5 tips to start ANY business
If you're looking to start your own business, but don't know where to begin, this article is for you! We've compiled a list of our top 5 tips that literally anyone looking to start any kind of business should do!
Brand Identity
Logos, business name, product and service names are all important in making sure your business is well put together. And making sure you know only you can benefit from it is critical.
3 steps to take:
Check your company name isn't already registered on Companies House
Snap up all the domain and social media handles
Apply to have name and logos trademarked
2. Business Set Up
Have you seen our post on How to Launch Your Company? Give this a read to get started and then research the pros and cons:
Are you ok with your details and finances being publicly available?
Do you want to be personally on the hook for any claims?
3. Money Matters
It is important to have a good understanding of accounting, as well as the different types of bank accounts that are available.
And remember, all income is taxed regardless of whether you own a company or are self employed. So make sure you know the rate of tax for Corporation Tax and/or Income Tax and save for that final bill that is sure to be heading your way.
4. Cover Yourself
This comes down to 2 things:
Insurance
Regulatory requirements
Insurance
There are different types to cover different things. Common ones are:
Employers Liability Insurance - covers people who work for you for mistakes they make
Public Liability Insurance - covers your business in case a member of the public is harmed by you
Professional Indemnity Insurance - covers you for providing services and people making decisions based on your advice
Product Liability Insurance - covers you incase someone is harmed by the products you sell
You can have more than 1 type of insurance policy so that you are fully covered and always check with an expert on what your needs are.
Regulatory
Each business is unique and might be subject to additional regulation especially in the cosmetic and medical field. Top tip for you: the law is only a starting point, and each law is looked after by an organisation that will provide guidance in that area and investigate wrong doing. Here is a starting point:
Use the self assessment from the Information Commissioners Office to check if you need to register with them if you process personal data
Check for any licenses and permits for your industry area
Get Marketing!
Marketing is critical to any successful business, getting it wrong can be costly to your reputation and more. Check out the LeanOnLegal social pages @LeanOnLegal to stay up to date on all things business, data protection and marketing as well as making use of the Advertising Standards Authority and Committee of Advertising Practice resources:
These are steps business of all kinds should invest time and effort into and, depending on the type of business you have, there are many more!
Disclaimer: Nothing posted on this website is actual legal advice. Always do your own research and get a professional legal and/or financial opinion.