Just Starting Out? Get A Grip On The Legal Stuff November 7, 2016My BusinessOff

Starting a small business can be the most satisfying thing you’ll ever do. There’s nothing better than leaving regular employment to pursue something all of your own. In this day in age, there is so much out there to help you get along. Still, the business world can be a confusing place for the budding entrepreneur. There’s a lot to consider. Not doing your research, in the beginning, can cause you real problems further down the line. Take the time to work out the technicalities of owning a business, and make sure you do everything by the book! Getting to grips with the legal issues is the primary battle when you’re first starting out. Sadly, there are a lot of them to consider.

OWN YOUR NAME
The legal stuff starts from the moment you choose a business name. When considering your brand name, make sure that trademark and domain names are available. Taking a name without checking this could result in your having to start over. You don’t want to begin establishing yourself using one name and have to change it because there’s already a trademark on your choice. A disruption like that could lose you a lot of custom, which is not what you want in those early days!

REGISTER AS A BUSINESS
Registering as a business is crucial. Depending on what your business entails, you may need health and safety checks carried out. Registering is also important so that you can pay the correct amount of tax. You must declare your earnings to save yourself getting stung later down the line. Registering can make the business of paying taxes much easier. There are also tax benefits for small businesses which you won’t be eligible for if you haven’t registered!

EMPLOYEES?
You may not be at the stage of employing anybody yet, but it’s worth considering this for further down the line. Hiring somebody brings its own set of responsibilities. There’s an added pressure to ensure everything within the workplace is right. During the employment itself, you need to ensure you’re doing the right checks on your potential employee. Knowing they have the right to work in your country is a must. But the worries don’t stop there. There are legal obligations you must follow with regards to your employee. Knowing break and holiday allowance, for example, is essential! If you’re going to be hiring more than one employee, it might be worth hiring HR services who can deal with the legal stuff for you. That way, you can rest easy that everything is done right, and focus on the business itself.

GET INSURED
Insurance is also crucial. It may be a cost you could do without, but it’s one thing you can’t skimp on. In most countries, many insurance types are required by law. Insurance is a way of covering the backs of you, your business and your employees. It will protect you from suing or robbery and will help you out in any potential hour of need.

Photo by Biker in London | Shutterstock

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