Objective The objective of this project is to provide a business plan for the start up of an accounting and audit firm in Larnaca. The idea is not new or offers a different kind of service but I want to launch my own business and be a boss of me. Introduction The idea is to create a firm when I have reached a certain amount of client from doing private work at home. I will work alone and maybe have an employee for start. Later I may join with a partner to expand or expand on my own with my own capital or a loan from the bank. To operate an accounting and audit firm you need a license. License is opted if you are a member of a recognized regulatory accounting body which in my case I am a member of ACCA and have a number of years experience in the audit field. The Situation Analysis Today Why open an accounting when there are a lot of offices situated all over Cyprus? Because the idea is to be personal! I want to be customer focused, quality based where I will offer premium services to my customers, not neglect them and make everything to meet their needs at low cost and high quality. The problem today is that many accounting firms lose focus and don’t give any personal attention to their clients. A personal touch is what is needed. I have worked in a small medium accounting office and saw an opportunity that needs need to be satisfied. If a client is satisfied then he becomes a good advertisement. Another reason is that Cyprus is a tax heaven and many offshore companies are formed here on the island. The percentage of companies registered in the Companies Registrar is increasing at a bigger rate than the percentage of new qualified accountants. Also new positions are created for internal auditors in companies due to new regulations. The market is expanding and there will be a luck in professional accountants. Services that I will offer: Accounting/Bookkeeping Tax Consultancy and Administration Audit Services Vat Administration Consultancy Services Legal Services Other Administrative services Competition is not coming from the big 4 accounting firms which dominate the market and these firms concentrate on bigger clients which have bigger profit margins Basically my clients could be any self employed or any small medium business in Cyprus, even small offshore companies. How can I draw clients? From word of mouth advertisement. Since there advertisement is expensive and may create some legal problems with the regulatory body of accountants word of mouth is the best advertisement I can get. Due to the profession cold calling is unprofessional and not recommended by ACCA. I will start with a certain number of clients and those clients will promote my services to others non clients. Questions that I need to answer in my business plan are listed below: Will the business plan be viable/feasible? How will I finance my business? What kind of personnel do I need to have and what kind of personnel do I want? What prices will I charge? How will I comply with law and regulation? What licenses I need and how can I protect myself (indemnity)? How can I draw new clients? Is there a way? Most Important I need a competitive advantage.