Starting your business is no doubt an exciting time. It is a chance to make your vision a reality and to leave a positive mark on the world. To get up and running without delays, a few obvious things should be in order. A business model, a marketing strategy, and revenue targets all have to be set out.
The number of business laws in the UK might surprise you. Many aspects of running a business have to meet a good legal standard for the company to continue trading long-term. Business owners must understand the most crucial laws early to avoid trouble and to maintain a robust organisation for years to come. It can take more time to get to grips with the finer details of these laws, but that is not essential in the beginning.
Small businesses in Bromley are subjected to the same rules and regulations as anywhere else in the UK. Remembering the advice in this article will put you in a strong position, should you wish to open franchises in other towns or even abroad. Being a new business owner in Bromley entitles you to advice and support from local bodies to help you achieve your potential.
First of all, a business owner must get administrative tasks out of the way. This starts with actually registering the business with the UK government. You must define exactly what type of company you intend to open, its name, and what your industry is. The company address and officers should also be registered. In the end, you will have a unique company number.
At this stage, it also helps to figure out company policy concerning data collection and usage. This affects not only future customers but also workers. The owner should decide what customer and employee data the business intends to collect, where to store it (onsite or remotely), and how to protect it.
A company needs a physical office. This is true whether you trade solely online with digital products or are a brick-and-mortar business. An office serves both as an environment for employees to work in and as a place for customers or authorities to visit if they have questions. Headquarters make a company accountable, so a new business needs appropriate office space.
Company premises have to be affordable. The startup’s initial funds should cover the rent and bills for some time before it is profitable. The office also needs to have adequate facilities and working conditions for employees.
If the CEO wishes to alter or expand the premises to suit the business needs, they will need permission from the Bromley council.
The next step in getting the business moving is to bring people on board. As with elsewhere in the country, employees in Bromley must be eligible to work in the UK. This is not the case if you hire people to work remotely. Otherwise, it is very important to check that workers have a right to work here. Failure to do so will result in costly fines.
Workers must have sufficiently good criminal records for the safety of clients and other employees. Different professions have different requirements. Some jobs, however (i.e. those involving contact with children), have little tolerance towards certain past crimes. It is vital to carry out the necessary background checks for your industry. This means a DBS check for each new worker.
The hiring process of a startup is obliged by law to be free of discrimination. Candidates must be hired based on merit and ability, not because of their race, religion, or other factors beyond their control. If a role is accessible to disabled people, then an employer has a responsibility to accommodate that disability in the workplace.
To officially hire people, they have to sign contracts. A contract makes conditions of employment clear to bosses and their employees. The contract should mention the working dates, hours, location, holidays, sickness policy and more. Contracts change by position but are necessary for every worker.
A guaranteed way for an organisation to get into trouble and risk being shut down is by ignoring safety and security precautions. This is especially true in the construction and restaurant industries. A startup must define (in writing) how it reduces health risks to employees and customers in the workplace, plus procedures in case of an accident. First aid and fire safety equipment are generally the two foremost precautions.
New and existing employees should be taught the company’s health and safety policies. They must also understand their role in keeping the workplace safe. Safety and security need to be reviewed regularly in case new dangers to staff and clients emerge that were not initially foreseen.
The premises of a business might also need protection against members of the public. Security personnel, CCTV, and building passes are possible measures to consider.
The first financial commitment for any new business is to take out insurance policies. Some types of insurance are present in every business as per the law. Liability insurance for employees is the main example. This protects the business against possible lawsuits from workers who suffer injuries or fall ill at work.
Other insurance policies are obligatory in particular lines of work. If a business employs workers to drive in their vehicles, those have to be insured. Architecture and legal firms need indemnity cover. This funds compensation to customers who have received poor service.
Employees are entitled to a payment of at least the minimum wage by law. The exact amount varies by age. A startup saves nothing by underpaying since it leads to heavy fines. Everyone in the organisation needs to pay taxes and national insurance to the government. The finance department in a business should automatically deduct this amount from salaries.
Remember that, when employees turn 22, they become eligible for a pension scheme.
There are organisations offering business legal services in Bromley. These are a huge help to new entrepreneurs looking to start strongly and grow. Start Up Bromley offers free workshops and one-to-one sessions to new or future business owners. Sessions help with everything from networking and marketing to web design.
ActionCoach puts small companies in Bromley in contact with a business expert to help them maximise their success. The London Business Hub publishes free resources and hosts seminars for startups across London. These are just some of the many ways that new businesses in Bromley can receive first-class advice.
This was a broad overview of important laws for new businesses in Bromley but is by no means a definitive guide. Every business is unique and must research the principal rules concerning their industry. When in doubt, it is wise to seek legal advice to ensure that your startup obeys relevant laws.
Following the steps listed in this article will cover the most important business legal issues for startups in Bromley.
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