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?
- Taxfiler - SA100 - More efficient? 689 5
- See you all on the other side 727 6
- 12Pay 492 2
- dividends 683 2
- R&D 343 1
- Quarterly Reporting - The Logistics 1,206 17
- Auto enrolment contribution rates 457 3
- How long are you waiting for appeal reply 449 4
- Borrowing money to loan to company 401 1
- Mother as Guarantor for Son's mortgage 562 5
- Seeking a tax case 669 9
- When do we qualify for state pension? 533 4
- Companies house strike off 610 3
- Tax treatment of alterations to property 456 2
- Moving to the cloud 764 9
- Iris open space/doc exchange for SATRs 224 2
- How much to charge for payroll? 925 16
- Unincorporated charity transfer to CIO 225 4
- BTC vs Digita 1,108 29
- Has anyone tried calling HMRC to get tax on dividends put in code? 517 4
- HMRC Joint Filing 570
- Capital Contribution towards a company car 424
- Capital Reduction & Impact on EIS Shares 378
- IRIS and FRS 102 359
- Capitalising Finance Lease 337
- USA help 324
- National Minimum Wage issue on Directors joining a Workplace Pension 324
- Marginal rates of tax 323
- Class 2 NI 309
- Dormant company accounts under FRS 102 300