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Setting up - Fears and anxieties

  • 3 posts
  • # 112087

Hi,

 

I qualified Associate Memeber in 2015 and really want to request my practice license and set up, but i am struggling to get past the daunting prospect of my first few clients and getting in to the swing of things as I dont currently work in the industry.

Just wondered if there are any tips etc as due to these anxieties im holding off doing it, getting frustrated with myself.

If i can pluck up the courage i would only be looking at sole trader buisnesses. I really want to do this.

Any tips would be greatly appriciated,

 

Thanks in advance.

Ellie

 

  • 83 posts
  • # 112092

Hi

 

I dont really have any tips as I am just about to take my BA4 so not at your stage yet but keep positive.  "Think big, dream big and the results will be big."

 

You have put in all this hard work, now it is time to reap the benefits.  Go on go for it and let me know how you get on so you can give me encouragement. I will subscribe to this topic to keep up with your progress.

 

"Believing in yourself is the first secret to success"

 

I think once you take the first step it will start to get easier. Good luck. 


Sue  Smile

 

  • 141 posts
  • # 112093

I applied for my licence in November 2013 and started trading in January 2014... It was the best thing I ever did! My nerves were through the roof, my anxieties were at an all time high and the whole prospect was quite terrifying. However, it is one of those things where you have to take a leap of faith, trust in yourself and the training you have done and just do it. Everyone feels the same when starting out so you are not alone. Try to attend some of your local ICB branch meetings to build up contacts with other bookkeepers in your area as it is lovely to be able to chat to others in your area from time to time and just have a bit of faith in yourself. You can do this :)

  • Fellow
  • Practice Licence
  • 32 posts
  • # 112107

Hi Ellie,

I set up in practice last year and like you hadnt worked in the industry before, and just like you I was terrified! I really enjoyed the training, but kept putting off the actual start up date after completing level 3 on the old syllabus. My last excuse was to wait until I'd done the self assessment exam, but was sort of forced into it as my first client landed in my lap. 

I applied for my licence and was really unsure how to proceed with the first client- its  a bit like when you pass your driving test and then you have to pick up your first car on your own and drive it home!

Anyway I'm pleased to say its working out well- I'm still in the very early stages- but have picked up client number 2, client 3 will start at the end of January, and I have another 3 in the pipeline. I still get nervous, but I am gaining confidence all the time. 

 

I think the best advice I can give is just apply for the license first of all- take it step by step, just because you apply for the license doesnt mean you will automatically start gettting clients straight away. Just do one step.....

Then ....try and get your first client- dont try and run before you can walk and take on loads. Work with that client and find out what works and what doesnt. Mine was a new starter too so we were sort of in the same boat- working it out together. Make sure you get along with that first client- it'll make life much easier. 

I could go on for ages, but wont bore everyone else!

Feel free to email me if you want any more hints and tips- there are many things to think about- software, organising your clients, pricing etc 

janette.rix@me.com

 

good luck and believe in yourself!

 

Janette

 

  • 47 posts
  • # 112112

Hiya

Well i've had my practice licence since april & not done any client work yet, i thought i would sell my business i had 1st & this happened 5 weeks ago.

I've now started self assesment studies after spending december in a boozy "i don't have to go to work every day" high! haha

I'm now worried/panicing thinking i've litrally taken the biggest plunge ever leaving a twenty year career & signing a sales contract promising for the next two years i won't go back to it & don't know how to get the elusive 1st client.

The money laundering rules was like a smack in the face, i've learned all this now there is more!!!! & on about the third draft of a letter of engagement.

I spent three night not sleeping because a woman who had been picking my brain for day's via text was supposed to ring me to organise a face to face chat, i then got a text saying "sorted now ta"

I'm going to sign up to instagram & make a facebook page for my bookkeeping (after self assesment)

Doesn't help that family & friends have sent me 4 job suggestions this week, I have no idea how many times i have to say "i want to do bookkeeping" i know there just worried & think they're helping & i know just waiting for the phone to ring without advertising is unlikely but at the same time word of mouth & mutual freinds grew my last business.

You are not alone.

lou

  • 83 posts
  • # 112117

Hi Lou

 

Have you thought about going to one of the monthly meetings.  I attend two.  The Northampton one and the Buckinghamshire one.  They are both very good and the support is helpful.  I am hoping both of these avenues will lead to some work when I get started.

I also gave up a long term carreer to do this and I was earning good money.  In theory it seems to be a good idea but when I hear stories like yours I begin to panic.

Have you thought about taking on some contract work just to get your name out there?  I might try that if I struggle to get my first client.  I am also going to write to all the Accountants in the local area.  One of the girls from the Northampton Branch did this and offered her services for free. She worked for them for a while and now has been given referrals for clients.  Again an option I might consider if I need to.

Keep on trying and let me know if you find anything that works, and keep your chin up and be posititve and proactive.

They are out there somewhere!!!

 

Sue

  • Fellow
  • Practice Licence
  • 32 posts
  • # 112120

Hiya again,

 

Ok- getting those clients..... 

 

Ive never been to a branch meeting so have no idea of the format and who attends. If they have local businesses that go who you can network with then thats a great start.

My first client was gained through word of mouth- a friend of a friend. I talk about what i do with people I meet - you never know what that can lead to. I'm not necesarily selling- just informing and chatting.

2nd one was through Yell.com- she was attracted by the name ZEN being a reflexologist - I'm thinking of targeting that type of business and probably expanding that to other alternative therapists /personal trainers. 

3rd- starting at end of january is a neighbour- again who I'd been chatting to last year whilst studying. She's becoming a driving instructor and insists that im doing her books for her when she starts. 

3 others in the pipeline- gained from word of mouth or I already know them. 

i'm going to be trying some marketing tactics in the near future, when I get these guys organised. The main thing I think I have learnt is that advertising doesnt work as a stand alone. You need to get out there- talk to people, give bits of advice- but not too much Lou! Join FB ( my page has nothing on it yet!), join other free listings, get a webite and link to it as often as you can. its often a slow burn - they need to know they can trust you before they commit. 

 

good luck 

 

Janette

  • Student
  • 19 posts
  • # 112123

So pleased to find this post. I feel exactly the same. I'm  just preparing to sit BA5 and BA6 next week. The folder i used to sit and think can i really do this about is now complete.

I have no experience in the industry but have really enjoyed my studies. I've wanted to do this for a long time and now i'm finally getting there it's scary.

I have confidence in my own abilities, minus the odd wobble. But how on earth do i convince someone else i can do it?

Why would they want to leave someone with years of experience and take a chance on me?

I've applied for alot of employed roles along the way to try and gain some experience. But they all want experience too.




  • Companion Fellow PM.Dip
  • Practice Licence
  • 1137 posts
  • # 112125

Hi All 

As a fellow member of the ICB and the Glasgow Branch leader.  I thought would  try and help re the above comments .

I would just like to say I may be hard below but the fact you are all posting and want help.  I know you will all succeed. 

for example in Glasgow we are ruining workshops instead of meetings at the moment to cover all the members that are just starting out.  It is about bridging the Gap from having the exams  but having no experience of bookkeeping in the real world.

Quite a few of the more experienced members are helping me with the members starting out. 

We are volunteers.  We need members like yourselfs to come to the branch meetings and tell your branch leaders what you want.  If members do not come then the branch leader does not know. 

As a branch leader I tried everything to get more just qualified involved and hit a brick wall. I have to say as a branch leader it was a bit soul destroying. The goods news though my workshops have finally broken through. 

Now the workshops have amazing feed back and we have 10 to 20 attending the workshops which are very techinical. No speakers- no clients- just us.  So many are reporting their confidence and received the first clients. 

We are still having other meetings but it is a starting point.  So many more are going to Glasgow Inspire tour 2016 and I feel the workshops are part of the reason why. 

As a long standing member of the ICB so many of long standing practices and senior members started in employed jobs for bookkeeping.   For some of you if you are not feeling confident one of the best things you can do is take a job for example in Purchase Ledger - Sales Ledger- payroll.  Their are loads of small firms looking to employ people.   It may not be the rate of pay you want but the experience will go a long way and to be frank it is better then not getting any work.   Even if it is part time you could then try to pick up some clients. 

I maybe sounding hard.  Going out to practice is hard work and if you believe in yourself like I did when I started out then you will make it work no matter what. Even if you have to take a part job .   No it is not easy and sometimes some members just starting out fall on their feet.  I sometimes think this destroys the moral of others when they read the success stories.

However I can tell you their are plenty or others who have made it through very successfully with extremely hard work and ups and downs.  Many of them grew very slowly and are now some of the most successful practices in the ICB.

This is from experience.  My first two years of business I barely made the tax free allowance.  Since then I have been shortlisted for best practice 5 times and won small practice in 2014.  I now have large offices.

I can honestly say having employed bookkeeping experience does make a difference even if is small.

But please contact your branch leader as all we want to do is to help you.   No we cannot promise you work or job but we can give you the tools and confidence to help. 

 



Edited at 16 Jan 2016 09:55 PM GMT

  • Companion Fellow PM.Dip
  • Practice Licence
  • 1137 posts
  • # 112126

double posted by mistake 

Edited at 16 Jan 2016 09:50 PM GMT

  • Fellow PM.Dip
  • Practice Licence
  • Practice Licence
  • 30 posts
  • # 112130

Newby - Sue said:

Hi Lou

 

Have you thought about going to one of the monthly meetings.  I attend two.  The Northampton one and the Buckinghamshire one.  They are both very good and the support is helpful.  I am hoping both of these avenues will lead to some work when I get started.

I also gave up a long term carreer to do this and I was earning good money.  In theory it seems to be a good idea but when I hear stories like yours I begin to panic.

Have you thought about taking on some contract work just to get your name out there?  I might try that if I struggle to get my first client.  I am also going to write to all the Accountants in the local area.  One of the girls from the Northampton Branch did this and offered her services for free. She worked for them for a while and now has been given referrals for clients.  Again an option I might consider if I need to.

Keep on trying and let me know if you find anything that works, and keep your chin up and be posititve and proactive.

They are out there somewhere!!!

 

Sue


 Hello Sue

How funny, you were on my list to contact tomorrow .... I was talking about you and your enthusiasm to a fellow branch member only this morning! How do you fancy 1 day a week in my office as a subcontractor, under supervision ...... It would be great practice and really good experience of work within a practice. If you are interested drop me an email, I think you already have my email address 😊

Sarah, very wise words ..... 



Edited at 17 Jan 2016 07:57 PM GMT

  • Fellow PM.Dip
  • Practice Licence
  • Practice Licence
  • 30 posts
  • # 112131

julesonaharley said:

Newby - Sue said:

Hi Lou

 

Have you thought about going to one of the monthly meetings.  I attend two.  The Northampton one and the Buckinghamshire one.  They are both very good and the support is helpful.  I am hoping both of these avenues will lead to some work when I get started.

I also gave up a long term carreer to do this and I was earning good money.  In theory it seems to be a good idea but when I hear stories like yours I begin to panic.

Have you thought about taking on some contract work just to get your name out there?  I might try that if I struggle to get my first client.  I am also going to write to all the Accountants in the local area.  One of the girls from the Northampton Branch did this and offered her services for free. She worked for them for a while and now has been given referrals for clients.  Again an option I might consider if I need to.

Keep on trying and let me know if you find anything that works, and keep your chin up and be posititve and proactive.

They are out there somewhere!!!

 

Sue


 Hello Sue

How funny, you were on my list to contact tomorrow .... I was talking about you and your enthusiasm to a fellow branch member only this morning! How do you fancy 1 day a week in my office as a subcontractor, under supervision ...... It would be great practice and really good experience of work within a practice. If you are interested drop me an email, I think you already have my email address 😊

Sarah, very wise words ..... It is so hard to take the step from exams and qualifying to having the experience and confidence to go out there and actually work on your own. As per Sarah's advice get yourself along to a local branch meeting, meet like minded fellow bookkeepers and allow other members to offer you the support to be able to go it alone. It is great to be able to have others to fall back on, even if just for advice .....

Plus we branch chairs and members are a really lovely friendly bunch .....



Edited at 17 Jan 2016 07:57 PM GMT

 

  • 47 posts
  • # 112145

Hello

I don't know if a came across a bit wrong in my last post!, The thing i was trying to get at is like one of the other women said is getting your practice licence isn't a guarantee that things will start shifting overnight.

I got mine & perposefully haven't self promoted to concentrate on selling my 1st business, luckily i had 10years of till rolls,bank statements & reciepts & have processed these through sage to gain experience & confidence.

I've not been able to attend branch meetings as i was running my shop as a sole trader 6 day's a week, but really hope to in the furure.

I know what i want to do & i belive i can do it, but like i said word of mouth grew my last business, social media is the first route i'm going to explore, I do belive this transision from studies to paid work is not a bed of roses for everyone i'm on a huge learning curve! but love it.

So quick question, if someone is asking questions on how to "do there books" & you know but don't want to do yourself out of business how do you politly respond?

Lou

  • Companion Fellow PM.Dip
  • Practice Licence
  • 1137 posts
  • # 112149

Hi Lou

If you find yourself in that position again.  This is what we do.  We tell them we can to show them how to do the books but there is a training fee.  This usually gets rid of the waters or they do want training.  They then find there is more to it and want to pay you to do the books. 

Hope this helps.

  • Member
  • Practice Licence
  • 40 posts
  • # 112162

good luck Tiamaria. It is very daunting, but really worth going for it. Why not call up some accountancts and ask if they have any clients who need organising a bit? Be clear about what you can do - if you have your practice licence you certainly have the knowledge to be able to assist people. As long as you are honest and don't say you can do areas you cannot yet. 

 

I love the idea of the workshops Sarah at Douglas Accountancy. I am very happy inputting data and running VAT returns, but there are a few year end niggles I would love the opportunity of going through on a practical level. Some of those things you think you should konw but are too embarrassed to ask!!

best of luck everyone

 

  • Student
  • 19 posts
  • # 112164

Some great advice there. Thanks for posting :)

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