But before making the leap, it’s essential to understand what’s involved and plan your next steps carefully. Here's a practical guide to help you decide whether practice ownership is right for you - and how to set yourself up for success.
Key Considerations When Moving from Industry to Practice
Key aspects to consider should include:
- Your institute’s practising certificate requirements
- assessing your technical skills
- understanding the demands of client interaction
- considering marketing and client attraction methods
- earning potential
- culture of practice versus industry
1. Do You Need a Practising Certificate?
If you’re a member of a professional body and plan to offer services to the public (such as preparing accounts or tax returns), you’ll likely need a practising certificate. This also enables you to promote your membership publicly and ensures you're supervised for Anti-Money Laundering (AML) compliance.
Not with an institute or only part-qualified? You'll need to register with HMRC for AML supervision. We recommend speaking directly with your institute to clarify the requirements based on your experience.
2. Are Your Technical Skills Up to Date?
If your recent roles haven’t involved hands-on compliance or reporting, it's worth reviewing your technical knowledge. Staying current with accounting standards and tax legislation is vital for practice success.
Continuing Professional Development (CPD) is not only a requirement for many bodies, but also a smart investment in your capability and confidence.
3. What About Client Interaction?
In industry, you may have had limited direct contact with external clients. In practice, especially at the beginning, you’ll be the main point of contact for every client.
Strong interpersonal and communication skills are essential - clients need to feel confident, understood, and supported. Building those relationships is a key part of growing your reputation and client base.
4. Marketing Your Practice
Many accountants worry about how they’ll attract clients. If marketing isn’t in your comfort zone, it’s time to embrace it. A well-thought-out marketing plan is crucial to launching and growing your business.
Your plan should cover:
- Your goals and Unique Selling Proposition (USP)
- Target market and competitor analysis
- Online and offline marketing strategies
- Website and content planning
- Referral systems and networking opportunities
At TaxAssist, we support our franchisees with tailored marketing guidance every step of the way.
5. Earning Potential
Job roles and salaries will vary enormously both within industry and practice but when you’re in practice for yourself, there is no cap on what you can achieve - it's in your hands. With the right systems and support, your earning potential can grow significantly as your client base expands.
The biggest barrier to growth for many accountants is not lack of demand, but lack of capacity. That’s why having efficient processes and the right software is crucial. In time, many of our franchisees scale into multiple locations or acquire additional fee banks.
6. Adjusting to Practice Culture
Shifting from a large corporate environment to owning a small business is a significant change. The pace, pressure, and expectations are different - but for many, it’s a welcome shift.
Your industry background becomes a strength, offering clients real-world commercial insight they truly value. And the flexibility to shape your own working life is hard to beat.
Is a Franchise the Right Path for You?
Starting out alone can feel overwhelming. Joining a franchise can offer a supportive alternative - with the benefits of a recognised brand, proven systems, peer network, and ongoing guidance.
At TaxAssist Accountants, we’ve helped hundreds of professionals from industry backgrounds build successful practices. Our model includes training, marketing, technical support, business planning and more - designed to fast-track your journey into self-employment.
Case Study: Karen Goncalves
Karen ran her own practice in South Africa before moving to the UK in 2008. After 16 years in industry, she was ready to return to practice ownership - but this time, she chose the support of TaxAssist.
“I’d run a practice before, and I knew how isolating it could be. I didn’t want to be on my own again,” Karen said.
“TaxAssist gave me support, branding, systems and a culture that fits me. We speak the same language. I’m happy to report the business is growing well, and I’m ahead of my business plan and signing up clients at a good rate.”
Read Karen's full case study here.
