Starting a new business is a fantastic achievement and one that you should be proud of, but it can be an overwhelming task and jobs that are more time sensitive become more important and you get caught up in the day-to-day running of the business, leaving vital start-up tasks unfinished.
It is important to seek independent advice when setting up a new business, to discuss the best structure and how best to protect yourself and your company. At Commercial Domestic Investigations we wanted to share some new business start-up tips with you.
It is important for you to know how you want to set up your business; will you be a partnership, limited company or sole trader?
Each business structure carries different risks which can be avoided. Think about your personal assets and their protection. What may be the most common structure may not be the most suitable for you and your circumstances.
You and your partners
Are you planning on running your business alone or will there be a group of people involved?
If two or more people are involved in the running of the business then it is important to draft, and implement a shareholders’ agreement. This will form a legal agreement between all people involved and cover all aspects of the running and management of the business.
Terms and conditions
Take the time to create bespoke terms and conditions for your business. Every business is different so no matter how tempting it may be to save time and download a default set for free, using terms and conditions that are not fit for your business can cause problems further down the line.
Pick a name
A name can turn out to be one of your businesses most valuable resources. Make sure that you carry out your research and check that your businesses name is not the same, or similar to an already established business. The last thing that you want is to have to change your business name when it has become a vital part of your branding.
The aim is that your new business will expand and you will become busier and busier, inevitably you will need to look at hiring some help, be it a self-employed consultant or your own employees. Employment laws are very complex; ensure that you clearly outline what is expected from both your company and your employee.
At Commercial Domestic investigations, we know that starting up a business can be difficult and that you have more important things to worry about than debt recovery and credit control. Let our highly-trained team help. We have a range of debt recovery services available and can be involved at any stage of the recovery process, don’t let bad debts affect your cash flow. Contact us on 08444 159200 or email firstname.lastname@example.org.