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Retail | Strategy & Growth, Financial Management

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After a career spent mainly abroad as an employee, our client wanted to relocate back to the UK and start her own consultancy...

Fashion start-up – business advice and ongoing financial management


Situation

After a career spent working abroad as an employee for high-profile fashion houses, our client wanted to relocate back to the UK. Using her commercial contacts and in association with Playfair Partnerships, favourable commercial contracts were negotiated, and a new company was set up as the vehicle for her fledgling fashion consultancy business.

Action

Establish the most appropriate structure for the new start-up business

This was to be a ‘family’ business and likely to be long-term. So, we concluded that despite the additional set-up and ongoing costs, setting the business up as a limited company would prove a good commercial, administrative and tax-efficient vehicle, coupled with a trust for our client’s daughter, providing her with ongoing commercial security.

Evaluate commercial prospects and determine contract price and conditions

Running one’s business and setting the price for one’s services is quite different from being an employee. Many of the costs which an employer usually pays now need to be absorbed within the fledgling business. Computing that, communicating and selling the price and the benefits of an outsourcing arrangement were all part of the discussion with our client and successful negotiation with her first client.

Introducing budgeting and accounting disciplines

Again, not something that an employee would usually need to do. However, along with the need to set up a company and new banking arrangements, so was the need to set up payroll, register for VAT, arrange an accounting system, budget for the income and expenditure of the business and set aside an amount for future tax and work out what was left! Again, Playfair Partnerships undertook this task and monitored performance as the business progressed.

Outcome

The first year of trading was very successful and the supporting administrative functions performed well. Going forward, our partnership with our client will continue to support her as her business grows and develops.

Testimonial

“The advice and support that I have received from Playfair Partnerships this last 18 months has been invaluable in helping to guide me as a sole player in a new field. PP have advised me on everything from tax overviews and breakdowns, how better to manage my time effectively working remotely, to negotiating fees and understanding the true worth of my services in the marketplace. I feel very secure in knowing that there is someone other than myself with an eye on the future of my business”. – Managing Director and Shareholder

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Studio 103
Mill Studio Business Centre
Crane Mead, Ware
Herts SG12 9PY

01920 444230mail@playfairpartnerships.com

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