Accountant Couple Launches Business Coaching Venture to Empower Family Firms
Husband and wife accountants Daniel and Rachel Wu have officially launched their new business coaching company, Success Elevation Coaching. The couple, who operate a Tax Assist franchise in Bexley, are leveraging their extensive financial expertise to help family businesses unlock their full potential and navigate common pitfalls.
Addressing the Fear of Financials
Rachel Wu revealed a startling statistic from their accounting practice: approximately 80% of their clients are uncertain about their profitability because they are too afraid to examine their financial numbers. She shared a poignant example involving a client who was due a tax refund from HMRC but admitted, "I have no idea. I don't normally check my bank account because I am so scared."
This fear-driven avoidance inspired the couple to create a supportive environment where business owners can openly discuss their finances. "That's the time we have to say 'why don't we have a conversation, let's sit down, have a chat, look into your business and see what is really happening and where we can support you'," Rachel explained.
Holistic Approach to Business Growth
Success Elevation Coaching is structured around Rachel's book, 'Success Mindset, a 40-day diary', which aims to demystify the challenges of running a small business. The coaching venture offers a comprehensive suite of services that go beyond traditional accounting.
Daniel Wu emphasized their holistic methodology: "Success Elevation Coaching was born seeing the need of supporting clients not only with accounts filing, but also offering a holistic approach that encompasses tax planning, business consulting and strategies for growth and scaling."
To fully commit to this new endeavor, Rachel has sold her four highly successful bubble tea franchises, which Daniel described as "a side hustle that went totally ballistic."
Personal Motivations and Global Vision
The couple's unique perspective is shaped by their years working as missionaries across Africa and Asia. These experiences have instilled in them a deep belief in using personal wealth for universal good.
Rachel challenged conventional notions of financial success, citing research indicating that happiness plateaus around an annual income of £60,000. "It is not about money, it is about what you do with it, how you can impact and empower other lives," she asserted.
She recalled their time in Uganda, where children often miss school to fetch water for hours each day. "You see something like that, and you start to wonder what is wrong with the world, what are you going to do about it? That is why we started our businesses in the first place," Rachel shared. The couple plans to return to such communities to fund water pumps, schools, and homes.
Inspired by Family Legacy
Daniel's motivation stems from his family background. His mother immigrated from Hong Kong to the UK, where she managed to open two takeaways and put all three children through university. "Part of the reason I became an accountant was so I could help other people like her and their families - what would my mum have been able to achieve if she had had someone like me to help her?" he reflected.
He emphasized that entrepreneurs don't have to navigate their journeys alone. "People tend to do things on their own, but you don't have to. We can help you go faster, we can tell you what the potholes are along the way because we have got that experience."
Success Elevation Coaching represents a fusion of practical financial guidance and transformative mindset coaching, designed to help family businesses thrive while fostering a broader impact on global communities.
