The sole trader business structure is the most popular in the UK. In 2021 there were approximately 3.2 million sole traders, accounting for 56% of small businesses. The sole trader structure has been popular due to its many advantages and the ease of setting up.
Sole trader business owners are known as self-employed and most freelancers opt for this structure of the business. There are both advantages and disadvantages of the sole trader business structure that need to be taken into account before making any business decisions.
[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.
[continue reading…]
Many business owners struggle to explain their accounts and numbers (we’ve all seen this on Dragon’s Den). However, unless you understand the story your numbers are telling you, you are likely to be running your business on luck alone.
[continue reading…]
Raising money for your small business is a time-consuming endeavour. And you are unlikely to have time or resource to waste on activities that are at best ineffective, at worst actively putting investors off the idea of funding your business.
[continue reading…]
With all the difficulties of setting up a business in the first place and with how saturated the market is, you’re certainly busy as a business owner. But you can’t be too busy to think about the future, set up a plan for your business, and figure out how to grow your business this year.
[continue reading…]
According to a recent survey, 49% of all nurseries in England do not make profits. This may come as a surprise to many parents who believe childcare costs are too high. Not only this, but a recent article by the National Day Nursery Association (NDNA) also stated that nurseries are now closing ahead of 30 hours due to low funding and wider business pressures.
[continue reading…]
Running your own business can be challenging and quite daunting at times, especially in today’s climate. But when you get that proverbial ball rolling, it can be incredibly rewarding. To aid a successful business, you not only need the right ideas and the right team but the best lab and office space in which can help you and your business to thrive and grow.
[continue reading…]
In the latest Small Business Index (SBI) carried out by the Federation of Small Businesses, it was found that small business confidence has risen again. The confidence of small businesses has hit a one year high, which is great news for the sector across the UK. The steady rise in the confidence portrays a bright future for small firms that remain strong and positive despite adversities.
[continue reading…]
So you have invested time, money and energy into creating the perfect product that you think can be flying off shelves. Now you have to get your product on the shelves to get your business started. A small business that mainly produces and develops products needs a platform to sell them on. You may consider selling your products online, whether it’s on your own website or other sites such as Etsy or Amazon. However, if you want to opt for the more traditional route, you will need to approach high street retailers to get that satisfaction of seeing your product on a store shelf.
[continue reading…]
Your company is never going to be successful unless you’re able to generate a steady revenue. For many businesses, it can be difficult to branch out and find more customers. The good news is that there are plenty of things you can do to boost your company’s sales. By making a few switches, you’ll have an easier time luring in customers and convincing them to buy your goods and services. Tips for doing just that will be explored in more depth below.
[continue reading…]
Often success is measured by increasing profitability of a business, if the profitability isn’t increasing, it can make a business feel stagnant. You don’t have to make dramatic, big changes or cuts such as increasing prices or laying off staff. There are other ways in which you can make small changes that will benefit your business and increase your profits. Being a small business owner, if your year-on-year profits aren’t increasing, or even worse are decreasing, then you will seriously need to look at different strategies to increase your profits.
[continue reading…]
