An experienced Finance and Turnaround Director for fintech and media companies Stuart Walker now owns a finance training company and a marketing company aimed at professional services firms.
Having completed an MBA with a specialism in ERP and software implementation in SMEs Stuart has a keen interest in the use of technology to streamline finance operations.
A keen cyclist, avid reader and rider of motorcycles, Stuart lives in the south of the UK.
The really important point here if you want to attain that kind of fee income that quickly is that you won't be an accountant at all.
You will have to totally transform the way you think.
You suggested that the course you do would be on tax. I'd argue that this is probably one of the last things you need to be doing.
You need to be doing courses on sales and marketing. You need to get your offer right. You need to understand subscription models and you need a stunningly good website.
You either need to completely understand marketing and SEO or get someone really good who does.
Why do you think that franchise operations do so well? It's not because they are brilliant accountants, after all, they get other people to do that! It's because they are really good at marketing a lifestyle to unsatisfied corporate accountants.
If you want to get to £40k in your first year you will be spending 100 hours a week filling your sales pipeline because you have to kiss a lot of frogs.
Remember that you can buy in bookkeeping, accountancy and tax expertise whenever you need it.
Your USP needs to be that you can market to and talk to real people rather than your corporate buddies.
Your alternative is to go down the remote FC/FD route but I warn you that competition is incredibly stiff in that sector and although you'd think that every growing business could see the need for a virtual FD/FC you'd be amazed at how few owners agree.
I've had gigs turn up 18 months after an initial networking meeting. So I'd say if you are thinking about making the leap, start preparing the groundwork way way in advance of day one and then at least you'll have a running start.
The question is whether you want to punish the client for 'leaving' you or whether you want to make the best of the bad situation.
If it's the former then refuse and send them a strongly worded email about how disgusting you think they are.
Alternatively, agree to provide training at a reasonable rate, explain that this doesn't include ongoing support unless they wish to pay a monthly subscription and ask them for a recommendation of potential clients for you.
You are always better off leaving things on a positive note showing how you are trying everything you can to make the client's business a success.
I know this might sound stupid but why aren't you playing to your strengths?
You already have experience in a sector where there is a lack of people - internal audit and financial services.
If you have the self-employment itch then I'd be looking at capitalising on this and offering a service that companies really need and will pay well for.
Why go into a market where you will be competing with an unqualified bookkeeper in Thailand?
My answers
The really important point here if you want to attain that kind of fee income that quickly is that you won't be an accountant at all.
You will have to totally transform the way you think.
You suggested that the course you do would be on tax. I'd argue that this is probably one of the last things you need to be doing.
You need to be doing courses on sales and marketing. You need to get your offer right. You need to understand subscription models and you need a stunningly good website.
You either need to completely understand marketing and SEO or get someone really good who does.
Why do you think that franchise operations do so well? It's not because they are brilliant accountants, after all, they get other people to do that! It's because they are really good at marketing a lifestyle to unsatisfied corporate accountants.
If you want to get to £40k in your first year you will be spending 100 hours a week filling your sales pipeline because you have to kiss a lot of frogs.
Remember that you can buy in bookkeeping, accountancy and tax expertise whenever you need it.
Your USP needs to be that you can market to and talk to real people rather than your corporate buddies.
Your alternative is to go down the remote FC/FD route but I warn you that competition is incredibly stiff in that sector and although you'd think that every growing business could see the need for a virtual FD/FC you'd be amazed at how few owners agree.
I've had gigs turn up 18 months after an initial networking meeting. So I'd say if you are thinking about making the leap, start preparing the groundwork way way in advance of day one and then at least you'll have a running start.
Surely it is the same as with any taxpayer who has multiple jobs?
The employer gets them to make a declaration on the starter checklist as to whether it is their main employment or not?
That's seriously spooky.
I'm sitting here reading the thread and listening to a Chopin compilation CD and what comes on but Piano sonata #2 Funeral March.
Anyway, It seems to me that the question of what others do is more a strategy question than an accounting or tax one.
From an employer's POV it has to be PAYE unless they can give a convincing reason why the pallbearers are SE.
Yep, that'll do it.
It's an amazing piece of evolution that makes the baby's cry more important than everything else in the room.
The question is whether you want to punish the client for 'leaving' you or whether you want to make the best of the bad situation.
If it's the former then refuse and send them a strongly worded email about how disgusting you think they are.
Alternatively, agree to provide training at a reasonable rate, explain that this doesn't include ongoing support unless they wish to pay a monthly subscription and ask them for a recommendation of potential clients for you.
You are always better off leaving things on a positive note showing how you are trying everything you can to make the client's business a success.
I suspect that the devs have been working in the background to make the website slower.
I've worked with Accountantonline.ie.
Despite the name they are very approachable and you get to talk to a real person.
This is what I used to do for a living and I can promise you that it doesn't exist.
Every company is different and as other posters have said more eloquently than I, it depends upon a multitude of factors.
You'll also find that your dream team can change in the same company as people become more skilled, as systems change and as the workload varies.
Sorry to be so unhelpful but it's the truth.
I know this might seem like a stupid question but why on earth aren't you seeing things like MTD as a way to hoover up more clients?
A lot of time marketing is more about an attitude of mind
I know this might sound stupid but why aren't you playing to your strengths?
You already have experience in a sector where there is a lack of people - internal audit and financial services.
If you have the self-employment itch then I'd be looking at capitalising on this and offering a service that companies really need and will pay well for.
Why go into a market where you will be competing with an unqualified bookkeeper in Thailand?