Practice start-up opportunity

Monsoon

For those who are starting up new practices but possibly struggling to find clients, or unsure about what direction to take your new practice in, this might be right up your street:

http://www.cheapaccounting.co.uk/mainnavassociate1.php

While some people don't immediately take to the name Cheap Accounting, it definitely appeals to many clients! Apparently they are very busy and have lots of referrals and it's become a rapidly growing national brand.

Elaine who runs it is lovely, and she markets very heavily indeed which drives lots of referals to the site, which then goes to her associates. If you have less experience then they even offer a mentor programme.

It's a very automated system - the clients do the bulk of the bookkeeping work in a specified format and you do the year end, for a regular monthly fee, meaning no worries about clients not paying after you've spent hours doing the work!

If it wasn't for the fact that I have got an established practice which wouldn't fit in with the way the CA brand works, I would definitely consider it for myself.

Please do mention Monsoon on the AAT forum if you apply.

burg

Must say I agree with Jenni.

I know Elaine too and she is a lovely person. The concept of her business is good and although the 'Cheap Accounting' brand isn't for everyone it certainly seems to be working.

slackda

shame it can't be taken on in a part time capacity.

Unfortunatly for me i can't afford to jump in at the deep end yet.

paulstafford

Part time option

I believe you can become an associate if you have a part time job.

deanshepherd

Think very carefully before you consider doing this (or any other franchise for that matter).

My business partner investigated almost every franchise opportunity available (cheap accounting, certax, taxassist, cranleys..) before buying a block of fees from me.

Of all of them he was very close to signing up with Elaine because it is low cost, low risk (she is very good at attracting new clients for obvious reasons) but the big downside is that being tied in to a very low fee structure (and giving away 10% to Elaine) you would have to work like a dog just to get to a turnover (not profit) of £40-50k.

He thought it was a genuine opportunity for someone who is perhaps less ambitious and happy to work for a reasonable amount of money but not very good for someone who wants to build and nurture a profitable business.

That said, he spoke very highly of Elaine and she was very honest about earnings potential once he posed the question to her.

cheapaccounting

Thank you to everyone taking a look at this thread and for the feedback from Ian and deanshepherd.

I think I remember the person that you mention and thought it worthwhile me replying to give a balanced view of life at CheapAccounting.co.uk.

I have to say that I am a little surprised by the comment that it is for the “less ambitious and happy to work for a reasonable amount of money but not very good for someone who wants to build and nurture a profitable business”.

Obviously anyone in Practice does need to work very hard to build a successful Practice. I think we would all agree on that!

I can only take the thoughts from the Associates who have been operating their own successful and very profitable CheapAccounting.co.uk Practice.

One of them, Nigel, had a high street Practice for 10 years before he sold this and decided to join us.

It may be useful to read what he has to say about how his Practice has grown..

http://www.cheapaccounting.co.uk/blog/?p=1574

This with a very small capital outlay up front.

And for the more ambitious ....

There is Steve who joined us 2 years ago, opened an office last year, now has three employees and a turnover that he would not be happy for me to divulge.

Just a couple of worthwhile examples to mention.

I think that a franchise route is a worthwhile and valid alternative to funding the capital outlay for buying a block of fees.

Horses for course – what suits one person does not suit another.

I would urge caution on any route taken in setting up a Practice – starting from scratch, franchise, buying a Practice or a block of fees.

Each has its advantages and disadvantages and some routes certainly do not suit all!
Research is the key.

And just to clarify – yes you can become a CheapAccounting.co.uk Associate of you have a part time job.

However we do not believe that it would work if you had a full time role – this is purely down to having the time necessary to devote to client work, when the client needs it and not when you are available!

I am always happy to have a chat to anyone who may be interested in becoming a CheapAccounting.co.uk Associate – feel free to give me a call or drop me an email.

burg

I thought I would also add that I bank with RBS and this flagged up the other day.

http://www.rbs.co.uk/corporate/banking/g2/expert-industry-teams/franchising.ashx#tabs=section2

A £100m fund dedicated to helping new franchisees which may help in overcoming the initial outlay. There may also be other banks offering this so do check around.

cheapaccounting

Great info Ian - thank you.

That might help some who need a hand with the small initial outlay.

cheapaccounting

More info ..

I have just updated our Associate web pages to provide more information.

You can find the information here:

http://www.cheapaccounting.co.uk/accountantsjoinus

Hope it is helpful.

paulstafford

Thanks

Thanks Elaine.

Interesting reading..

cheapaccounting

Hi Paul

I think you contacted Carleton a while ago if my memory serves me well?

Happy to have a chat of it helps at all.

Elaine

cheapaccounting

Coming soon – a bit of a preview

Coming soon – a bit of a preview

Next week I hope to announce our CheapAccounting.co.uk apprentice scheme.

For those currently studying at level 4, who ultimately want to set up their own Practice and have selected Business Tax and Personal Tax as options then you can join us as an Apprentice Associate.

This means that you come in under the mentored Associate programme as a supervised Apprentice Associate.

You work on your own clients with supervision.

You get the practice and the experience that you need to get your Practice Certificate and become a MAAT. You are fully supported al of the way.

Once you have this you become an Associate and the best part – the clients you have worked on transfer to your own Practice.

I am finalising the detail now so would welcome any feedback on this from anyone.

Bracken

Hi Elaine,

Your apprentice scheme sounds very interesting am currently doing AAT 4 am awaiting personal tax results and hoping to do buisness tax in june. Please let me know when you have finalised the details.

Look forward to hearing from you
Liz

cheapaccounting

Liz

I will do - can you drop me a line with your email address (elaine.clark@cheapaccounting.co.uk).

You sound like just the type of person that I had in mind when I started to put together the scheme.

Thank you

janwal

cheapaccounting wrote: »

Coming soon – a bit of a preview

Next week I hope to announce our CheapAccounting.co.uk apprentice scheme.

For those currently studying at level 4, who ultimately want to set up their own Practice and have selected Business Tax and Personal Tax as options then you can join us as an Apprentice Associate.

This means that you come in under the mentored Associate programme as a supervised Apprentice Associate.

You work on your own clients with supervision.

You get the practice and the experience that you need to get your Practice Certificate and become a MAAT. You are fully supported al of the way.

Once you have this you become an Associate and the best part – the clients you have worked on transfer to your own Practice.

I am finalising the detail now so would welcome any feedback on this from anyone.

Hi Elaine

This sounds really good, although I am only on Level 2, but maybe you will still be around when I get to end of 4, I already know I want to do the tax options. Will keep looking on the site with interest.

Janet

cheapaccounting

Janet

Thank you for posting. As soon as the details are available I will let you know. Good luck with your studies.

cheapaccounting

The CheapAccounting.co.uk Apprentice Scheme

Here are the details of:

The CheapAccounting.co.uk Apprentice Scheme

http://www.cheapaccounting.co.uk/accountantsjoinus7.php

Full details of the Associate programme can be found here:

http://www.cheapaccounting.co.uk/accountantsjoinus

I do hope that this is of interest.

Please let me know if there are any queries on it.

I do hope that some of you will find it a valuable way to get to your ultimate goal of your own Practice.

cheapaccounting

Ways to pay

Just though I would add that we now have ways to pay if you want to join us ...

http://www.cheapaccounting.co.uk/accountantsjoinus8.php