With the leaves going brown, the weather taking a definite turn for the worst, does a log fire with a bowl of steaming soup appeal? – Now is a good time to start thinking about Autumnal tasks. Whilst this may involve painting or decorating, what about your finances? How long is it since you reviewed your pensions, your job, life insurance or even simpler - phone bills, car insurance and electricity costs? WHAT ABOUT BEING SELF-EMPLOYED? Especially this year when many jobs are at risk, monthly income against household costs could very well be in the spotlight. Is it time to think about going self-employed and working for yourself, doing exactly what and how you wish rather than being confined to your employers’ practices? Going self-employed can seem a daunting process, but Goffey is here to guide you through the process. Do you need a limited company or registering as a sole trader? Goffey will discuss your business ideas and come up with the best structure for your particular circumstances. Best of all – there is no charge for this initial discussion. You will come away with lots of ideas and plans even if you do not sign up!

Evidence shows many businesses that commence in a recession go on to become household names. Think about General Motors – US economic downturn in 1908, Burger King 1953, CNN 1980. Even more recent - Airbnb 2008. Acknowledging that many others fail, having to scrimp and chase every deal makes a business owner more resilient and, when good times come, they can adapt quicker. If you are currently facing redundancy or just thinking that now may be the time to jump ship or even if you are currently furloughed, take the time now to make plans. At some point you will need a full business plan including your personal history and experience to show how the business will succeed. What will your business logo look like? Will the staff wear uniforms? What will the signage look like? You are also likely to require a cashflow forecast detailing income and expenses. Successful entrepreneurs have always been shown to have nailed every detail prior to discussing their ideas even with banks. Banks are more responsive as the negatives have already been cleared. A redundancy pay-off can provide your monthly outgoings for a period whilst the new business gets going. If you are staying in a similar industry as your current employment you need to be clear of any ongoing obligations from your contract of employment. Is there a non-competition clause? Can you work in the same industry within a set number of miles? A lot of contracts contain such clauses and you need to be clear of this. Goffey has experience with start-up businesses in many industries. If I can assist in any way, please do get in touch. Whether initially a brief chat to discuss basics or a more in-depth appointment.