Starting a Business Guide
Starting a business is an exciting venture that sees your vision finally become reality. Your initial dream has been nurtured through hard thinking, painstaking research, persistent development, endless discussions— and it is now time to show the world what you have.
At Moisson Lawyers, we understand that launching your start-up is a moment of pride that also come with a lot of concerns and anxiety. However, we firmly believe that by having the right structures and arrangements in place, you’ll be able to focus on getting your business off the ground and growing it.
We’ve worked with countless start-up to help customise their optimal business structure, secure their intellectual property, navigate regulatory processes, and advise on the different legal issues that confront any business.
Our experience in start-ups has allowed us to develop a deep understanding of emerging and traditional industries and the challenges that new businesses face. Whether you’re a technology start-up or opening a brick-and-mortar store, we work closely with our clients as their businesses take root and flourish.
To help you on this new journey, we’ve put together a guide on starting a business. It covers the important legal and commercial issues that we help our clients with as they start up.
1. Have a plan. Lots of people are great cooks, have killer ideas for an app or are tech wizards- but business success depends on having a business plan.
- Your plan should, first and foremost, identify your business. What is it that you do? What are your current products and services and which do you hope to add?
- Next, identify your market. You’ll have done a lot of market research by now, but there is a big difference between broad knowledge of who you want to target and detailed analysis of current demographics and market trends.
- You’ll also need to work out the organisational structure of the business. Who will perform which role? Who will be responsible for what?
- Many businesses use the SWOT matrix to help them answer these questions. It involves looking at your business’s strengths, weaknesses, opportunities and threats. This will lead you to think about competitors and how you can distinguish yourself.
2. Choose a legal structure. There are many legal forms your business can take. It might be a company, a partnership, a trust or you might choose to be a sole trader. Each has their own advantages and disadvantages.
It is important that you seek legal advice to decide the structure that is right for you and your business. You may also wish to consult an accountant in regards to tax and other financial implications.
For more information about companies, partnerships and trusts, please click here to see our detailed guide to business structures.
3. Secure your finances. Without stating the obvious, a successful business needs money in order to succeed. Too many great business ideas fail only because of insufficient funding or inadequate cash flows. Your business plan will include your financial plan, but securing financing is an ongoing task for any business.
Securing loan facilities often involves regulatory and commercial hurdles. It is important that you obtain the right advice so that your assets and interests are protected at all times.
Many businesses, especially start ups, raise capital by offering equity to investors. Whether informally or by way of shareholding, it is crucial that you seek legal advice so that you comply with your regulatory obligations as well as protect your stake in your business.
For more information about capital raising and shareholder agreements, please click here.
4. Protect your assets. You lock your car. You lock your home. Your intellectual property is no less valuable. Protecting your unique ideas is especially important for technology start up and other businesses who own few tangible assets but own valuable intellectual property.
Before you start your business and promote your business idea, it is vital that you secure your ideas and hard work so that they remain yours. Navigating the world of copyright, trademark and intellectual property can be difficult. Make sure you receive competent legal advice to help you register patents and take whatever steps necessary to protect your intellectual property.
For more information about copyright and trademarks, please click here for our guide to protecting your intellectual property.
Starting a business is a rewarding but daunting venture. With the right planning and advice, you’ll be able to focus on starting and running your business. If you're looking for a startup lawyer, please get in touch with us today.