I'm at a crossroads
I have a business dilemma.
I’ve been busy working on building my own business both through compliance based accountancy and taxation work and business consultancy for the past 18 months.
I’m currently earning more money than I ever have but it’s not sustainable and I’m now in a position where I have to take a step back to take three steps forward.
One of the longer term consultancy roles I have had will be coming to an end soon. This has kept me busy for 4-8 days a month and has been great financially to allow me to spend time on growing ’my’ business.
I now have around 50 other clients of various sizes and I am continuing to pick up 2-3 new clients each month without doing any active marketing.
At the same time I have been doing some subcontract work with a local firm of accountants. This firm is growing very quickly, gaining around 15-20 new clients every month.
The local firm of accountants have made me an offer to become a director in charge of the accountancy side of the business (the two other directors primarily deal with tax planning and business consultancy). Their ‘approach’ is different to mine and if I’m honest I’m only working there at the moment for the money. However there’s a good chance that I could persuade them to change their approach – new branding, better website, slicker marketing so that the business is something I would be happy promoting.
My 50+ clients would just about provide me with enough for me to be comfortable for a few months but would also give me the time I need to focus on growing my own business in the way that I want to. Plus, I would find this more enjoyable and would have a bit more time to spend with my young family.
Should I stick to my guns and grow my own business or am looking a gift horse in the mouth with the other firm and should I grasp their offer which financially could be better in the long term?
- 40% rule for travel expenses 263 5
- Now Scotland has voted "No", when does England get to vote? 1,202 62
- capital gains on PPR 59 1
- Any Scottish members out there? 11,572 430
- Do I need a 13digit tax ref for a ct600 296 6
- Cash injection by shareholder 199 4
- Underpaid Tax Options on SE 249 8
- Private portion of costs and expenses in Accounts 394 20
- 100% Xero practice 2,377 43
- How to pursue fraudulent trading 335 5
- Treatment of goodwill in Consolidation 279 8
- PRR 311 12
- Is it more beneficial to be a Ltd company? 205 3
- corp tax software 373 7
- Pension Contributions Relief 453 14
- Is there an expert in Excel out there? 481 7
- Which tax box 203 2
- How to change reconciliation status of bank account in Sage 50 168 3
- how to start a career in accounting at 34? 285 3
- References for clients 247 2
- Raiders of the Lost Tax File 1,300
- Chartered Accountant in County Down N.Ireland 468
- National Insurance 361
- Non Resident 287
- Franchise income and costs 258
- Hands on experience of Digita 212
- Best way to take money from a business if you have unlimited EIS allowances? 174
- Employer's Helpline 160
- employment capital allowances 153
- CIS paid under reg 9 145