LegalVision’s Startup Manual is essential reading material for any startup founder looking to launch and grow a successful startup.<\/p>\n <\/div>\n \n\nDownload Now<\/a> <\/section>\n <\/div>\n\n\n\n\n There are a few general considerations all prospective business owners should make before launching their business. <\/p>\n\n\n\n All prospective retail store owners should draft a comprehensive business plan. You can use a business place like a map to follow in the years following your business\u2019 launch. For this reason, a business plan should cover: <\/p>\n\n\n\n The financial elements of your business plan are particularly important. No matter how compelling your idea might be, it will be difficult to launch your business if you have not adequately budgeted. For instance, you should consider:<\/p>\n\n\n\n Most businesses fail within the year because they do not adequately account for their up-front costs. Therefore, as a prospective health food store owner, it is essential to consider:<\/p>\n\n\n\n The four most common business structures are:<\/p>\n\n\n\n More can be said about the advantages and disadvantages of each business structure<\/a>. However, as a retailer, you should be especially aware of the implications of being a sole trader versus trading through an incorporated company, particularly regarding limiting your liability. <\/p>\n\n\n\n As a sole trader, there is no distinction between your assets and your business\u2019 assets. If you are sued because someone injures themselves in your shop, your business and personal assets will be at risk. On the other hand, if you trade through a company, there is a legal barrier between your personal and business assets.<\/p>\n\n\n\n Beyond these general considerations, you should consider specific laws relevant to health food stores. <\/p>\n\n\n\n Many of your products will likely claim to be organic. However, under EU law, you must hold a certificate proving that any items marketed as organic are, in fact, organic. Likewise, it must meet EU law if you wish to use the EU organic logo. <\/p>\n\n\n\n Additional laws will likely apply, including the obligation to register your business with one of the nation\u2019s organic control bodies<\/a>. As a registered member, you may be subject to inspection. <\/p>\n\n\n\n Ultimately, your local authority will dictate licensing and trading laws. However, a commercial solicitor can help you navigate applications you may need to file to begin trading lawfully. <\/p>\n\n\n\n Under no circumstances should you hold yourself out as having medical or nutritionist licensing that you do not possess. Moreover, you should not suggest you still have qualifications if the relevant qualification has lapsed. Otherwise, you risk severe civil and criminal penalties.<\/p>\n\n\n\n Unless you intend to buy the freehold business premises outright, you will need to negotiate a commercial lease<\/a> for the premises. The lease agreement will largely govern the relationship between you and your landlord. At its most basic level, it proves your right to exclusive possession of the premises. <\/p>\n\n\n\n The most obvious term to negotiate will be your rent. You should undertake thorough market research to ensure an eye for the local competitive rates. For commercial leases, payment is usually four times a year. However, if you prefer monthly or less frequent payments, this is something to negotiate with the landlord or their agent.<\/p>\n<\/div>\n\n\n\n Because you will likely want to decorate and modify the premises to your liking, you will want to ensure the lease permits alterations and improvements. The extent of these modifications and your obligations to restore the premises once the lease ends will be something you should negotiate with the landlord. <\/p>\n\n\n\n Other common terms you can negotiate include:<\/p>\n\n\n\n The three main kinds of insurance you will want to obtain are:<\/p>\n\n\n\n The table below summarises each type of insurance.<\/p>\n\n\n\nGeneral Considerations<\/h2>\n\n\n\n
1. Develop a Strong Business Plan <\/h3>\n\n\n\n
2. Consider Your Startup Costs<\/h3>\n\n\n\n
3. What Business Structure Will You Adopt?<\/h3>\n\n\n\n
Specific Considerations <\/h2>\n\n\n\n
Licensing & Regulatory Compliance<\/h3>\n\n\n\n
\u2018Holding Your Self Out\u2019<\/h3>\n\n\n\n
Commercial Leases <\/h3>\n\n\n\n
Insurance <\/h3>\n\n\n\n
Insurance Type<\/strong><\/td> Description<\/strong><\/td><\/tr> Public Liability Insurance<\/td> Public liability insurance can help you cover the cost of any claim made against you or your business if someone is injured or killed on your business premises due to any injury they sustain on the premises. Unless you intend to run an online-only business, you will have customers on your retail premises. As a result, this makes you potentially liable for any injuries that happen in your store.<\/td><\/tr> Employers\u2019 Liability Insurance<\/td> By law, you must obtain employers\u2019 insurance if you employ others. This will protect you and your employees from any injury or death that happens in the course of their employment.<\/td><\/tr> Building and Contents Insurance<\/td> Adequate buildings and contents policy will protect your inventory and equipment from any damage caused by fire and flooding. It can also protect your building from damage, which you may not find necessary depending on your commercial lease. Depending on your policy, it can also protect you from theft and criminal damage.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n
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