Startups are essential for the progression and evolution of many of today’s industries, but this, of course, requires the necessary funding. In this post, we’ll talk about how to grow your startup business using a Small Self Administered Scheme (SSAS) pension fund.
In an era where small business owners are enjoying such great success, it’s now even more appealing to establish a startup venture. While small businesses are driven by stable long-term value and profitability, startups focus on top-end revenue and growth potential. With growth potential in mind, it’s not only vital to know how to grow your startup business, but to do so using creative ideas and efficient methods of funding. When it comes to the latter, a SSAS pension is one of your best bets for flexibility and well-structured finances.
Adopt a Creative Business Mindset
Although many small businesses and startups prosper in their chosen industry, there’s also plenty who fail to reach their intended audience or lack the funding for long-term success. While this often comes down to circumstance, the failure of many startups is a result of a lack of creativity in the way a business is managed as well as how it’s financed.
For a startup to succeed both in the short and long-term, it’s essential for you and anyone you collaborate with to adopt a creative business mindset. And when it comes to gathering the necessary funding, a SSAS pension is a financial option that not only gives business owners flexibility and support but also allows you to be more creative with how you invest your money.
Be as Frugal as Possible
Getting a startup off the ground — whether it’s developing a product or creating the perfect service — not only requires a great deal of time and effort but, of course, you’ll also need sufficient funding. It’s for this reason that it’s essential to be as frugal as possible, saving money wherever you can and avoiding overspending whenever possible. Paying money into a SSAS pension fund at every opportunity will prove vital for your long-term success, as it ensures that you not only have a backup fund for more difficult times, but there’s also additional money for more considerable expenses.
No matter how fantastic your ideas are or revolutionary your company could be, a startup with dwindling finances will fail. While being frugal may seem to be easier said than done, loaning money from your pension to your business can be a life-saver. Failing that, the advice and guidance of knowledgeable pensions experts will prove to be invaluable.
Need Commercial Property? SSAS Pensions Can Help
By giving you the freedom to move funds between your startup and the pension, a SSAS pension allows you to withdraw tax-free funds for high-yielding business and property investments. The latter is essential for companies who require office space, retail premises, or any other commercial space.
If you require access to money for a property, you don’t have to go to a bank. As the company director, you can authorise the transfer of contributions from the company SSAS pension to the business bank account and vice versa. It’s flexible and can accommodate the progression of your entire career by letting you transfer old pensions from former employment —allowing you to support a new venture with the money you have saved over several years.
Want to learn more about how to grow your startup business with a SSAS pension? Contact us on 020 3907 8400 or enquiries@tlpi.co.uk to discuss your pension fund with one of our helpful pensions advisors.
