I am considering finishing my part time job to concentrate on my accounts business full time. How did everyone manage this? It would be comforting hearing everyone's story. I am a little risk adverse but have 6 months living expenses put aside (is this enough)?
I have 1/2 days work within the business at the moment which is a bonus but 70% of that is with 1 client.
Hi Matt
I fell into this profession by accident so didnt have to make the choice you did. Im assuming that the 1/2 day work is 1/2 day a week? Or do you mean every day for 1/2 day. I would suggest if you are working part time that you keep that income coming in until you have built your client base up a bit more - as why make money worries an issue. What you have to consider is that if you lose that one client its a large chunk of your business income - I would spread that risk as much as possible before making that final leap.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I worked full time in practice and worked part time for myself until had about 40 or so clients that covered about 2-3 days per week before making the jump in Dec 2012.
Now have about 180 clients and dont have enough hours in the day to do all the work. Currently have 1 full time employee and will be looking to take on another when probably get to just over 200 clients which will likely be in the next 3 - 4 months.
I got fed up of the 9 - 5 routine, had worked many years in and around accounts departments before realising that I would be much better working for myself. I built up my client base whilst still employed to the point were I could not physically or mentally !!!! take on any more clients. That was when I took the plunge.
Like Joanne has pointed out, it is better to spread the load with many clients rather than just one or two before you attempt to go solo, this will help alleviate the pressure of keeping an income coming in.
One of my first clients I had acquired was from a job centre advert, they wanted someone part time. I applied, got to interview stage and talked them into taking on a self employed bookkeeper. I worked every Saturday on site for months, was able to take work home, effectively working 16 hours a week for them in addition to my 9 - 5 job. Along the way, I advertised, sent flyers, letters of introduction to accountants and started to get responses and built up my client base. The number of hours I worked before going solo was a lot, but it was good experience and a big learning curve which I am thankful for.
Prepare yourself for putting in long hours at the start, being able to get on with your clients as you will come across some characters, but it is rewarding and the feeling of doing something you enjoy is priceless.
