Starting a new business is always a work-in-progress and no doubt you will experience many hurdles along the way. Whilst you’re never going to know everything before you begin, it’s a good idea to do some research to make sure you’re not constantly running into red tape. There are a lot of different aspects to consider when setting up your business, so here are just a few tips on some of the smaller things you may not have considered. Getting these things in order from the start not only saves you time further down the line, but also often means that you stay on the right side of the law.
If you’re running a smaller-scale business, you may feel like your employees are more a part of your family than your workforce. Whilst this is great, many small business owners have been tripped up by this false sense of security. You may feel like it’s unnecessary to lay down the law for your team’s conduct, but it’s highly advisable to create an employee handbook in order to safeguard from any nasty lawsuits later down the line. Seek the advice of a professional, or try using specialised software to help you create a manual.
No matter what type of business you run, it’s almost certain that you will be using some form of electrical appliances. What many new business owners do not realise is that many insurers require an NICEIC Certification before they will cover your company. Unless you’re in the electrical business, you’re response to this is likely to be: “a what?!”, but it’s something you’ll need to become familiar with if you plan to run a legitimate business. From domestic appliances to computer equipment to powered hand tools, if you’re using these items to run your business the likelihood is that they will all need to be tested and approved by an NICEIC approved electrical contractor. Whatever your business, you will need a qualified PAT test company (that’s Portable Appliance Testing to you and me) to come in and certify all of your appliances before you get started.
Tax is another essential for business-owners to remain on top of. Make you keep meticulous records of payroll and sales to ensure that you’re able to file your remittance at the end of the tax year. Don’t forget to hang onto each and every receipt you accumulate from your business outgoings, as these all add up to money in your pocket at the end of the year. It is advisable to seek the advice of a professional accountant, who will be able to advise on how best to go about filing your tax return, and will more than likely have a few tips on how to save the pennies.
Although the legal aspect isn’t the most exciting part of starting a business for the majority of us, it is unfortunately one of the most important considerations to ensure that you don’t end up with a failed business; so take heed and make sure you do your research!