Review to encourage entrepreneurs and business start-ups

The government has commissioned an independent review to find ways to encourage more people to set up successful businesses.

It will be led by Michelle Mone, who founded the lingerie business Ultimo and turned it into a multi-million pound company.

Nearly 70,000 new businesses have already been created through the New Enterprise Allowance scheme, which started in 2010. The review will look at ways to increase that figure by providing more help for aspiring entrepreneurs, particularly in areas of high unemployment.

Ms Mone said: “A truly modern and successful economy needs to be able to unleash the entrepreneurial energy and skills of everyone in society. It cannot tolerate a situation where people are held back from achieving dreams of working for themselves and creating jobs for others, simply because of where they are from, because they have had a really tough time growing up, or because they are a lone parent.”

Business Secretary, Sajid Javid, said: “Through measures like our Enterprise Bill, trebling Start up Loans and cutting red tape, we are backing small businesses to grow and create more jobs and opportunity.

“Small businesses are Britain’s engine room and they can help close the economic gap between the north and the south. The success of our economy is built on the hard work and determination of the people who run and work for them.

“This review is a great opportunity to engage and learn from them, celebrating their successes and sharing best practice to cement the UK’s position as the best place in Europe to start and grow a business.”

Creating a new business can be an exciting but daunting task. It’s vital to carry out extensive research to make sure you start out in the right way. You need to know your potential market but you also need to consider the legal structure of your business. For example should you set up as a sole trader, a limited company or perhaps enter into a partnership with a colleague?

There are advantages to all of these approaches depending on the type of business you want to create. You may also need to consider employment contracts if you need to take on staff, and leasing arrangements if you need premises.

Good legal advice at the outset can prevent mistakes that could prove costly in the future.

Please contact Sarah Liddiard if you would like advice about the legal aspects of starting a new business.