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Business Start-up
The present turbulent times are forcing many people to re-evaluate their position. An option that may seem quite attractive is business start-up, your fate is in your own hands. It is a big leap to make and you will need to choose the best advisors to help you.
TMA Legal can assist in all aspects of business start-up and offer a comprehensive business start-up package designed to ensure that your business is not only legally sound when you launch but that you have the advantage of the best professional service advisors to help you. We have taken some of the spadework out of the set up process and have researched and sourced the best bankers, accountants, commercial agents and other organisations to help you get started. Our panels of professional advisors are experts in their particular aspect of business start-up and are available to all our business clients. We can assist Italian entrepreneurs wishing to start a business in the UK as well as British entrepreneurs wishing to start a business in Italy. We can provide a similar business start-up package for entrepreneurs in Italy.
You will be in a completely different environment which may seem quite alien after many years in the relative safety of the commercial world. Naturally former high flyers have superb skills and should be well placed to forge ahead for success. You will face a variety of threats - so no change there. Regardless of your previous experience you will still have to take the same steps to business start-up that every new business has to in order to have the best possible chance of achieving success. The following guide will show you where your focus should be - good luck:
I have an idea but do I have a market?
Research is essential - it is easy to get carried away, just because you think that every parent is bound to want luminous nightwear for their children just in case they should sleep-walk, this may not be the case.Decide on your business structure
Broadly there are four main types of business structures that are frequently adopted by new firms:- Sole trader
- Limited Liability Companies
- Limited Liability Partnerships
- Partnerships
Where will the money come from?
Funding - quite obviously a vital part of business life which can be sourced from a variety of places:- Personal funding
- Business loan from a bank, business angel or venture capitalist
- Grant - there many sources which can be approached, TMA Legal can assist with the various options
Business Plan
Business Plan - without which you will not get too far requires:- Executive Summary
- Organisational Summary
- Project delivery
- Financial analysis
- Risk ananlysis
- Marketing Plan - costs.
Premises
There are so many factors to consider when you are looking for premises - price is one of the most compelling. However a cheap premises in the wrong area isn't cheap at all in the long run. Make sure what you are selling has a market in the geographical area that you decide on.- Choose your spot carefully it can make or break a new business.
- Be sure your customers can reach easily you and park if they have to.
- If the terms of lease seem too good to be true there is probably a hidden reason, make sure you know what it is before you sign