{"id":1663,"date":"2019-11-22T08:05:32","date_gmt":"2019-11-22T08:05:32","guid":{"rendered":"https:\/\/wembleysolicitors.com\/blog\/?p=1663"},"modified":"2019-11-20T08:10:53","modified_gmt":"2019-11-20T08:10:53","slug":"mistakes-to-avoid-when-starting-a-new-business","status":"publish","type":"post","link":"https:\/\/wembleysolicitors.com\/blog\/mistakes-to-avoid-when-starting-a-new-business\/","title":{"rendered":"Mistakes To Avoid When Starting A New Business"},"content":{"rendered":"<p>Starting a business is a huge step for entrepreneurs and requires a lot of research and understanding prior to it.<!--more--><\/p>\n<h3 style=\"text-align: center;\"><strong><b>Here&#8217;s What You Shouldn&#8217;t Do<\/b><\/strong><\/h3>\n<p><strong><b>1.<\/b><\/strong><strong><b>Not Having A Business Plan<\/b><\/strong><\/p>\n<p>A business plan that consists of detailed market research, financial forecasting, marketing channels for promotion, targets and aims is a must to initiate a business.<\/p>\n<p><strong><b>2.Neglecting <\/b><\/strong><strong><b>Legalities<\/b><\/strong><\/p>\n<p>It&#8217;s extremely vital that you fulfill all your legal obligations such as registering as self-employed with HMRC if you&#8217;re a sole\u00a0trader and understand Corporation Tax.<\/p>\n<p><strong><b>3.<\/b><\/strong><strong><b>Ignoring Competition<\/b><\/strong><\/p>\n<p>Competitor analysis must be a key element in your business planning. You must be aware of what the competitors are selling, at what prices, to whom and in what areas.<\/p>\n<h4><strong><b>4.Forgetting Insurance<\/b><\/strong><\/h4>\n<p>Regardless of the size of your business, you must consider insurance. The nature of your business determines the policy you need to acquire.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1664\" src=\"https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/11\/Manager_28thmonth_3rd_Infographic138477.jpg\" alt=\"\" width=\"993\" height=\"4140\" srcset=\"https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/11\/Manager_28thmonth_3rd_Infographic138477.jpg 993w, https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/11\/Manager_28thmonth_3rd_Infographic138477-72x300.jpg 72w, https:\/\/wembleysolicitors.com\/blog\/wp-content\/uploads\/2019\/11\/Manager_28thmonth_3rd_Infographic138477-768x3202.jpg 768w\" sizes=\"auto, (max-width: 993px) 100vw, 993px\" \/><\/p>\n<p>Looking\u00a0for assistance with legalities to start a business in the UK?<\/p>\n<p>Contacht Us!<\/p>\n<p><a href=\"https:\/\/wembleysolicitors.com\/\">Wembley Solicitors<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a business is a huge step for entrepreneurs and requires a lot of research and understanding prior to it.<\/p>\n","protected":false},"author":1,"featured_media":1665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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