What happens when your start-up gets stuck?

Most of the articles in the start-up in practice section of AccountingWEB focus on the lead-up to starting up your practice and how to get going. This time I am considering what happens down the line, when you have a fair number of clients but are not yet as successful as you hoped to be, explains Mark Lee.

It's evident from many of the requests for help posted in the Any Answers section of the site that this is a common situation. Perhaps you too feel stuck and that your start-up practice has kind of plateaued a little too early. 

Usually what’s happened is that your first few clients came in relatively easily in the early days. Perhaps ex-colleagues and ex-clients from wherever you trained or worked previously heard you were now on your own and sent work your way. Or maybe you bought a small client bank from a retiring sole- practitioner.

Anyway, you did a good job and got a few referrals. Your early networking efforts also paid off but you have struggled to keep up with your new found business contacts. 

You are working hard but you are feeling a little despondent. It's all turning out to be...

Continued...

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Comments
Kent accountant's picture

Phase 1    1 thanks

Kent accountant | | Permalink

I suppose what's described above is phase 1 - you've started and got to a reasonable stage, so what next?

Some decide to stay as sole practitioners with no staff, others get part time help and use subbies, others go for growth, take staff on and continue to grow.

Which option you choose will determine what happens in phase 2 and is where you may decide to look at more marketing techniques - as covered in the article.

I probably fit the description of those who are happy to grow relying on referrals. I do have a big network though, so this works fairly well for me.

Its possible in a few years that I may decide to kick on and grow, but at the moment I'm happy having part time help from Mrs KA and using subbies as and when needed.

I think there are plenty of sole practitioners who get to a size where they have sufficient income to suit their lifestyle and decide there's no need to look for further growth.

It really depends what you want.