This blog is about all matters business and personal of a sole practitioner. I have a practice with one member of staff.
Today was time off work from me. It is dangerous to have time off. My brain goes in all sorts of directions. As we enter 2013 the old brain has gone into over drive. One area it asks -perhaps it is time to move on from the practice world and get a job.
Being a sole practitioner is stressful. Plus the financial rewards are just not there. Part of the reason for this is accountants shoot themselves in the foot by accepting low fees. This will get worse as more and more people start their own practice. To build a client base they accept lower fees. One person's gain is another's loss.
I got into practice without studying the market-the reality behind the franchisor glossy website. Furthmore, I left my very well paid job since I was fed up of stressful travel, office politics and I wanted a lot more autonomy. Even at a senior level I felt autonomy was lacking.
I got into the practice world since I trained as an accountant and that was the only field I knew.
I am not even sure if anyone would give me a job now. Lets face it age discrimination does exist.
Even if I was to get a job at a lower level as a middle manager, my income would exceed my current income level. This would be without he added stress of HMRC and ACCA regulatory pressure. Lets not forget some clients who want more and more for same fees.
Having said all this I have learnt so much since I started on my own. Most of the time I love it. Than there are times like today, I think at this stage of my life I should not be concerned about my income, pension and I should enjoy life up to the point my health allows.
Bear in mind I was an immigrant in UK at the age of 16. Since then I have worked incredibly hard. At my current age I was expecting to take it easier. It feels like I am at an early stage of my career, starting all over again without the advantage of time that youth brings.