Losing your job or being made redundant can be a stressful time. Not only can it affect your career, but it can affect your health and personal relationships
At first, it can be a little overwhelming – so many things to do, and so many people vying for your time. However, getting started on the road to financial security can be made a lot easier by consulting a financial planner.
Logistically, it may seem like there’s a legislative and taxation minefield that you suddenly need to negotiate. Some of the questions you may be asking yourself might be:
What considerations need to be made when planning to start a small business?
How will you continue to fund your superannuation now that there is no employer making contributions on your behalf?
How will you fund the business set-up if you have a limited cash-flow?
What sort of insurance will your business need?
What are my obligations if taking on employees?
What happens to my business if I die or become disabled?
How will you maximise your earning and minimise your taxes?
A financial planner can help you to determine the financial requirements for your business, freeing up your time to do what you set out to do – run your own business.
Advise on the financial planning aspects of your business.
Review and recommend specialised insurances that are needed to protect yourself, your business and your employees.
Provide advice on your superannuation requirements for both yourself and your employees
Help investing your business profits.
Provide advice around succession planning and buy/sell arrangements for partnerships.