If you are planning on setting up a business, there are many things that should be taken into consideration. This includes the kind of business you want to run, the costs, the legal side and much more. Since there are so many things to deal with, it can be overwhelming – but not to worry, we will look at the basic points to help you get started.
In this article, we will discuss what you should take into consideration when setting up a business in the Gloucester area.
Decide what kind of business you want to run
If you are planning on setting up a business, the chances are you’ll have a clear idea of the sector or industry you will be operating in, and have some experience of it. The importance of doing your research can not be underestimated. Speaking to other local business owners can be a good idea, as can mentors and start-up advisors. If you are unfamiliar with the Gloucester area, get talking to business owners in the local area and find out how they are doing.
An important consideration is the structure of your business. You can choose to be a sole trader, a limited company, partnership, LLP or other business structure. It is best to seek professional advice to work out which of these may be best for you. If your employment status changes, for example you decide to go self-employed, you will need to let HMRC know.
Create a business plan to follow
The next thing that you should take into consideration when it comes to starting up a business is to make sure that you write a business plan. This can help you to ‘map out’ your business and what you will need to do to give it the best chance of success. When it comes to creating a business plan, you should make sure that you set some realistic, measurable targets that you want to achieve and when, so you can work towards them.
Find a business premises
You will need a space from which to operate your business, whether you’re looking to start a retail business or become a consultant and work from home.
Do some research into the commercial premises available in the area and look at the
Gloucester City Council
website for information on business rates in the local area.
You will need to make sure you have the correct insurance for your business premises.
Get your financial systems in order
It is wise to start looking into things like setting up a business account, book-keeping software and seeking the advice of an accountant early on to make sure you are following the correct procedures.
Start off on the right legal footing
Having proper protections in place such as well-drafted terms and conditions and supplier contracts can help you to avoid issues like cashflow problems. A business lawyer will be able to help you with this.
If you are processing data, you should make yourself aware of your GDPR and data protection obligations.
You should also ensure your intellectual property is protected and managed well; this can involve everything from your logo and branding through to articles you write or products you make. If you think someone is infringing your intellectual property, you should “
take action to draw this to the attention of the infringing party, and enforce your rights
”. (Source:
Willans.co.uk
)
The legal considerations for business owners are numerous and too many to list here; it is important to seek advice from a reputable law firm. Look at online reviews of law firms that work with businesses in your sector, and ask friends and contacts for recommendations. It can be useful, though not essential, to use a law firm local to you, especially if you are looking to have face-to-face meetings with your legal advisers.
Keep this information in mind
Overall, there are a lot of things that you will need to take into consideration when it comes to running a business. If you are thinking about starting one soon, keep this advice in mind, and remember to consult professionals for tailored guidance.
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