From redundancy to a growing practice: Dermot Kane’s TaxAssist Accountants success story
When Dermot Kane joined TaxAssist Accountants, he was navigating a major career transition. After 13 years working in practice and as a Finance Director within the plant and machinery sector, the recession forced his employer to restructure, leaving Dermot considering a completely new direction.
Today, Dermot operates a successful TaxAssist Accountants practice on Camden Street in Dublin, having steadily grown the business month after month since opening his doors. "Being your own boss – it does give a lot of satisfaction. I find I can be slightly flexible in my hours so I don't need to miss things like the kids' sports matches or shows. There are plenty of hours in the week to get the work done. Knowing that when you put in the work, you get the rewards. That is a great feeling," said Dermot.
Taking the first step into business ownership
Like many accountants considering self-employment, Dermot admits he initially felt uncertain about starting his own business. “I had always been an employee of a company and I felt a little nervous about starting on my own.”
What attracted him to TaxAssist Accountants was not only the technical support, but the practical business and marketing expertise available through the franchise model. “TaxAssist offered the technical support I needed, but more importantly, knowledge of how to sell in the marketplace.”
This included support with:
- Shop location and branding
- Marketing and lead generation
- Sales processes
- Practice development
- Business growth strategies
Using his redundancy package as an investment, Dermot opened his TaxAssist Accountants shopfront office on Camden Street in Dublin.
Starting with no clients and growing a sustainable practice
Like many franchisees, Dermot began with no existing client base and understood that building momentum would take time. "Certainly, the first two to three years leave you fairly tight on funds, depending on how you started off. I started with no clients, and it takes time to make the business work from this starting point", said Dermot.
Over the years, his persistence and commitment have paid off. More than six years after launching the practice, Dermot continued to achieve consistent month-on-month growth. “I’ve been with TaxAssist for six and a half years and continue to grow every single month. That’s 78 months of growth and it feels like a secure business now.”
His experience also highlights the importance of proper financial planning during the early stages of business ownership. “You need to make sure you go into the franchise well-funded. I understand the banks are supportive of the TaxAssist franchise, which is important as there are times when some extra capital is required. In fact, my main advice to a new franchisee is to have the finance in place so you can get a shopfront and get off to a flying start and not be afraid to recruit someone early, so you can get on with the job of winning business."
Training and ongoing franchise support
Dermot credits the TaxAssist training programme and ongoing support network as a key factor in helping him transition successfully into business ownership. TaxAssist Accountants provides a comprehensive initial training programme for new franchisees, covering both technical and commercial skills.
"The training and support I have received, and continue to receive, have been excellent", he said. "Courses are run to suit the needs of the franchisees, and picked based on what is being suggested from questions to the Technical Helpdesk. Initially, the training on sales and marketing gave me a real boost in terms of the process involved, and the confidence and tools to use that process. It was an essential element at the start of my business."
Delivering friendly, accessible accountancy services
One of the core values Dermot embraces is making accountancy approachable and client-focused. "Day-to-day what I love about being a part of the TaxAssist Accountants network is the way we operate. We are available to our clients; our doors are open. We want to be the friendliest accountants out there, with an approach that makes potential clients happy to do business with us. We want to give the best service possible all of the time, because we are not just representing our own business, but representing and flying the flag for TaxAssist."
This commitment to service has helped generate referrals, repeat business and a strong reputation within the local Dublin community.
"I've enjoyed becoming financially self-sufficient again after leaving a pretty good job. It took time, but every time we win a new client, it gives you a real boost. And due to the nature of the business, it happens often, which is great. Hearing a good report of our business from a client or someone calling in because they were told we did a great job – that's always a buzz!"
Advice for future TaxAssist franchisees
Having made a success of his business, Dermot offers this advice to budding franchisees: "If you were to ask me what makes a successful franchisee, I would say: someone who likes to work hard, who relates well with people and wants to do their best for the clients. They should be outgoing and happy to develop a good relationship with staff. There is no harm to have sufficient funds at the start so that life outside of work is not too difficult. A good marketer will be a good franchisee, although that is an area I am not too good at. I have survived without that particular skill, though it is easier to push yourself in that direction. I would also say: listen to the franchisor. They advise well. The service is there for you to use. You are paying for it.
"Looking to the future, I am happy where I am as part of the TaxAssist Group. Down the road, I may look at opening another shop in my area".