When starting a small business, one of the first things to be decided is the legal structure used for the business. It can either be a sole trader or limited company or a partnership. Setting up as a sole trader is the most popular legal structure in the UK, with approximately 3.2 million sole proprietorships in 2021. Sole traders accounted for 56% of small businesses in the UK. There were also 2 million limited companies, making it the second most popular legal structure.
Starting a small business is an exciting, refreshing opportunity and for some it may have even been an idea which was in the making for many years. However, while there are many things that small business owners look forward to, there are also many challenges and pressures that they need to be prepared to deal with.
Especially in today’s competitive marketplace where many businesses have adopted the ‘why you should choose us above anyone else’ approach when targeting customers. This means that most businesses try to highlight the benefits a customer receives when choosing their services, and sometimes even try to exploit gaps in their direct competitors’ services.[continue reading…]
Starting a business can be an adventure, even more so when you have just graduated. After leaving university, for the first time you are exposed to the real world. It’s also the time that you make the moves and take the steps to define the person you are going to be and the career you will have. You might be ready to dive into an office job by being an employee or you might have ideas that could make you your own boss.
To start a business whilst studying may seem incredibly daunting, you may feel like it’s not the right time or that you’re not ready. However, having access to your student resources could be hugely beneficial for starting up your business and to the success of it. So if you have a dream of starting your own business, then why wait around? Get started on building your future today.
There are several different kinds of limited companies available to set up in the UK. Limited companies are the second most popular business structure in the UK, only coming second to sole traders. The type of limited company structure chosen for a business will depend on various factors such as the number of shareholders, the responsibility that the shareholders have and the level of involvement by the public. Each has their own benefits, so each business will need to decide what is the most suitable structure for them.
The COVID-19 pandemic has caused uncertainty for many large and small businesses alike. While that may discourage some people from starting a new business during this unsteady time, those who embrace this moment as a unique opportunity for innovation and change may find incredible success.[continue reading…]
Over 672,890 start-up businesses were launched in the UK in the tax year 2018/19 – that’s equivalent to 1,844 new businesses per day. However it is a sad, but the inevitable, fact that not all of these will succeed in the long term. So what can you do to try and tip the scales in your favour? One of the most important things is making sure that you get off to a good start, so here are some tips for starting a small business, given by Jeff Barber, Partner at Selling My Business.
The word “startup” conveys the notion of conceiving an idea and growing it to higher levels. Achieving these higher levels will require having the correct technology to get started, and further scalability will be dependent on a proper toolkit. Starting a new business presents many different challenges and expenses for entrepreneurs, but choosing tech equipment doesn’t have to be one of those challenges.[continue reading…]
As an entrepreneur who is considering opening a small restaurant, you have to think about whether you are to invest time, money, and hard work into making it a proper business.[continue reading…]
As an entrepreneur, starting a new business and hiring employees to join your team can often be a daunting first move to make as your business expands. It can be difficult to create the right environment and culture as a start-up business whilst also developing your brand.[continue reading…]
Starting a part-time small business is ideal if you want the security of employment whilst investing in a side business. Starting a business can come with great risks, and one of the main reasons that potential entrepreneurs are held back is for fear of their business failing. However with a combination of business skills and the right product, you can make your business a success. When running a part-time small business you also don’t have the life changing risk of failing hanging over your head, as you still have a steady income through your day job.
Starting your own business and taking the plunge can be daunting, but help is here. With this setup plan, you will feel equipped and ready to take your idea to the next level. From market research to financing your business, this guide contains six key points to help you start your own business.
Working from home is an ideal situation for many, however, in some cases, it is simply not possible, for example, if you are a heart surgeon you can of course only really work at the hospital! Whether you are a home-based small business owner full time, or you balance your time between working from home and at the office, you will know there are many pros and cons of both.[continue reading…]
Online use and shopping are getting increasingly popular, with consumers flocking to the internet rather than the high street. As the popularity of online shopping grows, businesses need to get online. You can either create an e-commerce website to be an addition to your existing business, helping to increase revenue, or you can start an online business from scratch. We have created this guide for those looking to start an online business in the UK.[continue reading…]
Are you hoping to launch your start-up business overseas? If so, you may want to contemplate locating your business in one of these super start-up friendly nations. To learn more about the best start-up destinations in the world, check out the below infographic guide which comes courtesy of the team at Hansen and Company.[continue reading…]
Doing business on an international scale has almost become the new norm. Today, it’s not only long-standing conglomerates that travel abroad to make business deals or sell products to other countries. Thanks to the internet, even the smallest businesses are obtaining international clients. Stay on top of this shift by learning a little about business etiquette around the world.
Established retailers have a habit of keeping their cards close to their chest, claiming that their success is down to simply having a “good eye” for products that will sell. But business can’t be all about guesswork, because you’re inevitably going to get it wrong at some point.
Starting a business has never been easier; the Internet in particular and the march of technology means researching a market is within reach for start-ups (even at a global scale), and much of this can be achieved with relatively little money.
Managing your own business, especially if it is a new venture for you, could be a very daunting task to undertake. There are many things to think about, to prepare, and to manage day in and day out. But if you have nailed down all the basics of business management, it will be a whole lot easier for you to get your new business going.