5 Top tips on starting up your own business
In our business law and employment law departments we are frequently giving advice to people starting a new business, with different expectations and ambitions. It is a wildly exciting time, but the adrenalin and enthusiasm needs to be tempered by the realism that key decisions made at this formative stage can affect your business for years to come. Here Jonathan Finn, a member of our Company and Commercial team, takes a look at some of the key aspects to bear in mind:-
Get your finances right
How are you going to fund your business and inject that vital initial capital? This may be from a business grant or a bank loan, investment from friends or family, or you may have a business idea that could be crowdfunded in a peer-to-peer arrangement, which is becoming increasingly common. Jonathan has extensive experience in working with a multitude of lenders and is well placed to refer you to those that fit with your funding requirements.
Structure your business properly
One important consideration will centre on the form which your business will take- Is it run solely online or do you need premises? Are you buying into a franchise? You will also need to consider the business as a legal entity, i.e. whether you are a sole trader, a partnership or even a PLC. This can change as the business grows, but you need to understand the legal implications and responsibilities of all of these, and the structure you choose needs to be right.
Know your market
What is the lifecycle of your product/service? Is it future proof? Are there ways you can expand it or create offshoot ideas to allow the business to grow? Of course, you also have to be thinking about your website and social media strategy. Your brand is intrinsically linked to public perception, so this has to be right. Have you got a strong name, logo, image and social media presence?
Survival of the fittest
Writing a business plan is fundamental to understanding what you have to do to survive the first few months of trading, in terms of setting short, medium and long term goals. This also gives your business credibility and is a document which can be utilised when dealing with external parties such as banks or prospective clients. While this is an exciting time and you will be concentrating on the bigger picture, there are important details to get right. These may include payroll, tax returns and National Insurance paperwork, refining your website and social media posts.
Your business will always be evolving and you may wish to review the goals set in your business plan, setting new ones, looking at costs and even altering your strategy. You may also be ready to enter into the world of recruitment, and so advice from an experienced employment law solicitor is essential.
In essence, starting a business is about harnessing your obvious enthusiasm with an understanding of the basics and maintaining a realistic eye on what can be achieved. For more information, please visit https://www.isonharrison.co.uk/our-services/company-and-commercial
Ison Harrison specialist teams of solicitors and lawyers offer a full range of legal services – both for you and your business. Their commitment to client care, quality of service, and commerciality of advice ensure they are firmly within the top 20 of law firms in Yorkshire. Ison have a team of over 190 people and have gained a national reputation for quality.