Starting In Business- Introduction

As a result of the economic climate that has existed for the last four years or so, there has been a significant increase in the starting up of small businesses. The trigger in this has been the shrinking of the job market and the ever increasing rate of redundancies as businesses find that they need to cut costs and match their resources to the demand for their products and/or services. That is not to say that there are no success stories, many businesses have, by careful planning, managed to minimise the effect of the recession.

If you carry out a Google search with the term "How many new businesses fail in the UK?" you see that the risk in the first three years is extremely high and the main reason for failure is lack of cash flow. It is essential that prospective entrepreneurs carry out a careful planning exercise before embarking on the road to risk and reward. My advice has to be to follow the SAS! Their motto is "Who dares Wins", but in reality they are much more careful and follow the " P's " rule - Poor Planning = Poor Performance.

The internet can be a good research tool but many articles will use words and phrases that may be unfamiliar and, to help you, the Law Society has publish a Guide to Business and Financial Terms which is written in plain English. If you would like to download .pdf version then this is the link to the Law Society website . You might also find the background information published by the Office of National Statistics useful both in reaching your start up but also on an ongoing basis – this is the link to their site.
  
Over the coming weeks I shall post some articles on my blog which should explain the practical legal issues that all start ups are recommended to consider. If you have any questions that you would like me to answer then all you need do is send me an email and I will do my best to point you in the right direction.
 
Offering to do something for free does sometimes have its drawbacks so please could I ask you to keep your questions short and to the point. After all I am in business too and by the way, if you are a law student, then do not expect me to do your essays for you!!

Cleggs is a member of the Law Society's "Lawyers for your Business Scheme".