Three People You’ll Need As a New Entrepreneur in Devon
Starting a business in Devon has its perks. In a business research survey, it was revealed that business owners in Devon weren’t just happy with their lot, they were some of the happiest in the country. In the past five years, Devon’s appeal has only grown.
Devon is a great choice for entrepreneurs looking for options outside of the London bubble, where costs and competition often squeeze startups to the limit, especially those without a significant amount of funding behind them. Devon offers coastal locations, a thriving tourism industry and a host of highly sought-after amenities including a regional airport and an influx of investment into incubator schemes and support systems.
One thing to bear in mind if you are considering starting a Devon-based business is the help you’ll need along the way. Very few startups get to those precious ninth and tenth years of survival without relying on a host of professional services which save them time and money and provide peace of mind that they’ll be covered if things don’t go to plan.
Lawyers
A lawyer is one of those people that you’ll be glad to see when the unfortunate has happened. Specialist firms exist to handle the many legal obligations that a business of any size can end up dealing with. Some of the most common issues faced include personal injury claims, contractual disputes or business dealings like acquisitions or mergers.
As a small business, the cost of losing a personal injury claim to a disgruntled employee or a customer who injured themselves on your premises are unplanned circumstances that need to be resolved. Some of those typical claims are detailed at length by specialist immigration firm McGinley Solicitors. Many of the most common claims - and costs - are linked to everyday operations of a business, the kinds of things you can't function with relying on, like driving, delivering, operating a store location or visiting a customer's home to carry out work.
Funding and Lenders
Small businesses are always in need of healthier cash flow, and unexpected cash gaps slow down growth, often offsetting progress significantly when they occur. Funding and finance options are a great way to manage those unexpected moments when liquid cash is in short supply and you need to pay employees or invest in a new opportunity.
Devon is home to many investors, finance schemes and SME financiers. One that has received many plaudits is the UK government’s startup loans scheme, a chance to secure up to £25,000 per person within a small business. Start Your Own Business provides a breakdown of how the application process works for this particular scheme. Devon’s credit brokers and Lenders like Transmit Startups, BBX Lending and Fundsquire lead the pack in providing millions of pounds already on Devon-based businesses, too.
Accountants
Small business owners may not have dealt with the complexities of taxation and declaring income. What’s more, the price you might have to pay if you make a mess of your self-assessment claims is rarely pretty. Many freelancers or sole traders might be capable of declaring their own taxes; MoneyHelper’s guide demonstrates that a micro business's taxes can be dealt with in a few hours at most.
However, if you’re a larger entity, or employ someone then things are quite so simple. Like a legal claim, a HMRC fine isn’t just financially damaging but won’t do you any favours if you eventually want to apply for credit in the future or to get a business loan from a bank. Thankfully, Devon is well served by many quality accountancies, including Bruton Young Bookkeeping, Applied Business Solutions and Aegis. Equally, you can turn to digital accounting solutions, too if funds are in shorter supply.
Devon is hailed for its natural beauty, agreeable weather and connections, but it’s rapidly become a place where business owners are turning to for a region ripe with opportunity, too. If the hustle and bustle of London or Birmingham simply doesn’t appeal to you, you can do worse than the sunny beaches and idyllic coastal towns of Devon to choose as the home of your next business venture.
