Brought to you by Willans LLP:
Is there anything that has you spinning as many plates as starting a new business? From legalities to accounting, branding to marketing, securing investment to getting insured, putting together plans and projections to securing stock and, of course, customers, being an entrepreneur means wearing a lot of different hats.
It’s inevitable… to an extent. While entrepreneurs need to learn the ropes of building and maintaining a business the hard way, that’s not to say that they should – or even can – do it all alone. Being shrewd about knowing when to reach out to experts and boost your business with their insights and knowledge is a key ingredient to success.
With that in mind, here are three things that will make the process of getting a business off the ground with a lot less resistance.
1. Working with Experienced Corporate Solicitors
The legal framework surrounding businesses in the UK is incredibly complex, multi-faceted, and prone to changing. There is no universally right way of structuring a business, drawing up contracts, securing investment, or preparing the business for many years of growth and development, and that’s why the only person you can rely on to guide you is an experienced corporate solicitor.
This isn’t an area you want to attempt to navigate yourself. Not only would that be incredibly time-consuming, but the chances that you’ll miss, misinterpret, or overlook something are very high.
2. Outsourcing Your IT Security
Securing your business against the ever-present threat of cybercrime is incredibly important. Small and medium-sized businesses represent some of the most popular targets for hackers and phishers, largely because they represent much easier prey than large enterprises.
Unfortunately, a lot of first-time business owners assume that, since they’re not turning over six-figure sums or harboring a wealth of sensitive data, they’re unlikely to be targeted.
In 2022, the average cost of a security breach for micro/small UK businesses was £861. Combine that cost with a real hit to your reputation as a trustworthy business, and things can begin to unravel very quickly.
None of us are born knowing how to secure our IT systems, and figuring it out through trial and error simply isn’t an option when the stakes are this high. Outsource your IT management to a specialized third party sooner rather than later, and ensure your business’s most valuable assets are kept out of harm’s way.
3. Creating Your Business Proposal Before You Do Anything Else
A lot of entrepreneurs are filled with so much enthusiasm and determination to get their start-up off the ground that they pass over the basics. When it comes to the most common mistakes business owners make, this is one of those slow-burners – you may not notice the downsides to rushing straight away, but you will one day.
Creating a strong proposal and clear mission statement as soon as possible is like digging the foundations before you pour the concrete… essential.
It takes time, and you might be surprised at how much more difficult it is to put your idea into words than you first thought, but it will be worth it.