New Accountancy Practice – Starting a Business
Pat Byrne Introduces his new accountancy practice…
Company: DCM Accountants
Website: www.dcmaccountants.ie
Founders: Pat Byrne
Age: 32
Staff Number: 2
Date Started: June 2011
Tell us what your business does?
DCM Accountants aim is to focus on the supply of accounting, taxation and associated services to small businesses and taxpayers.
Where did the idea for your business come from?
“I worked for two accountancy practices over the past seven years and the one thing that really stood out was the lack of communication with the clients. All too often the clients are not viewed as businesses; they are seen as a fee. At DCM we would like to get more involved with the clients business. We plan to run a number of different workshops including understanding accounting, social media for business and credit control for small businesses. Our belief is that if our clients succeed so will we.”
Have you always wanted to run your own business?
It is definitely something I have thought about for a number of years. It is a lot of hard work but the pay out could be great.
What planning did you do before you started up?
I had done quite a bit a research about what is currently on offer; prices, customer service etc. I also looked at how accountancy practices market themselves. Planning for the cashflow of the business for the first 12 months was very important.
Which entrepreneurs do you admire?
John Teeling – Cooley Distillery
James Farrell – Professional Development Ltd
What challenges have you faced and how have you overcome them?
A big challenge in setting up this practice was getting a loan from the bank. This was a long process but eventually with a lot of persistence and a well prepared business plan the finance was made available.
How have you promoted your business?
I have been doing a lot of networking. In the accountancy profession the vast majority of new clients come on foot of word of mouth. I don’t believe the cold calling will work.
Are you optimistic about the remainder 2011?
I would be very optimistic about 2011. I think with a lot of hard graft our business can overcome the difficult economic environment we are in.
What advice would you give a budding entrepreneurs?
Just get out and do it; stop thinking about it.
Best of Luck Pat we hope it goes really well for you – Startups.ie
