We start our own business ventures for a variety of reasons. Some are the result of a conscious plan; others start by accident when we meet someone whom we may or may not know.
Others are the result of doing the job in our spare time, and then being asked if we carry out the same service for other people.
As a result of further orders, we suddenly find ourselves in business. However we become involved, we need to apply some simple procedures to ensure that we limit the risks that are highly likely to happen at some time in the life of a business through circumstances over which we have no control.
Many of us who start our own venture often lack contacts who will give us basic advice, and procedures that can be effected at reasonable cost.
Even some of us who have been in business for several years may not have got around to checking if our house is in the best order.
The question many of us need to ask ourselves is “Why haven’t we placed our venture in a Limited Company?” Simply by placing your activities within this structure, you will be protecting your house, car and private cash from the risk of your venture failing – often through no fault of your own.
Forming a Limited Company is not rocket science and will protect us and our family from losing effectively most of what we personally own. If we are not limited, it’s a job for tomorrow – not next week or when we have time.
If we don’t have an accountant, we need to find one. And when we’ve done that, and sorted out the Limited Company, ask them to check that we have the appropriate insurance to not only protect ourselves, but also to comply with the law.
For those of us who have never thought about these facilities, just remember they are steps on the road to becoming a responsible member of the growing band of entrepreneurs who are taking charge of their own lives.
About Peter Starbuck
Starting his career as a quantity surveyor while completing National Service in the Royal Engineers, Peter is now a Visiting Research Fellow to The Open University Business School and a Researcher and Contributor on Management to the British Library.
He holds fellowships with the Royal Institute of Chartered Surveyors, the Chartered Institute of Building and the Chartered Management Institute.
Other notable positions include:
Founding Visiting Professor, University Centre Shrewsbury
Visiting Professor, University of Chester
Visiting Research Fellow, The Open University Business School
Researcher and Contributor to the British Library,
Alma Mater: The Open University Business School
Subject Matter Expert, Chartered Management Institute
Find out more by visiting his site http://www.starbuckonmanagement.co.uk