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Happy Birthday! Chimes Accountancy celebrates 5 years of providing friendly, jargon free accountancy services

You’ve probably heard the stat that 30% of businesses fail during the first two years, so we are delighted to have made it to our 5th year of helping small businesses manage their financial affairs. If you’re thinking of starting your own business and want to know what the journey is like and what things you should consider, read on.

So, what has starting your own business been like?

The journey has been a rocky one. I had to do temporary work in the early days and then do sub-contract work for other firms of accountants as I grew the client base and made it a more stable business. And it’s been a bit of an emotional rollercoaster as well. The excitement of starting a new business; the trepidation of wondering whether it would work; the worry of whether clients would like my approach to providing a professional service;  and then the sheer joy and excitement of realising things are going to plan, and goals are being achieved.

How has the business grown?

The business has grown from me working on my own, in my bedroom, surrounded by paperwork, files and computer equipment to having a member of staff working at my dining room table. Finally, last year, we moved into a proper office with air conditioning and room for further growth.  Most importantly it lets me lock the door at the end of the day and head home for a normal family night in.

Would you recommend starting your own business to anyone else?

Of course,  I would! I still can’t get enough of the buzz of being my own boss. Although you do need to put the hours in at the beginning eventually you start to reap the rewards and will get the work-life balance you want.

Thinking of starting your own business? Here are my top pieces of advice.  

  1. Make sure you have the support of your family and friends. When you work on your own you need to have a way of venting the frustrations of the day and celebrating the successes.
  2. Manage expectations – both your own and your family’s. It takes time to build a business, so don’t expect everything to go well all of the time. In the early days, you’ll probably be working long hours, so make sure your family know that, and are happy to help out a bit more around the home.
  3. Don’t be afraid to ask for help. There’s no shame in it! You can’t do everything on your own.
  4. Get an accountant! I’m fortunate, as I know about business structures, bookkeeping etc, but if you don’t, then you might want to get an accountant to help you through the initial tricky stages of setting up a business. Remember, you should be focused on why you’ve set up the business and what you’re good at, rather than being weighed down by administrative tasks.  Also, many accountants, like Chimes, can help you with business planning and growth, which is invaluable if you don’t want to become a statistic.
On a final personal note, I would like to thank family, friends, clients and suppliers (past and present) for their help and support over the last 5 years. I really couldn’t have got this far without you. If you’re thinking of starting your own business and need some friendly advice, please give us a call. We’d be more than happy to help.

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Breaking even – checking the numbers

In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs (goods you need to buy to convert into goods you sell).

For example, if your fixed costs are £50,000 per annum and your variable costs are 25% of your turnover, the annual turnover you need to breakeven will be £200,000. The formula is:

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