Much ‘standard’ financial planning is built around a template that assumes you earn a regular, predictable salary. That couldn’t be less appropriate if you run your own business.
Your lifestyle needs may be no different from a salary earner, but the way you earn money will be very different. Your salary may be lumpy. You may pay yourself dividends. You may be working towards an eventual sale and a lump sum that will materialise many years down the line.
This can have a huge impact on the ways you borrow and invest.
BUSINESS OWNERSHIP NEEDS
You may have a company pension scheme, a company car and a company healthcare policy. Business ownership brings with it a very different set of needs, challenges, and rewards.
It’s crucial to understand your sources of income, your professional plans and aspirations and the age at which you’d like to retire. As does your family situation and your exit strategy from your business. In many cases, the two may be linked as you hand the latter on to the former.
UNDERSTANDING YOUR PERSONAL CIRCUMSTANCES
The best way forward will, of course, depend on where you, your business and your family are right now and where you want to get to. That’ll mean asking you a lot of questions and doing a lot of listening.
BUILDING A FINANCIAL PLAN
With a more in-depth understanding of your business, your income and dividends, your debts and any savings or investments you may have in place, we can start to build a plan to build the future you envisage for your business and your family.
This will, of course, take account of the swings and roundabouts of business ownership. Your vision for the business and your role within it will be crucial, as will your exit strategy from business life. This will link to pension planning, risk management along with other financial factors.
PREPARING FOR RETIREMENT
Ultimately, a great plan will enable you to make a seamless, stress-free transition from business ownership to full (or part-time) retirement. Any plan we create will need to be agile, but that shouldn’t stop you from building a retirement plan that is tax-efficient and sustainable.
ready to begin your journey?
Let’s Make Headway
Yes, there’s a lot to take into account. And there are no easy short-cuts. Which is why we’d love to start making Headway. Let’s get talking and develop a financial plan built entirely around your needs and plans for the future.
SOME OF THE QUESTIONS WE’LL ASK YOU
When you’re busy running a business, it can be difficult to manage your finances. As a business owner, your journey will need to be as flexible as possible, leaving room for the slings and arrows that come hand-in-hand with business ownership. By chatting to you, we’ll be able to understand what opportunities you may have in place and how we can help you make the most of them. So, we’ll ask a range of questions including:
- How long have you been self-employed?
- Is your business profitable?
- What are your plans for the business in the short and longer-term?
- How much are you contributing into your pension?
- Have you made any corporate investments?
- How can I reduce my taxes?
- Have you set up life insurance through the business?
- Do you have any commercial property and mortgages?
- Do you have an exit strategy for your business?
- Do you have any shareholder protection in the case of death?
Business Owners: Why Specialist Financial Advice Is Needed
You’ve likely been managing your own personal finances for years, so it might be tempting to just apply the same principles you use for your personal finances to your business. But there are important differences to consider.
Top Financial Considerations For Business Owners & Entrepreneurs
In our latest Wealth Lens podcast, Elliott Parkhouse and Hamzah Shalchi discuss the distinction between personal and business finance, the importance of diversification and protection, along with more financial considerations that Business Owners and Entrepreneurs must take into account.
Pension Tax Benefits for Entrepreneurs & Business Owners
Did you know? Almost half of UK business owners have no pension savings to support them in retirement, according to new independent research from Prudential.
WAYS WE CAN SUPPORT BUSINESS OWNERS
Building a financial plan around your personal and business needs.
ViewManaging your cash savings and investing in stocks, shares, property, ISAs.
ViewPension planning, pension consolidation, pension finding and managing your pension contributions.
ViewAdvising you on corporation tax, income tax, inheritance tax and capital gains tax plus investing tax-efficiently into ISAs and pensions.
ViewCommercial mortgages, buy-to-let mortgages and remortgages.
ViewIncome, critical illness, life insurance and shareholder protection.
ViewA retirement plan to allow you and your family to relax.
ViewWill writing, trusts, estate planning and administration.
View Capital at risk. Your home pay be repossessed if you do not keep up with repayments.
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