Helpful tips for those starting their own business
Business registration, licensing, researching which regulations you are required to follow and the ones you don’t are all issues which aspiring business owners need to address before a single pound is put into your pocket from the business.
This period can be incredible daunting, one only needs to ask our head solicitor to know this, because this is the period where many budding business owners will be overwhelmed from the ammount of legal requirements that need to be completed before you can really start focusing on your passion.
During this time you’ll be wanting to dedicate the majority of the time to working on the guts of your business, the little details that will see your vision come to life, so of course the last thing you’ll want to be bogging you down and stripping your precious time is the legal complications of starting a business from the bottom up.
Some of the most common issues or setbacks that entrepreneurs experience can usually be connected back to the failure to conduct proper legal diligence, or an administrative error on legal documents.
So, our team here at Legal Spark has put together a short list of points for you to consider before (or while) you’re preparing their business, to get you off to the best possible start.
1. Research the industry your business will be operating in.
This is the most straightforward piece of advice we can give, but it is important, because if you don’t really dig your teeth into the nitty gritty details early on you’ll probably be in store for some unwanted surprises later.
This could involve scrolling through forums concerning the industry, searching for blog posts or articles that relate to specific topics, government websites that offer a basic outline on how to register a business, and if you’re particularly fortunate you might even know someone currently working in the industry.
It doesn’t hurt to do as much research as possible until you are comfortable proceeding with your plans. This stage can be as long as possible, until you feel you are equipped with enough knowledge to proceed.
2. Understand your limitations.
Next it is understanding where you’ll require professional assistance. Some of you will be the tenacious DIY maverick, but there are legal forms and application that will be complicated and outside the scope of your own abilities. Don’t worry this happens to all of us, and there is nothing wrong with accepting help where it is required.
This will not only save you unnecessary headaches, but free up the amount of time you have to focus on the things that matter.
3. Don’t get ahead of yourself
Simplicity is your friend here, focus on one step at a time and begin ticking all the boxes one by one. It’s important to focus on the absolute essentials during the starting phase so that the foundation of the business is established and development can be pipelined for future actions.
There is no point in purchasing that state of the art printer with bluetooth and high definition gloss printing if you’re not bringing in clients to start earning a profit (unless of course your business is based around selling high definition glossy photos in which case the printer is probably needed).
4. Finally, if all else fails, seek legal advice
Even if you understand the basics of business law and the information required to begin filling out the numerous forms you’ll need to complete, at the end of the day getting legal assistance from the professionals will provide you with that edge required to complete it seamlessly.
The legal requirements is one of those areas that it is recommended not to apply the DIY tactics that other areas of the business require, because, simple errors here can cause huge headaches later. Because no matter how much due dilligence is conducted and you prepare yourself, there is going to be a moment where you wish you had a lawyer on hand to help you out.
This can all seem straight forward, but you can’t always be certain, and it’s always helpful to prepare for any situation arises.
So, if you’re considering starting your own business, and don’t want to stress about the numerous legal complications which will arise, then send our team a message and we’ll do our best to get you up and running in no time.