Tips for Starting a Tax Business While Working Full-time

By Terry Judge | April 1, 2021

It’s hard to take that leap of faith…knowing that if you leave your current job, you may struggle to pay your bills until your business starts bringing in enough income.

It can also be hard to find the time and energy to do the responsible things, while also following your passion. Here are some tips and warnings that will help give you some direction and much-needed focus. They can help spark the motivation and practical organization you need to make progress towards owning your own successful tax business.

Get Serious about Time Management

Since time and energy are going to be your two most precious resources as you ramp up your own business, you’ll need to get serious about how you manage both.

Evaluate Your Current Time Commitments

Make a list of what you’re already committed to doing. How much time do you devote to each? Are you able to shift any time away from these activities and apply them to your new business activities?

Sleep

What is the minimum amount of sleep you need to function well? Some people must have a full eight hours of sleep. Are you one of them? Or could you scale it back to seven, maybe six and a half, or even six hours, to maximize your waking hours and devote a little extra time to your new business? Do NOT skip sleep. However, figure out what your magic minimum amount of sleep is so you can still rest your body and your brain and gain an extra hour or so for the additional work of starting a business. Make sure you stick to that schedule. Don’t get four hours of sleep one night only to crash and sleep for ten the next night. Then you will have gained nothing. Find the right schedule for you and stick to it.

Give Your Most Productive Hours to Your New Business

You may have come across a popular saying, “Give your passion project the best part of your day.” If you’re a night owl, stay up late and spend time building your business. If you come home from work wiped out, go to bed early and then get up early so you’re fresh and ready to devote quality time to your business road map and actions. Find the schedule that works best for you, so you can work on your project with a fresh, alert, motivated mind.

Be Mindful

As motivated as you may feel about having an action plan for getting your new business started, remember the importance of balance, and keep these four points in mind.

  1. Don’t let starting your business interfere with your current, income-generating job. Not only will you put your job and income at risk before you’re ready to leave them behind – it’s disrespectful and unethical.
  2. Remind yourself the sacrifices you make now will pay off in the future when you have more free time and more income stability.
  3. Limit contact with people who are negative about your new endeavor.
  4. Limiting contact with negative people doesn’t mean avoiding honest feedback. Find people who can really challenge your ideas and give you honest, objective observations. Friends and family are great, but if they’re afraid of hurting your feelings, they may not tell you what they’re really thinking. Seek out objective critiques to make sure you’re not way off base with any of your goals or your strategy.

Looking for more ideas on how to start and grow a tax business this year?

Check out our Tax Practice Management Manuals and Guide to Start and Grow Your Successful Tax Business.

Share