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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Q&A: Asset finance

Steve Richardson of Funding Options answers key questions about asset finance and how it could benefit your business

What is 'asset finance'?

Finance used to purchase equipment for business use. Any equipment or asset that is intrinsic to your business can be financed in this way.

Who provides asset finance and are there different types of asset finance?

A range of banks and private lenders provide various asset finance products. There are two main types of asset finance: "hard asset" being plant equipment and vehicles; and "soft asset" being assets with little second-hand value, such as IT.

Can asset finance help new and small businesses?

Asset finance is largely used by new companies that lack the cash flow to get the equipment they need. With minimum deal sizes of around £5,000, it's an ideal solution for many small or new businesses. It could be that a new company needs a small phone system, some EPOS or maybe even a new butcher who needs to buy a bacon slicer.

What can I buy with asset finance?

Anything that's used by your business to trade providing it's removable. The assets that surprise people tend to be IT, phone systems, catering equipment, software, gym equipment, medical equipment – even office furniture and shelving. It's far easier to ask what you can't finance, because the list is much smaller.

What are the key advantages of asset finance?

The main one is cost-efficiency; you pay for the goods over their working life and if you take a lease rental (as opposed to hire purchase) there are also large tax savings to be made, since the payments are considered operating cost and are allowable against your corporation tax. Repayments and lease periods are fixed, to allow for better budgeting and unlike an overdraft they can't be withdrawn on demand. A lease does not affect other bank credit lines either. Most importantly – you can keep your cash in your business.

Why not simply use that cash to buy the asset?

Because that's the worst option. Your cash flow is the lifeblood of your business, and can be used to deal with the any unforeseen issues that arise. I've heard of many instances where a business has used its cash to buy assets it could have spread the cost on, only to hit unforeseen problems, such as losing a major customer. They've had to go cap in hand to the bank for money – only to be turned down.

What advice should I seek before taking out asset finance?

It's often a good idea to chat to your accountant, because they may be able to advise on your specific tax situation. Also seek advice from someone who understands the wealth of asset finance options available in the current market. A good intermediary will identify the right solution for your business based on your specific needs.

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