Thinking of starting a business, but not sure what you need to know? Begin your journey here with my basic guide to business start-ups. In my role as Editor for The Business Show and Business Startup, I have talked with literally thousands of business owners and entrepreneurs about what they really need to know, not what a business guru thinks they need to know. This series is the result. Continuing our look at third parties you will need to work with, this part of the series deals with your legal representation.
Solicitors/lawyers/legal eagles aren’t cheap, but consulting one early on might just be cheaper than rectifying a mistake later on. They can help with forming your company or securing premises, drawing up contracts or advising on employee disputes, but different solicitors have different areas of expertise, so make sure you choose the one that you need.
Similarly to accountants, a smaller local firm might be more sympathetic and helpful to your own SME, than a larger concern might be. You’d also do well to appoint one sooner, rather than later, for the help they can offer you in setting up your business, from choosing a business format to ensuring any contracts work in your favour.
Seek recommendations from friends or your business network and make a few appointments to meet in person. Ask what their fees are in advance. This is usually by the hour, so do everything you can to make their task more straightforward. The more clearly you can present the information they need, the less time it will take them to process it and the less they will charge you.
NEXT: Business Mentors
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