Hey everyone.
It has been a while since I initially posted and introduced myself and in those 4 years, I have grown so much from a personal standpoint.
This post will be a bit more of an introduction post to catch up to the current day and following that my plan for the year.
I plan on posting update posts once a week and chatting in between if people are here.
Introduction (part 2)
Business overview
I run an accountancy practice with myself as the sole employee. Last year I turned over £25,000 and won a couple of new clients for myself. Towards the end of the year, I let the work get on top of me and was consistently running right up to the client deadlines.
Plan for 2021
Overall goals:
It has been a while since I initially posted and introduced myself and in those 4 years, I have grown so much from a personal standpoint.
This post will be a bit more of an introduction post to catch up to the current day and following that my plan for the year.
I plan on posting update posts once a week and chatting in between if people are here.
Introduction (part 2)
I was one of those kids who *wanted* to be an accountant because he loved numbers and money… I took an accounting course in college alongside business studies as well because I always thought I would want to run my own business.
I tried just hard enough to get B’s throughout college whilst also spending a lot of time on football manager. The night before results day I told my family I wouldn’t be going to university and I wanted to go straight into work.
Through a friend, I managed to get into a top 10 accounting firm in the UK. I flew through the AAT course level 3 and level 4 completing these in 6 months each and then went straight onto the ACCA course. I finally became exam qualified in January 2020 before resigning from ACCA the day after receiving my exam results.
In 2018, I tried something different with web design with Fox (which failed for a couple of reasons, I didn’t put the effort in to generate sales, introvert, and also I don’t have a creative bone in my body right now). Following this, I moved to a team of management accountants, where it solidified what I wanted to be doing (working with business owners throughout the year rather than just at the year-end). In 2019 I got a new job with a tax specialist dealing with landlords who I knew from my time at the top 10 firm. This taught me a lot about the accounting/tax side of property investment, which is also something I have been wanting to get into when money allows.
In 2019 I also married the love of my life after just short of 10 years together we finally got married. The day was special and I would live it over and over if I could.
In January 2020 we decided to end the employer/employee relationship but continue on as a subcontractor. I would handle the accounts/personal tax for his clients while taking a % of the revenue. This was a win for me as it meant a fairly low-risk entry into being my own boss. It turns out, it also made me lazy as I didn’t take many risks and mostly just went along with the clients passed along and the work I was doing for him without trying to grow my own business.
In September 2020 we welcomed our baby daughter into the world, who is just the most amazing little girl I could ever have hoped for and has given me a renewed sense of purpose for my business.
So here we are at the start of 2021 - with the personal tax deadline at the end of this month.
I tried just hard enough to get B’s throughout college whilst also spending a lot of time on football manager. The night before results day I told my family I wouldn’t be going to university and I wanted to go straight into work.
Through a friend, I managed to get into a top 10 accounting firm in the UK. I flew through the AAT course level 3 and level 4 completing these in 6 months each and then went straight onto the ACCA course. I finally became exam qualified in January 2020 before resigning from ACCA the day after receiving my exam results.
In 2018, I tried something different with web design with Fox (which failed for a couple of reasons, I didn’t put the effort in to generate sales, introvert, and also I don’t have a creative bone in my body right now). Following this, I moved to a team of management accountants, where it solidified what I wanted to be doing (working with business owners throughout the year rather than just at the year-end). In 2019 I got a new job with a tax specialist dealing with landlords who I knew from my time at the top 10 firm. This taught me a lot about the accounting/tax side of property investment, which is also something I have been wanting to get into when money allows.
In 2019 I also married the love of my life after just short of 10 years together we finally got married. The day was special and I would live it over and over if I could.
In January 2020 we decided to end the employer/employee relationship but continue on as a subcontractor. I would handle the accounts/personal tax for his clients while taking a % of the revenue. This was a win for me as it meant a fairly low-risk entry into being my own boss. It turns out, it also made me lazy as I didn’t take many risks and mostly just went along with the clients passed along and the work I was doing for him without trying to grow my own business.
In September 2020 we welcomed our baby daughter into the world, who is just the most amazing little girl I could ever have hoped for and has given me a renewed sense of purpose for my business.
So here we are at the start of 2021 - with the personal tax deadline at the end of this month.
Business overview
I run an accountancy practice with myself as the sole employee. Last year I turned over £25,000 and won a couple of new clients for myself. Towards the end of the year, I let the work get on top of me and was consistently running right up to the client deadlines.
Plan for 2021
Overall goals:
- 50% revenue increase from £25,000 to £37,500.
- 10 new ongoing monthly clients based on Q2 rebrand.
- Automate/Outsource as much admin as possible.
Quarterly targets
Q1 - get at least 3 months ahead of accounting deadlines and have all June deadlines under control/finalised by 31st March 2021.
Q2 - rebrand the business into a business offering bookkeeping and management accounts for landlords offering ongoing support.
Q3 - take-on my first bookkeeper to manage the new clients bookkeeping (how many clients can a bookkeeper handle)
Q4 - publish an ebook/course on bookkeeping for landlords to target the landlords who are not using my service and also build credibility for my business.
Thank you for getting this far, and I am happy to chat with anybody that is here and reading and I hope you enjoy the journey with me. If anybody has any tips along the way, please feel free to post them, I am always looking to learn more.
Brad
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