MIP Making the Jump

jow774

Hi,

Just wanted a bit of advice.

I am currently working part time for a firm of accountants as well as doing a couple of peoples tax returns.
I was working under AAT MIP exemption because of earnings below £1000, but they have now changed this
and I will need to be fully registered to continue doing any self employed work. Before I worked for the
accountant I was all fired up and was hoping to build up a small business, but i got this job and I didnt
seem bothered about going it alone anymore, but I feel that I am now doing for someone else what I could be
doing for myself. There is no possibility of training or further advancement in the job. I was wondering if
anyone else had had this kind of feeling. My husband thinks I should leave the accountants to concentrate on my
business as he thinks having a job is holding me back. Has anyone else had this issue?

Newbie

sorry but i disagree growing a business takes time and unless you can afford to loose this income you may regret the decision, perhaps see if you can do both, a safer all be it slower option

burg

Sometimes you need to take risks but calculated risks. I left full time employment to concentrate on building my practice. At that time I had around 20 clients and some bookkeepign work. I worked out with savings and my overdraft I could survive 9 months without getting in further work.

Just when I was about to leave I received a job offer and this left me in two minds. I decided to take the risk as I had committed and knew what I was up against. That was in May 2009. I now have around 125 accounts clients and am growing by around 3-5 a month. My income is the best it has ever been and I would never have earned what I am in the practice I was in.

My advice is if you are aware of the risk you are taking and are happy with the outcome either way then go for it. But don't make stupid decisions if your current role can fit nicely around running a practice then don't give it up.

Best of luck.