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Where you will operate from
What about where you will operate from?
That's a really important factor when you start up and will to some extent determine the type of clients you can obtain and target, and how quickly you will grow your business.
You miss the most important point of all.................
... are you suited to being self employed?
Many people crave security, a regular guaranteed income, paid holidays, set hours, sick pay, company pension.
These type of people are usually utterly miserable in self emploment.
To start a practice from scratch you need to be willing to gamble, able to work day and night when needed, able to live without income in bad times, and suited to all the risks involved with going it alone.
Anyone without these attributes will never succeed no matter what other qualities they have.
Sorry to disappoint
My original text has been edited. I agree these are not "The" (only) key considerations. I suggested that they were simply "ten key decisions which could ensure your success". Of course there are others and ONE important preliminary consideration is to recognise the practical, personal, emotional and financial implications of choosing to run your own practice.
Always pleased to have additional constructive comments added to my posts here. I write them in a genuine effort to be helpful. I'm saddened when anyone simply posts a critical "you missed this" type comment. I miss lots of things. I hope the article still has some value though.
Mark
Thank you, Mark!
Dear Mark
I have recently started my own accountancy practice and I found your article very helpful - thank you! Any advice and guidance you can get when you are starting out is valuable.
Another Thank you
Thanks Mark, I found it a very helpful post. Please carry on with you posts. I learn a lot from them.
Thanks Mark...
...for a really useful article! It's certainly food for thought for anyone starting up in practice. I take your point about them not being 'the' (only) considerations, so I've amended the intro to make that clear. Apologies for the oversight!
Thanks Mark!
Hi Mark
Good post. These are all good points, and worth keeping to the forefront of your mind in the early days of starting up a practice.
Thanks for the post.
Sandra
Working for yourself
Great post Mark. I agreed with CD, not it a 'you missed it' way but as an add on - the first question that needs to be asked of onself is 'Have I got what it takes?'
I was speaking to a chap last week who said that he wants to start up on his own, when I asked him his reasons he replied that he sees his boss take the occassional morning/afternoon/day off whenever he feels like it and would like to do the same!
I asked him whether he also sees his boss:
- Lie awake at night worrying about how to pay the staffs wages that month?
- Work evenings / weekends at the expense of his family time
- Take no income from the business during lean times
- Stressed to the hilt
- Suffer the guilt of telling someone that they are not up to the job and having to let them go?
- Have the guts and faith to put the family home up as security for capital
He wasn't so keen after that!
Whilst not ALL of the above will be encountered by everyone, these are all common scenarios for entrepeneurs and it takes a very special breed of person to cope with these situations.
Regards
Jason Dormer
Seahorse (UK) Ltd - For accountants and bookkeepers
Cheers guys
Thanks Gina.
My pleasure Sandra.
Thanks Jason. I agree with the points you make. Perhaps they could form the basis for a related article on decisions to ask BEFORE choosing to start up your own practice.
Mark