Originally written by Joanna Morris on Small Business
Single parents face significantly more challenges when starting their own business, juggling childcare while working every spare minute on their start-up.
According to a new Hitachi Capital Business Finance survey, single parents have one fifth less money to put into their fledgling business to get it going in the first two years – £8,785 versus £10,836.
Half of single parents start their new business with less than £5,000, compared with a national average of 44 per cent.
>See also: 5 best ideas to start a small business post coronavirus
Single parents work for an hour and a half longer each week than the average business owner. Nearly two thirds (63 per cent) work more than the average 35-hour week, with one in 10 putting in a 50-hour week and 4 per cent working a 60-hour week.
On the other hand, half of the 300 single parents surveyed say they are doing what they love, and 52 per cent saying they would never retire because they love their start-up businesses and nearly two thirds (65 per cent) see themselves working well past retirement age.
And single-parent business owners are among the most accommodating of bosses, with nearly one third offering
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How to start a freelance career in the UK – a beginner’s guide
by Dave Chaplin • • 0 Comments
Originally written by Dave Chaplin on Small Business
As the UK economy recovers from the impact of coronavirus, now might be the perfect time to take the leap and go it alone in a new freelance career.
For risk-averse businesses in this current climate, the immediate access to key skills which freelancers provide presents a more economically viable recruitment solution than a permanent hire. If you possess an in-demand skillset, you are well placed to capitalise.
Though other key concerns include deciding upon a business model, registering with HMRC and enlisting an accountant, Chaplin advises on setting a contract rate, marketing yourself and finding work.
>See also: 7 tips on how to manage freelance workers remotely
Setting your contract rate
Setting a freelance contract rate in the UK is a careful balancing act. You want to establish a competitive rate that ensures you receive a good return for your efforts without risking pricing yourself out of the market.
There are useful sites online that share survey results of the standard rates that specific skills command.
However, while these sites provide useful guidelines, they don’t account for the combination of skills or the level of experience required. Therefore, you should create a baseline rate based on your current salary,
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Does my small business require a licence?
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Before you even start trading, it’s essential that you get your business licence applications in place.
Most firms will need a licence of some kind – in fact, some may need several. They include the ones you expect like an alcohol licence… but then you’ve got the more obscure ones like putting chairs and tables on the pavement.
We’ll help you establish just what licences you need for your small business.
Which types of businesses need a licence?
Anywhere that sells liquor will need an alcohol licence and if you’re in a building, you’ll need a premises licence too.
You will definitely need a licence if your business is involved in the following areas:
Childcare
Dog breeding
Ear piercing
Gambling services
Taxi driver
Fitness coach/personal trainer
Pet shop owner
Credit and financial services
Security guard
Goods hauling (HGV)
Import and export
Food businesses
Tattoo parlour
Let’s take a couple of examples to see how it all adds up.
Beauty salon
The first thing to check is the media that’s playing within your salon, whether that be a TV licence or a licence to play music. After that, apply for a CCTV licence, a pavement or street display licence and a premises licence – that’s if you intend to give your clients a glass of
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Escaping the nine to five: can I turn my passion into a business?
by Legal Zoom • • 0 Comments
Originally written by Legal Zoom on Small Business
Harley Davidson, Mattel, Disney. What do all these brands have in common? It’s not just that they are all iconic names that grew to dominate in their industry. Each of them also started out as a “garage business” as a way of escaping the nine to five.
By this we mean they were started by individuals who took a skill, talent, passion or hobby of their own and put it to work on a small scale. They then developed it into something much bigger. Doing what you love can certainly be a wonderful motivator. However, it takes more than passion alone to achieve success. So, what else needs to be thrown into the mix? This guide aims to help you find out.
Check your audience shares your passion
Harold Matson and Elliot Handler started out selling picture frames from a garage workshop. As an enjoyable sideline and a way of putting their talent to work, they had the idea of crafting dollhouse furniture from frame scraps. Soon, they found that the furniture was more profitable than the picture frames — and the toy specialist, Mattel, was born.
Escaping the nine to five
Whether it’s handmade toys, or amazing
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Small Business goes live with Start a New Business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Small Business has launched Start a New Business, a digital guide taking would-be entrepreneurs through every stage of setting up a business.
Start a New Business provides a step-by-step guide to launching a company, covering everything from having that crucial business idea to forming your company, creating a website and having back-end systems in place, from accountancy and bookkeeping through to hiring your first employee.
Other topics covered will include:
How to market research your business idea
Drawing up a business plan
Are you a sole trader or limited company?
How to choose a business bank account
Which online payments system is best for you?
Finding a business premises
Negotiating a commercial lease
Guides to digital marketing
Exporting for the first time
And the Start a New Business library will be added to with new how-to articles and best of guides over the coming months.
Plus Start a New Business will be going on the road, inviting would-be entrepreneurs to three live events in London (April 22), Birmingham (May 6) and Glasgow (tbc).
Each live event will feature a Q&A with a noted entrepreneur explaining their start-up journey, as well as case studies from other local companies and presentations.
Alan Barratt of Grenade nutrition bars, 2019 winner of
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Starting a business in the wedding industry
by Ben Lobel • • 0 Comments
Originally written by Ben Lobel on Small Business
So, you want to be in the wedding industry? It’s a strong sector of the economy, worth over £10 billion a year. The ‘Bridebook Wedding Report‘ estimated that the average cost of a wedding was over £30,000 and rising annually at close to 12% a year, mainly due to a focus on personalisation.
You’ll no doubt hear about how hard it is, how competitive it is, how saturated the market is. It’s true for almost every industry, though, and it doesn’t mean you can’t bring something to the wedding market through quality and effective business preparation.
The wedding business is unique; you’re asking someone to trust you with what they may deem to be the biggest day of their lives, but every wedding business has to start somewhere, so we’ve put together a plan to cover before starting a business in the wedding sector. First though, you should decide what you kind of business you want to be. Are you:
1. A whole new idea in the wedding industry?
2. Buying an existing wedding business?
3. Franchising an existing wedding business?
4. Distributing an existing wedding-oriented product not currently in the UK market?
The point of asking these questions is
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The essential guide to starting a business in Nottingham
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Unless you live there already, Nottingham may not be on your list of possible cities for starting a business.
It’s the land of Robin Hood, Sherwood Forest and two football grounds which are unreasonably close together.
But Nottingham is also a rapidly growing city business-wise. It has two universities – Nottingham Trent and the University of Nottingham – that have a real focus on employability. The universities are now working together to provide a strong talent pool through the Universities for Nottingham initiative.
Laurie Hannant, partner at BDO LLP in the East Midlands, said:
“Nottinghamshire has a history of innovation that has yielded inventions as diverse as ibuprofen, the magnetic resonance imaging scanner, HP sauce and traffic lights.
“The region is incubating and nurturing its start-ups and scale-ups well with programmes and initiatives being run out of the universities.
“A recent report we conducted in Nottingham found that companies within the retail and wholesale sector are growing the fastest. Businesses within the manufacturing and industrial sectors are also faring well, growing at an average of 22pc over the past three years.”
If you’re relocating it’s a different matter, so let’s explore the essential lifestyle factors of residing in Nottingham.
Population
ONS mid-year
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Starting a business with your spouse: A small business guide
by Ben Lobel • • 0 Comments
Originally written by Ben Lobel on Small Business
Mixing business and pleasure might be a bit of a no-no, but what about mixing business with those you love? Plenty of people do it. And there are several clear advantages in forming a business partnership with your life partner.
For a start, you get to share the experience as well as the workload. Going into business for yourself is hard work and so, if you can share that with your closest companion, in theory you halve the pressure.
But, in reality, going into business with your spouse can increase pressure too, especially if you take work home with you all the time. And what if you actually work from home? Then you really do need to set some boundaries to safeguard your out-of-work relationship.
The right kind of separation
Talk to any couple who run a business together and this will be their first piece of advice: keep your work and your home life separate. They’ll tell you that there have to be boundaries that are adhered to. You need to find a routine that works for you and, to the best of your abilities, stick to it.
By all means put in long hours. But have
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The essential guide to starting a business in Oxford
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Oxford is becoming an increasingly desirable location for starting a business.
It’s within easy reach of other business hubs like London and Bristol, has a rich history coupled with grand architecture and is a real treat for literature fans.
Before we talk to the local small business owners, let’s look over some of the city’s key characteristics.
Population
ONS mid-2018 population estimates had the population of Oxford at 687,500. Said population is ageing, with the number of people aged 85+ expected to increase as much as 63pc by 2032, according to the Oxfordshire Joint Strategic Needs Assessment. However, planned housing growth is expected to create a significant increase in the working age and younger populations. What’s more, the university means there’s a high rate of people aged 20-24 living in Oxford city.
Crime rate
The crime rate in Oxford is about the same as it is in similar areas. In the year ending December 2018, it was 105.22 per 1,000 population – around the same level as Northampton (105.79) and Reading (102.71).
As you might imagine, bike theft is more common than in other UK cities. Thames Valley Police says that 1,816 bikes were stolen last year. That’s around five