Start-up businesses

Some people make a conscious decision to start their own business, others fall into it, often out of necessity.

Many of my clients have had enough of the corporate life, the squeeze of targets, the stresses and strains of being an employee, and the intrusion into your personal life.

The desire to plough your own furrow, turn a passion or great idea into a business, or simply search for flexibility so you can enjoy more family time are all great motivators. For some people, starting a business is an itch they simply must scratch.

Of course, I also have clients who have started their business out of simple necessity, after being made redundant or unable to find work.

Whatever the reason, you will naturally have worries, concerns and fears.

I know how you feel, I’ve been there!

My expert advice will give you the financial confidence you need. I can’t run your business for you, but I can whip your personal finances into shape, leaving you to focus on everything else.

What financial problems do you have?

There are some common problems we all face in the start-up phase of our business:

  • Not only have you given up a salary, but you no longer have a workplace pension. How will this affect your retirement plans? What should you do with your existing pensions?
  • Many employees, and their families, get protection in the event of illness or death. Now you’ve left, you have lost these benefits. How will your family cope if you are ill or die? What’s the cost of replacing these benefits?
  • You no longer have the certainty of a salary. This probably means you are more exposed to the unpleasant surprises life tends to throw at us. How would your finances cope against these unforeseen events?
  • Almost everyone I know who has started a new business has, at some point, had some short-term cashflow issues, or at least been worried about cashflow. How would such difficulties affect your business and your personal finances?

How can I help?

Apart from providing an understanding ear, and sometimes a shoulder too, there are many other ways I can help:

  • The unexpected events are often the most dangerous, which is why I start with a ‘stress test’ to look at how strong your finances are if the unexpected happens
  • Unexpected events, such as illness or death, will impact on your family as much, and often more, than on you. I will consider the impact of your illness or death on your loved ones, in light of the fact you no longer have protection from an employer
  • Starting your own business means that cash is often tight, I’ll therefore show you how the taxman can pay for a proportion of any new life insurance premiums
  • Many new business owners have ambitions to grow their business, sell up and retire. For some this becomes reality, for many though, the outcome is different. I will review your existing pensions, advise accordingly, whilst making sure you understand the impact of starting your own business on your long-term retirement plans

“I don’t have any money and I certainly don’t have any time; I’m starting a business!”

You might feel that working with a financial adviser when you have only just set up a business isn’t particularly relevant and could be costly. In short, a bit of a luxury. You couldn’t be further from the truth. I know, because my clients tell me, that the advice I provide is invaluable.

I'm on a mission to de-mystify financial services

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