Setting up your own business is exciting, but the thought of what you must do to get it off the ground can be daunting.
Preparation is key. Successful businesses are built on firm foundations. Taking the time in advance of launch to ensure you have everything in order can pay dividends in the long run.
In this blog, our specialist New Business Start-up Solicitors give their top tips for starting your own business.
- Do your research.
Not all ideas lead to a successful business, no matter how great they are.
A business cannot be launched on the spur of the moment, rather business owners need to plan, and act strategically, to give their venture the best chance of success.
Researching possible competitors, potential clients, and market trends can provide deeper insight into your chosen sector and fine tune your initial idea.
Lots of free resources exist for startups, including the British Library Business and IP Centre, which offers tailored support and access to resources, training and events. Click here to find out more.
- Write a business plan.
A business plan is the blueprint for any company and one of the most important documents a business owner will create. It outlines a company’s goals, strategies and financial projections. You should refer to it throughout your business’s lifecycle and update it as your operations evolve.
Some key areas to include in a business plan include:
- Company description.
- Target market.
- Competitive landscape.
- Marketing strategies.
- Financial plans and projections.
Free business plan templates are available on the King’s Trust website by clicking here.
- Instruct a business solicitor.
Support and specialist legal advice from a commercial solicitor is crucial to the success of any business.
A solicitor specialising in business law will ensure the right legal procedures are followed and your business is covered by the appropriate legal protections.
Exactly what legal documentation you will need depends on various factors, including what sort of business structure you have in place, the nature of your business and what sector you operate in.
The sooner in the process you instruct a legal adviser with experience in business, the better. A specialist commercial solicitor will advise on precisely what you need to do, manage the relevant paperwork, protect your company’s intellectual property and ensure all appropriate laws and regulations are complied with.
A solicitor will also ensure you have the correct terms of business and contracts in place to protect you in the event of any potential disputes.
If you are considering setting up your own business and want some commercial legal advice from a solicitor specialising in start-ups, get in touch with Larcomes.
Our commercial solicitors provide tailored legal advice for businesses ranging in size from start-ups to SMEs and can help support your business through every stage of its development.
Our employment law solicitors can help you create a solid infrastructure for your business, and we can also help you draft contracts and provide specialist solicitors in environmental law to offer advice on regulatory issues.
For more information or to speak to a specialist solicitor please phone us on 023 9244 8100.
- Secure your finances.
No business can succeed without having its finances in order. Many people underestimate the costs of setting up a business and it is crucial to undertake a thorough audit of all likely expenditure before launch to ensure you don’t overstretch yourself.
Many businesses rely on external financial support, particularly at the start of their lifecycle, and it is important to ensure you have the right funding and repayment agreements in place.
Companies should have a dedicated business account and set aside money for future tax bills.
- Stand out.
Choose a distinctive name for your business and check that it is not already listed at Companies House.
Successful businesses usually have a unique selling point (USP). Taking time to consider your branding can help your company stand out.
- Enjoy it!
Launching their own business is a dream for many people. Although there is a lot of work to be done, and it can be a challenging time, don’t lose sight of your achievement. Introducing the right framework from the outset will mean you can enjoy the ride.
Business Solicitors Portsmouth
There is a lot to think about when starting a new business. At Larcomes, we support business owners with all their legal needs by advising on a wide range of matters relevant to start-ups.
Our employment specialists can advise on employment legislation and obligations on employers, our property lawyers can advise on commercial tenancy and leasehold agreements and our commercial solicitors can advise on company law such as partnership and shareholder agreements.
We also offer a dedicated New Business Start-Up Pack for company owners that consists of a standard contract of employment and up to two hours’ telephone advice from our specialist solicitors.
For more information, or to request your pack, please contact us on 023 9244 8100 and we will send you a new business start-up questionnaire to complete.
Please note that this article is not intended as legal or professional advice. It is for general guidance only, and updates to the law may have changed since it was published.
