Over 99% of businesses are classified as “small businesses”, meaning they have fewer than 49 employees. Small businesses are vital to the economy and provide good employment opportunities. However, as one in three small businesses fail within the first year, the importance of building secure foundations cannot be underestimated. Do your research and plan your business before you launch it to avoid adding to the statistics. It takes an awful lot of hard work, research, dedication and planning to make a success of your venture: there are no shortcuts. That is why Midlands based legal practice – lawyers for business – Wright Hassall have produced ‘The Go to Guide to Starting a Business‘ guide to help small businesses start-up successfully and become sustainable.
There’s no doubt that starting your first venture can be an exciting, albeit daunting, experience. Being your own boss has many advantages. However, it is easy to get carried away with ideas for your new product or service and forget about the basics. You must have the right processes and contracts in place to protect your idea and you must be able to finance your venture as it grows, particularly if you are going it alone.
This UK focused legal guide is designed to give you the basic information to get you started. Depending on the type of business you are planning to launch, you may need to look at some areas in greater detail than others (for example, finding suitable business premises might not be relevant if you’re intending to operate from home).
There are seven chapters in the guide: Research your ideas, Write your business plan, Business structure, Start-up financing, Commercial elements and People. To read the guide visit: https://www.wrighthassall.co.uk/knowledge/legal-guides/2016/02/22/go-guide-starting-business/
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