Listen to episode 208 now
Today we want to talk about things you need to look out for when you’re starting a new business. It’s an incredibly exciting time but you have to make sure everything is in order.
What structure will you use?
You could be as a sole trader, or form a company or a trust. If you don’t make a clear choice that’s when you’ll fall into problems. You really need to think about what your goal is, and then get advice from your lawyer or your accountant before making this decision.
Who is your ideal client?
So when you first start out it’s very easy to sell to absolutely everything to everyone. Unfortunately, in most businesses, that’s not the way to have a long term success. You need to think about who your ideal client is. Create a client avatar that describes your perfect sale. Describe their job, income, family, car, and hobbies. If you’re trying to market to everyone, you’re marketing to no one.
There’s a variety of different insurances that are out there, depending on your industry. Make sure you have a price it’s a professional indemnity insurance. You may need some insurance for the properties that you’re going to operate in. You also want to consider your personal insurances as well as income protection insurance.
If you’re going to lease a property you really need to make sure that you get the right advice on that lease. A bad lease can sink your business so make sure you get plenty of advice from your lawyer, real estate agent, and accountant.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.