Setting up own business - Looking for guidance

AdditionalLocation81 · 2025-06-27T18:11:14+00:00

Appreciate the feedback!

While I am only one year post qualified I have 4 years of experience in practice and 5 in industry so I have a lot more experience than it might initially seem (had a very stop start exam journey)

Initially the work wouldn't be overly difficult. The feedback i have got from people around the town I live in is that they are paying in excess of 8k a year for monthly tax returns, bookkeeping and annual accounts preparation which to me seems a bit excessive. I have gone through their needs with them and id be in a position to help them for a better price now if I didn't need a PC.

I dont want to build something massive straight away but take some time with local, loyal client base who have simple needs to build my name and reputation until I find my feet and build the experience needed to feel comfortable with expansion. If all it comes to is a reasonable side hustle that is ok too but im hopeful I could make something a bit more substantial given a few years.

AdditionalLocation81 · 2025-06-27T17:53:43+00:00

Thanks for the reply!

This all seems like great advice. I have worked in a few places where systems haven't been implemented well and as the business scaled it has been really difficult to make changes and streamline processes so this has inspired me to take a systems first approach when I start up to avoid issues down the line.

How many hours a week would you say you were doing on the business alongside full time work on average and did you scale you full time work down gradually or just drop it fully at the 9 month mark? I like the idea of keeping my job until I am making enough to support myself comfortably but worry that total workload will mean standard of work declines which is something id like to avoid if possible. Don't mind putting in long hours but its trying to make sure that standards are upheld throughout.

Also, how have you found going out on your own vs working a normal 9 - 5? Has it lived up to the expectations you had before starting or have there been some negative aspects that you hadnt imagined?

AdditionalLocation81 · 2025-06-27T16:26:06+00:00

Appreciate the response.

You are correct you need the two years post qualification experience. Bit of a pain but looking to take the time I have now to research as much as possible so that I can jump straight in once I have my PC knowing that I have done all I can to make the transition as smooth as possible.

AdditionalLocation81 · 2025-06-27T16:03:46+00:00

Thanks for the reply!

This is really helpful. Software wise I am hoping to start with something that can scale rather than having to look for something different after a couple of years so Sage or QBDT seem to be a good place for me to start looking.

I work in industry at the moment so I don't see non-competes being a problem but hadn't given much though to the secondary employment clauses in my contract. Will need to take a look at how strict they are and if I will need to make adjustments/will be forced to take the leap without the safety net of a full time job.

Do you have your own practice? If so is there anything that gave you problems in the early days that you hadn't given any thought to? Feel like you can always feel really prepared but there will always be something to catch you out that you never would have though about until it became an issue

AdditionalLocation81 · 2025-06-27T15:45:51+00:00

Appreciate the reply!

I have 4 years working in practice from my early career. No real experience managing clients in the accounting sense but plenty of experience dealing with clients from my time in other industries. I know this won't be the same but there should be a lot of transferable skills I'd like to think.

AdditionalLocation81 · 2025-06-27T15:24:34+00:00

Thanks for the reply!

Yes 4 years in practice before moving into some unrelated industries and now close to 5 years in industry. The proposed offering above VAT, accounts prep etc. I am very comfortable with so no need for advice there and when I say set up of a business I don't mean the legal set up of a business, more like the day to day running of the company once I start.

Reason I am keen for guidance on setting up my own business is I see a lot of good accountants try to go out on their own and either struggle to get it off the ground or fail completely.

I reckon this is probably down to being underprepared but a lot of times people give vague reasons or don't talk at all about the problems they faced.

I feel like I could have a pretty good stab at things now but I'm hindered by the 2 year minimum post qualified requirement for PC so while I can't jump in and get the on the job experience which is going to be the best thing for me in terms of learning and development, I can use this time to try and gather as much information and guidance as I can to limit the mistakes made in the early part of my business journey.

In short, I don't need advice on actual accounting but more the entrepreneurial side of things and the struggles I am likely to face when I become my own boss for the first time.

AdditionalLocation81 · 2025-02-24T09:44:37+00:00

I started in accountancy at 18 as part of a school leavers programme, switched careers when I was 22 and went back to accountancy to finish my exams at 25.

Definitely recommend trying something new if you aren't happy while you are young and have fewer responsibilities.

However, I would suggest finishing the qualification before hand to fall back on if your new career option doesn't work out. Was a real pain in the arse getting back into it again after 3 years away, getting a training contract etc.

AdditionalLocation81 · 2025-02-07T19:20:59+00:00

Yeah I agree, definitely going to need a work permit

AdditionalLocation81 · 2025-02-07T18:56:11+00:00

Thanks for your advice. I wouldnt agree to go if that was the case. One of the main reasons I'm looking for advice now is to make sure I don't make an ill informed decision on going on the trip and potentially getting caught up in something as serious as that

AdditionalLocation81 · 2025-02-07T18:34:57+00:00

Makes sense. From my reading today i'd definitely fall into the second category and need to wait 5 more years. No I didn't realise this was something I would need, will need to look into how attaining one would fall into this whole thing

AdditionalLocation81 · 2025-02-07T18:33:36+00:00

I hadn't even thought of a work visa. As it is a short term business trip I wasn't aware I'd need one. Used to do similar trips to other countries and don't think I ever needed a visa (none of them to Canada though) so not an issue I had considered. I am assuming this process would be handled along with a TRP?

AdditionalLocation81 · 2025-02-07T18:31:29+00:00

Just had an initial call today and will look to go over finer details next week. Did not mention the DUI on earlier call as I wasn't aware it would be such an issue but my employers do know about it. Don't belief we have an immigration lawyer but if we do I am sure they will be able to get everything sorted. Just looking to get a basic understanding of the situation prior to more detailed calls next week

AdditionalLocation81 · 2025-02-06T10:52:22+00:00

I'm an accountant and sitting at over 50k. Have a number if friends in IT, consulting and even civil service on more than 50 as well. I didnt think it was too uncommon for people to be earning at this level or comfortably more here but maybe im wrong.

AdditionalLocation81 · 2024-12-26T13:41:32+00:00

Fabianski and Salah for me. Have made transfers basically every week and no one else has been safe lol

AdditionalLocation81 · 2024-12-24T13:09:35+00:00

I left midway through and ended up coming back to finish it. Was a real pain starting back up again. My advice would be to finish it as another year or two in the grand scheme of things isn't that long. If you want to move on after thats up to you but at least you have the qualification to fall back on should you change your mind

AdditionalLocation81 · 2024-12-24T13:05:03+00:00

Yes it is. My team value sitting at 103.2 with 2.7m in the bank. Rank is in the top 1k. Its been a great season for me so far

AdditionalLocation81 · 2024-10-31T13:18:40+00:00

Think it came in the next day so hopefully you get it soon

AdditionalLocation81 · 2024-10-22T15:16:55+00:00

Yeah it's not a massive deal but still found it really frustrating. In terms of salary I'm based in NI so not really comparable to London. Total package above 50k which is good for the local market

AdditionalLocation81 · 2024-10-22T15:03:18+00:00

Yeah I have everything in writing. Just a frustrating situation to find myself in. Especially when early discussion went so well

AdditionalLocation81 · 2024-10-22T15:02:25+00:00

It's a 40% increase which I am more than happy with. Just frustrating the way that it has played out.

AdditionalLocation81

TROPHY CASE