RESOURCES
The Business Bulletin
Five key things to consider when starting and growing your business Due to the pandemic and global uncertainties, more people than ever have decided to take the leap into self-employment, to take back control over their future and their finances.
Molly Cronin
However, the stark reality is that
at the beginning. Don’t just launch
starting a business isn’t as simple as
straight in as a sole trader – have a
it may seem and a massive 60% will
think about who your customers
of business contracts, including terms
fail within their first three years, with
will be (see tip number 2 below!)
& conditions, shareholder agreements,
20% not making it through the first
and whether you want to grow. Bear
year alone.
in mind that each structure has its
BEB Contract & Legal Services BEB specialise in writing all types
sub-contractor agreements and much more. They also review the contracts their clients get sent, particularly those
Of course, it’s not just start-
in construction, to ensure they get a
ups that would benefit from a
fair deal. Everything they do is for a fixed price and is bespoke to the client’s individual business. The team at BEB are passionate about making sure
health check of their business and its processes. Take a look at the
agreeing to - that way, it’s far less likely to end in a dispute. Having worked with thousands of clients over the years in
always recommend speaking with an accountant early on to get some much-needed tax advice too.
following tips:
everything is written in plain English so the parties understand what they’re
own benefits and drawbacks – we
1. Choose the best business structure
2. Identify your ideal customer Setting up a new business can be
You’ve got a fantastic idea for a
daunting and there’s a lot to consider
new business and you’re excited to
but it’s crucial to identify from the
get started. You may have heard
outset who your customers will be.
the terms “sole trader”, “limited
Will you be working with consumers
together all their knowledge in one place
company” and “partnership” but
or commercial customers, or both? It
- the BEB Start-up Business Academy
what do they actually mean and
may not important, but consumers
more importantly, which one do you
(individuals) are legally entitled
want to be? Although you can switch
to extra rights, because they’re
from one to the other, it’ll save you a
not considered to have the same
lot of time and hassle to get it right
bargaining power as businesses. You
every possible profession and trade imaginable, from start-ups through to multi-national corporations, they’ve now launched a new offering putting
01604 217365 info@bebconsultancy.co.uk bebconsultancy.co.uk
32 | Issue 20
