208 - Five Things You Need At Start - Up

Business Legal Lifecycle Podcast

Today we want to talk about things you need to look out for when you're starting a new business. It’s an incredibly exciting time but you have to make sure everything is in order. What structure will you use? You could be as a sole trader, or form a company or a trust. If you don't make a clear choice that's when you’ll fall into into problems. You really need to think about what your goal is, and then get advice from your lawyer or your accountant before making this decision. Who is your ideal client? So when you first start out it's very easy to sell to absolutely everything to everyone. Unfortunately, in most businesses, that's not the way to have a long term success. You need to think about who your ideal client is. Create a client avatar that describes your perfect sale. Describe their job, income, family, car and hobbies. If you're trying to market to everyone, you're marketing to no one. Insurance There's a variety of different insurances that are out there, depending on your industry. Make sure you have a price it's a professional indemnity insurance. You may need some insurance for the properties that you're going to operate in. You also want to consider your personal insurances as well as income protection insurance. Lease If you’re going to lease a property you really need to make sure that you get the right advice on that lease. A bad lease can sink your business so make sure you get plenty of advice from your lawyer, real estate agent and accountant.