Advice for small businesses/entrepreneurs
In this section we provide some useful links and information for lawyers who might be considering getting out and setting up something completely different on their own.
The obvious choice. As a lawyer, you will know all about the Companies House website. You can set up a company on your own - all the information you need is here. No need to pay anyone to do it for you.
Of course, you do not need to set up as a company, but it helps your business carry a certain status and limits your personal liability. There may, of course, be tax implications but for most small businesses the tax situation can be structured in such a way to make little difference as between setting up as a company, sole trader or partnership.
HM Revenue and Customs (previously the Inland Revenue) - the place to go for all your tax queries. Particularly useful on the tricky subject of VAT - we recommend registering for VAT on-line.
Call 01625 545740 to discuss whether you will need to register your company
4. Branding / design
We like these guys:
Sage is a leading supplier of accounting, payroll, retail and CRM software for small and medium-sized business. It comes highly recommended by ourselves and other small business with which we have been in touch.
Other useful sites:
www.sbs.gov.uk (news and information from the DTI regarding services for small business such as Enterprise Capital funds)
www.businesslink.gov.uk (offering practical advice for businesses)
We are building a network of lawyers who have taken the plunge and done something completely different with their lives. Most of these lawyers are only too happy to help other lawyers by providing advice and encouragement. Click here for a list of our featured ex-lawyers who have set up businesses. One of them has written a book for women who are setting up in business by themselves: www.howtobooks.co.uk/makeityourbusiness/index.htm.
Struggling for ideas?
Like the idea of setting up on your own but got no idea what you want to do? Try this website for inspiration: www.springwise.com
So read on, be inspired and don’t forget to get in touch if you or anyone you know has gone off to do something completely different (or is thinking about it).