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Decisions

25th Feb 2014
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I’m back to my usual indecisive position as to whether to go self-employed or go back to work.  This time it is to do with finance.  We were going through our finances and realised we can’t keep living off my husband’s income anymore.  We need to pay off some of our loans and start saving and then soon there will be the whole costs of schools. We haven’t even decide whether we want to go private or public – that’s a whole other issue! Either way, we will need to pay for a lot more stuff.

I do like working from home, especially with the company I am with at the moment, but I need to do a lot more hours and find more work that I can do from home.  In other words, I need to start marketing myself.  And I need to ensure that my fees are fair.  Not too low that I feel like it’s not worth putting the effort in and not too high that I don’t get any work.  Finally I need to ensure I can do the work I am selling.  All these things make me feel uncertain about going it alone.  It’s been a while since I worked and I can do the day to day churning out accounts and tax comps part but when I need to advise them of the best way to save tax or they come up with an idea that I’ve not heard of, what do I do?

On the other hand, going back to work would mean I wouldn’t have to worry about fees, attracting clients, if I get stuck on something, I’ve got people to ask.  Also, once I finish work, I don’t have to worry about it.  I have my evenings and weekends to do as I please with regards to work.  The only problem with going to work, is the sick days and the school friendly hours that I would want.

I wanted to wait til the end of this year before I had to make a decision and I was half hoping that I could slowly pick up a few clients (by magic!) and they would give me lots of money and I wouldn’t have to go back to work but I think I will have to make a decision sooner.  I might be able to push it to May but I think I will have to decide soon. If I do decide to go it alone, I need to put my heart and soul into it and make a real go of it rather than just dilly dallying and hoping some work will magically appear.

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Replies (14)

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By accountantmum
26th Feb 2014 11:30

I can totally relate!

I too, am where you are now, and am finding it difficult to decide either way on my career path.  Confidence is an issue when you've had a career break and I find marketing myself to win work really challenging.  I looked into the local jobs market, but for the jobs I want to do there are very few part-time, flexible ones around.  It is nice to think that we 'can have it all' but there are always sacrifices that have to be made, whether financially or the time we spend with our families.

Do some research on the feasible options and then bite the bullet.  Good luck!

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Dog
By ClaireB
26th Feb 2014 11:37

Does Utopia exist?

When you do come up with an answer, let me know!  I'm in the same boat - currently partly self-employed and partly employed; neither of which are particularly lucrative but do keep me from going stir crazy. 

There will be a point soon though when I need to choose which direction to throw all my energy into and I expect it will end up being a financial decision.  It's a shame because I am enjoying being able to take the children to school/preschool and attend all the school events.  If only there were the perfect flexible part-time well-paid job here (there isn't, we're too rural)!

Good luck with your decision, whatever it may be.

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By maxineb
26th Feb 2014 12:20

Missed opportunity?

Yes, I'm with you all on this one too.  There must be some solution just out there waiting to be thought of to be able to tap into the fantastic skills mums have under their belt from their pre-baby days, together with the new super-organised skills you seem to have to pick up from somewhere once you have babies and have to juggle even more.  Shame we can't all team up together somehow to be able to offer an all round service but still being able to spend time with the children outside school hours!

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By Violet2005
26th Feb 2014 12:47

Me Too

I am in the same boat!!!! However I know I don't want to be employed ever again but right now I need the money which is obviously taking me away from building the business!. I was home for about 2 months and I loved every minute of being there for my kids and doing school runs in peace. Good luck with your decision. It will all come together eventually.

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By A mum and an accountant
26th Feb 2014 12:56

Thanks!

Thanks for all your comments. I feel like I keep going over and over the same thing. I'm sure when I started blogging over two years ago I had the same questions! 

I do like Maxineb's suggestion that we should be able to team up somehow and offer an all round service around school hours. Surely, there must be quite a few who want to work school hours and still have ambitions to have a career.  It sucks that we have to sacrifice something.

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By DawnT
26th Feb 2014 16:58

I've done it!!

Hi. Although my children are slightly older (12 & 14), I had the same decision to make nearly 2 years ago. I bit the bullet and decided to go self employed and I have to say I have enjoyed every minute of it and the financial worries are just beginning to ease.

It has been a financial struggle for 2 years (my two boys enjoy sport etc and are becoming more costly as they get older), however, I now feel as though it has been worthwhile. My client base is growing and my income is slowly building. I love the fact that I can do the school runs, go to school plays, sports matches etc. I also meet friends for coffee, lunches etc (all networking of course!) when I want to.

If you can get through the first 2 years or so, I would certainly say go self employed.

 

 

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By TickTock
26th Feb 2014 21:44

Me too
I suppose I was lucky in that a client from my previous firm contacted me to see if I was setting up on my own & I thought 'yeah, why not?'

It hasn't been easy & we are lucky not too have large liabilities that can't be covered by my husbands income. I've been in practice for 15 months now and things are just picking up.

I have 2 days a week child free to concentrate on clients but the rest of the week I do the school runs & entertain my pre-schooler. I do speak to clients on my non-work days and return emails at all hours of the day & night but that's part & parcel of the flexible working I suppose!

Surely we could set up some sort of part-time parent in practice support group?

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By SHA
26th Feb 2014 23:16

Same Boat

I am in the same boat, have children and unsure self employment or look for part time job.

Currently i am at home and there are no part time jobs which offer flexibility exspecially accountants. please help as I have got my practicising certificate but going self employed is a scarey situation as i have spoken to many people and first 18 months there is the financial issues especially with no practice back ground as my experience is all industry/service based.

Hopefully could speak to someone with the same experience and build my confidence to be self employed.

All mums especially accountants are in the same boat, but enjoy the children and I feel that whatever decisions we take will lead us to our dreams coming true.

Good Luck with your decision.

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By DawnT
27th Feb 2014 22:22

Hi Sha.

I haven't forgotten you. I have been so busy I haven't had time to respond to your PM. You are on my list of things to do! I will try and get round to it tomorrow.

Speak soon.

 

 

 

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By Sherbie
01st Mar 2014 22:01

I did it and am really glad I did

I've been working for myself for three years now and it's really nice to hear from people in the same boat.  For me it has been exactly like 'TickTock' described, i.e. not easy and I often end up calling HMRC with my kids fighting in the background but it is totally worth it to be able to do the school run and make concerts etc.  I also do not miss having a boss or having to report to anyone.

I know it is really scary and it did take a couple of years to pick up many clients.  However, now I have to say no to most new clients as it's felt a bit like a snowball affect.  It was also a steep learning curve at first, especially if you're not from a tax background (as I wasn't and I'm guessing lots of people are in the same boat).  

I agree it would be great to have some kind of 'part-time parent in practice support group'. It would be brilliant if people could share things like what books/conferences they'd found useful (and not too expensive or time-consuming!)  It might also be really nice to have the occasional group meeting somewhere central,  just from a support point of view and to chat about common issues.  I'd be very happy to share thoughts on what has worked and not worked in terms of getting started.

To anyone who's considering starting as a sole trader I'd highly recommend it as something that works brilliantly around the kids.  However, the downside is the struggle to separate work from home life, which can be stressful.  Also, there's been lots of times when housework /cooking/ kids have all been rather neglected. Luckily it's not caused extra stress at home as my husband is grateful for the extra money, as we've needed it, and he can also see how great it is that I'm around for school pick-ups etc.  The other thing is that occasionally it can be really scary - I've had one major dispute with a client and am now in the middle of my first tax investigation, so I wouldn't recommend it if you'd rather avoid any stress.

Good luck if you are trying to make a decision.

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Dog
By ClaireB
02nd Mar 2014 07:38

 

 

A part-timers support group would be great. Would LinkedIn be the best place to set one up? Would anyone be interested if I attempted to set one up?

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By A mum and an accountant
03rd Mar 2014 00:27

Sounds good.

I would be interested in giving it a go.  I'm not sure how you would go about setting it up but let me know what you do.

I think I need to print and pin all the comments up somewhere because there are so any success stories that when I am doubting myself, I can just look at this and keep going.

Thanks again!

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By LMP
06th Mar 2014 11:00

Part-Time Accountant Practice Support Group.

 

 Hi Lilac & All,

 Its a great idea to set up a network of Mums trying to get a part time practice together. Let me know when you set it up & I will join.

 Its great to get a support network going of like-minded people, who know's where it will lead... ?

 I must say, I'm quite shocked about how difficult it is to get part-time, flexible accounts work to fit round kids etc,its such a total waste of talent , just due to small minded thinking men!! Its a disgrace !

 I need some practice experience,( part-time / flexible of course). so I'm slogging on at that.

 Looking at this site, I've noticed that Xero accounting seems to be mentioned alot lately, there was a feature of using Xero to become a 'Virtual FD' for a number of businesses. I think Xero is cloud -based so you can work remotely ? - Please correct me if I am wrong !

Also, you can get free software if you become a Xero partner. Maybe some of you may be interested. Maybe worth a look.

There seems to be more demand lately for accounts people using it and  a lack of xero experienced people.

Clearly, the main problem when you first set up is getting new clients, I have heard some accountants, use adverts in free papers or contact new businesses , Chamber of Commerce / Network groups etc. I think you have to be bold about getting new clients, like any businesses I suppose.

 One of my plans is to find other people who have achieved' working from home heaven' and pick their brains a little. I'll pass on the results.

 One good story I found is Mossley Tax Shop, an all-female practice near Manchester. Check out the website when time allowes.

There are also firms that do telemarketing and cheapaccounting.co.uk  a franchise, but costs are involved. Unless it can be split between a few people perhaps ?

Where are  the networkers based ?

Cheers for now. LMP

 

 

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By mummyp
13th Mar 2014 11:58

All new and scary too!


How nice to find a little blog of people in a similar situation.  I was made redundant late last year after 13 years working for the same company.  I had been working part time which meant I had the best of both worlds. Trying to find a job to match my childcare (at a rate of pay which covered the childcare!) was impossible.  I have had a few months being a full time mum which has been wonderful but now I need to work.  I have been looking up at setting up in practice but it is so scary.  You don't realise how you begin to specialise when you work and there are areas where I am just not up to speed.  I have been studying again to make sure I am up to date but  going out and attracting clients, setting fees & marketing myself is out of my comfort zone.  I'd be interested to hear if any of you other mums had any tips or confidence boosters for that!!  It's nice to read the success stories.  Hope all the other newbies will have success stories to report soon.  I'm off now to get my little girl from preschool, will put work to the back of my mind and maybe make some chocolate brownies with her - much more fun!

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