Timing is crucial to starting up in practice
AccountingWEB’s Start Up Practice Survey has revealed that out of those who chose not to set up their own firm in 2012, more than a third still intend to do so and that it was just a matter of timing.
Out of those who did not set up last year around 40% had already branched out in previous years, just 4% admitted that it was too much of a risk and 15% said it was always a pipedream but hadn’t given up in the long run.
The preliminary results showed just under half of the 100-plus start up respondents had taken the plunge and started up in practice in 2012, with the vast majority (65%) saying it was hard work but that the signs were encouraging.
In spite of the tough economic environment out there for any new start up business, 12.5% said the experience so far was “fantastic” and that their firm was thriving.
Around 18% reported “stagnant” progress and just 5% said it was “disappointing”, agreeing that practising on their own had not lived up to expectations.
In addition to getting the timing right on when to branch out on your own, some of the other main hurdles to going solo included getting the initial start-up capital together, marketing the practice, getting clients, and building an effective support network.
In terms of where start ups go for support, many respondents cited AccountingWEB as a key resource when going solo, in addition to support from the main professional bodies, HMRC, UK Business Forums, peer-to-peer advice, contact with a local mentor, training courses and other online resources.
How does this match with your experience?
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