DECIDING to start a new business is a big decision. Entrepreneurs must decide whether the potential rewards outweigh the inevitable risks associated with a new venture, but it would seem that the folk of Northamptonshire are an optimistic bunch.
A recent study based on figures compiled by Companies House and the Office of National Statistics show that in the 12 months preceding January 2016, a record-high 6,347 businesses were formed in Northamptonshire, a number which has been rising year on year since 2009. While these figures make good initial reading for local people and the county’s economy, they are greatly qualified when you consider the business dissolution rates during the same period. That figure stands at 3,341, more than half of those formed in the same period.
There are a multitude of reasons why a business might fail in its infant stages, some of which include poor planning, inadequate financial management and an entrepreneur’s lack of understanding of the commercial market in which they operate. Often entrepreneurs work so frantically in their business, they leave too little time to work on their business or on a legal infrastructure to underpin and secure their efforts. Businesses typically generate lots of legal paperwork and entrepreneurs are not always aware of what their individual and their business’ legal obligations are. This is particularly true for enthusiastic but non-legally savvy first time business owners or those venturing into a new sector for the first time who are incredibly passionate about a great idea that they wish to pursue as a business, but are uncertain on how to execute their idea as a successful and legally compliant business.
This is where Franklins Solicitors LLP can help. We have a team of dedicated and experienced corporate and commercial solicitors who are able to cater for all of your business needs. So whether you are creating a company, altering your company’s organisational structure, wishing to sell your business or you simply want to talk through your options, we are always ready to listen and advise you on the best course of action for you and your business.
If you want to get in contact, you can find us at 6-8 Castilian Street, Northampton, NN1 1JX or call us on 01604 828282 or go online www.franklins-sols.co.uk
