Page 37 - Real Rochdale Issue 13 Spring 2022
P. 37
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
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