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It might not seem it during these hard economic times, but self employed people are special – and as such they need to make sure they have special insurance.
The problem is self-employed workers who do not work in their residential home importance of purchasing dedicated self employed insurance but many people who work in home offices do not realise that the cover applies to them as well – it doesn't matter where you are self employed, all self employed people need to get special cover.
Cornhill Direct warns that people working in home offices could find themselves out of pocket if they do not take out the right insurance – for example home-based workers may need to take out 'public liability insurance' if they ever invite customers or business contacts into their home on official business. Or they may need to take out specific income protection should they lose their stream of earnings for a short period. If something did happen then a self employed person without the right insurance may find themselves a huge bill, which could put their self employed mortgage at risk.
Mark Bishop of Cornhill says: "Home workers do need to consider the insurance implications because equipment used for commercial purposes may not be adequately covered or covered at all by a standard home insurance policy, particularly if removed from the home."
If you thought that your regular off-the-shelf insurance would be good enough to cover you if you work from home, you could be catastrophically mistaken. Talk to a self employed finance specialist about taking out the right protection that will make sure that your venture is covered.
SOURCE: Cornhill Direct, 21/04/10
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Not many of us like our jobs and for some that's enough to consider living the dream and doing what they love as their own boss – something that could be achieved with the right finance options.
A new survey from Streamline.net has found that 56% of business bosses say they would consider starting a new business related to their passions like traveling or their favourite sports and pastimes – they know that doing what you love would not only make your life better but it could offer you a profitable line of income.
Tough times make people look for happiness – 53% of business bosses say that the recession has made them re-think their work and life balance. For many that means looking at why they are working and what they can do to work less – part of that might be reducing outgoings, something that can be achieved with the help of a good financial adviser.
Steve Holford, marketing director of Streamline.net says: "Britain’s small business owners have weathered challenging times, however, the data suggests that the entrepreneurial spirit is very much alive. More owners are keen to start out in a totally new direction and creating a hobby-based business is a common ambition."
If you want to follow your passions, talk to a financial adviser about taking out a new mortgage to make your finances work with your desires. If you have the right idea, have the passion and have a good financial plan behind it, anything is possible.
SOURCE: Streamline.net, 19/04/10
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A lot of commentators and experts have been predicting them for a long while but for many small business owners, green shoots are finally coming through.
Hilton-Baird Financial Solutions has found that almost half of all UK small business owners are growing increasingly bullish about their own business’ growth prospects – if you are one of these owners, you might want to consider a new, cheap commercial mortgage to help water those green shoots.
If you do think it's time to consider a new loan for an office space, a new farm, a bigger warehouse or even a shop then you have to talk to a professional mortgage adviser. Not only will they explain everything for you, but they will talk to the lenders for you and help make you the best commercial borrower possible.
Hilton-Baird's survey proves this service is needed – it says only 12% of small businesses have secured new external funding over the past six months which could dent long term growth prospects if left unchecked. If more of the UK's small business owners had discussed their options with a commercial mortgage expert, a few more may have been more successful in securing funding.
Evette Orams, managing director of Hilton-Baird, says: “It’s vital that business owners remain vigilant and plan ahead if they are to safeguard the long term health of their business. A good starting point for small businesses is to consider the full range of funding options available to them."
SOURCE: Hilton-Baird, 13/04/10
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If you are suffering from tough financial times thanks to late payments hampering your business it might be worth checking your mortgage to see if you can do something to improve your cash flow.
New research from NatWest has found that 71% of small businesses in the UK have suffered from late payments over the last 12 months, with the collective value of invoices paid outside of the stipulated terms and conditions estimated at £62.8bn.
It is tough for many people who are trying to hold their businesses together – it is certainly not helped by people not coming through with their side of the arrangement. And it's happening up and down the country with one in five small businesses having suffered.
Despite these problems, the research reveals that less than half of small businesses have taken measures to improve their cash flow, according to the bank. This is worrying because all business that are having a tough time should be constantly assessing how they can shrink their outgoings.
Peter Ibbetson, chairman of small business at NatWest says: "Bad debts and late payment of invoices are endemic problems for UK businesses. For more than one in ten firms, over 60% of all their invoices are paid late, causing major cash flow problems for many. What's concerning is that so few are doing anything to help alleviate the problem."
The best thing any small business can do is to assess all their finances and see where savings can be made. It might be that a new cheaper small business commercial mortgage could take significant pressures off your enterprise – and all it would take to find out is to ask a professional mortgage adviser.
SOURCE: NatWest, 15/04/10
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Plenty of business owners are still seeing very little if no improvement to their enterprises – if yours is not picking up maybe a commercial loan could be the answer to kick-start your venture.
By injecting finance into your business you might find that you can reduce your overheads, shrink your debts and help build your business' profits.
Unfortunately small business owners are not feeling confident – 62% believe the economy will get worse again before it fully recovers and over a quarter think there are already signs that this is happening, according to new research from uSwitchforbusiness.com.
It has found that 63% of small businesses are finding trading conditions tough – 5% more than at the end of 2009 – and 71% have seen little or no improvement in the trading environment compared with a year ago. As a result, almost half say that it will take their business more than a year to get back to normal again after the recession, compared to just 26% in Q4 2009.
Jake Ridge, small business expert at uSwitchforbusiness.com, says: "The greenshoots of recovery are yet to reach Britain's small and as a result many are finding trading even tougher now than before. They've been through a white knuckle ride and most are not expecting a smooth landing.
"And that's when the real work starts in trying to rebuild their business and boosting sales and turnover – 44% of small businesses anticipate that this process of getting back onto an even keel will take them over a year."
One way to make sure your business can take off again is to make sure your finances are in order. That means assessing your debts and looking to see if you could get hold of better commercial mortgage finance. To prepare for an eventual upswing, talk to a mortgage adviser about your financial responsibilities right away.
SOURCE: uSwitchbusiness.com, 10/04/10
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If your business is booming you might think that it's time to take advantage of your good fortune and look to buy a new home – but you'll need some expert advice.
According to PricewaterhouseCooper, two thirds businesses are confident about their ability to expand over the next 12 months compared to a year ago. More small businesses are making the most of the sensible plans they made a year ago and have now carved out a niche that's making them a healthy profit.
David Snell, partner at PWC, says: "Businesses appear to have more faith in their ability to manage their own companies."
But how can you turn that confidence into a bigger home for yourself and your family? Talk to a specialised mortgage adviser. They can help you find finance that reflects your business success and your business potential. If you are making money why not spend it – but only do so after expert advice.
A specialised mortgage adviser can find you loans created by specialist mortgage lenders that are designed for small business owners. They will be flexible, they will reflect your increased income and they will be affordable enough so as to not affect your business. Have big dreams, stay confident but do not put your business at risk with the wrong home loan.
SOURCE: PwC, 07/04/10
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You may have worn yourself out walking up and down the high street unsuccessfully trying to get hold of a mortgage – and you may not know why you keep being turned down.
It's the same old story – you go into a bank or a building society and you are told that you do not meet their lending criteria. You may have even gone online to see if you could get a loan that way, only to find that your electronic attempts were also in vain.
But why are you being denied a loan? You earn good money each month, you are able to pay all your bills and you are confident that the loans that you attempted to sign up for were within your price range.
The problem may be that the banks and building societies simply do not recognise your income. You may not earn a regular monthly pay cheque – you may be a freelancer, you may run your own business, you may work two jobs, you may get a lot of your money on a commission basis or you may rely on bonuses to be able to afford to pay your way. All of these are common ways to earn money but few lenders will trust them.
All these forms of income demand self cert mortgages – specialised loans that are designed for people who do not earn a regular income. They are offered by specialised lenders who assess their potential borrowers on a case-by-case basis.
You have probably not heard of this type of lender or even this type of loan because they are only found through specialised mortgage advisers. So if you want to get hold of a loan and are tired of hearing no, talk to a specialised self cert mortgage adviser who can help you get hold of a specialised loan from a specialist lender.
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New research has found that small business enterprises are chasing as much as £1.9bn in late payments thanks to the economic downturn – you need to get the right protection to be sure that any late payments do not put your self cert loan at risk.
New research by Bibby Financial Services shows that 35% of businesses are finding customers are taking longer to pay invoices than 12 months ago, which has meant that £1.9bn is still owed to UK business. Twenty per cent of companies say they are chasing invoices three times or more, and a staggering 48,000 businesses have had to follow up invoices more than 11 times.
Anyone small business owner with a self cert loan knows how important it is for their finances to run smoothly. Missed payments mean its the business owner who ultimately has to make up any loses, which could affect their ability to pay on their other financial responsibilities each month, like their self cert mortgage.
Edward Rimmer, chief executive of Bibby Financial Services says: "Across this nation, businesses are fighting for survival with sustaining a healthy cash flow one of the biggest challenges. We must do everything possible not to succumb to the easy route of late payment as it can become a vicious circle."
Those small businesses with the right income protection insurance need to worry about late payments. If they lead to financial difficulties for the owner then the important things like the mortgage are covered regardless. No one wants to deal with late payments, but with the right insurance they needn't be as serious as they might be.
SOURCE: Bibby, 31/03/10
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More than a quarter of small businesses in the UK believe that they will become insolvent if the economy suffers from a double dip recession – if you think your debts are not on a safe footing, talk to a small business financial adviser right away.
Research from insolvency body R3 suggests that although the UK has emerged from recession, many businesses have been worn out by the struggle to stay afloat – 28% said they would not be able to survive should the UK fall back into a recession. Their finances are simply too precarious and their debts have pushed them to the limit – any further loss of earnings would mean the end of their businesses for sure.
Peter Sargent, president of R3 says: "Many struggling businesses drew heavily on their reserves in order to survive and their resources have now begun to run out – it seems that a large number of businesses are in need of a financial health check.
"The journey back to recovery is slow and uncertain and we advise any business owner who believes their company may be on the path to insolvency to seek help sooner rather than later."
If you think your debts are stretching you to the very limit, talk to an expert about rearranging your finances so as to make them more manageable. While a double dip recession is unlikely, it is unhealthy to run a business on empty – get your debts in order and make your business safe again.
SOURCE: R3, 27/03/10
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The latest Budget by the Chancellor of the Exchequer was criticised by many – but it did promise a lot for small business mortgage borrowers.
In the last Budget before the general election, Chancellor Alistair Darling said: "There are still companies who are being unfairly denied credit. To help them we will set up a new service to fast track complaints, which will enforce judgements if credit is found to have been unfairly denied."
This is a big issue for many people who are self employed and run their own business. They have been trying and trying to get hold of credit but to no avail. And no credit means more debts, a less successful business and the risk of default and even insolvency.
But Darling seemed keen to do more to make sure that small business borrowers can get hold of finance. He even announced that state-aided banks RBS and Lloyds will be forced to lend £94bn to businesses over the next year, nearly half of which will go to small businesses.
The British Bankers Association says: "The banks stand ready to lend to small businesses with a sound business plan which might benefit from the package of support announced by the Chancellor."
While some businesses might be dubious that these measures actually turn out to mean more small business mortgage credit, no one can doubt that the best chance to get some credit is through a professional small business mortgage adviser. They will be able to talk to lenders and actually broker a deal for you that works for your business. So if there is more mortgage credit available in the coming weeks and months, it'll be small business mortgage adviser who'll have the key to accessing it.
SOURCE: HM Treasury, BBA, 24/03/10s
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