Ready to go it alone?

Whether it’s a lightbulb moment, a spark of inspiration, or a more considered long-held certainty, there is ultimately no single textbook way to take the plunge into practice ownership. That is the message from four founders of UAE-based practices at various stages of growth, who here share their hard-won experience of what it takes to successfully set up a firm.

Passion and mindset

For Arshad Gadit ACCA, global CEO at AthGadlang, which is now in its sixth year, you have to really want to be an entrepreneur and ready to let go of the security of full-time employment. He says: ‘You need passion and desire – and to believe there is no plan B.’

Athina Fernandes FCCA, who co-founded VVouch Accounting Services just a year ago, agrees. ‘You need to be ready financially and mentally, and have the passion and the urge to do something better,’ she says. ‘You also need to be confident you have the ability to manage various kinds of people.’ She points out that a mix of technical knowledge and experience of various sectors and operations puts you in a great starting position, but you also need 'the courage to fail, to make mistakes and learn from them, and still move forward'.

Gadit, meanwhile, advises against going into business immediately after completing your professional education. He recommends first getting a minimum of two years’ experience at large or mid-sized organisations to learn ‘how the machine works’.

Muhammad Kalim FCCA, managing partner at Bader Saleh Auditing & Consultancy, believes there is no set age or one-size-fits-all approach, and that experience is best measured qualitatively, not in years. He says: ‘If you believe you have the skills and knowledge to understand the industry and offer a unique solution, then you might be ready to set up your practice early in your career.’

Due diligence

Preparation is vital. Fernandes points out that a business plan is non-negotiable. ‘You will have to study the market, competitors, etc, understand and analyse properly what you have learned, and then make your decision.’

Gadit says he spent a whole year in preparatory research, meeting at least 50 entrepreneurs and asking questions about their approach, experience and motivation.

Your expectations of what’s involved are also key. ‘Go online and read articles that explain the essential qualities of an entrepreneur, what it is to become one, what you will face,’ advises Nasheeda (Nish) Cc FCCA, founder of Nishe. ‘Then ask yourself if it’s something you’re capable of. Is it a life you could live?’

Personal branding

If you decide it’s for you, you need to build up your brand. Remember: you are the product, and people buy from people they like.

Kalim says: ‘By building a brand around yourself in your niche or sector, you can position yourself as an influencer, which can spread your reputation. It is a lot of work, but it’s a must for a successful business.’

Gadit says he started working on his personal branding way before setting up his business. ‘People often make the mistake of expecting that, because they have a skillset, business will automatically come their way. It’s not true; likeability comes first, then the sale.’

Initially at least, the business is completely dependent on you. It’s your knowledge, your reputation and your personality that people encounter and, hopefully, want.

Established in 2016, Nishe’s brand identity is anchored by a desire to empower women and girls through employment and education. Nish says: ’I spent a significant amount of time thinking about the name of the firm and once I got the name Nishe, it clicked – it includes my nickname, it sounds like the English word niche, it has “she” in it.’

Networking

Kalim says networking goes hand in hand with your brand. ‘As the saying goes, your network is your net worth. I focused on developing a network of professionals, by connecting with them through LinkedIn and developing some of the largest ACCA professionals’ WhatsApp groups in the Middle East,’ he says.

Gadit too has spent a lot of time on LinkedIn, developing networks of ACCAs and other professionals. As Pakistani-British he has also tapped into relevant business forums, and recommends leading professional WhatsApp groups rather than just participating in them.

The hundreds of clients and many different teams Nish had worked with during 12 years at PwC gave her plenty of professionals she could highlight her new direction to. This in turn gave rise to new connections and, importantly, referrals. ‘People send referrals when they trust and respect you,’ she says. ‘It wasn’t until I’d started the new business that I realised how much it helps.’

But don’t treat every professional contact as a potential sales opportunity. There’s a fine line between networking and client acquisition, and poor or mistimed pitches to your network can sap goodwill.

Growth

Sooner or later, if your business development is going well you’ll need to upsize. Gadit says the expense can seem daunting ‘but people bring business with them’.

As an entrepreneur, your utmost goal should be business development and marketing, says Kalim. ‘Getting hands-on with the work in the initial stages might save you money but it will be at the expense of business development. Skills can be acquired, so hire people who have the ones you need.’

Gadit recommends being open to working with business partners to develop your firm. ‘They may bring financing, particular skills, a richer network or simply their time and business experience,’ he explains, but adds that patience is needed to find the right one. ‘You’ve got a 50/50 chance of finding the right partner. I did three other businesses before this one, and all failed because the mindset didn’t match. Don’t be disheartened; just try again.’