So, you’ve decided to start your own business. Maybe you’ve seen a gap in the market that no one else is exploiting, or you’ve worked out a process that will let you be the most efficient provider of your service. Having the idea is easy. Following through is harder, and more complicated.
This is short guide to break down some of the harder steps, so it’s not so overwhelming.
Business Plan
Your business plan is probably the most important document you will write. It not only lays out the direction for your business in the weeks and months to come, and defines exactly what your unique selling points are, it’s also what you’ll use to raise money from banks and investors. This is how you’ll prove that you have a realistic and professional understanding of your prospects.
Get Legal Help
It’s important to make sure you have assistance from a lawyer. They can provide help in all sorts of ways in the early days of your business. When you’re raising money, they can help with negotiations to ensure you have a fair deal that gets you the maximum capital for the smallest amount of interference in your decisions. It also reassures potential investors to see you are working with a reputable business lawyer, and helps to put off disreputable investors. Anyone who may be trying to take advantage will clearly see that you are aware of the potential legal pitfalls and have access to specialist help.
You will be dealing with a lot of contracts as you put your business together: renting premises, getting in products or raw materials and of course employing staff. A business lawyer can help make sure that every legal contract you write or sign is absolutely watertight and doesn’t give any scope for you to be taken advantage of. You can also research a business insurance resource for further business security.
Despite it not being technically necessary, many contracts are written in arcane so-called ‘legalese’, which can obscure the meaning of the agreement, leading to some potentially costly misunderstandings. A lawyer can guide you through the process to make sure the contract accurately represents the agreement you negotiated, not a distortion introduced in the drafting process which could leave you open to additional penalties you don’t have the budget for.
Speaking to professionals like this will help to set you on the path to running a successful business, and avoid some of the many pitfalls that cause businesses to close in their first year.
