Whether you want to join the 5.6 million strong army of small businesses owners in the UK or create a prolific investment portfolio, it’s unlikely that you’ll be able to achieve this on your own.
In fact, you’ll most likely need to seek out some independent advice before launching your brand new endeavour, particularly if you’re entering into an entirely new market or an unfamiliar space.
The concept of independent advice is a malleable one, however, and we’ll explore this further below while asking where you should consider sourcing such guidance from.
Why Independent Advice is so Valuable
To illustrate the importance of independent and unbiased advice, let’s consider the example of a man who has designed a brand new and innovative product.
His aim is to bring this product to market, but before he begins this process he want to conduct some market research to gain feedback on his design.
The reason for this is simple; as inventors are often passionate and emotionally invested in the success of their product, making it difficult for them to appraise it objectively and identify its potential flaws.
This blind sightedness can prove extremely damaging over time, as it encourages inventors to invest more in their product without delivering the necessary improvements that can make it a success.
Not only this, but genuinely independent advice can offer you a unique perspective or range of perspectives on your product. This can be extremely insightful, while it may offer ideas that resonate with you and inspire highly beneficial modifications.
Where can you Really Source Independent Advice?
Of course, the real issue here is identifying the best sources for independent advice, as objective analysis can hard to find for entrepreneurs (or investors).
Many aspiring inventors or business-owners tend to reach out to friends and family for advice, for example, but this is often a false economy. After all, these individuals tend to think that you’re great and want you to succeed in everything that you do, which in turn clouds their perspective and leads to the delivery of biased advice.
Even if they can see the flaws in your product, they may be uncomfortable when delivering these or offering a frank and brutal assessment.
Instead, inventors should also conduct market research amongst a random selection of people, who ideally belong to a target demographic and have no prior connection with you or your endeavours.
In the case of investors, you’ll also need to seek out an independent financial advisor such as Hymans Robertson. This ensures that you’re given a frank and objective analysis of your financial circumstances, and the type of investment options that can deliver a viable return in line with your risk profile and core expectations.
This represents the purest form of individual advice, and it’s something that can potentially make or break the success of your chosen venture in the future.