Use this tool to test whether your business idea is feasible — and check for potential risks before you go full steam ahead. This will help you get an idea of whether your idea will make enough money to cover your costs and show a profit.
There’s a lot to think about when you’re self-employed, contracting, in a partnership or running a business — but you don’t have to juggle everything.
Here are some things that might be top of mind for you, and the advisors who can help alleviate the load.
Lean on the wide community of business advisors, consultants and support networks available to help you and your business.
Who can help?
Advisors can help fill significant gaps you may have in skills, time and resources. They’ll also help you build and maintain a healthy business to a size that suits you.
Tax expert John Shewan recommends businesses of all sizes seek professional advice. Small businesses and the self-employed shouldn’t count themselves out of large professional service networks just because of their scale. Many large accounting companies offer in-depth services to small- and medium-sized businesses.
“It’s a little bit of a fallacy that the big accounting firms only look after big clients, that’s not the case,” Shewan says.
There are lots of benefits to working with advisors, particularly when it comes to tax, compliance and Inland Revenue.
But working with a professional advisor is a two-way road. You need to prep and put in work to make sure you’re getting the most from your advisors.
“You do that by asking them the right questions, by making sure you’re prepared and willing to be absolutely open to them,” Shewan says.
“My advice to people is spend a lot of time preparing before you go and consult with a lawyer or an accountant. Get maximum value out of the time. Make sure you put the pressure on them to deliver value to you.”
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