We speak to people everyday about their finances, covering a wide range of topics, including anything from asking us for help with new circumstances in their life, changes they’d like to make, seeking solutions to challenges, looking for information or simply seeking guidance. In fact when it comes to finances we’d like to think that we act as a one-stop shop to all our clients, always offering them constructive advice, a friendly understanding ear (and a hot cuppa!) whenever they need us. So we’ve taken this opportunity to compile a selection of what clients ask us most often about, and the kind of recommendations we make. You’ll see these articles appearing regularly here and the latest is below. We hope you find it useful.
What comes next in business?
Wherever you are on the business spectrum, could now be the time to decide on your next steps and make plans for the future?
For example…
- If you have a small enjoyable hobby, already bringing in limited profits and with scope to grow, could it be time to think about making the move from hobby to small business and all the planning that will require? Might you need a workshop, more equipments perhaps, or even an assistant? One thing you will need to understand is how it works from a tax perspective and how best to manage your accounts from the outset.
- Maybe you have an existing business which you’d like to expand, perhaps needing extra staff, new equipment and even new premises? It might even mean needing a business loan to help get your plan off the ground. That’s going to take some organising.
- Might this be the year to finally explore getting your own buy-to-let property and creating extra income, taking into account the need to find an affordable property, obtain a mortgage if necessary, ensuring that the property meets all rental regulations and finding suitable tenants? Again there will be tax implications and the need to create an accounts system for yourself.
- Or after many years as a business owner, are you ready to take on a completely different role, perhaps even retire, all needing you to form a business exit strategy? You’ll need to think this through really carefully to decide where to start.
How we can help
The scenarios above are pretty typical of the kind of questions which come up when people are already running their own business and want to make changes or are creating one for the first time. This is where planning and fully understanding the procedures involved will become vital. For example apart from the practicalities of making a change, there may well be tax implications or legal requirements you need to get your head around. As professionals we’ve been guiding and helping business owners for many years to help make the process as simple and stress-free as possible and we’re here to help you wherever you are on the business spectrum. So if you’re ready to make your next move in business, why not arrange a no obligation meeting with us, at our expense, so that we can understand how we can help you. Call us on 0808 123 4321.
Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.