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Do you solemnly agree to all of the above?
a) If I have enough savings in liquid assets to manage personal expenses for 12-18 months (yes, it takes time to secure work, execute it, and then get paid) and if my immediate family is okay with a short-term cash crunch during this period.
b) If I have/can get an anchor client - work that can cover the office expenses and the associate's salary.
c) Do you intend to offer specialised services or compete in general practice?
What I learnt after I started:
a) The importance of Budgeting
b) The importance of Cash Flow (and the difference between P&L and Cash Flow, and yes, it has a material impact).
c) The importance of saying NO to non-profitable work.
What you should be prepared for
a) For the same work, since you no longer work for a "brand", the fee would be discounted.
b) Perceptions about the client are often faulty. Clients who you think will give you work - may not; clients who you did not imagine would assign you work - often do.
c) The importance of friends/partners who trust each other on financial matters. We can disagree on many other things.
You should check with the clients with whom you can have candid discussion whether they will be comfortable to give you work in your new avatar.
Since there are quite a few new age firms which have been started by people with similar practice area, see whether there is any distinction between their offering and yours. Connect with them to understand how's been their journey. You will be amazed how much knowledge people will be ready to pass on to you.
What would be the bases to be covered? Looking for lessons from someone who has walked this path before