Hi everyone, I am desperate for some advice. I am a PQ accountant and have been working in finance for 10 years. I want to start up my own bookkeeping business however I wanted to find out (from different people's experiences) how long it takes to take it off the ground and start earning a living from it, being able pay mortgage etc. I suggested my desire to my husband and he was horrified that i was going to leave employment and set up myself.
Please tell me your experiences but also have you ever regeretted the decision of going self employed?
First and foremost, you will need your husband on board. Quite a lot of my clients have a hard time earning a living and the help, advice and support from friends and family is invaluable. If you have any family or friends who work for themselves, ask them about it. It may not be the same work, but it's the same principle.
Second, do a business plan. Be critical. Identify how you are going to get work, what services you will offer, how much you will charge, etc.. Assume you won't make any serious money for the first year, that you will be living off savings and your husband's wages. Will you still have enough to pay the mortgage?
Thirdly, don't expect to earn money every day. There are a lot of myths about being self employed or the director of a limited company, many people on PAYE (wrongly) assume you are earning a bundle. It is bloody hard work, but the really satisfying part is that all your effort is for yourself.
Fourthly, in answer to your last question - no, not regretted it, wouldn't go back to working for someone else again. Over the last 7 years, I've seen my children grow up much more than if I'd have worked for someone else, which is worth a lot.
