You are not alone.
Surveys and statistics continue to illustrate there is a major appetite in the UK for self-employment despite the economic turmoil of the last 10 years, with the number of people working for themselves steadily increasing from 3.3 million in 2001 to 4.8 million in 2017 (according to the Office for National Statistics).
Setting up in business is a strong and powerful goal because of the sense of achievement and potential for personal and financial rewards. However, the journey can be off putting because of the planning and potential risks involved and is never a decision to be undertaken lightly.
Some people have the confidence and experience to establish their own practice and operate independently. Others decide to take advantage of the benefits of joining a franchise which, for the fees you pay, should provide a well-known brand name and technical and marketing support to enable you to grow a more substantial practice faster and more efficiently than starting from scratch.
If you’re seriously thinking about setting up on your own, here are a few considerations to bear in mind:
1. Have you got the right temperament for self-employment?
Many people dream of working for themselves, but have you got the high levels of business acumen, commercial awareness, energy, motivation and communication skills to be effective in business? You will inevitably have to work hard, and may end up working longer hours than you did in employment. It will not be an easy ride, you will need a lot of resilience, especially in the early years while you get established.
You may have a certain set of skills, but are lacking in others. Do you want to employ people/services to plug those gaps or use a franchise to benefit from the established brand, plus the additional benefits of training, marketing, client lead generation, advice and support?
If you are going it alone, you will need to consider a long list of business start-up requirements as well as working out – most importantly – how you will stand out from the crowd and attract clients.
2. Have you got the finances to enable you to live and set up your practice?
One of the main reasons new businesses fail is because they cannot maintain a healthy cash flow. Making sure you have solid financial and marketing business plans, going into your venture well-funded and keeping on top of your finances are all key if you want to make a success of your venture.
The main four banks remain supportive of lending to franchisees of quality franchises, as the risks associated with establishing a franchise are much less than going it alone. Your total investment figure will be dependent on location, working capital and level of personal drawings required.
3. Have you got the necessary technical and marketing abilities?
Having undertaken your studies, obtained your qualifications and progressed your career, you are likely to have very strong technical skills. The likelihood however, is you will never have had to consider marketing yourself or your practice to build a business and gain and retain clients.
This is where taking on a franchise can have a big competitive advantage over starting from scratch, as it can fill in any gaps in your skillset and provide business development support and initiatives to so you can stay one step ahead of your competition.
If you’ve answered yes to all these questions – congratulations – you’ve made a start on your journey to self-employment. Do your research, ask for help and advice, plan carefully and you could join the ranks of the over 4.8 million Brits who have become their own boss.
If you feel you would benefit from the additional assistance of a franchise, you are not alone. The TaxAssist Accountants franchise has grown to a successful network of over 200 franchises, who reap the benefits of a well-known brand with a proven business model and award-winning training and support.
If you have a passion to start up your own practice offering a good quality tax and accountancy service and want to service the buoyant small business market, we believe the TaxAssist Accountants franchise model is second to none.
You will benefit from our franchise’s 23 years of experience and be up and running after an intensive six-week initial training course.
If you need an income stream from day one, why not consider purchasing one of our resale opportunities which can be viewed here.
Call us for a confidential chat on 0800 0188297 or email the Franchise Recruitment Manager Nikki Haythorne by clicking on the link above, to find out more.
