It's very tempting to want to go into industries you like as it feels like it will be smooth, easy ride where every day is a dream. Believe me I've spent time working in my passions, and while successful, I'll be the first to admit that dreamy scenario like feeling soon faded with all the hard work it involved. The passion has to be for providing value and helping others... which is exactly what you mentioned so I have no doubt if you direct it in the right direction as those two fine chaps suggested you're going to be on fire! You might even find in the end that your chosen passion areas end up being the industries who need it most... if it is then see it as a gorgeous add on, just don't go chasing after it!

 

[Deleted34902]

Agree completely with @theag and @AndyBlack ... as painful as that is

You have some great skills that you've put time and money into developing so embrace them! It's very tempting to want to go into industries you like as it feels like it will be smooth, easy ride where every day is a dream. Believe me I've spent time working in my passions, and while successful, I'll be the first to admit that dreamy scenario like feeling soon faded with all the hard work it involved. The passion has to be for providing value and helping others... which is exactly what you mentioned so I have no doubt if you direct it in the right direction as those two fine chaps suggested you're going to be on fire! You might even find in the end that your chosen passion areas end up being the industries who need it most... if it is then see it as a gorgeous add on, just don't go chasing after it!

Thanks @Imgal appreciate your comment

 

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