Page 36 - Real Rochdale Issue 13 Spring 2022
P. 36

setting up a business








                                                                                                                                                MOLESWORTHS BRIGHT CLEGG employment solicitor, Adam Salkie;
                                                                                                                                                head legal cashier, Asya Bibi and trainee solicitor, Aamna Ali reflect on
                                                                                                                                                the legal and practical considerations in setting up a business.



                                                                                                                                Five tips for those who have made the decision and are ready to set out on their business journey



                                                                                                                                 1.  Be an expert                   else invest? Will you be going     and assistance needed with
                                                                                                                                                                    to a bank?                         employment contracts.
                                                                                                                                 You must know your product
                                                                                                                                 or service and your market         Understand key terms before        Choosing a business location
                                                                                                                                 inside out. If you are not         embarking on a business –          is an extremely important
                                                                                                                                 confident that your product        turnover, profit, net, gross,      factor. Did you know that
                                                                                                                                 or service is strong and will      revenue. It’s important.           in the UK, only 22% of
                                                                                                                                 guarantee business, attend                                            businesses operate more
                                                                                                                                 courses and opportunities to       4.  Marketing, staff and           than one site? This means
                                                                                                                                 learn and develop, do market          location                        that the majority of
                                                                                                                                 research where applicable.                                            businesses operating in the
                                                                                                                                 Alternatively you may work in      Now that you have sorted           UK only have one opportunity
                                                                                                                                 the field already that relates     the finance, the next thing        to make the most out of their
                                                                                                                                 to your business.                  to consider is how you are         location. Think carefully,
                                                                                                                                                                    going to attract customers to      when considering location.
                                                                                                                                 2.  Know and understand            grow your business. You will
                                                                                                                                     your structure                 need to consider marketing,        5.  Legal governance,
                                                                                                                                                                    branding, and how you wish            risk management and
                                                                                                                                 Seek professional advice of        to balance online and offline         compliance
                                                                                                                                 accountants and solicitors to      promotions. You might want
                                                                                                                                 ensure that the best structure     to begin with doing some           Once all the above have
                                                                                                                                 for the business is chosen,        competitor research, build         been considered and you are
                                                                                                                                 whether that be sole trader,       a social media presence            ready to start shaking up the
                                                                                                                                 partnership, limited company       or create a website. When          business world, you need to
                                                                                                                                 or LLP. This will help you to      considering your offline           legally register your company.
                                                                                                                                 think about and take further       promotion, you may wish to         Registration requires you to
                                                                                                                                 advice on the agreements           use flyers or newsletters.         choose which type of business
                                                                                                                                 that you will need in place                                           suits your needs: limited
                                                                                                                                 with business partners,            Have you ever heard the            company, partnership, self-
                                                                                                                                 investors etc.                     saying employees are the           employed, sole trader.
                                                                                                                                                                    company’s most valuable
                                                                                                                                 3.  Finance                        asset? This is because             You will also need to consider
                                                                                                                                                                    employees are a major              what insurances you will
                                                                                                                                 This isn’t a dirty word. In fact   contributor to profit              need in put in place. Some
                                                                                                                                 it is your friend. You must        and value of a business.           insurance policies will be
                                                                                                                                 have a financial plan in place     Therefore, when deciding           legally required. We can also
                                                                                                                                 from the start and decide how      on employees, take into            advise you on any protection
                                                                                                                                 the company will be funded.        consideration the nature           of ideas and business secrets
                                                                                                                                 Will you invest yourself? Are      of your business, potential        that may be required.
                                                                                                                                 you going to have someone          customers, skills required

          REAL ROCHDALE - SPRING 2022                       36                                                                                                                    37                     REAL ROCHDALE - SPRING 2022
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