Do you find yourself full of that New Year optimism, having spent the Christmas holidays finalising your plans for that business which you are now putting into action?
There are many good reasons to start your own business. You control your unique destiny, you feel pride in building something personal to you, you choose the people you work with, you can challenge yourself and take on the risk and reap the rewards.
However, amidst all the excitement of fresh entrepreneurial challenge, it is helpful to remember that enthusiasm alone may not be enough to garner the success of your business and that there is little substitute for sound planning and structuring.
Here are some tips we have put together to assist you:
- It is essential to prepare a business plan to outline objectives, financial matters, resources needed and realistic timescales as to what is to happen and when. Business planning is an essential element of running any good business particularly given the growing uncertainty all businesses are now facing coupled with ongoing changes in consumer behaviour. In any event most new businesses rarely have the ideal of being self financing and will require external funding and the production of a credible business plan is one of the primary requirements for any business owner seeking investment.
- Right from the outset trusted advisers should be sought. No matter the size of your business getting robust legal, financial and tax advice is crucial. Legal advice will be required in a wide number of areas when starting up a business. For example once you have carefully chosen your business name you must ensure it is not being used by someone else and you should also think if you want the name protected by trademark. Corporate advice will be needed to choose the structure of your business. There are a number of structures available from operating as a sole trader to starting a limited company or partnership each having their own advantages and disadvantages. Legal advice will also be needed to prepare all the start up paperwork, including employment law advice if you intend to hire staff and property advice if you are purchasing or leasing commercial premises.
- If your business requires funding there may be the need to grant guarantees or securities in favour of the relevant lending institution and again we can assist.
- There may also be the need for you to meet certain regulatory requirements. There may be specific conditions for a particular industry sector such as licensing needs within the hospitality industry, or EU safety requirements for certain products or UK e-commerce laws.
- All solicitors would advise you to put everything in writing : all agreements, documents, terms and conditions etc. This will protect you against any future disputes.
Happy business planning and if you need our assistance please contact Ross Leatham on 0141 552 3422 or email him on firstname.lastname@example.org