Setting up in business is a strong and powerful desire for many, because of the sense of achievement and potential for personal and financial rewards. But the journey can be off putting due to the time, cost, planning, expertise required and risks involved.
Since I joined TaxAssist Accountants I have talked to hundreds of people who have been interested in setting up their own practice.
I’m pleased to say many have gone on to join our franchise and established flourishing practices, some decided to start up without us, and others will have decided it’s simply not for them.
Buying a franchise can be a fast-track way of working for yourself, and it’s not hard to see why franchises tend to have a much better success rate than other business start-ups.
That said, it is no guarantee of success.
It’s a very personal and individual choice, but it’s certainly well worth considering all the available options to the ambitious accountant or experienced finance professional as they plan their next move.
The opportunity
Post pandemic, we are likely to see a growing number of new business start-ups, and those seeking the services of a more pro-active accountant to help guide their business through the economic recovery period. This, combined with an ever more confusing range of funding options, new schemes, grants and tax changes being announced by the Government, provides a big opportunity for those keen to set up their own practice servicing this market.
Small businesses cannot warrant the services of an on-site accountant, neither can they justify the cost of a larger firm, hence the need for a quality, local, bespoke service.
In fact, this was the reason why TaxAssist Accountants was formed back in 1995, when the founder realised that small businesses were being overcharged and underserviced and that servicing this market through a franchised network would work well.
Franchising vs going it alone
Let’s face it, there is a huge list of considerations when setting up an accountancy practice.
Where will you get your clients from? Who will create and maintain your website, write content and ensure it gets seen by your audience? Who will you consult if you need further guidance and training for you and your staff? What software you will use? Who can you partner with to enhance your range of services? Where will you operate from? and so it goes on.
Some people have the confidence and experience to establish their own practice and operate independently. They may build it up to a certain level, then reach capacity and be very happy with this.
Others decide to take advantage of the benefits of joining a franchise which, for the fees that are paid, should provide a model, system, well-known brand name and technical and marketing support, to enable them to grow a more substantial practice faster and more efficiently than going is alone. The goal with most franchisees is to ultimately take a step back, and work on the business rather than in it, while simultaneously building an asset for their future.
Is setting up a practice right for you?
Here are some considerations to think about before you decide to go it alone or join forces with a quality franchise:
Have you got the right temperament for self-employment?
Many people dream of working for themselves, but have you got the high levels of business acumen, commercial awareness, energy, motivation and communication skills to be effective in business? You will inevitably have to work hard and may end up working longer hours than you did in employment. It will not be an easy ride, you will need a lot of resilience, especially in the early years as you get established.
You may have certain skills but are lacking in others. Do you want to employ people/services to plug those gaps or use a franchise to benefit from the established brand, plus the additional benefits of training, marketing, client lead generation, advice and support?
If you go it alone you will need to consider a long list of business start-up requirements as well as working out, most importantly, how you will stand out from the crowd and get your clients.
Have you got the finances to live while you set up your practice?
One of the main reasons new businesses fail is because they cannot maintain a healthy cashflow. Making sure you have solid financial and marketing business plans, going into your venture well-funded and ensuring you stay on top of your finances are all key if you want to make a success of your venture.
The TaxAssist Accountants franchise is AAA-rated with the main four banks who remain committed to support lending to TaxAssist franchisees and the franchise industry in general, as the risks associated with establishing a franchise are much less than going it alone.
Your total investment figure will depend on your location, working capital and level of personal drawings required, but here at TaxAssist we work closely with our franchisees throughout the business planning process to establish the right level of investment for each individual. As an established brand, franchisees benefit from our strong working relationships with the major banks, who fully support the TaxAssist Accountants franchise and will typically lend up to 70% of the total investment required.
Have you got the necessary technical and marketing abilities?
Having undertaken your studies, obtained your qualifications and progressed your career through industry or practice you are likely to have very strong technical skills.The likelihood however is that you will never have had to consider how to market yourself or your practice to build a business and gain and retain clients.
This is where investing in a franchise can have a big competitive advantage over going it alone by filling in any gaps in your skillset and providing business development support and initiatives to enable you to stay one step ahead of the competition.
Do you have the knowledge, appetite and time to research, implement and maintain the technology, software and advisory services that your practice will need to use and offer clients?
The accountancy sector is going through unprecedented changes because of advances in technology, digitalisation, regulation and growing client expectations.
If you are planning to run a small firm on your own, you will need to consider how to go about choosing the right software, protecting your data, getting the best from automation and online technology. Most small practices are time poor and struggle to devote the time they need to this when their focus is inevitably in looking after their clients, but ignoring any of these issues could cost you dearly.
TaxAssist Accountants has embraced the huge opportunities that change brings, by researching, implementing and fully supporting, a best-in-class, online software suite. This means our franchisees can offer an innovative, technology-led service, which can attract, cater for and retain every type of client.
The nature of client advisory services is continually evolving to meet constant technological changes. This means an accountant needs to be adding new services – including business support and advice – to their practice portfolio to meet client expectations. Do you feel confident that you could provide this? TaxAssist Accountants franchisees are fully supported to offer a range of client advisory services to their clients, with new service lines continuing to be added.
Your options
If you’ve answered yes to all the questions above – congratulations – you’ve made a start on your journey to self-employment. Do your research, ask for help and advice, plan carefully and you may well be on your way to being your own boss.
If you feel you would benefit from the additional assistance of a franchise, you are not alone. TaxAssist Accountants has grown to a successful network of over 200 franchisees reaping the benefits of a well-known brand with a proven business model and award-winning training and support.
If you’re thinking about running your own practice and are interested in the TaxAssist model, contact us for a confidential chat on 0800 0188297 or make an enquiry via our online form. We still have many prime territories available and can help you decide if the opportunity is right for you.
