Taking the leap: Sole practitioners’ checklist
Nicola Draper outlines the key considerations accountants should make before setting up as a sole practitioner.
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Setting up as a sole practitioner
I set up my first accountancy practice in 1989 (jut before the recession started) and that was really tough. The main problem was not getting the clients but doing the work. It was easy enough to get enough clients to keep me busy but then taking the jump to take on offices and employ staff was a real challenge. Now it is much easier - because of outsourcing - routine work can be delegated in a way that is flexible to outsourcing providers. Getting the clients is now more of a challenge because so many accountants are using telesales and mailshots. Nicola if any of your clients want help in setting up we do a free two hour seminar on starting in practice with lots of ideas on how to start in practice. We also have five staff in India for those who want to outsource. See http://www.smithkennedy.co.uk/outsourcing.asp for more details.