Other things to consider | sdchamber.co.uk

Other things to consider

When becoming self employed there are lots of things to consider, some of these are necessities and some optional depending on your own skill set and experience levels.

Legal Advice
When becoming self employed there are various issues you may encounter where you need some legal advice. This could be something as simple as renting business premises or drawing up employment contracts for any employees you may be planning to hire or something more complicated such as protecting trademarks or inventions. There are of course many DIY contract packs which may be appropriate for businesses on a budget but these will not be suitable if you need something specific to your own business type.

Accountants
As most people set up a business with financial goals in mind it may be a good idea to consult a financial advisor or accountant to help you make the most of your profits and money. Accountants can also help with your tax and national insurance contributions if you are unable to do these accurately yourself.

Insurance
There are various types of insurances which you may need to consider depending on your business type. The most common type of insurance is public liability insurance, if you get sued by a customer or member of the public you will be covered by your insurance and therefore will have nothing to worry about. Most businesses that come into contact with the public will need this type of insurance. Employer’s liability insurance is essential if you employ people. Other business insurance needed by most is building insurance, contents and business equipment insurance. You should look into all the types of insurance available to businesses to ensure you are not missing out on potential cover.

Premises
Most businesses start working at home to keep costs low but if you are meeting clients on a regular basis or starting to employ new members of staff - who need to be monitored and cannot work at home - then it will be time to move into a business premises. There are many types of premises available; from serviced offices or suites on a business park to a shop or office in a town centre location. Both have their pros and cons and the option you take will depend on your business type and personal preference. If you frequently meet the public or could benefit from passing trade (such as a recruitment business) then it will be worthwhile to be on the high street.

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Online Presence
No matter what type of business you are running it is now considered an essential to get some sort of online presence. This should be through a website, with contact details and information for potential customers and partners. If appropriate to your business type then you could also run social media profiles through Facebook and Twitter. You should make an investment in your website and if you cannot do this yourself then you should hire a professional web designer. Your website represents your business and a poor design will send negative first impression to others.