‘Health foods and health drinks are growth markets. And if you’re dreaming, like I did, of starting your own health food or beverage brand, then I’d like to share with you what I learnt when launching INIU’, says the founder of the health food brand INIU.
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 (also known as a sole proprietorship), a limited company or a partnership. Setting up as a sole trader is the most popular legal structure in the UK, with approximately 3.4 million sole proprietorships created in 2017. Sole traders accounted for 60% of small businesses in the UK. There were also 1.9 million limited companies, making it the second most popular legal structure.
If you are thinking of selling, renting out or building business premises, you need to be aware of what an Energy Performance Certificate (EPC) is and why you will need one. If you do not pay attention to this requirement and ensure that you have an EPC in place, you could end up facing costly fines. Here is a guide from EPC For You to get you prepared.
Business growth is what every entrepreneur wants to see. But as your fledgeling organisation begins to spread its wings, you will likely find yourself spread ever thinner, spending more of every day distracted by things that have nothing to do with your core business.
Online shopping is getting increasingly popular, with consumers flocking to the internet rather than the high street. As the popularity of online shopping grows, small businesses need to capitalise on the trend and get online. An online presence is an absolute must for small businesses in today’s society. 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.
If you are thinking about taking your business online or starting an online business from scratch then you will need to choose the right online payment system. There are a variety of online payment options to consider if you are setting up your business online. You will need to keep in mind the ease of using each method, the transaction fee rates, the help and advice available, as well as other factors.
With the average UK start-up spending over £22,000 in its first year, finding ways to reduce costs early on can be the difference between survival and going under. Here are some tips on how you can reduce your start-up costs.
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Some people are comfortable with the routine and regular income that comes from being an employee. If being an employee suits you then that’s great. However, for some people being an employee can feel like an inescapable trap. If you start feeling like that then you should consider starting your own business. You will need certain skills to thrive as a business owner, but most importantly you need to be a leader and be focused in order to be a good entrepreneur.
Over 589,000 start-up businesses were launched in the UK in 2017 – that’s equivalent to 67 new businesses per hour. However it is a sad, but 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 your own business, given by Jeff Barber, Partner at Selling My Business.
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As a small business owner it can feel like you don’t have enough hours in the day to get everything accomplished that you need to. Time management is key in being able to carry out all the required daily tasks. One of the biggest time killers is emails as you have to constantly deal with a stream of incoming communication. As email is the most preferred form of communication when it comes to businesses, it’s essential to make it as quick and efficient to deal with as possible.
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.
It’s no secret that the survival of small business can be challenging for entrepreneurs in the UK — only four in ten businesses survive past the five year mark of running the business. Businesses fail from making continuous mistakes which lead to the collapse of their business, so knowing the causes of business failure is key to eluding those factors and focusing on success. A plan to survive should therefore be accompanied by short and long term goals and objectives to keep you on track.
Running a business is not for everyone, it requires certain skills and abilities to really be a successful business owner. To run a small business successfully, business owners will need to either be born a natural leader or hone skills and get qualifications specifically for the challenge of setting up and running a business. Although every entrepreneur is different, they will likely share a certain set of skills and knowledge which enables them to be successful.
Becoming a married couple transforms relationships into a formal partnership intended to be something that will help us in carrying out the rest of our lives. However, when it comes down to business within that partnership, many couples have split opinions. Starting a business with your spouse is either the best decision spouses ever make or something that they firmly regret.
The name of a business combined with the business brand make up a company’s identity. Picking the right name for your small business can be challenging because having the perfect name can actually effect your chances of succeeding. You need to find a name that is unique, easy to remember, easy to spell, that represents your business and can actually be trademarked. There are a lot of things to consider, so picking a name for your business can be a daunting process.
Being a business owner and being your own boss can be a dream come true for many people. Breaking free from the shackles that can come from traditional jobs, can seem liberating. However, there are challenges that self-employed face, whether they are freelancers, entrepreneurs or small business owners. Running your own business can be very challenging as it will push you to your limits and force you to take control and display leadership.
You’ve come up with that bullet-proof business idea. Numerous micro-pitches have been made over drinks. You’ve planned, plotted, dreamt, and now what? How do you translate your concept to money in the bank? Or, more importantly, how do you do it successfully? Informi give you an insight on how to get started and get prepared to climb the entrepreneurial ladder.
Setting up a business venture is an exciting time. Armed with a solid business plan and the drive and determination to succeed, it’s time to see your ideas finally take shape. Whether your business is a local retail outlet, a graphic design consultancy or a mobile hairdresser, there’s a lot to think about and your start-up budget will be stretched every which way to get ready for launch.
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.