A couple of years ago when I was in my early 20s, okay maybe a little more than a couple, I used to venture out and partake in a couple of thrapple quenching treats, okay maybe a little more than a couple! However, as maturity kicked in (10 minutes ago) I now appreciate the benefits and principles of attending liquid occasions with a full stomach of haggis, neeps and tatties and say a couple of pints of highland spring.
You may, at this particular point, be asking yourself “this all sounds lovely, but what has it to do with Small Business?” Well I am sorry to say, these very principles should be followed in business, not the excess drinking element, but the preparation side. Why would you enter, or start a business without thinking about its preparation and more importantly the preventative aspect. You should never start a business without due consideration of the necessary foundations. I know this is a point that I stress, maybe even labour at times, but starting right has to be considered as an essential component and indeed valid aspect of what will be a successful venture. I am in doubt that you want to get on with what you are awesome at but why ruin your business by not protecting what you build.
Accordingly, getting things right doesn’t only mean looking at advertising, marketing and your website, it means looking at the crucial aspects of the business such as the financing (accounting) and legal. In my opinion the legal aspect has to be thought of from the very start. I bet the very first thing you considered, after of course your business eureka moment had surfaced, was what status your business would adopt? If this is not the case you may well already be on the slippery slope. Having the correct status may well be fundamental in the earliest of business decisions. Thereafter you may think do I need contracts to work with clients, customer, or potential business partners? How do I protect my interests in the product, or my innovative business invention? These are all good and fair questions and if you are indeed thinking of any of these getting legal means getting it right. As stated previously it is all about protecting what you build. Well this may be stating the obvious, taking into account the preceding paragraphs, but your business has to be all about legal.
It is true that you don’t want to have a hang up about it as you would never move forward but it has to always be in the forefront of your business mind. Entrepreneurs the world over talk about getting things right in the beginning, especially when it comes to legal. Ask yourself this, why you would spend thousands of pounds building a business with all the trimmings and investing all those many many hours getting your business looking lovely and not fully consider the legal components to ensure that you are protected. Let me ask it another way, would you wait until your car runs out of petrol before filling it up – No, of course not! Well the same principles exist with how you build your business and operate it from a legal perspective. Therefore, please don’t wake up with the Small Business headache. Have that delicious legal sitting and a couple of pints of legal liquid before you venture out and you will wake up the next morning feeling ready to take on the business world. It is true that you may still face the odd claim, or employment issue that is a business reality, but having prepared you should be much better equipped to rebut any such episodes. Please don’t have a business hangover, take the legal route.