Being your own boss

Running your own business is tough. But that doesn't stop ambitious and brave accountants from going it alone - according to ACCA research, almost half of you plan to set up your own business at some point in your career. Lesley Meall talks to self-employed ACCA members about their experiences.

When accountants think about becoming self-employed, practice is the most popular route - even among those who have always worked in industry.

'It seemed to make sense,' says Fred McBreen, of his decision to set up a small practice with an ex-colleague, after years spent working in financial services and retail. 'We wanted to exploit our qualifications,' he says, 'we felt they set us apart.' They also believed that practice was more secure than any of the other alternatives. 'I'd been a project manager, so I thought about the possibilities on the systems side,' he recalls, 'but it seemed risky.' 'Practice is a proven business model,' says McBreen, 'and if you do good work you'll get repeat business.' Though some entrepreneurs would argue that the trick is to identify an emerging market and make it your own.

Either way, beginning any business from scratch is an uphill struggle. 'We started out by using our existing contacts,' says McBreen, 'but we've put a lot of effort into networking.' They've also had to invest in their continuing professional development. 'We take advantage of all of the courses the government provides on tax-related issues and so on, and each month one of us does some training that will benefit the client.'

Two years down the line and the partners are working well together with their clients and each other. 'We had a solid business plan at the outset,' he says, 'so we both knew where we were going and what our aims were.' But working very closely with another person can cause unexpected friction. 'Putting together the business plan helped us to find out how well we work together,' comments McBreen, 'and achieve the necessary level of understanding and mutual respect.'

Together forever
The two partners are also taking care to nurture their personal relationship. 'We worked to develop our aims together, and now we're working to shared goals,' he says, and they check occasionally to make sure the business is still on track. 'We've seen lots of partnerships fail because relationships have gone awry,' says McBreen, 'so we try to be aware of each others needs and be supportive of commitments.'

Jane Heard can also vouch for the importance of personal relationships. 'Partnerships don't always work,' she says 'so I decided to set up on my own.' While she likes the flexibility and freedom of being a sole practitioner she is aware of the downside. 'I'm very much my own boss, but it's not all a bed of roses being self-employed,' she cautions. 'Clients like to be able to talk to you outside regular hours, which is understandable, but you have to take care to not always be available,' she explains, 'or they will run your life.'

How you run your life is very important when you're self-employed, as McBreen comments: 'It can be very difficult to find the right work/life balance.' This is tricky when you have one business to run, but as Heard has found, it's significantly more complex if you're trying to manage two. 'When I met my husband he was running a hotel in Wales,' she recalls, 'so when we got married I joined him as a business partner.'

Because she didn't want to choose between being an accountant and running a hotel, Heard now does both. 'We've converted the hotel into self-catering cottages, and cut down on the number of days when the restaurant is open,' she explains. 'This gave me space to install an office for myself and my assistant - who is an ACCA student - and more time to concentrate on what I love best: accountancy.'

Being there
Louis Kent Ning has been less fortunate in his attempts to run an accounting practice and build a business empire, as his practice is in one location while his factory is somewhere else. 'I run Louis Leung and Partners CPA Ltd in Hong Kong,' he explains, 'and the Dongguan Yongmei Garment Factory in the People's Republic of China.' So, in addition to the problems of running two businesses, he has to overcome cultural differences.

'The factory is located in the Guangdong province,' explains Ning, 'where the people involved have a different culture and knowledge to Hong Kong,' and it is a much bigger operation than Louis Leung and Partners. The firm has 20 staff and two partners, while the factory employs 700 workers. The factory produces woven garments for an international client base ranging from Asda (part of the US giant Wal-Mart) to Woolworths (part of the Kingfisher Group), and as Ning explains, 'it needs extensive close supervision in order to make things smooth and profitable, so it is a big challenge.'

Running both organisations is like holding down two full-time jobs, but Ning is hoping to expand further. 'I am setting up a second factory in China doing garment washing, and I am also planning to set up professional services in China when the entrance gate is open.' So how does he do it?

'My ACCA qualification has provided me with a sound financial background, good analytical skills, and the management expertise to do business,' he asserts. But all of this would come to nothing if Ning were not dedicated, focused, and capable of getting by on very little sleep. 'I need to work seven days a week,' he says, 'so I'm doing longer hours than when I was studying.'

Empire building
In Kuala Lumpur, Malaysia, Suzianna Wong-Svrcula is also burning the candle at both ends, as a founder director of the Piccolo Mondo Group and its growing restaurant chain. 'I normally leave the office at 8pm,' she says, 'but you need your staff to know that you are contactable at all times, so my phone is switched on 24 hours a day and I take calls at any time.' After qualifying with ACCA, Wong-Svrcula spent many years working for large public corporations, and it was her involvement in the listing of Chicago Pizza Pie Factory, which she took from London to Malaysia, which led to her to branch out on her own.

Once bitten by the entrepreneur bug, there was no stopping her. In addition to Piccolo Mondo, Wong-Svrcula is currently involved in the development of a shopping galleria, she takes an active role in Ballz Action Sports - a manufacturer of sports equipment, and has plans to further extend her business empire.

'My hope to be a major player in the hospitality industry in Malaysia is slowly taking shape,' comments Wong-Svrcula. 'By the end of 2007 I will have added a hotel, a pasta factory, and a chain of pizza kiosks to the shopping galleria and the restaurant chain.' While her ACCA qualification has underpinned all of her business successes, she has also needed to develop skills in areas such as human resource management, and is using them as a basis for business growth. 'I am focusing on building an effective workforce through training, motivation and rewards,' she explains, 'and emphasising values such as corporate citizenship, transparency and business ethics.'

Who dares wins
Working long hours goes with the territory for most accountants, but when you are an employee you can switch off when you leave. 'When you work for yourself, the hours are ongoing,' says Wong-Svrcula, so if you want to make the switch from employee to employer, you will need stamina and commitment. 'You must be passionate about your venture,' she advises, 'because as the owner, you have to be the driver.'

'There is a saying that "nobody makes money for you except yourself" which means that if you the owner take your business lightly, you can't expect your staff to be "earning" for you.' But when you work long and hard and your efforts pay off, you will be the one to benefit financially from your success.

Lesley Meall is a writer on business and technology issues