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$$ off for the entire life OR start some new business? If I quit this self-employed "job", I do not want to become a "wantrepreneur".
I am a Chartered Accountant (equivalent to US CPA) from Mumbai, India. I got my degree in 2008 and joined Ernst & Young in the Direct Tax consultancy division. I had a brief 3 years' stint and I can say, I gained good exposure in this field and secured great networking opportunities. But due to abnormally long working hours (about 13-14 hours daily), I quit the job within 3 years. Thereafter, I joined my father's tax practice (he's also a Chartered Accountant). We are currently engaged in the direct tax audit, tax filings, litigation and consultancy. After quitting EY, I got a good work-life balance. However, the tax filings and audit work I do is not satisfying and is not much of a revenue generator either. The revenues have declined over past few years and I am finding it extremely difficult to get new clients. The market is saturated - there are lots of Chartered Accountants providing similar tax services. I am good at what I do but there is immense competition and ultimately boils down to price wars. I find it extremely difficult to sustain at the reduced hourly fees.
I read TMF recently and realised I have been living a life in slow lane. The work I do would always be time dependent and I would have to keep working for my entire life. My very first thought after reading this book was to move out of this direct tax field and try something new. I even thought of few ideas but saw that those ideas were already implemented and those businesses had all the elements of CENTS and were doing good. So now I don't have any innovative ideas for a startup! I am already 37 y/o with a family to support and clueless as to what to do with my life! I need your suggestions - Should I try pitching new clients in the field where I already have expertise and continue to work my a$$ 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".
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