Case study: How we helped a young entrepreneur set up his first company

Man Sitting and Working on His Laptop

Many people come into our offices looking for help with a specific aspect in their life, that might be accessing a pension or getting out of debt. However, they soon discover that the life centred financial planning approach offers them much more value than they anticipated. Let us introduce you to Simon.

Simon (not his real name due to confidentiality) was referred to one of our Life Centred Financial Planners by an existing client. As a young man, he was now looking at the possibility of selling his flat and purchasing a larger home. He wanted to make use of the equity he had accumulated with his investment to move up the property ladder.

We spent time discussing with Simon all aspects of his life, getting to know him, what he valued, and the dreams he had for the future. What we discovered was that Simon had been harbouring a desire to start his own company and become self-employed. Not only that, he had taken some small steps towards achieving his ambition.

Simon had worked hard to maintain his primary career alongside a side venture. He even had clients and was successfully supplementing his income by working evenings and weekends. So, what was stopping him from launching his business tomorrow?

Simon just couldn’t see how he could make the leap from a side business to running a successful company that covered his regular expenses. He was concerned about his financial security. Living by himself, he felt the pressure of meeting his financial commitments each month and had no-one else to take some of that strain. The income from his side business just wasn’t paying enough.

Our Life Centred Financial Planner started by working with Simon to analyse his financial situation and how much money he needed on a regular basis to pay all his bills and maintain his current lifestyle. Together we identified that actually, Simon wasn’t that far off from earning enough from his side business to provide a sufficient income each month. He just needed a few more hours, and he would meet the target easily. Simon was surprised, as he hadn’t ever looked at it in detail before, he had just assumed it wasn’t going to work out.

We created a cash flow plan with Simon using our state of the art software so he could see what was required to launch his company and create a sustainable business. He now knew what the next steps should be and could see how to find those new clients to enable him to meet his financial targets. Our Life Centred Financial Planner supported and advised Simon in discovering the differences between being a sole trader and setting up a limited company and helped him find the right business structure to support his long-term ambitions. We also assisted with finding other professional assistance he needed, such as accountant so that he could maintain profitability and meet the regulations set out by HMRC.

We also recommended a solicitor that assisted in drafting his terms of business contracts, non-disclaimer agreements, employment contracts and staff hand book.

All this led to Simon handing in his notice and setting up the company he had always dreamed of. Now, nearly five years on, Simon is running a successful enterprise that has grown so much they are looking for new business premises away from his kitchen table. Not only is he a business owner, but Simon was also able to budget for a bigger house with the income from his long-held ambition.

If you have goals and aspirations that you long to achieve but can’t see how it would be financially possible, speak to a professional enabling you to understand the potential gains and pitfalls of running your own business.  Get in touch to discuss your new business venture, you might be surprised just what the outcome might be.


Further information

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MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.

Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.