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RISK: Jonathan Amponsah

THIS YEAR the recession has been the dominant news topic. Rising debt and the surge of businesses closing has contributed to a gloomy outlook. However, one man can say that he bucked the trend and has enjoyed a successful year for his business.

Jonathan Amponsah is the founder and senior partner of A M P Associates, a Surrey-based accountancy firm, which he grew from the back off his bedroom – without any savings or clients – into a thriving and profitable business.

However, it wasn’t easy. Three years ago Amponsah was a financial controller for a company in Farringdon, central London. Despite earning £40,000 a year, he became frustrated as the gruelling hours took their toll and his family life began to suffer. That’s when he made the brave decision to leave his job and strike out on his own.

“I took the risk and left a secure job to start by own business for a number of reasons. I was fed up with the rat race and doing a 12-hour shift only to end up with little time and on overdraft,” he explained.

“I couldn’t stay in that job knowing that I wasn’t being fulfilled or appreciated. I had to go by instincts and do it.”

His decision was not initially met with support. His partner worried about how the bills were going to get paid and friends thought he was foolish for sacrificing his job.

“I had a mortgage, a young family and no savings, so when I decided to leave my full-time job, those around me were naturally sceptical and some even believed I had completely lost it,” Amponsah said.

“I remember a few comments like ‘how are you going to pay the mortgage?’ ‘You’ve got a comfy job, why are you risking it?’ That was when I knew I had to keep believing in myself, take action and say very little,” said the 32-year-old.

He took out a £10,000 loan from his bank and set about working on his business, but the first year was a challenge and he faced many difficulties.

“Business wise, I was unknown, I had no marketing focus and what I was offering was no different from other accountants. Getting new business was incredibly difficult,” Amponsah said.

“As far as motivation was concerned, I was working from home and was still in the employee mindset. I struggled with time management in the first few months. I got used to waking up late and not knowing where to start.”

The situation left Amponsah “discouraged, anxious and desperate,” and he began to doubt his decision to leave his job. But he found ways to improve his situation. He took on a lodger to help cover the mortgage and began working on his website.

“Sometimes in life, you need desperation to find inspiration. I needed to change a few things,” he said. “I went on courses and became good at marketing. I focused on tax and how I can add value to all new clients in terms of guaranteed tax savings. I also made a commitment to start the day at 8.30 am not 11am.”

Clients began to steadily pour in. “For me accountancy and tax wasn’t just about the figures. It was about making a difference in people’s lives,” Amponsah said.

“In 2006, I helped save a new client an awful lot of unnecessary tax. I asked him his plans for the extra income and he replied he was going to put his daughter in a private school. That is what keeps me going,” he said.

“I have helped a number of business owners save between £2,150 and £475,000 in tax.”

With offices now in London and Surrey, Amponsah says he is keen to expand.

“I have grown the practice from the back of my bedroom with no savings and virtually no clients to a number of happy clients. I now have two silent partners, three staff, one consultant, and I’m planning to open up a third office in the Docklands,” he said.

Amponsah hopes his story will inspire other black people to follow their entrepreneurial ambitions.

“There’s no such thing as a safe and guaranteed job, if someone has a passion and idea take calculated risks. Don’t re-mortgage your house if you don’t know what you’re doing, start small. It is a lot of hard work but you get so much freedom and opportunities that you never have when you’re working for someone,” he said.

Published: 13 December 2009
Issue: 1402

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