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Oct 27, 2023 · The failure to do so can result in fines or possibly even court proceedings. This guide should help you tackle the legal aspects of starting a business in the UK, from choosing a name for your business right at the start all the way to employing staff later on.
GCSE. Edexcel. Risk and reward - Edexcel Risks in business. When making business decisions, entrepreneurs will consider the risks and rewards involved. As long as they believe that the...
Sep 7, 2023 · Failing to comply with UK legal requirements could be disastrous for a new business. This article will explore five critical legal obligations that aspiring business owners should know when starting a business in the UK.
- Competitive Risks
- Execution Risks
- Strategic Risks
- Compliance Risks
- Operational Risks
- Reputational Risks
- Country Risks
- Quality Risks
Competition is a major business killer that you should be wary of. Before you even start planning, ask yourself whether you are venturing into an oversaturated market. Are there gaps in the market that you can exploit and make good money? If you have an idea that can give you an edge, register it. This will prevent others from copying your product,...
Having an idea, a business plan, and an eager market isn’t enough to make your startup successful. Most new companies put a lot of effort into the initial preparation and forget that the execution phase is equally important. First, test whether you can develop your products within budget and on time. Also, check whether your product will function a...
Business strategies can lead to the growth or decline of a company. Every strategy involves some risk, as time & resources are generally involved to put them into practice. Strategic risk in the chance that an implemented strategy, therefore, results in losses. If, for example, the Marketing Department of a company implements a content marketing st...
Compliance risks are those losses and penalties that a business suffers for not complying with countries' and states' regulations & laws. There are some industries that are highly-regulated so the compliance risks of businesses within them are super high. For example, in May 2018, the EU Commission implemented the General Data Protection Regulation...
Operational risks arise when the day-to-day running of a company fail to perform. When processes fail or are insufficient, businesses lose customers and revenue and their reputation gets ruined. One example can be customer service processes. Customers are becoming every day less willing to wait for support (not to mention, receive bad quality one)....
Reputational risks arise when a business acts in an immoral and discourteous way. This led to customer complaints and distrust towards the business, which means for the company a big loss of sales and revenue. With the rise of social networks, reputational risks have become one of the main concerns for businesses. Virality is super easy among Twitt...
When a business invests in a new country, there is a high probability it won't work. A product that is successful in one market won't necessarily be in another one, especially when people within them are so different in cultures, climates, tastes backgrounds, etc. Country risk is the existing failure probability businesses investing in new countrie...
When a business develops a product or service that fails to meet customers' needs and quality expectations, the chance these customers will ever buy again is low. In this way, the business loses future sales and revenue. Not to mention that some customers will ask for refunds, increasing business costs, as well as publicly criticize the company's p...
Mar 22, 2021 · An entrepreneur cannot avoid risk in a start-up and everyone knows that a large proportion of new businesses eventually fail. The trick is to assess: What the main risks are in a new business (e.g. unexpected costs, lower than expected sales, failure to secure distribution)
Jun 12, 2024 · Business risk is the exposure a company or organization has to factor (s) that will lower its profits or lead it to fail. Anything that threatens a company’s ability to achieve its financial...
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Dec 15, 2023 · 19 step checklist for starting a business in the UK; 1. Define the need; 2. Confirm viability; 3. Formalising a business; 4. Setting up your business finances; 5. Research funding and support programs; 6. Review pricing; 7. Build supplier relationships; 8. Establishing yourself online; 9. Selling online; 10. Create a marketing plan; 11. Prove ...
