What you Need to Know when Setting up a Company

image of a computer on desk

Author: Dean Hunter

Published: 2nd April 2017

Setting up a business on your own is hard work. There is so much to think about and juggle all at once, from branding and web designs to product development and finances. However there’s another really important element every start-up needs to consider – employment and HR. It’s often the back of the pile for new companies, but what if there was a more commercial approach to the HR function? Every business relies on its staff to succeed, so it’s important to get it right from day one.

When starting up a new business, it’s essential to put the fundamentals in place to support growth. A successful business expands, so if there are procedures put in place from the start then running the company in the future will be much easier.

We’ve rounded up some of the major secrets you should know when setting up a business.

Choose the right location

If you’re looking for a business premises to sell your products, then the location really is key. Make sure you have done plenty of research and don’t just rent the first commercial property you view. Is it worth paying more for a better location? If you’re setting up a service company, these days many start-ups can be established in a home office. Do you really need the overheads of a city office when you have a spare room, a phone and a laptop?

Intellectual property law

When starting a new business venture, get familiar with intellectual property law as it could save you from legal battles. IP law covers everything from trademarks and copyright to patents. You can protect your brand, logo or unique product.

Choose partners carefully

Business partners should be chosen with extreme care. It can be tempting to go into business with a family member or friend if they have money to invest – but think about the situation long term. Business relationships can go sour petty quickly if things go wrong. A partnership is difficult to set up for this reason, so entrepreneurs don’t jump into companies without careful consideration.

Build an engaged workforce

HR procedures need to be prioritised, not side-lined. When hiring people there is a lot of policy and employment law you need to understand, so make sure you get professional contracts drawn up and HR consultation if needed. A HR consultancy business can also assist with recruitment and on-going training, in addition to improving company culture.

Find out more about how Hunter Adams can help catapult your start-up to success. Email [email protected].