There is no shortage of advice for aspiring and inexperienced business owners.
The main sources of help when you are starting a business are solicitors, accountants, business advisors and trade associations.
Solicitors and accountants are, whether you like it or not, as essential as they are expensive. Business advisors are not what you would call essential, but for the inexperienced entrepreneur their knowledge and contacts can be invaluable.
Business organisations and trade associations are numerous and great sources of information – especially when their time and advice will invariably cost you nothing.
Certain organisations can provide specialist advice relating to specific areas of business, whether it is in marketing, health and safety, human resources, etc.
It might be worth talking to other businesses in your chosen industry to get an idea of what the most useful organisations are to get help from.
Business advisors
Business advisors offer a wealth of knowledge to start-up entrepreneurs. They often have experience of running start-up themselves, so are ideally placed to tell you how – and indeed, how not – to run a business.
They can put you in touch with industry contacts and share their local knowledge. If there’s anything they cannot help you with themselves, more often than not they will be able to direct you to the people that can.
As a committed stakeholder in your enterprise, you are likely to be missing one crucial element of good business analysis: dispassionate objectivity. A business advisor can provide this.
The Institute of Business Advisors (IBA), the leading industry body, only grants membership to business advisors that it has deemed offer a consistently high quality of service. It’s a good idea to ask advisors if they are members of the IBA, and also about their qualifications and background. There’s no reason why you can’t speak to a number of organisations before hiring one.
Remember also that advisors are there to offer advice, not to dictate what you should do.
Solicitors
Solicitors help you with the formation of your company, drawing up articles of association or deeds of partnership, and with your terms and conditions of trading.
When you’re buying premises, they will advise you on how to adhere to planning regulations.
Franchise agreements can be particularly complex, so if buying a franchise is your route into the business world, then a solicitor will be extra important.
Accountants
Do not delay hiring an accountant. Having one from day one of the planning process is advisable.
As with business advisors, shop around to find the right firm for you and your start-up. This means, among other things, one that won’t break the bank.
Accountants help you choose an accounting system and organise Pay As You Earn (PAYE) income contributions. And they advise you on whether you need to register for VAT and what your tax contributions will be according to your circumstances.
Trade associations
There are plenty of trade associations to help start-ups and small business in the UK. Name your industry and the chances are it has a trade association.
Trade associations are a great source of up-to-date industry information. What they can tell you about industry trends and market research can really help you with your marketing strategy.
Often you can keep abreast of developments in the industry by taking part in various training programmes that also equip you with the requisite skills for that field.
It is fairly common for trade associations to have codes of conduct. They can advise you on how to adhere to these principles, fight your corner when suppliers have acted unscrupulously, and arbitrate any disputes you have with competitors.
Trade associations sometimes arrange events and other forums for networking with others in the industry. This can be done on a regional level because they often have regional branches.
The Federation of Small Businesses (FSB) represents all small and medium businesses and lobbies government on their behalf. With a 200,000-strong membership, the FSB is the largest organisation of its kind. It has offices for all UK regions, so you can get region-specific help and advice.
Business support organisations
A plethora of general business support organisations exist. They offer advice and support on most areas of business, or at least direct you to people that can help.
The largest organisation is Business Link, set up by the government. It has branches all over the country, so you can get regional as well as national advice.
Business Link runs an Information, Diagnostic and Brokerage (IDB) service. The idea is to provide you with everything you need to know about the industry you are in and about business generally, to diagnose you and your business’ needs, and to find the professional support necessary to fulfil those needs.
The Business Link website is well laid out and informative. If you are starting a business the section that details the licences and regulations applicable to your particular type of business should be especially useful.
A host of other business support organisations, some more specialised, can be found in the links bar on the right-hand side.
