Date: 19 March 2017

Top Tips for Business Start Ups

Whether you’re about to start your own business or have already taken the plunge, we reckon that everyone can benefit from a bit of inside information when it comes to getting your new business off the ground. That’s why we’ve spoken to a few people who have quite literally been there and done that and now run successful enterprises to get the lowdown on what they would have done differently if they had their time again…

  • Research and test – you might think you’ve got the best idea on the planet but until you’ve done your research or tested it on your target market, you can never be sure. Speaking to potential future consumers and seeing what competition is out there will help you to position your product, develop your brand and inform your business plan
  • Choose the right business structure – sole trader, partnership, limited company or LLP? It’s always worth getting some advice and seeing what’s right for you and your company
  • Brand – picking a name or developing a logo is crucial to any successful business. After all, it’s the first thing customers see. Do your research and consult a specialist
  • £££££ – you might be eligible to apply for a start-up loan to help you get off the ground, like 30,000 other businesses before you. Go to startups.co.uk to find out more
  • Choose an accountant – this might sound straightforward but it often gets overlooked. Pick an accountant who is specialised to your sector and has previous experience dealing with businesses of your type. Also, look at the size of the firm. A small to medium-sized business accountant will specialise more in the kind of accounts issues common to smaller firms. They are also likely to charge less than a larger firm and give more direct access to more experienced partners
  • The people – surround yourself with people who are as keen to achieve the company’s goals as you are. If someone on your team is not working out, part ways now. It might mean more work in the short-term but will be worth it in the long run
  • Don’t be afraid to ask – be willing to listen to people who’ve been there and done it. Don’t be embarrassed to seek advice or admit if something hasn’t worked out. The only way to grow is to constantly assess and improve on weaker areas of the business. The UK is a very supportive place for new business to grow. Go to http://www.greatbusiness.gov.uk/where-to-get-start-up-advice/ for key resources, helplines and information on getting a business start-up mentor

If you would like any help or advice on any aspect of the law please contact us or email info@bestsolicitorsonline.co.uk

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