The Business Exchange Swindon & Wiltshire September 2014 Edition | Page 8

START-UP SEPTEMBER

Industry experts
provide top-tips
for Start-ups
To further our support
for new businesses this
September we talked
to local industry experts
to provide top-tips for
business success.
Starting out in business can be very
daunting and many companies fail at the
first hurdle because they have not properly
done their research.
On this page find some gems of wisdom
from Wiltshire Business Support Service
and Thrings Law to help new companies on
their way.
Visit the TBE website for further Start-up
advice from:

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Lockton
Insurance
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Sales Coaching
Solutions
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By Kate Westbrook
Partner, Thrings

1. Choose the right legal structure
Whether you are planning to trade alone, as a
partnership or as a limited company, your legal
structure should always reflect and support your
business plans while being as tax efficient as possible.

2. Decide how to fund your business
Debt finance will cost you interest, impact on cash flow
and you may be required to provide security. Equity
finance will cost you shares and ownership in the
business.

3. Understand the relevant laws
Complying with the necessary regulations may add to
the cost of running your business and should feed into
your business plan.

4. Establish ways of working
Discussion with business partners up front will help
avoid any potentially awkward issues later on. This
should be documented in a partnership agreement in
the case of partnerships, or in the case of a company,
in the Articles of Association and/or a shareholders
agreement.

5. Ensure contracts are clear
and unambiguous
Contracts should be in writing and have clear terms.
Consider standard terms or template agreements for
contracts you regularly enter into. Review other party’s
terms carefully, ensure you understand your obligations
and liabilities, and take legal advice if necessary.

The Council-funded Wiltshire Business Support Service, launched in 2012,
has supported 3,000 businesses, over 30% of which have been brand new
start-ups. Here are the Top Ten things they recommend you consider before
starting your own business:
1. Sole trader or limited company? Which you choose will impact on
the tax you pay and how much legal and financial responsibility you have.
2. The competition -Who else is doing what you’re planning to do and
how well do they do it ?
3. Define your target audience - Appealing to everyone appeals to no
one. Focus on your target audience and style everything (from your website
to your marketing campaigns) around them.
4. Your business name – get this right first time as re-brands are
expensive.
5. Get your name out there – No point having an amazing business idea
if nobody knows about it. If you lack a big marketing budget, start small
and focus on building relationships.
6. Your web presence – Did you know that 50% of small businesses
don’t have a website ? Most want one but they either think they can’t
afford one or don’t have the skills to put it together themselves.
7. Your USP(s) – Customers will only stop buying from other businesses if
you can offer something better or different.
8. Funding – if you can’t secure the funding you need to launch your
master plan, start small and prove the business works, then go back to the
bank or investors with more evidence.
9. Write a business plan – This should not be a chore but a chance to
prove to yourself that every aspect of your business model works and
makes sense.
10. Route to market – Where will your business come from ? Consider
all your options from market stall to ebay, pop-up shop to mail order, to
picking up business at networking events and via social media.

“ The Best
Regional SME
event in the
UK - Fact”
Brad Burton
UK's No 1
Motivational Speaker

9.00am - 3.00pm
Thursday 18th September 2014
The Steam Museum, Fire Fly Ave,
Swindon SN2 2EY

T

Join one of the region’s largest business expo’s The South West Expo - Thursday 18th September
2014 - 9.00am - 3.00pm @ The Steam Museum,
Fire Fly Ave, Swindon SN2 2EY

Features of the expo:
Over 70 exhibitors • 100’s of Regional Biz Directors • Speed
Networking • Motivational Speakers • Industry Specific
Workshops • International Trade/ Development Opportunities
Women’s only networking • Women’s Power Hour
Hear some of the UK’s Leading keynote speakers:
Brad Burton
Founder of
4Networking
(The world’s
fastest growing
networking group)

8

THE BUSINESS