3 Considerations for new shop owners

Opening a shop can be a life changing decision. If you get it right you can reap the rewards, but there is also always likely to be problems. In many ways the success of your business will boil down to how well you deal with these issues.

When deciding to start this new business venture there are a variety of considerations to take into account. You’ll have to make decisions on the location of your shop, your target market and the size of the premises; along with writing an accurate business plan detailing exactly where you’ll take the business. However, it doesn’t stop there. When you get to the stage of actually opening the shop there are a number of things you should consider in order to protect your business.

Public liability insurance

Public liability insurance protects your business against any potential claim made against you in the event that a customer suffers injury while on your premises. If for example they slip on a wet floor or trip over something in the shop and injure themselves, they may wish to make a claim against you for compensation. With public liability insurance in place, you’ll be covered for this sort of claim. Without this in place it could spell financial ruin for your business. Public liability insurance policies are able to be tailored to the specific nature of the business, so speak to an adviser and make sure you have the best possible policy in place for your new shop.

Employer’s liability insurance

You might not be employing staff immediately, but as the business grows it may become necessary to employ individuals to work in your shop. With this in mind, it’s equally important to ensure you have employer’s liability insurance. It’s a legal requirement that if you employ any staff – whether full or part time – you have to have this form of insurance. This covers the situation if a staff member suffers injury or illness at work. Without this in place you’ll be running the risk of both financial and legal issues likely to spell the end of your business.

Legal Requirements

Insurance aside, when employing staff you’ll also need to be aware of various other legal requirements and legal rights that your staff hold. It’s advisable to seek some advice on employment law enabling you to draw up legally binding employment contracts for all your staff members. When operating a shop you must also make sure you are fully compliant with all legalities enshrined in legislation such as the Sale of Goods Act and the Trade Descriptions Act.

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