TaxAssist proved so impressive it pulled Paul out of retirement

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“I realised that I needed the support of a franchise environment to allow me to develop and grow the business quickly. Having all the processes and procedures in place make starting a new business much simpler.” – Paul Simpson

Paul Simpson was so impressed when he attended a Discovery Day that he decided to come out of retirement. Such has been his success with TaxAssist Accountants, he opened his first shop just two months after completing his initial training, and has now, at seven months signed up his 100th client!

Paul had a successful career in financial services as a banker, IFA and Estate Planner spanning over 35 years, before selling his business in 2019.

“Having retired at a relatively young age, I thought that I was ready to devote my life to my hobbies and interests including cycling, freemasonry and charitable work. I had also just married Denise and we were looking forward to spending lots of time together,” said Paul.

His original intention was to look for a part time business, but he was blown away by the professionalism and openness of the entire management team at TaxAssist, he decided to devote his time and energy to the venture full time. His wife will also play an integral part in the business, as well as continuing to run her own successful ETSY online shop.

“I realised that I needed the support of a franchise environment to allow me to develop and grow the business quickly. Having all the processes and procedures in place make starting a new business much simpler,” Paul explained.

Initial Training

Paul started planning his new business as soon after he had attended the Discovery Day, and quickly signed the lease on his first shop in Market Harborough, which required extensive renovation and refurbishment. He has also set up two virtual offices so that all three postcode areas in his territory are covered.

Paul completed the first Initial Training Course of 2021, which was again held virtually.

“Although, I would have preferred to be in Norwich with a group of people in the same position as myself, I do not feel that the virtual course has been a disadvantage at all. Everyone at the Support Centre has been incredibly supportive and nothing has been too much trouble. In some ways I have benefitted as I have been at home and able to continue to supervise my first shop renovation. I am looking forward to visiting Norwich and meeting everyone face-to-face before too long.

“The message that has come across very clearly from all the training and meetings that I have attended is – Stick to the model – That is something that I fully intend to do.”

Market Harborough Shop

Paul opened his first shop in May 2021 and has already made a real impact on his local community, with his enthusiasm, energy and mission to ‘Help small business owners realise their dream’.

Paul said: “I am delighted that the shop opened on schedule on 17th May 2021. This was always the intention to fit in with the Government roadmap and the easing of restrictions. The shop is a lovely relaxing environment to work in, and everyone that walks past is having a good look!

“I have been working hard networking and promoting the business, and I’m pleased to say I have already exceeded my business plan. I have ambitious growth plans, and plan to open further shops in the local area over the next few years.”

Shop launch party

In September 2021, Paul was the first franchisee to host an official shop launch party post lockdown.

“Having opened the shop amid Covid-19 restrictions, I thought it safer to have the official shop opening later in the year,” said Paul.

“This also allowed me to build my network of connections and invite my clients to join in the celebrations. The event was very well attended with over 35 business connections and clients enjoying a few hours of networking, drinks, nibbles.”

Paul was quick to praise the TaxAssist Accountants team’s support in getting his practice to where it is today.

“While it is has been a challenge to get the shop up and running, it has been made an even greater pleasure by the help and support of a great many people including the TaxAssist Accountants Support Centre. They have been incredibly supportive and nothing has been too much trouble.

Beating his business plan

In October 2021, seven months after joining the franchise, Paul smashed his business plan projections after signing up his 100th client, which is 50% ahead of what was his 12-month target.

“It’s certainly been a busy time, but I’ve loved every minute of it and am proud of what we have achieved in such a short space of time,” said Paul. “I’m a real believer in getting out there and networking and being passionate about what I’m doing, which I think comes across when I speak to clients and contacts. I’ve been very active on social media and made sure to sponsor local events and clubs, which combined with the national advertising activity carried out by the Norwich based Support Centre team has worked brilliantly to drive new client leads.”

New client manager

Having witnessed the client demand in Market Harborough, Paul decided to appoint his first team member, Alex Shields, as a client manager and is also currently advertising for a trainee accountant. Alex has a First Class Honours Degree in Accounting and Finance and has to sit four more exams to be a fully qualified CIMA. He also has Xero Advisor Certification with ACCA.

“With an eye on the long-term future of the practice, I decided to take on a client manager who can assist with client meetings and networking. The plan is to train and work closely with Alex and to maximise the business to its full potential, with the aim that he will attain partner status within five years.

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