Would you like to set up your own business?
The Government has joined forces with private enterprise to encourage budding entrepreneurs to set up new businesses.
The ‘Business in You’ campaign highlights the support available for people wishing to start a new business or develop an existing one.
A statement from the Department for Business Innovation & Skills says: “Small businesses are the lifeblood of the British economy. Here we find the people with unusual and inspiring ideas, people who have the drive to go for it and start a new business or grow their existing one.
“The campaign wants to encourage you to make this the year of enterprise by taking the leap to start up a business or grow your existing one – develop your ideas, write your business plan, employ more staff, start exporting.”
The Government may find that it is speaking to a very receptive audience. Research by Lloyds TSB shows that the number of small businesses operating from people’s homes has risen dramatically over the last few years.
It’s thought this is partly down to people losing their jobs during the recession and using their redundancy pay to enable them to start afresh.
It’s good to see the Government encouraging enterprise and even better to see that so many people are ready to accept the challenge.
However, budding entrepreneurs need to make sure they do their homework as there are several pitfalls that could easily stifle progress or lead to failure.
Start-up businesses need to consider a variety of issues from employment matters to business contracts. There could also be concerns about how to structure the business.
Getting good legal advice at the outset can prevent damaging problems emerging later.
We have helped numerous new businesses get off the ground and are able to offer advice on such things as whether to set up as a sole trader, partnership or a new company. We also have valuable contacts including accountants, surveyors, valuers and financial advisers who can provide added value to the services we provide.
Please contact Wayne McBean if you would like more information about starting up a new business.