Thinking of going it alone and starting your own business? Let our Business Solicitors give you some free and valuable advice on starting a new business.
Business Solictors Offer Great Advice
It can be an exciting step, and if you succeed the rewards can be vast. But at the same time, it is vital to get the basics right before you launch.
You will require some small business advice.
Starting a New Business
So you need to do some homework before you risk your money on starting a new business.
Here, we give you ten top tips to get on the right track from the start for your new business.
1. Focus on your product
Whatever your business, you need to make sure you really know what you are doing.
Who else is in the market?
If there’s plenty of competition, what are you doing to make your new business stand out?
If you’ve found a niche – either a product that does not exist, or a service not available locally – think about why nobody else is doing it. There may be a good reason for it not being available.
2. What kind of company are you?
Deciding on what type of company you set up is key.
It affects the kind of finance you get to work with, the roles and responsibilities of the owners and your tax status.
For start-ups, there are effectively three main options:
- a sole trader;
- a limited partnership; or
- a limited company.
Each has its own benefits and disadvantages, and it is well worth obtaining some advice on each to see what is best for you.
3. Which bank?
Despite the current economic turmoil, banks are still keen for business from start-ups, and many offer a range of incentives for new businesses.
While the benefits of free banking for a year or cheap initial overdrafts may seem vital, it is more important to look at the long-term value, so compare the fees and charges once your deal period ends before you take the plunge.
4. Other financial services
No matter which business bank account you choose, you do not have to take all the products you need with it.
If you need a small business insurance quote or a loan rate, compare the prices of the whole market to get the best deal.
5. Check your liabilities
As a business owner, you have responsibilities to your customers, your employees and your suppliers. If you fail in those responsibilities, you could be held liable for any injuries or damage that results.
Make sure you have liability insurance in place to cover yourself against any claims.
6. Take advice
You can’t be an instant expert in all areas of running your business, so don’t be afraid to ask for help.
Professionals, such as your Solicitor or accountant, will be able to give you information and advice on some areas, but it never hurts to canvas friends and family for their tips. The quality of advice from non-professionals varies – so consider it but make your own decisions.
7. Do not ignore the paperwork
There are legal implications for businesses (particularly companies and Limited Liability Partners) that do not keep up with their administration, but a disorganised approach to your paperwork means that you will miss opportunities and fail to spot any potential obstacles ahead.
8. Know the law
All businesses are subject to certain laws, and there will also be rules and regulations specific to what you do.
Make sure you keep within the rules – the penalties can be huge and your reputation may never recover. Consider if our fixed fee helpline for taking advice might be right for you – if you want to be sure ask us to quote. We will only offer the service if we believe we can add value to your business.
9. Get the marketing right
Understand where your potential customers are and build up a strategy to attract them – they are unlikely to come to you.
10 Do not give up
There will be obstacles and you’ll have good and bad days, but building up a new business is always going to be hard work and the biggest successes tend to come from the businesspeople who try the hardest.
CONTACT OUR LEGAL TEAM
The Bennett’s Legal team would be delighted to assist and guide you on how to get your business up and running.
Please contact Harjinder Kandola on 0844 472 2378 or by email us to discuss your new business enquires.
ABOUT US
If you want advice on any aspect of Business Law then the Bennett’s Legal team can assist you through the process. Please contact Shrewsbury office for a no obligation discussion about your situation on:
Telephone: 0844 472 2378 or email us.
Bennett’s Legal Limited is based in Shrewsbury but operate a UK wide specialist employment law and business law service to big businesses, smaller companies businesses owner/managers and individuals.
We offer conferences and advice by:
1. telephone;
2. by Skype;
3. by email;
4. and of course in person.
Bennett’s Legal is a firm of Solicitors in Shrewsbury who advise only businesses, business owners and individuals with employment and business law needs. From our Shrewsbury offices our solicitors advise media businesses, football clubs and private companies UK wide.
Contact our Business Solicitors to access professional, friendly assistance on 0844 472 2378 or email our Business Solicitors.
WE ADVISE UK WIDE ON A DAILY BASIS – CALL US ON 0844 472 2378 OR EMAIL OUR BUSINESS SOLICITORS. FOR A NO OBLIGATION FREE DISCUSSION ABOUT STARTING A NEW BUSINESS.
Business Solicitors in Shrewsbury