What are the risks of owning an accounting firm?
There are many dangers in owning any company. Let me list a few of them.
First, we need to realize that all companies have dangers. The greatest danger is that you might not have enough clients. This is a real danger. If you do not have enough people, then you will not be able to pay your rent, workers, and other bills. So, you need a business that attracts many people.
Second, you also have the risk of having bad employees. If rumor gets out that you do not have competent people, then your business will go down.
Third, there is a lot of competition. Places like H&R block have been advertising a lot.
Finally, there is talk that the government may change their tax codes. If they do, you will have to learn more accounting rules.