It’s no secret that many companies are offering financial services to others. For example, some firms specialise in wealth management while others deal with hedge funds. There is plenty of choice in the market and an equal amount of demand too.
Are you a financial guru? If so, you will no doubt wish to set up a business to help others realise their financial goals. Sure, you may have a unique selling point and will have no issue making a profit with what you do.
But, how do you go about starting a business? And how can you remain compliant with the FCA? Today’s handy guide will tell you more about what you need to know.
Registering your business
The first thing you must do is register your business. You need to complete this important step before you can start trading. When you register your firm, you will get issued a tax ID and have to start filling in tax returns.
Of course, it makes sense to let an accountant handle that side of things for you. That way, you can concentrate on running your business and growing it.
Insurance
As with any business, it’s crucial that you choose the right insurance products for your firm. At a low level, you will need professional indemnity and public liability cover. You may also need extra cover if you hire people. Also, you may have to get industry-specific insurance.
There are many insurance providers out there. A simple Google search will reveal the best ones to select for quotes.
Premises
You might get tempted to work from home, and that’s fine. But, I wouldn’t recommend advertising your home address. Instead, either lease some office space or pay for a “virtual mailbox” address.
The former option is better because it portrays a more professional image. Also, it means that you can receive visitors more easily.
Advice and FCA compliance
During those early stages, it’s crucial you get the right advice to get FCA compliance. I recommend talking to a company that offers FCA umbrella services. They have the industry knowledge and skills that you may lack during these early stages.
They can keep you on the right track and give you the benefit of their industry experience. There is nothing wrong with asking for help and advice when setting up a business. In fact, it’s unusual to “go it alone”!
Marketing
Assuming you are ready to start your business, you now need one thing: clients! Without them, your firm won’t make any money and will soon have to close.
Obviously you want to avoid closing your business before it has even had a chance to start! Marketing is essential for any business to grow, and is a must for yours too.
The good news is that business marketing doesn’t have to cost the Earth. You can achieve an online presence without spending a lot. And there are plenty of affordable offline options as well.
I hope you have found today’s guide useful. Thanks for reading it!