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lifeinfastlane

New Contributor
Read Millionaire Fastlane
Jun 9, 2021
3
1
15
Mumbai, India
Hi,

I am a Chartered Accountant (equivalent to US CPA) from Mumbai, India. I got my degree in 2008 and joined Ernst & Young in the Direct Tax consultancy division. I had a brief 3 years' stint and I can say, I gained good exposure in this field and secured great networking opportunities. But due to abnormally long working hours (about 13-14 hours daily), I quit the job within 3 years. Thereafter, I joined my father's tax practice (he's also a Chartered Accountant). We are currently engaged in the direct tax audit, tax filings, litigation and consultancy. After quitting EY, I got a good work-life balance. However, the tax filings and audit work I do is not satisfying and is not much of a revenue generator either. The revenues have declined over past few years and I am finding it extremely difficult to get new clients. The market is saturated - there are lots of Chartered Accountants providing similar tax services. I am good at what I do but there is immense competition and ultimately boils down to price wars. I find it extremely difficult to sustain at the reduced hourly fees.

I read TMF recently and realised I have been living a life in slow lane. The work I do would always be time dependent and I would have to keep working for my entire life. My very first thought after reading this book was to move out of this direct tax field and try something new. I even thought of few ideas but saw that those ideas were already implemented and those businesses had all the elements of CENTS and were doing good. So now I don't have any innovative ideas for a startup! I am already 37 y/o with a family to support and clueless as to what to do with my life! I need your suggestions - Should I try pitching new clients in the field where I already have expertise and continue to work my a$$ off for the entire life OR start some new business? If I quit this self-employed "job", I do not want to become a "wantrepreneur".
 

einsteinii

PARKED
Jun 11, 2021
3
0
2
Hauppauge, NY
You are right, there is a lot of competition but not only in your field(CA) but in the other field.
What I realize that you need to explore some other related to your dimensions so that you will make the difference comparing with others and stand tall. So that people will come to you.
Now, if you have only one skill then it is difficult to get compete with other who is already stable in their field and you can defeat them only by the giving extra services that they had never get at a single place.
So, Find out what other skills related to your field or dimension give you extra exposure.
 

lifeinfastlane

New Contributor
Read Millionaire Fastlane
Jun 9, 2021
3
1
15
Mumbai, India
You are right, there is a lot of competition but not only in your field(CA) but in the other field.
What I realize that you need to explore some other related to your dimensions so that you will make the difference comparing with others and stand tall. So that people will come to you.
Now, if you have only one skill then it is difficult to get compete with other who is already stable in their field and you can defeat them only by the giving extra services that they had never get at a single place.
So, Find out what other skills related to your field or dimension give you extra exposure.

Thank you for your valuable inputs. Definitely acquiring and specialising in related skills may get me more work and finding solutions to client's needs in tax planning would create a niche. However, my only concern as @MJ DeMarco in his book has suggested, to be independent of the time constraint. If I continue doing this work, I would never be independent of time! I would have to work lifelong and never retire!
 

SeeZawL

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jun 23, 2021
5
4
17
Texas, USA
You're in a saturated market with lots of domain knowledge and experience. Start looking at what you hate about the work, and develop a tool or process that you can then sell to all the other CA's. That way you are selling shovels in the gold rush instead of digging for gold yourself.
 

einsteinii

PARKED
Jun 11, 2021
3
0
2
Hauppauge, NY
You're in a saturated market with lots of domain knowledge and experience. Start looking at what you hate about the work, and develop a tool or process that you can then sell to all the other CA's. That way you are selling shovels in the gold rush instead of digging for gold yourself.
Yes, you are right. Just try to find out what is that you don't want to do while working or find that part who took hours of time. You can make a tool make that process more easy which gives you your desired result in minutes not in hours. Then you can plan to make that tool more popular & bigger by evolving or introducing new features time to time.
That tool will lead you to your destination.
 

Tiago

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Mar 22, 2014
639
835
343
28
You have tons of experience in your field. What is a problem that every CPA has and wishes a solutions existed for them?

One of the best ways to create a company is to scratch your own itch.
 

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