Sometimes a business only needs one person to succeed.
The urge to take control of your own destiny and work for yourself may be a life goal, or out of necessity. Regardless of what drives you, self-employment can be tough to navigate, and a clear direction can stop you taking too many wrong turns along the way.
An employee can take many things for granted, such as:
A finance department
A HR department
An IT department
Even a monthly wage!
But when you are self-reliant, you must deal with all these challenges, and countless more, yourself.
If you are starting out on your own, either as a sole trader or a contractor, I can help you avoid the mistakes commonly made by others.
What financial problems do you have?
Going self-employed means wandering into the great unknown. Everything can seem daunting and complicated. An experienced adviser can therefore become a friendly, familiar face in a big crowd of strangers.
The most common issues I encounter with self-employed people are:
Not knowing how to trade; sole trader, a limited company or a partnership?
Having trouble separating their business finances from your personal finances
Not tracking expenses and revenue properly
Long term goals. Many make plans to survive through tough periods, but you’d be surprised how many aren’t prepared if their business is a runaway success
Employees. You may need to employ staff, which can come with its own set of hurdles
How to cope with the unexpected; you don’t have sick-pay or death in service benefits to fall back on
There will almost certainly be less paid into your pension as you will have lost those valuable employer contributions. How will this affect your retirement plans?
How can I help?
I know how overwhelming the financial side of business can seem. I can advise you how to make the right decisions, and more importantly, avoid the wrong and expensive ones.
I can help you identify what type of business you need to trade as. There are advantages and disadvantages to setting up a limited company and I can ensure that you make the right choices
Many people find themselves falling into self-employment, and can delay setting up a business bank account and a solid infrastructure for their finances. I can help you keep business and pleasure apart so that you don’t get tied in knots when it comes to do your tax returns
Having a solid cashflow is important, and I can help you find ways to make sure that you have enough cash on tap to pay for any costs that need paying
Keeping hold of receipts and invoices is a hard habit to form, but it saves you time and money when it comes to handle your taxes. I can help you to know which information is important to keep
What happens if your business does better than expected? More money means more tax and I can ensure that you make the best decisions to keep both you and the taxman happy
Handling employees is an artform, and if your one-man band starts to become an orchestra I can help you make sure everything is put in place for them
My advice will ensure that if the worst happens and you become ill, or die, you and your family are financially secure
I’ll also make sure that your retirement goals are not sacrificed on the altar of self-employment
Setting up your own business is tremendously exciting. But, the financial side of things can soon wear you down.
Don’t let your passion and drive die because of a tax return or a complexly worded document. I’m here to make things as plain and as simple as possible so that you can pour your energy into the thing that matters; your trade, your clients, your craft and your future.
VS Associates Ltd is an appointed representative of Sense Network Ltd which is authorised and regulated by the Financial Conduct Authority. VS Associates Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 725170.
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financialombudsman.org.uk
VS Associates Ltd is Registered in England and Wales (Reg. No. 07714600). Registered Office: 26 Olivia Road, Brampton, Huntingdon, Cambridgeshire, PE28 4RP
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