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Why now is a great time to set up your own practice

15th Sep 2020
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Recent data released by BDO has revealed that 60% of the UK’s medium-sized companies planning to make redundancies once the Coronavirus Job Retention Scheme ends in October. Meanwhile, 97% of medium-sized businesses have already made redundancies.

The future is looking uncertain for employees. But, this could also be the perfect opportunity to set up your own practice.

Take control of your work

While starting your own practice can feel like a risk, there are benefits by being your own boss. You can set your own processes, take control of your work and grow your career. 

People are looking for jobs

With redundancies rising, there is an increase in great talent who are looking for work. You may find it easier to get new hires for your practice to build a strong team.

Increase in smaller clients

Many people have used furloughed time or redundancies as an opportunity to start a side business, or to make their passion their full time job. Online selling is thriving, there are opportunities for innovation and working from home has become the new normal. 

There is likely to be an increase in people turning to self employment. This makes for a growing potential client base, as these new businesses are seeking help from accountants. 

Although these businesses may start small, there is always the potential for growth into larger, more and profitable clients.

About Bokio accounting software

Bokio’s free accounting software offers bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with smaller clients, like small businesses, sole traders and freelancers. Bokio helps you save time and money by using automation, so you can focus on offering high value advisory services.