Foundations

Section 2 containing 12 subjects

 

Business structure

Your choice of structure will largely determine how your business income will be taxed. We cover the main 3 areas, sole trader, partnerships and limited companies.

Business name

Your chosen business name will appear everywhere, such as your web site, stationery, advertisements, uniforms, signage and email footers. The most important initial consideration when thinking about your business name is to remember that the name will help form someone's critical first impression of you.

Whom to inform about tax

When setting up as a sole trader or partnership you must register with HM Revenue and Customs.

Premises and location (as sample above)

Your initial premises are an important consideration and many factors will influence the decision such as permissions, planning consent, insurances, communication needs, location of labour, building regulations, fire protection, disabled access, smoking laws, environmental concerns, security, flood planning and crime prevention to name a few.

Insurances

There are many insurance considerations, some of which are compulsory and others are optional. For example if you employ someone you must have employers' liability or if you have any vehicles that you are legally required to have appropriate motor insurance.

Health and Safety

Every business owner has a responsibility for health and safety to primarily operate a business that creates a healthy and safe environment for the staff and visitors, even if it is just yourself.

Legal Aspects

If you employ staff, whether they are full time, part time or casual workers then you have implications relating to the Employment law. This is a huge area and one you should seek professional advice upon. Quite often the right set up and documentation can save time and money in the future.

IT requirements

It is almost impossible for a business to survive without computers and technology nowadays. You need to carefully plan how many, and what type of computers your business is going to need.

Equipment

Getting your business equipped covers many areas including the furniture and IT requirements, machinery, storage, fittings and even vehicles.

Stock

Similar to your equipment considerations, you should start by listing your requirements. If you are purchasing an existing business, then it is usual to include the purchase of any stock at handover, but keep your eyes open for potential obsolete stock.

Time management

You are key to the business growth or survival in the initial stages, so it is important that you know the value of your time.

Growing your business

As you develop your business, you will find the urge to grow the business further. This will be either because the market is growing fast or as you need to generate some growth to stop your business stagnating because, as a business you are always moving, it is either going forwards or backwards!

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