Starting a new business can be a very daunting process, and often involves a great deal of personal risk. Majority of the entrepreneurs expect that, when commencing in business, the only significant worry is whether it will be profitable or not.
Whilst being profitable is obviously important, there are a large number of other considerations that need to be addressed, such as:
- Are there any similar businesses nearby?
- Initial Financing
- Trademarks and Business Names
- Legal requirements
- Employment and Business Law requirements
- HM Revenue & Customs (HMRC) and other governmental requirements
Whilst this list is not exhaustive, it makes the point that setting up in business requires expert advice.
Getting expert advice early is crucial in starting up a new business, as there are very strict HM Revenue & Customs rules governing your actions. Once you are running your own business, then there are a whole host of other implications. These cover other taxes such as VAT and National Insurance and, where you employ other people, employment law legislation that is increasing in complexity day-by-day.