Becoming an entrepreneur is a dream that many people have. On the face of it, it offers a whole host of exciting lifestyle choices including flexibility and freedom – but in practice, there’s still a lot of work to do.
While life as a property entrepreneur in particular isn’t stress-free, it is in some ways more flexible than other lines of self-employment and it may allow you to get the freedom you crave. In this post, you’ll discover some ideas for how to make it in Manchester’s thriving property industry – even if you’re new to the scene.
Start small
Many entrepreneurs in the property sector may seem in the public mindset to be rich and wealthy and own a host of homes up and down the country. But that’s definitely not representative of how it works in practice! In fact, the beauty of the property sector is that you can actually enter it even if you only have a relatively small to medium-sized amount of upfront capital.
Many landlords began their careers with just one small property in a promising but value for money area like Wythenshawe, for example, and they then used the profits from that – as well as the power of leverage that mortgage debt offered them – to buy up more property as time went on. For that reason, then, entering this sector is definitely possible even if the starting point is small. Don’t feel like becoming a property entrepreneur means you have to buy a swanky canal-side flat to rent out because a small family home on the outskirts is also acceptable.
Get help
Manchester – and Britain – are full of successful property entrepreneurs, including social entrepreneur Kevin Green and Adnan Imam of IPE. In order to achieve the same levels of success, budding entrepreneurs should always take advantage of the assistance schemes which are vital for growing businesses. If you own a holiday let which is fully furnished (and which meets certain other conditions, such as being placed on the market to be let for a minimum of 210 days every year), for example, you can often claim back various costs against your tax bill.
These include capital allowances relating to machinery and plant when it comes to furniture in the property, so it’s definitely worth investigating. The tax break system can also include Capital Gains Tax relief, which is ideal if this is a tax that is regularly eating into your other earnings. Not all investment opportunities have this level of government assistance, which makes property a particularly attractive option for many.
Starting a career in property either as a landlord or as a developer in Manchester may seem out of reach for many business-minded people who are just starting out. At first glance, it seems to require a lot of upfront cash – not to mention a tolerance for endless meetings with solicitors, paperwork and more. But as the experience of many modern property entrepreneurs shows, starting at a low level doesn’t mean you can’t convert this into greater returns later on – so it’s definitely worth doing.
