3 considerations before starting your own accountancy firm Back

3 considerations before starting your own accountancy firm

According to the Oxford Economics report released in May 2017, there were 311k Accountants, working at 22k UK-registered firms, contributing £52b to the UK economy. With 2.6 million VAT-registered businesses operating in March 2017 the market for successful accountancy firms is constantly growing – presenting a great opportunity for you. 

You may be frustrated by not being able to reach your potential where you are, or you may be ready to take control over your working-life, choosing how to structure your daily schedule. Either way, leaving the security of employment to run your own business is challenging. Many accountants, like you, with the right skills and capabilities, give into their fear and stay where they are. 

But, we know you’re different! If you are ready to take a small step, you can not only start your own firm, you can make it incredibly successful. Especially with the support of a successful franchise behind you. We know this from experience, and so our business model will work to your strengths, whilst supporting your weaknesses, and has proven profitable for our network of franchisees. 

Based on what we already know about the accounting industry, here are 3 considerations, we suggest will help you decide whether now is the time for you to open your own firm: 

1. Planning is crucial

Attention to detail is your forte. Your clients, your employer, your career have been at the forefront of the plans you’ve implemented. So, why not your future? 

Over the last eight years, we have developed a business model which identified the core services SME customers are looking for, devising unique systems and processes specifically targeted to meet them.

By starting your own business, supported by our franchise experience, we provide you with the resources which will see you making a success of your business plan and the goals you set out. Once you have started your business, we will also provide you with a territory-database of potential clients, so you can start to plan who you will approach about your new business.

2. Working for yourself, without being left alone

Whilst you may have years of experience in accountancy, working with varying sized SME’s, having the right people on-hand to support you, shouldn’t be overlooked. You may be thinking about building your own business, but with our franchise, you won’t feel like you’re left alone in the dark.

As a franchise, we will not only train you in how to use our systems, we also support you throughout the lifetime of your franchise. For many new businesses just starting out, the toughest challenge is marketing! How can you really attract the right customers to your business? We have proven processes which will definitely work in your favour, generating both interest in your business, and new clients. 

Our network also has unique access to a range of experts ready to work alongside you for the benefit of your client. This is what will set you apart from the competition, as you grow your business your way. 

3. Start small and build-up

There are many benefits to working for yourself, not least the ability to work from home, reducing the need to travel to the office. With the Financial Management Centre’s franchise opportunity, you can start straight away, by working from home. You don’t need to wait until you have set-up an office, or a high street shop front. This is often less intimidating, creating the space for you to grow your business at your own pace. 

Your future goal may well be to have your own fully-staffed office. The business model developed by The Financial Management Centre is easily scalable, giving you the flexibility to grow your business before you need to finance an office. In fact, most of our franchisees started by working from home, before their business grew so large, they had to expand into office premises!

If you would like to know more about the franchise opportunity provided by The Financial Management Centre, to learn if this model would suit you, click on this link and complete the form.