The first steps into the business world can be scary, both mentally and financially, here at Barnes Law we work alongside entrepreneurs and new businesses who are looking to put their all into a new idea. Below we have detailed various useful points to consider if you are looking at starting your own business.
Market research
This may seem the most obvious step to consider and many of you may have already done so. Understanding your target audience is crucial. There are companies who will conduct the market research for you and these can be found by a simple google search.
Funding
Getting your business off the ground requires funding, and a lot of the time it is more than what people first think. The most common source of funding for start-ups are their own personal savings and sometimes even friends and family.
Your bank is a good first option as you will have already established a relationship with these companies, through personal accounts and this puts you in a superior position.
Venture capitalist’s firms invest in your idea at the early stages in exchange for a share in your business. Like we mentioned this is not something that everyone will want to consider as they are handing over part of their business and its profits from the outset. On the other hand, companies like Facebook, WhatsApp and Groupon all received considerable investments and have soared since.
Protection of your IP
Ensure you have an intellectual property (IP) strategy from the outset in order to keep costs down. All new products or processes will require some form of IP protection to keep fellow entrepreneurs at bay!
The best IP strategies protect the needs of the business at present and provides foundations for the business as it continues to flourish.
Patents are the most common form of excluding others from using, making or selling the product/service involved in the start-up. The product/service must qualify for patent protection; this information can be found online but if you are serious about the product/service it is best to talk to a patent attorney.
The brand
Start-ups need to establish a common ground with the audience they are targeting and branding is the best way to build this. When the brand is first thought of, many of you will be thinking the logo and what colours to choose however, it is much more than this. The brand is how you establish an identity and stand out from the countless other start-ups.
You will need to consider a company name, name of the product/service you are offering, and a slogan as these are the key features to first consider for your brand. Once again these can all be patented.
We provide company formation services and can advise on legal requirements to run your own business. Here at Barnes Law we have considerable experience working with start-ups. Please contact us if you would like to talk to us about starting your own business.
