Recent official figures show that self-employment is at its highest level since 1992 with many going it alone after losing their jobs or preferring to have more flexibility over their working life.
Taking advantage of the benefits of setting-up a business, many individuals find they need to quickly understand their corporate obligations yet often aren’t sure where to go for advice.
Ian Bailey, senior manager at Bromsgrove-based Curo Chartered Accountants said: “There is a wealth of information available to those setting up on their own, be it as self employed or via a company. Organisations such as the Chamber of Commerce, Business Link and the ICAEW can provide user-friendly guides on getting started in business."
Mr Bailey adds: “It is vital that you seek sound business advice and get it right from the start, freeing up your time to work on the business."
Recognising the need for smaller businesses to maintain an effective level of professional service yet make cost savings, Curo has recently launched ‘Curo Lite’, aimed at sole proprietor companies. The competitively-
Mr Bailey concludes: “We know smaller businesses are struggling to keep costs down and have been hit hard by rises in petrol and utilities; for some, it is understandable that they are only interested in meeting their statutory obligations as far as accounts and tax are concerned and this should be reflected in the accountancy and legal offering.”
There are signs that businesses are expanding across Worcestershire but the rate of change is slow and in the meantime, cost control and efficiency is vital.