If there are two or more of you in a business you share all risks and liabilities

Marketing isn’t just about advertising – it’s also about knowing your market and customers and developing a brand. Advertising is the more visible part of marketing with the aim of persuading members of your target market to buy your product or service.
Mike Bowman, head of business at insurer More Than, says, ‘My first rule of marketing is to know your customer – in fact I think it should also be the first rule of business. Knowing the typical profile of your customer base will help you to effectively plan, target and sell in the most cost efficient fashion – whatever business you are in. Then knowing what they need, whether a deep insight or something you picked up in conversation, will allow you to talk to them in the most motivating way possible.’
Networking is also important when setting up a business and is an invaluable skill to learn. Penny Power founded ecademy.com, the UK’s first social network for business, 10 years ago. She says, ‘Networking is about the other person – not you.  When you are networking on and offline, show an interest in the other person, their needs, their goals, their interests. Ask questions about their business, how they are doing, who they would like to meet, what their current projects are.’
‘Don’t broadcast – have conversations,’ Ms Power warns. ‘The worst form of networking is when you broadcast a 60 second announcement on what you do. Networking is about making friends and finding people who you like and who like you. Conversation is the only way to achieve value in your network.’

Business structure

When setting up your business you will need to make a decision about its legal structure. Will you be a sole trader, partnership, limited company, or franchise? Each option has its pros and cons, tax and financial implications.
If you’re a sole trader you’ll have complete control over your business and all profits after tax will go to you. On the other hand you will be personally accountable for any liabilities that your business incurs, and any business debts will be your personal debts.
A partnership allows two or more people to join forces and set up a business together, sharing risks and liabilities, the management and also the profits of the business. As a partner you will be personally liable for any debt of the partnership so you stand to lose not only what you have invested in the business but also any other property that you own. ‘Partnerships will only work if all partners share the same goals and actively work together to achieve them,’ says author of Which? guide Mike Pywell. ‘As a partnership, the approach and attitude you take to work is much more important than if you are a sole trader.’
Setting up a limited company will mean you keep your business separate from your personal affairs. It can also help build credibility with other businesses and appear more professional. However it will increase your administrative burden and there are a number of mandatory statutory provisions that you will have to comply with.
Alternatively you may decide to buy a franchise. Franchising is a means of running a commercial operation using some or all aspects of another business, including its name, brand and products. These might include licensing agreements, distribution deals, or some sort of agency agreement.

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