21st June 2017
If you’ve had enough of the standard 9-5 working week, and you want to be your own boss, then it’s time to think about how you’re going to achieve your dream. It’s a goal for many of us – leave work, set up a business, make money in a way that suits your lifestyle and have an asset that can help to fund your retirement. But with 40% of new businesses failing in the first year, it makes sense to plan ahead and get things absolutely in place before you give up the day job.
Why not quit now?
Unless you’re very lucky, you’ll have bills to pay – mortgage, transport, day-to-day expenses; maybe school or university fees and other financial commitments. If you give up your job before you’re ready to make money from your business, you could be putting your financial security at risk.
It may be harder work to organise and set up your business in your spare evenings and weekends, but it’s a decision that is worthwhile in the long run.
Setting up a property business
For most people, property investment focuses on one of two things – either buying properties and refurbishing them before selling on again at a profit, or becoming a landlord and building up a portfolio of rental properties. There are other ways to invest in property, but these are the most common.
The laws around property businesses can be complex – as can accounting for your trading and profits and making sure you are paying the right taxes – so talk to us before you get started, so that we can help with:
Understanding what’s required to run a successful property business will help you to plan a timescale for getting the business started and subsequently for leaving your day job. This is particularly important in a property business, where you may need a guaranteed income for a period of time in order to get a buy-to-let mortgage or other types of financing in order to buy your first property and to cover costs of refurbishment.
The time it takes to set up your business and be in a position to give up your job will depend on the type of business you want to establish, and how easy it is for you to take those first steps. Get some professional advice from Wise & Co today, so that you can start planning ahead now.