Starting up as a part-time MIP

Pembo13
Pembo13 Registered Posts: 14 New contributor 🐸
in General accounting discussion
Hi all,

I have been an AAT full member for two years, and want to become MIP part-time!!

I was wondering if anyone else is MIP part-time, as well as doing their full time job?

I am going to concentrate on small self-employed workers, like hairdressers, and builders etc.

Would appreciate any feedback possible.

Thanks in advance.:thumbup:

Comments

  • Sevren
    Sevren Registered Posts: 101 Dedicated contributor 🦉
    Hi - I started up a couple of years ago after going part time at work to avoid being made redundant (long story) and it works well to start with.

    However, what I have found is that as your business grows you end up taking more and more on and can't quite shake the security of the employment, sick pay, pension etc.

    If you are not carefull, you end up starting to work evenings and then weekends.

    So my advice would be to have a good time management strategy and be clear in your own mind how you want it to work for you.
  • Pembo13
    Pembo13 Registered Posts: 14 New contributor 🐸
    Thank you, for you advice.

    Did you start up with small clients such as self-employed people. With basic accounts to do. Then built up your portfolio from there?

    Did you start running your business from home, and word of mouth advertising?

    Also have you gone fully self employed now?
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
    I work part-time and also full-time in another self-employed job. I do work some evenings and Sundays, but I enjoy this. I also take time out from my main full-time work to catch up on my MIP work. I have a cleaner in during the week to help me with the housework and manage to fit everything in fine. I do not advertise for any more clients, but do occasionally take on new ones particularly if they are in the construction industry, which is where I like to specialise.
  • Pembo13
    Pembo13 Registered Posts: 14 New contributor 🐸
    Applying for MIP

    I was wondering if three years experience in the areas I want my services to cover when I am MIP, would be sufficient?

    Also is there any tips to help set up my practice? and is there any pitfalls to watch out for?

    I would be grateful of any advice people can give me!!
  • Sevren
    Sevren Registered Posts: 101 Dedicated contributor 🦉
    Experience accelerates at an alarming pace when you are on your own !

    It would be helpful if you have some more experienced support but I didn't and have had to put time aside to look at some of the aspects which I didn't come accross in my previous roles. This forum is very supportive and helpful as well I have found !

    Pitfall to avoid - don't undercharge - it may be worth taking a few on at an introductory rate to get your reputation going but don't end up being what I understand is described as a busy fool.

    I have never got the hang of marketing - it all seems to be down to 60%reputation and 40% luck. I would not recommend big yellow pages adds but oneliners are free !

    Good luck and don't look down !!!
  • Pembo13
    Pembo13 Registered Posts: 14 New contributor 🐸
    professional cover

    Thanks again for you help.

    It does make it easier when you have a network of people, to support you.

    I am currently have problems getting some one to be my professional cover?

    Did you have any probelms finding professional cover?:thumbup:
  • Nick Smith
    Nick Smith Registered Posts: 1 New contributor 🐸
    Hi there,

    I have been practicing for the past 2 years now but only realised this year that I needed to register as a MIP. The Professional cover was the hardest part of the application. I found my "associate" just by chance whilst networking at a social venue.

    From this chance meeting I have restructured my working calendar so that my clients DO NOT give me boxes of work to do in January. The work is coming in during April - July now so that the busy period has been made available to support my new found associate.

    Do you know any "one-person" ( I was about to type one-man but retracted at the last minute for fear of being shot down) accountants that work in your local vacinity? Approach them. . I personally would be quite welcoming to any fellow Accountants. You never know, they might be busy too and it could get you some more work, might be bank recs and donkey work but it is all valuable experience. . .

    Good Luck
  • Pembo13
    Pembo13 Registered Posts: 14 New contributor 🐸
    Thanks for that.

    Yes I am thinking of approaching local accountants to do some sub contract work for them, it will help me gain more experience, and help me build a reputation amongst local accountants.

    Did you get a quick response back, when you sent off you licence application?, and did you write much about your work experience?
  • Cadwood
    Cadwood Registered Posts: 7 New contributor 🐸
    Hi,

    I have been a member for seven years now and have always wanted to go part time MiP leading to full time MiP, but since qualifying I have been enjoying the baby years and sitting ACCA exams, so haven't yet made the leap.

    So far I have worked primarily in management accountant roles, and that is a matter for some concern (in connection with going self employed) as I have no real experiance of tax work - which I perceive to be quite a big part of the small practices workload.

    Could someone tell me how much of your workload is tax and am I deemed competent to do tax work by simply researching these areas in a theoretical way and going on courses without having had any practical experience?

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