How easy is it to start up by yourself?

mrb82
mrb82 Registered Posts: 147 Beyond epic contributor 🧙‍♂️
in Chat and off-topic discussion
Evening everyone!

How easy is it starting up by yourself? I've been thinking about where I go once I qualify, mostly working in industry for an amazing company. But recently I've been thinking, would it be just as rewarding (financially) providing my own services?

I'm having a baby soon and it's going to be very hard studying CIMA/ACCA next year. Would I be better off focusing on my AAT? I currently work in industry in a kinda sales ledger role and am quickly finding I'm not getting the experience I really want/need. Would working in practice be best?

Does anyone have any bookkeeping they would let a student help them with in the Staffordshire area?

I know this sort of thing comes up all the time from students. I just fancied typing things out loud to see if anyone has any thoughts. Doesn't matter if you don't, this is the open chat area, but thanks for reading :)

Comments

  • katie2008
    katie2008 Registered Posts: 294 Dedicated contributor 🦉
    Just wanted to say I think your brave for considering acca/cima and a newborn!

    I'm in a similar boat, I will just try and finish my last two units on aat then have a break. Possibly starting acca next year..

    When are you due? Mine is start of June, feels ages away at the moment.

    Good Luck anyway
  • mrb82
    mrb82 Registered Posts: 147 Beyond epic contributor 🧙‍♂️
    Thank you Katie :)

    I should clarify, my wife is having the baby, I'm going to be flapping around the delivery room for a while. We're having a little girl and she's due 10th May.

    Have you got everything ready yet? We finished the hospital bags at the weekend so we're all set to go!

    We have a 3 year old already while studying AAT, what's another qualification? :)
  • Rinske
    Rinske Registered Posts: 2,453 Beyond epic contributor 🧙‍♂️
    mrb82 wrote: »
    We have a 3 year old already while studying AAT, what's another qualification? :)

    CIMA/ ACCA is a big step up from AAT in knowledge and study time required for exams though.

    This is not to put you off, but just a warning that if you think it will be all just as easy, it might be a bit of a cold shower, especially if you just had a little one when you start!
  • katie2008
    katie2008 Registered Posts: 294 Dedicated contributor 🦉
    mrb82 wrote: »

    Have you got everything ready yet? We finished the hospital bags at the weekend so we're all set to go!

    I have got everything sorted, apart from packing the bag... I did packk it last week, then slowly been taking things out so its pretty much empty now! :)
  • Dcollins
    Dcollins Registered Posts: 179 Dedicated contributor 🦉
    mrb82 wrote: »
    Evening everyone!

    How easy is it starting up by yourself? I've been thinking about where I go once I qualify, mostly working in industry for an amazing company. But recently I've been thinking, would it be just as rewarding (financially) providing my own services?

    I'm having a baby soon and it's going to be very hard studying CIMA/ACCA next year. Would I be better off focusing on my AAT? I currently work in industry in a kinda sales ledger role and am quickly finding I'm not getting the experience I really want/need. Would working in practice be best?
    :)

    I moved to practice from industry, and it was a steep learning curve. It's definitely not the easy option. After 4 years as a sole practitioner I'm still about £40K down on my last annual salary. But that's mostly due to being lazy with marketing and dealing with health issues. I found setting up a practice much more challenging than studying ACCA, but for me the benefits are good enough to outweigh the lower income.

    Why not go onto ACCA or CIMA, and look for a more rewarding role at the same time? Not easy to find a job in practice, but it can be done. Or, if you like the company you work for now, acting keen and going the promotion route could see you carving out a more rewarding role, but keeping the financial security.

    Also bear in mind that if you want to work for yourself and study, ACCA wouldn't let you do more than bookkeeping, VAT & payroll. They have very strict rules on students and members practicing, and dish out hefty fines. Not sure about CIMA, but just thought it worth mentioning while you're still making up your mind what to do.

    Good luck with the baby business too!
  • PAMDILL
    PAMDILL Registered Posts: 721 Epic contributor 🐘
    I have been trying to set up my own bookkeeping/payroll practice for months now. I have only just recently started picking up a couple of clients. I have the ICB Practice Licence, the plan being once I have traded for a year or two and gained enough experience on the Practice Management side I can then apply for the AAT one.

    Fortunately I also have employed work or I would be in deep doodoo.

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