HELP TO MAKE YOUR DREAM OF STARTING YOUR OWN BUSINESS BECOME A REALITY

More than three quarters of workers dream of running their own business but for many people the main thing holding them back is the knowledge of how to get started. Independent professional advisory firm, Broomfield & Alexander has specialist teams dedicated to helping new businesses get started. Malcolm Thomas leads this specialist team in Cardiff. He said:

“A major concern must be the risk of the new business failing, despite you putting in considerable effort and finance into the venture. However, time spent in making the decision and thinking through your plans will minimise the risk of failure.

“Think carefully about ceasing to be someone else’s employee. Certainty of income, both in terms of quantity and regularity, disappears, whilst fixed outgoings, such as mortgage repayments, remain. Similarly, other benefits of employment may be lost. For example, life assurance cover, a company pension, medical insurance, a company car, regular hours and holidays.

“You also need to consider the views of your family and friends. They need to understand that the administrative and financial requirements of running a business can be time consuming and stressful and their support will be vital.

“Success in business depends on many factors – the most important being the need to critically review all aspects of the business idea before progressing too far. An astounding one in three businesses fail in the first year, so it is worth taking advice to prevent you from becoming one of these statistics. One of the most cost-effective decisions you can make is to find professional advisors from the outset who can help you at every step – from business planning and cash flow forecasts to help with employing staff,” concluded Mr Thomas.

Broomfield & Alexander has produced a new business kit for its clients that covers the financial, tax and accounting considerations of starting a new business. For further information about its specialist new starts team and the full range of services the company offers, please telephone 0800 052 1387, e-mail start@broomfield.co.uk or visit www.broomfield.co.uk

As one of the largest independent professional advisory firms in Wales with more than 80 employees working from offices across South East Wales, Broomfield & Alexander has offered clients a range of business and financial planning advice since 1912.

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