Many of us dream of swapping life in an office for the chance to be in complete control of our careers, and working for yourself by running your own business is one way to start. Setting up a business from scratch requires a lot of hard work and dedication, and while you don’t necessarily need a trained business background, even the most brilliant ideas need a lot of planning and preparation.
If you’ve been thinking about starting your own business, see our brief guide below for some important things you need to know before getting started.
This is an essential step that many people overlook, but it’s vital to properly do your research before embarking on a business plan, even if you’re convinced you have the best idea in the world. Market research uses information gained from interviews, questionnaires and focus groups to determine how effective a product or service is, and what can be improved.
Sort of the legal requirements
There are several legal aspects to sort out depending on your type of business and where you work, but most companies will need to register as a sole trader, limited company or partnership. It’s usually worth working with a solicitor to help you lay out all the legal terms, including insurance, licences or permits and copyright or trademarks to protect your business name and idea.
Of course, how you plan to finance your business is one of, if not the, most important factor to work out before you begin. There are several different options available, from funding the business yourself to seeking help from local investment groups, or applying for a business grant or loan. A strong business plan is essential when applying for a loan, so the more prepared you are, the higher the chance of being successful. You’ll also need a good credit score, and you’ll need to bring important financial and legal documents such as business licenses, tax returns and bank statements.
Your business plan should be as detailed as possible, and cover each stage of how your business will evolve, from the initial idea to the finished product. It should include an executive summary, your market strategies, analysis of any competitors, a design and development plan and how you plan on funding your business. While you should include as much information as possible from the outset, a business plan is not set and stone and can be changed and updated as the business grows.
If you need help and legal advice with starting your own business, get in touch with our team of expert commercial solicitors at Hawley and Rodgers. Our professional team can advise you on a range of practical solutions, from starting your own company to business mergers, sales, company formations and more. To discuss your needs further, don’t hesitate to give us a call or visit the website.