VERY AFRAID going solo. Advice needed

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newme
newme Registered Posts: 9 New contributor 🐸
Hello there
I have 8 years accounting experience working in a an accounting practice.
I know it all
but I am still VERY AFRAID to start my own practice and going solo.

I thought about starting from home but I don't think I would attract those good clients while working from home.

So I have seen this office in a very prominent place with a car park and everything for asking rent of £8000 pa plus I have estimated it would cost me about £12000 year to run the business.

Now the part I am really afraid of is should I!! go for it.
I would appreciate some kind advice on how much (to charge) to expect from different clients and what kind (number) of target I should have in mind..

Realistically how much fee turnover should I expect in my first six mounts or year..
Regards

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  • Guest
    Guest Registered Posts: 73 Regular contributor ⭐
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    newme wrote: »
    Hello there
    I have 8 years accounting experience working in a an accounting practice.
    I know it all


    Now there’s confidence in ones ability
  • groundy
    groundy Registered Posts: 495 Dedicated contributor 🦉
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    I would be very wary of taking on such large overheads without having an existing client base.

    When we starting our practice we purchased a block of fees (approx 60 clients) from an old boss and still only used a small (pretty crappy) office that cost us £50 a week and was filled with second hand furniture and office equipment.

    What to charge is all dependent upon the client and the quality of bookkeeping. What I would suggest at first when quoting for new business is to ask to see the previous completed accounts. We used to do this to see what the current accountant was charging then try and undercut it.

    Not ideal as you can get lumbered with some crappy jobs for a low fee but it helps build up the client numbers when you first start. Ten years on we are in a position were we now quote based on the minimum we want to be willing to do the work and how long we expect the job to take.

    Good Luck but be careful:thumbup:
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    One of the advantages of working in a service industry is that you need little more than a laptop to get going.

    My advice would be to work at home until you have sufficient income to warrant acquiring an office. You may even decide to stay at home permanently.

    £8,000 per annum is a huge outlay just to avoid putting off a few snobby clients who want your secretary to make them a cup of coffee in nice surroundings!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    There's nothing wrong with working from home.

    I spend 3 years working from home, have been in a cheap serviced office for a year (£1k rent per annum, woohoo) and business is booming.

    I'd be scared taking on a £8kpa commitment even now!!
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    £1k per annum?! I'll take two please!!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    £1k per annum?! I'll take two please!!

    Indeed :lol:

    We might be moving (as there are now 2 of us and it's only 9' x 12') so I'll keep you posted :001_tt2:
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