Support and Resources for Professional Services Firms

Support and Resources for Professional Services Firms

When you work in the professional services industry, your knowledge and expertise is your biggest asset. Many people in the professional services industry begin their careers in a firm or agency where they develop their skills. They may offer their services as a side hustle and then make a natural transition to their own business and work for themselves full time - either from a home or rented office space.

Regardless of how you start a business in your field, you need to ensure you have taken adequate measures to run your business effectively, with confidence and in compliance with the law.

This page introduces you to key people and organisations that specialise in helping professional service-based businesses get set up. You can get connected to people that can help you such as:

• Legal advice
• Insurance 
• Financial advice 
• Office supplies

1. Legal advice

The professional services industry is vast and cuts across many sectors. When you start a business you will need to choose the structure under which you will operate, i.e. under a sole trader, company, partnership or trust business structure. Each structure has different liabilities and benefits that may be more suitable for the professional services you offer.

Another instance would be if you were a sole trader who has recently had to hire a couple of additional employees due to your increasing workload. As the business expands you may have to consider restructuring the business.

Depending on your work you may also be subject to regulatory and compliance requirements. These areas can be complex and tricky to navigate through. It may be worth consulting lawyers that specialise in regulatory requirements pertaining to your field to ensure that your practices are compliant with industry standards.

2. Insurance 

As a professional service provider, your clients come to you for your knowledge and expertise. No matter how much training and experience you have, sometimes it takes one disgruntled client to make a claim and put you in a difficult situation. This is why taking out adequate insurance is vital. An expert insurance advisor or broker will be able to recommend policies based on your field, business activities, business size and other key factors. The most common insurance policies for professional services include:

• Professional indemnity insurance
• Public liability insurance
• Management liability insurance
• Business insurance
• Cyber insurance 

3. Finance 

Compared to other industries, many professional service-based businesses have a low barrier to entry in relation to startup costs, especially if you set up alone and from a remote or home-based location. However, as your business grows, expands and the need for additional employees and an office space becomes apparent, you may need to source business finance. 

Consulting a financial advisor is a good option if you are unsure of the course of action to take or what options are available to you, including industry-specific grants If you’re looking to take out a loan, a business loan broker can approach lenders on your behalf to secure the best rates. There is also the option to apply for investor funding and capital, particularly if you work in an innovative field.

4. Office supplies 

There are some key considerations to ensure your office is set up has everything your team needs to work effectively, safely and efficiently including:

• Furniture and fixtures: tables, chairs, desks, workspace units, etc
• Office equipment: photocopier machines, phones, fax machines, etc
• Electronics and devices: computers, laptops, tablets, phones, etc
• Stationery: pens, paper, envelopes, sticky notes, etc
• Utilities: wifi, electricity, phone bills, etc

Note that some of these services and office purchases can be claimed in your business tax return. A tax accountant can advise you on small business tax deductions.

At SavvySME, you can find all of the people and services to get your business up and running in one place. Whether you have questions about your licensing and compliance or need a supplier to kit out your new workspace, simply answer a few questions and we’ll introduce you to the people that can help.

You can also reach out to our community of industry professionals by posting a question in the Q&A section above.