To ask for help with DHs business?

[Brazooka]

I am really worried about how this is all going to pan out and am absolutely clueless about it all so am asking for any advice or pointers to easily understandable information.
Am having to keep some info vague as it’s quite niche and identifying.

Dh (ASD) has had a lifelong dream to create a product that has the potential to generate a good enough income to allow him to give up his unskilled job.
The product is nearly ready and could be marketed and sold by itself. IMO it’s brilliant and when compared to similar stuff it really does standout. But I’m very aware that I may be biased.

My worries are around the fact that he also wants to set up a limited company to drive sales, by signing up members for other product reviews, opinion pieces etc. I am clueless about this but I am confident he has researched and knows how this SHOULD work.

Because of his ASD, his focus can vary and he can be quite impulsive and will often thinks that stuff should happen in a certain way just because he thinks that. E.g he thinks that when he sets up the company ( through a virtual office) in a few weeks time, he will be able to offset costs for stuff he has already purchased? I worry about tax, VAT etc as he is just not good at routine, structure, record keeping, paying bills etc. He’s so enthusiastic and I hate being the voice of caution but am worried that he isn’t fully aware of the ins and outs of all of this.

Where can I find info to try and help steer him so that this doesn’t end up a disaster?

He needs a financial adviser. Somebody who knows the industry - both product- and finance-wise. Or at least somebody who knows the legalities of setting this type of company up - a professional, that is.

There are also local business support services that are really good at advising SMEs and start-ups. They are public sector type organisations. In Scotland these are called 'Business Gateway'. There are similar in England, have a google of something like Business Startup Support MyArea

Very similar with my DH he isn't ASD or not that we know of however he always has these dreams of setting up online business, writing blogs about the products, get traffic to the website bla bla! He even bought many domain names but of course no further action! I made my own research as well- sorry to be the bearer if the bad news but I gave him the full picture of how much it will actually cost to start up- he is very clever he knows ins and outs but just dreams about stuff and thinks all will be laid out for him on a golden plate

Business mentor here
Is there an actual need for this item? Is he solving a problem that doesn’t exist or is it something HE would like so thinks everyone else would too?
Does he have a solid Business Plan to show how he will sell it, who to and how it will make profit and how much? What is the cost per item (including his time) and how many does he need to sell?
There are so many questions he needs to ask himself
Happy to receive a PM if you think I can help (pro bono)

www.gov.uk/business-finance-support

Thank you everybody for your help.
Can’t quite work out how to quote parts of replies so thanks for the pointers and ideas. I have to approach things very gently so will do some research locally and plant some seeds about business start up support.

He needs an accountant. Dh has a limited company with several staff on PAYE. He pays about £1500 a year for his accountant, and it’s money well spent. She tells him everything he needs to do, sorts out taxes, does PAYE every month, etc.

One thing I would say though is how important social media is, so if he doesn’t have social media marketing experience, that’s something to learn now and build up a follower base and the story around the product.

I agree he needs an accountant (not a financial advisor)

Any decent accountant will be able to help with the company incorporation, tax etc. But be wary as there are a lot of shit accountants out there giving terrible advice - try asking local self employed people for recommendations.

Accountant is the word I was looking for - ignore my 'financial advisor' suggestion. English isn't my first language and they're one and the same job where I live now.

Agree with the social media part. It's vital nowadays for the vast majority of industries, so I'd make sure I knew how to market and exploit my product's potential online.