One in seven people now plan to set up their own business

The pandemic has offered many opportunities for first time and serial entrepreneurs to set up new businesses. The freedom and flexibility that owning your own business can offer is a very attractive incentive for aspiring entrepreneurs. Easier access to online technology, mainly video conferencing, has assisted businesses to grow more efficiently.

The NatWest Global Entrepreneurship Report says around one in seven people now plan to set up their own businesses. Many of these entrepreneurs are already in the early stages of starting up their own companies. This report echoes particular trends from the 2008 financial crisis. The report also stated that 53% felt that fear of failure could prevent them from starting up their own business, an increase from 46% in 2019. As entrepreneurs ourselves, we know first-hand how tricky it can be to start and scale a business and are here to support you on your business journey.

Jas Bhogal, Partner in our Corporate team comments:

'The reported rise in the number of people looking to set up their own businesses is encouraging, and another sign of how ambitious, forward-thinking companies will be central to the economic recovery. Setting up a new business is exciting, challenging and fast-paced all rolled into one - and ensuring you have solid legal support in place will help create the foundations for a successful business.'

What legal support do you need in place to ensure your new business can grow?

Jas Bhogal comments:

'There will be a whole host of areas where new businesses require support. These will range from deciding on the right type of ownership structure to securing the name and trade mark of your business to getting funding in place to finance the ambitions you have. Advice should also be sought on protecting your business's property and IP as well as ensuring you are trading in a way which complies with data protection and GDPR. Ensuring all these boxes are ticked will not only help your business to grow, but it will make it a far investable commodity if and when you ever wish to exit.'

At the start of the year, we asked our legal experts for tips from their law practice area for new businesses starting out. For more information, see our article Seven legal tips for start-up success.

At Harper James solicitors, we are experts in helping ambitious businesses like yours get off the ground by ensuring all your legal i’s are dotted and t’s crossed. We have extensive experience in data protection, intellectual property and funding and are able to provide accessible legal services which can grow and expand as your business gets up and running. Contact us today for an initial no-obligation consultation.