Going into practice today

You're a newly-qualified accountant, or you've been in industry and have decided to take the step of entering into practice as an accountant on a sole practitioner basis. There are five ways of starting-off in practice.

OPTION 1 - You open an office or work from home, then network and/or advertise for clients. OUTCOME - over time you will build a client block, but it will do just that - take some time - possibly a year or two. Best not to give up your day job for a while.

OPTION 2 - You buy into a firm and become a partner in a ready-established practice. OUTCOME - you will have acquired a share of the firm's client-block, but your capital outlay may exceed the income you accrue from your investment for a year or more.

OPTION 3 - You buy a block of fees. This is usually a good move, and will provide you with an instant clientele. However, due diligence must be exercised and consideration given as to whether the clients are a good fit for you, and you for them. OUTCOME - favorable, but the fee purchase can be expensive.

OPTION 4 - You buy an accountancy franchise. Not a newly established one, but one that has been going some time. This provides instant income, together with back-up from the franchisor. OUTCOME - a sustainable business, but ongoing payments to the franchisor can cut deep into your profits.

OPTION 5 - take on a TaxShop outlet. There are two options - taking on one with an existing block of fees, or taking on a start-up with full backing and training from the firm. There is no substitute for experience, and UK TaxShop Accountants have over 40 years experience in opening practices. OUTCOME - a good start-off with quick build-up of clients, but with a much lower capital outlay than other options and no ongoing fees.

Check us out at www.taxshopoutlets.com to find out more about taking-on a TaxShop.