EOFY New Beginnings Series: Why this bookkeeper changed his small business to a franchise

June 30, 2021

Going it alone in small business is tough. There is a long list of reasons why many don’t make it past the first few years.

It was then he decided to join First Class Accounts. Just a year on, Peter of First Class Accounts Moorooka, had a list of clients. His dream of small business ownership and the freedom to live life on his own terms was realised.

Here, Peter shares his story about why changing his approach to join our franchise was important to him and what he’s achieved as a result.

Can you tell us a little bit about your past working life?

I was a mechanical engineer for 30 years. When I was in my mid-50s I knew I needed a change. I knew I could succeed as a bookkeeper, having seen others in my family do the same and was a treasurer at local clubs. I completed my Cert IV in Accounting and set myself up as a business in 2013.

How did you go about getting clients?

Well, I didn’t! I didn’t have a clue really. After a few months on my own, I realised that I wasn’t getting anywhere. I didn’t have the support network or marketing knowledge to make much of an impact, unfortunately.

When I saw an ad for First Class Accounts I realised that was what I was missing. Peter Morgan, Bookkeeper, didn’t have much of an impact, but Peter Morgan, First Class Accounts franchisee, showed I had credibility.

After chatting with the recruitment manager for a few months, I started my training, and I haven’t looked back since.

What was the difference with a franchise? You already had your Cert IV, what did you get out of training?

The training focused quite heavily on running a small business, as opposed to bookkeeping financial training.

There were also elements of getting technical bookkeeping support and training across multiple platforms. It is helpful to get updated training several times each year. There is definitely a higher level of expertise under the FCA umbrella.

What was ground-breaking for my business was the marketing training and finding a support network. I now knew how to get a client and how to discuss rates with a client. It gave me a huge confidence boost. I know how I can help someone. I know my value.

So what was the most unexpected thing about being a part of the franchise?

The feeling of being part of a network. When I was a sole trader, there was no support system, whereas here, we have quarterly training, which is just as good as a catch up with friends as a training session!

I still speak to the people I did my training course with. It’s not competitive. I got my first client from another franchisee.

You are your own boss, but you’re part of a large organisation at the same time, so it’s comforting that I always have someone to call on with an issue.

I love that my business is structured by me and I’m in control, and I have resources at the end of the phone. Definitely best of both worlds.

Find out more about First Class Accounts franchise opportunities here or contact us on 1800 118 611.

Bookkeeping Franchising Home Page