By Sam Bacall, Partner 

Are you thinking of starting your own business?

Becoming your own boss comes with many perks, but it’s easy to underestimate the challenges ahead.

That’s why it’s so important to learn from the business owners who’ve come before you.

They’ve been through it all, so they truly understand the journey you face.

Read on to find out what they wish they’d known before going into business.

Being independent doesn’t mean being alone

You’re the expert when it comes to your business, your industry, and your service offering, but just because you’re running an independent business doesn’t mean you have to manage everything by yourself.

However, when it comes to managing your company’s accounts and taxes, things can get complicated and stressful.

This is where bringing in a chartered accountancy firm like FFT can make all the difference.

As a company just starting out, Glossop Caravans needed a dependable and efficient accountancy firm to help them establish a solid foundation for growth.

Managing Director Brian Laing and his brother Stan were looking for accountants who could provide not only the necessary accounting services and support, but also sound business advice and key strategic insights.

FFT offered exactly what they were looking for, and we have continued to provide essential accounting and business support to Glossop Caravans for nearly 50 years.

Seeking a firm that is aligned with your vision and goals as an independent business is also important.

Julie Davis, the Business Manager at Washway Road Medical Centre (a GP surgery and clinic in Sale, near Manchester), chose FFT as a firm that aligned with the practice ethos.

“From the outset, FFT stood out due to their professionalism, helpfulness, and supportiveness – values that mirrored our own commitment to treating others as we wish to be treated.”

Challenges are inevitable, but you can overcome them

Challenges are a natural part of running a company.

There are going to be unexpected problems, sales that don’t go the way you planned, and market fluctuations that surprise you.

Having the right accountancy partner on board will enable you to find effective solutions.

“FFT have developed plenty of parameters for us to work from, helped us deal with complex tax regimes, and have always been correct with their advice,” shared Laing.

FFT has also been instrumental in addressing the various financial challenges that the Washway Road Medical Centre has experienced.

“I remember them helping us with a VAT reclaim many years ago and, more recently, guiding us through the transition of an 18-month accounting period to align with basis reform,” said Davis.

“Their knowledge and practical approach just made complex processes far more manageable.”

You need accountants you can trust

Becoming self-employed comes with its fair share of financial risk. Costly mistakes and the wrong advice can spell disaster for your blossoming business, so it is essential to work with accountants you can trust completely.

Laing’s trust in FFT is what has kept Glossop Caravans in partnership with the firm for nearly 50 years.

“Stan and I never felt the need to look elsewhere for help with our accounting or audits, and the great thing about FFT is that we really feel that we have a partner in business.”

Davis also values the “strong, trusted relationship” that FFT and Washway Road Medical Centre have built over the years.

“We trust them as a business partner because they are professional, supportive, and trustworthy – simple as that!”

Dubby Klyne of The Klyne Group trusts FFT implicitly when it comes to critical decision-making.

“Whether we’re buying a business or property or changing direction in one of our businesses, FFT have been there every step of the way,” he shared.

“I can honestly say there is no major decision that we take without FFT in the room.”

Don’t hesitate to choose FFT

Davis, Laing, and Klyne all run very different businesses, but they all have one thing in common: a relationship with FFT that has transformed their business.

Davis has praised FFT’s high standard of service: “They are responsive and provide proactive financial advice – which is exactly what you want from your accountant.”

Laing doesn’t hesitate to recommend FFT to other businesses.

“After nearly 50 years of working with FFT, I can easily describe the firm in three words: friendly, efficient, and respected.”

Klyne is also quick to suggest FFT as an essential partner for new businesses.

“If someone is just starting out and they ask me what tools they need, I instantly tell them to speak to FFT,” he shared.

In thirty-five years, The Klyne Group has grown from a small wholesale company to a group of companies spanning different industries.

Reflecting on this remarkable growth, Klyne said: “None of this – and this is no exaggeration – would have been possible without FFT.”

Ultimately, Klyne’s testimony is clear: “Without a shadow of a doubt, the best decision you can make is to go with FFT.”

We are proud to have helped many independent business owners achieve their dreams.

As an independent firm ourselves, we understand the challenges our clients face, so we know exactly what they need to grow and succeed.

Running your own business is never going to be easy – but with FFT by your side, you’ll be able to take on challenges with confidence and make better business decisions that get you where you want to go.

Thinking about going self-employed? Download our guide to independent business today to discover more about how we can help you on your entrepreneurial journey.