“Love what you do and believe that you are good at it.”
Coming from a family of entrepreneurs, Arpana Patel of AveSol Accounting Services has always had what she calls an ‘entrepreneurial spirit.’ Yet, she didn’t follow it immediately. Arpana began her career as a graduate accountant with a multi-national publishing company before becoming a Finance Manager at a multi-national manufacturing company.
She soon realized that her passion was actually using her experience in the financial world to support other women in business. As a result, Arpana took a leap of faith and transformed her passion into a reality. Now as an accountant and tax agent, Arpana supports small business owners through accounting, taxation, bookkeeping, business advice, and financial coaching – all at a fixed fee structure.
Arpana’s entrepreneurial spirit has certainly guided her, as her business has been publicly recognized. Most recently, AveSol Accounting Services won two awards in the 2021 Ausmumpreneur Awards, under the Multicultural Business Excellence Award and B2B Service Award.
Looking back, Arpana loves the flexibility and work-life balance that running her own business allows for. And since joining the HerBusiness Network, she has enjoyed the wide range of information and insight provided through both the resources and community of inspirational women.
In the near future, Arpana hopes to create a business where everything flows smoothly and she is making passive income. But more importantly, Arpana looks forward to assisting her clients and guiding them to transformation.
Who’s your favourite entrepreneur and why?
Oprah Winfrey because coming from such a rough background with limited support and culturally different, her do it attitude and humble nature won the hearts of many people. I inspire to be just like her.
Why did you start your business and what gave you the idea?
I always had the entrepreneurial spirit in me, especially coming from a family with history of entrepreneurs who influenced my choices to become one in future.
However, until such time came when my marriage ended and with 2 young kids to care for, working for someone was not an ideal situation. At that time I knew in my heart this is the time to take that leap of faith.
I always had a desire to make a difference in the financial world through my experience by offering structure, support, education, and guidance to women in businesses to help them better understand they financial information and motivate them to make proper strategic decisions. So I turned my passion into business and opened a boutique accounting firm in collaboration with a legal firm seven years ago.
What do you enjoy most about running your own business?
I enjoy the flexibility and the work life balance my business provides me. But more importantly, the transformation I see in my clients gives me joy and inner fulfillment. These are the clients and small businesses who couldn’t afford quality advice because the fees are too expensive.
By closing the gap and providing a fixed fee structure, they exactly know how much an advice or service will cost.
What three pieces of advice do you wish you’d been given when you started?
- Have a business plan. We are full of ideas but to execute them you need to have plan of action that will determine the progress.
- Ask for Help otherwise you will burn out before the big launch.
- Surround yourself with like minded people or network because what you learn from other businesses is very valuable for your own business.
What advice would YOU give someone thinking about starting a business?
The advice would be to remember the 4 Ps:
- Passion- love what you do and believe that you are good at it.
- Patience- give some time for your business to grow. It is not an overnight process.
- Persistence- keep moving forward because eventually, losses will turn into profit.
- People – your clients and networks are not about numbers, but you need to treat them with value, respect and understanding of their needs.
What skills and knowledge areas would you recommend those starting out in business get acquainted with quickly?
Definitely understanding your ideal client base and having a basic financial knowledge will help in the start of a business.
What does your IDEAL business look like? Even if you’re not there yet, what would it look like if your business was ideal?
My ideal business would be where everything is flowing smoothly and I am making passive income through my intellectual systems in place.
What problem does being a Member of the HerBusiness Network solve for you and your business? And, how?
I think HerBusiness provides valuable tool, information and training materials that I can use for my succession. But most importantly surrounded by like minded women is great as they can inspire, encourage and provide valuable insights for my business.
Learn more about Arpana and AveSol Accounting Services.