The three 'must haves' for any new business owner

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Date: 20 May 2022

Glasses resting on documents

For the new business owner, everything is sure to feel like a learning curve – and one of the greatest learning curves is just how many things you will need to have on-side to navigate the first few weeks, months, and years of doing business.

But, provided you know how to start on the right foot – and by that we mean to acquire your absolute 'must-haves' before anything else – you can learn to find your way through these early stages without continually second-guessing yourself.

So, for that reason, here are the top three essentials for any new business owner.

A corporate and commercial solicitor

New business owners are well-placed to make mistakes. Even if they seem minor at the time, they can easily snowball and cause much bigger (and far more costly) issues to lie in wait for you further down the line. It is, with the best intentions in the world, impossible to guarantee you're not making these mistakes, unless you've got extensive knowledge of corporate and commercial law.

The right corporate solicitors will help you to navigate what can seem like a minefield of decisions, regulations and, of course, the mountains of paperwork that will fall on your shoulders from the outset.

Key employment policies in place

Being an employer automatically puts a lot of obligation and responsibility on your shoulders. With people's wellbeing and livelihoods at stake, you've got to ensure that you've got your company's employment policies clearly stipulated. Mistakes in this arena can be catastrophic and, in worst-case scenarios, lead to a major loss of reputation for your business.

For instance, you also need to be keenly aware of the rules and regulations that will affect you and your employees, such as policies surrounding disciplinary actions, grievances, and equal opportunities.

Employment law is complicated and quick to evolve. Business owners simply don't have the time to keep up with its evolution – and that's yet another reason, of course, why a corporate solicitor is so vital to your business' growth and development.

Secure business contracts and agreements

You'll need to start protecting yourself from sound and mutually beneficial business contracts and agreements from the moment your business starts trading or relying on others. Without them, you're only putting your own livelihood and future on the line – something no business owner, new or experienced, can afford to do.

This is, of course, another area where a commercial solicitor will prove invaluable to your company's current and future stability. They can help to make sure that these documents are truly protecting your business's interests – something you can't rely on anyone else to do – and limit any risks or liabilities that may harm your business further down the line.

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