Starting Your Own Business
Free Help In Starting Your Own Business
In a recession specific opportunities can exist to start your own business, perhaps by buying the business of an insolvent company, by investing redundancy payments in a new venture or providing a new service relevant to the current economic climate. We have all witnessed the boom being enjoyed by budget retailers and discount supermarkets.
When you are starting a new business, it is vital to get the best legal advice to help avoid potential problems. If you want to get it right, you are going to need sound advice on a whole range of issues, such as:-
- Choosing the correct business vehicle - sole trader, partnership or company. We can explain the advantages and disadvantages of each structure. If you are purchasing an existing business we can steer you through the purchase process.
- If you are setting up in business with other people we can help set out the legal framework for relations between the investors in a partnership, or shareholders in a company.
- We can advise you on your bank facilities. You may need a loan to establish your business or to provide working capital and you will need to understand the banks loan agreements and any requirements for security over assets or guarantees.
- You may need to buy or lease business premises. This can be a long-term commitment and we can help you negotiate the best terms.
- Understanding your obligations as an employer is very important in the highly regulated area of employment rights. We have specialists who can make sure you keep on the right side of employment and health and safety laws.
- Make sure the business has proper business terms and conditions for its goods or services and you can avoid potentially expensive disputes in the future. Taking a franchise of an established business can often reduce start up risks. We can advise you on the terms of the franchising agreement to make sure that your hard work reaps you rewards.
You know where you want your new business to go and we can help you get there. Don’t be intimidated by the range of issues which arise when starting a business. With clear advice we can help you identify and focus on the ones which are important to you and your business.
Business Tips for a Recession
Our key business tips for surviving the recession are as follows:
- You will need two plans – i) Trading your way out and ii) Cutting your way out.
- Control your cash – is your business liquid enough to withstand the squeeze over a sustained period?
- Control your costs. Look for savings in every part of your business.
- Invest in your marketing - you don't have to break the bank, but be sure to shout about your business and why people should buy from you.
- Retain your existing customers in an uncertain economy customers cut their discretionary spending, so do all you can to keep your customers coming through your door.
- Improve your service – customers value businesses that give them more for their money, especially when times are tough. Efficient service, fast delivery and flexible payment terms encourage customer loyalty.
- Deliver what your customers want - don't waste time, effort and money trying to sell what people don’t want. Avoid the temptation to slash prices – if demand is not price sensitive, you will be giving your profits away.
Free Consultation
At Biggart Baillie, we will get you started with a free initial consultation to explain the issues and help us understand your legal requirements.
Once we have discussed your plans and prioritised your legal needs, we can agree a fixed fee to get your business up and running on a sound legal footing. Proper advice at the outset can save you time and money in the long run and get your business off to the right start.
Contacts for Starting Your Own Business