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Are you considering starting a business offering services to other businesses?

It is no surprise that the rate of unemployment is increasing as companies are increasingly making their staff redundant in order to save on costs.  However, companies are still hiring consultants and freelancers – and this is one reason why so many skilled and enterprising people are opting for self-employment, providing services to a number of different companies instead of working in-house for just one.

Nigel Botterill (of Entrepreneur’s Circle) states, “There are now more opportunities for start-ups than ever before in history.  We know historically that the time when most millionaires are created is during a recession and just after.”  And James King (Founder of investment house Find Invest Grow) optimistically points out, “The government’s enterprise investment schemes are providing fantastic economic opportunities [and] creating fertile ground for new businesses to raise finance, especially when compared to investments in more traditional asset classes.”

However, we recommend the following:

  • Before providing your services to another business, make sure you complete any necessary credit checks and due diligence
  • If you are operating as a sole trader, you will be personally liable for debts, and for any claims made against you.  Off To See My Lawyer can help you draft your contracts in order to keep your potential liability to a minimum.
  • Your website will need to state any authorities which regulate your industry
  • Ensure you have appropriate insurance for your business

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