Fresh Brew Marketing are pleased to introduce the first of many guest blog articles to come – all with the intention to impart some of their knowledge, skill and, most of all, advice to start-up businesses.
Ritsonlaw discuss what their Top Ten Legal tips for Start-Up SMEs are with a range of handy tips that are sure to get you excited about growing your new venture!
1. Choose The Business Model That’s Right For Your Business
All new businesses need to consider this fundamental question BEFORE they start trading. Is the business going to be a sole trader, partnership or limited liability company?
Which model is right for you will depend on a number of factors such as how many people are going to run the business, what is the most tax efficient model for your type of business, how are profits and losses to be dealt with?
Advice should be sought from a solicitor and accountant before making the final decision and your solicitor can then prepare the necessary legal documentation to put your business model into effect.
2. Do Any Laws Or Regulations Affect Your Business Activity?
This can cover a huge range of areas such as:
· Health and Safety
· Public and Employer’s Liability
· Tax and National Insurance
· Employment Contracts for Employees
· Regulations Specific To Your Trade or Business Activity
Advice should be sought from a suitably qualified lawyer and/or accountant to avoid running into problems in the future.
It is essential to put the foundations of your business in place.
3. Understand What You’re Signing
Make sure you understand your legal rights and obligations before signing or agreeing to anything.
This applies to:
· Leases/Tenancy Agreements
· Contracts for the supply of goods or services
· Employment contracts
If in doubt: Seek Advice.
4. Set Your Budgets – And Stick To Them!
It is easy to get carried away, particularly in the early stages of running a fledgling business so be strict with your spending – not all of it is “necessary”.
5. Understand Your Business Plan And Have A Clear Marketing Strategy
It is easy to deviate from the objectives you set at the outset so revisit your plan regularly and keep it updated. Make sure your marketing plan is targeted at the right audience – your potential customers!
6. Use As Many Free “Tools”As Possible To Promote Your Business
Sign up to Twitter, Facebook, LinkedIn and start promoting your business and products – it’s FREE!!!
Compose a blog and newsletter and start emailing your customers to direct them to your blog post or website.
7. Join the Local Chamber of Commerce
For support and advice, usually for free. Membership can also have the benefits of networking with other businesses.
8. Get Your Family And Friends To Rally Round
There is no better advertising than word of mouth – so get those closest to you to put the word about and sing the praises of your business.
9. Get The Right Legal Advice
It is always cheaper to prevent a legal problem arising than to sort it out after it has arisen. The cost is often less than expected.
10. Never Give Up Or Lose Momentum
There is no doubting that starting up is hard. You must have the will to succeed and keep trying the things that you know will succeed, even in the light of initial failure.
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