Explore which companies own the most companies, and understand which sectors dominate as the largest owners of businesses. The companies owning the most companies 10 min read Business Trends Table of Contents Categories Which companies own the most companies? Which industries control the business world? The businesses owning the most companies by industry Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office In business terms, a subsidiary is a noun, meaning a company controlled by a holding company. To you and me, that’s one company owning another. It’s very common for large corporations to buy out or merge with other companies either in their space or in a new environment as part of a business plan to grow and dominate. It would be a popular thought that the likes of Google, Apple or Amazon own the most companies given their market value, but you’ll be surprised. Using the OECD-UNSD multinational enterprise data set, which examines the largest 500 multinational enterprises, we’ve conducted a study to determine which own the highest number of other businesses and which sectors they belong to. Which companies own the most companies? When looking at the companies that own the most companies, we found there to be plenty of names you’re likely to know, but also some that may surprise you. Vinci SA, a world leader in concessions and energy services, ranked first, owning close to 4,000 subsidiaries - over 1,000 more than second-ranked HCA Healthcare Inc. Vinci SA operates in more than 120 countries, has over 285,000 employees worldwide and has driven more than $70 billion in revenue. Several familiar brands also appear in the top 10,, including the likes of Lloyds Banking Group PLC, Shell PLC and Volkswagen AG. Which industries control the business world? Taking a closer look at the data, we analysed which industries have the largest share of control over businesses. In total, 65 of the top 500 companies belong to financial services brands. Given the nature of finance and understanding of tax, growth and acquisitions, this is not a surprise. Germany's multinational financial services company Allianz SE leads in the sector, owning more than 1,900 brands. Energy falls second, with 42 of the top 500 companies, with technology falling in third. The businesses owning the most companies by industry Below, we’ve broken the data down further, understanding which companies own the highest number of companies by industry. Sectors we looked at include financial services, banking, automotive, pharmaceuticals, oil and healthcare. Financial services Parent company No. of subsidiaries Allianz SE 1,919 BNP Paribas SA 1,725 Credit Agricole SA 1,557 KKR & Co Inc 1,498 Blackstone Inc 1,446 Banking Parent company No. of subsidiaries Lloyds Banking Group PLC 2,116 HSBC Holdings PLC 833 Bank of Nova Scotia 236 American Express Co 170 Bank of New York Mellon Corp 167 Automotive Parent company No. of subsidiaries Volkswagen AG 1,824 Mercedes-Benz Group AG 425 Tesla Inc 406 Mitsubishi Corp 368 Toyota Motor Corp 351 Pharmaceutical Parent company No. of subsidiaries Merck & Co. Inc 626 Johnson & Johnson 476 IQVIA Holdings Inc 470 Pfizer Inc 408 Dow Inc 354 Oil Parent company No. of subsidiaries Shell PLC 1,840 BP PLC 1,159 Eni SpA 566 Saudi Arabian Oil Co 475 Rio Tinto PLC 439 Healthcare Parent company No. of subsidiaries CVS Health Corp 685 Abbott Laboratories 575 Medtronic PLC 391 Centene Corp 390 Becton Dickinson and Co 342 Finance and energy sectors dominate - but will technology catch up? As shown by our data, it’s not the typical tech giants that have the most control of businesses; it belongs to companies in the financial and energy sectors. Are we to see a shift in the future here? Possibly, given the growth of tech companies in recent years, something we’re sure to keep an eye on. Methodology Using the OECD-UNSD multinational enterprise information platform, we looked into the latest data on the total number of subsidiaries per parent company. We then grouped each company into an industry to determine which are the most common. Recommended Readings

Understand how much to charge to walk dogs as a business and hear from experienced dog walkers on how to run the business successfully. Pricing your dog walking business 10 min read Beginner's Guide Table of Contents Categories The importance of a robust business plan How much does the average dog walker charge How to price your dog walking business 1. Determine your value 2. How does the price of dog walkers in your area compare? 3. Calculate your running costs 4. Understand your market Dog walking business tips Conclusion Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Setting up a dog walking business can be hugely rewarding. If you love dogs and want to be your own boss, there really is no better way to jump into the world of entrepreneurship. It’s also a great way to make money doing something you really enjoy. But, one of the biggest questions you’ll face when starting your business is how much do dog walkers charge? Getting your price right is vital. If you charge too much, you won’t get any customers. If you charge too little, you risk not making any money. Of course, you can set your price and then raise it if that’s the case, but that could mean you lose some of your customers. In this guide, we’re going to explore how to choose how much to charge your customers when starting a dog-walking business. We’ll let you know all about how important planning is, the average price for dog walking and where to start when creating your own pricing strategy. Because, without careful planning, your dog walking business might be in for a ruff start. The importance of a robust business plan Before you even get to the stage where you’re considering how much to charge your customers, you need to make sure you have a robust business plan prepared. Far more goes into setting your cost than simply licking your finger and plucking out a number. It takes careful consideration of several factors which should all be highlighted in your business plan. This includes: Market analysis Business structure Your services Your financial plan SWOT analysis (strengths, weaknesses, opportunities and threats) Your business plan is something of a business bible specific to your venture. How much does the average dog walker charge Getting an accurate idea of how much you should charge for your services can be one of the toughest decisions you face when setting up your dog walking business. It’s a fine line between charging too little and too much, and either could hurt your growth in several ways. One of the simplest ways to get an idea of how much you should charge your customers for dog walking services comes from analysing how much your competitors charge. We’ve looked at how much dog walkers charge in the top 50 populated towns and cities across the UK to find an average. Source: Rover However, before you use this figure as gospel and set your rates at £12, you need to look at various factors unique to you and your business, which we’ll explore below. How to price your dog walking business Looking at what competitors charge is a great place to start, but it shouldn’t be all you base your costs on. You’ll likely have different experience, training, skills, services, goals, outgoings, customers and competition, so pricing your business the same as others wouldn’t necessarily be accurate. Here are three key points to consider when setting your dog walking price list. 1. Determine your value One of your main considerations is likely to be setting a price that’s in line with your competitors, however, you need to determine your value and make sure that’s reflected in your price. Think about which of the following you have and how they set you apart from other similar businesses in your area: Experience walking dogs Qualifications and certifications Specialist skills Range of services Service customisations Additional services Reliability and customer service As a new business, even with a wealth of experience and skill, you might be wary about charging too much until you establish yourself and start to gain loyal customers and good reviews. So, it can be tempting to undercharge until you build your reputation. There’s nothing overtly wrong with charging low and then raising your prices, but this can result in a drop off in some customers. But, if they still consider your services value for money, then it may not impact you too much. 2. How does the price of dog walkers in your area compare? As part of your market research when putting your business plan together, a key part of your research should include looking at how much competitors charge in your local area. This may or may not be in line with the average price, but it can vary wildly depending on where you are in the UK. For example, some dog walkers in major cities such as London can charge as much as £20 per hour or more. In more rural areas, the hourly rate might be just half this much. Take a look at other dog-walking businesses in your area. Use Google and social media to find competing businesses and view their rate cards, services and experience to determine if you could charge a similar amount for a similar service. Another key consideration is how many dogs there are compared to dog walkers in different regions. If there are more dogs and fewer dog walkers in an area, it should mean, in theory, it’s easier to find customers. This also means you’re in a better position to charge more for your services. Read our guide to the most in-demand areas to become a dog walker for more information. 3. Calculate your running costs One of the major influences over the price you charge is based on your business’ running costs. The higher the cost of your monthly outgoings, the more you’ll need to charge to not only cover these costs, but also make a profit and make sure you’re taking home enough money to pay your own bills, save and invest back into your business. Think about how much it costs to run your business and how much you’ll need to charge to cover these costs: Transportation , including fuel, maintenance, MOT and insurance Insurance , such as public liability insurance and employers’ liability insurance if you have employees Licences and permits , which can vary depending on your local area Equipment , such as crates, GPS trackers, leashes, collars, poop bags and treats Marketing costs , including your website and social media advertising Administrative costs , such as the time it takes to invoice and schedule appointments Business fees , such as if you hire an accountant Training and certification costs for continued learning and upskilling It’s important to bear in mind that many of these costs can change. For example, fuel costs constantly fluctuate and your insurance premiums may rise. There may also be occasions where you’re hit with unexpected costs, which you should bear in mind when setting your price. 4. Understand your market Another key part of your business plan is outlining how well you understand your customers. Who is your target audience and how much will they be willing to pay for your services? There are many questions to consider when trying to understand your target market: Who are they (age, income, occupation etc)? Where do they live? What type of dogs do they own? What range of services are they looking for? How often do they want their dogs to be walked? Do they want additional services such as training or pet sitting? What time of day are they after? How long do they want walks to last? Do they need pick-up and drop-off services? What is their budget? How do they prefer to pay? Are they looking for a long-term dog walker? What are their main concerns? Do they require you to have full insurance and training/certifications? What are their customer service expectations? Are there any location regulations or restrictions? Dog walking business tips When you’re starting your dog walking business, you’ll probably have a boatload (kennelload?) of questions and concerns. So, to help you overcome some of your worries, we spoke to Clare Wainwright-Jones, who has been running Black Lab Dog Walking for over 6 years, to share some of her tips when creating a pricing model. “With pricing, every area is different, even in south Wales for example, Cardiff prices are more than Newport. I would advise someone to do some market research of their area, enquire with other dog businesses on what they charge for hour walks, and dog daycare and work out what pricing suits you from there. “I personally found it hard asking or pricing at a higher rate than other businesses as I was a new walker without a client base. However, I soon got confident in myself and when I had a few clients on board I actually stuck with the higher range of my area with all clients. This was a personal struggle though because as a person I hate asking for money. You just need to have confidence in yourself and your service that it is worth a higher rate. “I also offered a slightly discounted rate for clients who had four or more walks a week too, and discounts for dogs if I’m collecting them from the same house. “Some dog walkers prefer to keep the same price for all dogs, whether they have one walk or 5 per week, or if they have multiple dogs from one house, but I prefer to have a few options.” Conclusion Deciding how much to charge your customers is vital and can make or break your new dog-walking business. Make sure you carefully consider your costs and balance this with your skills, experience and services so your price reflects the services your customers will receive. Don’t forget to refer back to your business plan so every decision you make is in line with the overall vision you have for your business. If you're now ready to start a dog-walking business, check your business name is available and SUAZ will help you set up the rest. Recommended Readings

If you're a non-UK citizen looking to start a business in the UK, you may have some questions and considerations as to whether it's possible. Read more here. Starting a Business in the UK as a Foreigner 8 min read Company Formations Table of Contents Categories What should you know before starting a business in the UK? The benefits of starting a business in the UK as a non-UK national Are there any limitations a foreign national must overcome when starting a business in the UK? Does a foreign national need a visa to start a business in the UK? Innovator Founder Visa How do taxes work? How to register a business as a non-UK national Get your business up and running in no time Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Starting your own business really is an adventure like no other, and there’s no better place to do it than the UK. With its vibrant economy, cultural diversity and booming business scene, the UK is an entrepreneur’s dream. Between 2021 and 2022, over 750,000 startups were formed in the UK - so you’re certainly making the right choice. While starting a business in the UK as a foreigner may sound complicated, it doesn’t need to be. Non-resident company formation is straightforward when you know how. With some patience, hard work and determination, your business will be calling the UK home in no time. We’ve put together a complete guide to non-resident company formation, so the process feels as simple as possible. What should you know before starting a business in the UK? Starting a business in the UK as a foreigner can be life-changing, but it’s important to be prepared. Depending on your nationality, you may need a visa to enter the UK, if you’re from any of these government-listed countries . As long as you have the right to work and live in the UK, you can begin to make your business dream come to life. Before you get started, you’ll need to consider the following: Legal structure: You’ll need to decide the appropriate legal structure for your business. You may choose to operate as a sole trader, which means you’re self-employed. As a sole trader, you’re solely responsible for running your business which includes being responsible for paying income tax and National Insurance. Alternatively, you may prefer to start a limited company. As a limited company, you and your business are treated as two separate entities, meaning the business itself is responsible for its liabilities, known as limited liability protection . Another option is operating as a partnership, which is where several individuals sign a partnership agreement to decide how the business is shared between them. In a partnership, all partners are responsible for the business’ debts and finances. Visa: As mentioned above, make sure you have the right visa and work permits to start a business in the UK. Taxation: Read up on the UK’s tax laws for businesses. Familiarise yourself with how corporation tax works, for example, which is calculated based on your company’s profit each year. The rate of corporation tax as of April 2023 is currently 25%. Employment laws: Looking to hire some employees to help you get your business off the ground? Make sure you understand how the UK’s employment laws work, such as working hours, minimum wage, holiday pay and redundancy. The benefits of starting a business in the UK as a non-UK national If you’re looking to start a business in a globally-connected country with a buzzing business scene, there’s no better choice than the UK. Here are just some of the benefits of starting your own business in the UK: Support when you need it: Starting your own business can feel overwhelming - but you’re certainly not on your own. There are several useful resources available across the web, including the UK Government website which details everything you’ll need to set up your business. Looking to form a limited company ? A company formation agent like SUAZ can take care of the complicated stuff for you, so you’ll be up and running in no time. We’re also there whenever you need us - if you’re worried about anything or need some advice, we’re a phone call away. Thriving economy: With a population of over 67 million, the UK isn’t short of potential customers! In 2022, the British economy’s gross domestic product was 2.23 trillion pounds, making it the fifth-largest global economy . This enables new businesses to thrive, with funding and investment opportunities readily available. There’s even a government-backed Start Up Loan to help you get your business off the ground. Skilled workers: By putting down roots in the UK, you’ll gain access to skilled and specialised workers who will put the work in to make your business a success. Financial hub: London is home to the Bank of England and the London Stock Exchange (LSE), and is the world’s second-largest financial centre . It's known for its thriving business environment and reputation, so if you’re looking to make your mark in the business world, there’s no better place. Are there any limitations a foreign national must overcome when starting a business in the UK? There’s no doubt that setting up your business in the UK will be an adventure. Becoming an entrepreneur can be life-changing, but there are obstacles you may face - particularly if you’re looking to operate in the UK as a foreign national. While you can register a business in the UK regardless of the passport you hold, you will require a physical UK address. This is where your official correspondence and business mail will be sent to. If you’re not planning on renting a physical office in the UK, a virtual office may be the solution you’re looking for. A virtual office provides your business with an official address, without you needing to rent a physical space. This can save you a significant amount of money, help you get your business’ name on the map, and help you establish your professional image. As a limited company, you can choose to use a virtual office address when registering with Companies House - ideal if you don’t have a residential address in the UK. Does a foreign national need a visa to start a business in the UK? While you can start a business in the UK without a visa, you won’t be able to travel to and work under your company name in the UK without one. Having a business in the UK doesn’t give you the right to physically work there - so make sure you look into what visa you may need beforehand. Not sure if you need a visa to start your business? The government’s website has a helpful tool to help you work out whether you’ll need a visa or not . Innovator Founder Visa The Innovator Founder visa, formerly known as Innovator visa, is for those looking to set up and run an innovative business in the UK. This means your business must offer something different from anything else on the market. You’ll need to meet various eligibility requirements outlined on the government’s website. You can apply for the visa online but you’ll need to provide several documents to support your application, so make sure you leave plenty of time to do this. When applying from outside of the UK, as mentioned you’ll need to prove your identity. How you go about this will depend on the passport you have. You’ll either need to use your fingerprints and have your photograph taken at a visa application centre, or use the ‘UK Immigration: ID check’ app to scan your identity document. How do taxes work? Choosing to set up your business in the UK and deciding to live here as well means you'll need to pay taxes. You may need to pay the following, depending on your circumstances: Corporation Tax: Paid by limited companies only, Corporation Tax is calculated as a percentage of your business’ profits or taxable income. It’s self-assessed, so you’ll need to work out how much Corporation Tax you owe and file a tax return with HMRC, along with your payment which is due nine months after the end of the business’ accounting period or year end. Currently, Corporation Tax is 25% as of April 2023. Value Added Tax (VAT): If you’re selling products or services, you may need to charge VAT. Generally speaking, VAT is set at 20% of the price. You can register your business for VAT whenever you like, but you must legally register when your turnover exceeds £85,000. National Insurance: If you’re looking to hire some employees to help you on your way to success, you must pay National Insurance contributions. This is paid directly to HMRC when you pay your staff. As a director of a limited company, you’re treated as an employee and will need to pay National Insurance on your annual income if it’s over £12,570. How to register a business as a non-UK national The company registration process for non-UK residents is no different to those living in the UK. But while you don’t need to live in the UK to register a company there, you are required to have a UK address. Here’s how to register your business as a non-UK national: Address: Make sure you have a physical UK address. This is the address that will be shown on the public register, and all correspondence from Companies House will be sent to this address. If you’re looking to save yourself the cost of renting a physical office space, you could opt for a virtual office address. Here at SUAZ, our virtual office service gives you a business address right in the heart of Manchester to help get your name on the map and give your business image a boost. Decide on a name: You’ll need to choose a company name that is compliant and not already taken - you can check the availability of your business’ name on our homepage. Register with Companies House: To officially form your company, you’ll need to register with Companies House. You can choose to do this yourself for a £50 registration fee, or, to alleviate some stress, you can get us to take care of things for you. Our professional company formation service will register your company with Companies House on your behalf for free, and your company will be formed within a maximum of 48 hours. It really is that simple. Get your business up and running in no time Starting a business can feel both daunting and exciting all at once - especially when you’re a non-UK national. But you don’t need to go through the process alone. If you’re starting a business in the UK as a foreigner, our company formation service could be just what you need to make things that bit easier to manage. We’ll handle the tricky stuff so all that’s left for you to focus on is your new adventure. Apply to form your company today and make your dreams a reality. Recommended Readings

Read the answers to frequently asked questions freelancers have as you start up your own business. Get insights and advice to help you navigate freelancing. Frequently asked questions on freelancing 10 min read Beginner's Guide Table of Contents Categories How to manage clients as a freelancer How to get clients How to build relationships with clients How to inform clients of price increases How to deal with difficult clients Invoicing as a freelancer How to write an invoice for freelance work How long does a client have to pay an invoice What to do if a client doesn’t pay an invoice Accounting for freelancers Do I need an accountant as a freelancer? How much does an accountant cost for a freelancer? Writing contracts as a freelancer What is a freelancing contract? How to make contracts as a freelancer Do I need to send a contract as a freelancer? Getting set up as a freelancer How do I declare myself as a freelancer in the UK? Do I need to register my business if I earn less than £1,000? Do I have to declare freelance income in the UK? Do freelancers pay VAT in the UK? Take your freelance career to the next level with SUAZ Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Stepping into the freelancing world can feel daunting. You’ll be in the driver’s seat for the first time, with the freedom to pursue any job or project that catches your eye. But knowing where to start can feel like a minefield. If you’re asking questions like ‘How to get clients?’ and ‘What should be included in a freelance invoice?’ there's no need to panic - these frequently asked questions are only natural and it won’t be long until you feel confident in your abilities. To ease any worries or confusion you may have, we’ve put together this complete guide to answer frequently asked questions on freelancing. We took a focus group of professionals across a range of industries to identify the most common problems freelancers face when starting out. We also looked into the most asked questions on the topic by search volume, and People Also Ask boxes within search engine results. Read on to understand how to handle common challenges as a new freelancer, with expert advice from an experienced freelancer to equip you with the knowledge to succeed in your new venture. Contents Clients - how to get them, how to build relationships, how to deal with late payments Invoicing - how to write an invoice, what should be included in an invoice Accounting - do you need an accountant as a freelancer, how much does an accountant costs Contracts - do I need to send a contract as a freelancer, how to make contracts as a freelancer General business - how do I declare myself as a freelance UK, do I need to register my business if I earn less than £1,000, do I have to declare freelance income UK How to manage clients as a freelancer Managing clients effectively is a crucial skill you’ll need to learn as a freelancer. Whether you’re a freelance graphic designer, copywriter or consultant, how you handle client interactions and manage expectations can make or break your freelance business. Below, we’ll uncover key strategies for client management so you can build long-lasting client relationships to be proud of. How to get clients Without clients to your name, you won’t have a source of income as a freelancer. But how do you actually secure clients and projects? There are numerous ways you can find new clients and opportunities , including: Attending industry talks and events Cold pitching, whereby you reach out to potential clients and propose your services and solutions to them Use social media platforms such as X and LinkedIn to broadcast your skills and expertise Reach out to your network for recommendations Build an impressive website that showcases your work and services Aliyah Loughlan , Freelance Digital PR Consultant, says: ‘ The best way to get clients is to join different online communities and groups. Anything from freelance Slack groups and specific freelancing platforms such as Croud, to Facebook groups. Don’t forget word of mouth is a great way to gain your first few clients too - doing good work for your first client will help get your second and third clients. ‘Remember to pay it forward too - a client or project might not fit your set of skills, so pay it forward to another freelancer, and another opportunity may come back your way in the future!’ How to build relationships with clients Landing your first client is a big deal and something to be proud of, so you’ll want to encourage them to stick around for the long haul. The stronger your client relationships are, the more likely you are to secure repeat business and receive valuable referrals and feedback. It’s all about consistency when it comes to clients - whether that’s in terms of the quality of your work or the regularity of your meetings. Make sure you consistently check in with them and be honest about how things are going, any issues that crop up and how you plan to solve them. Schedule regular meetings (weekly or biweekly) to update them on your progress with the project you’re working on, and always aim to meet deadlines. By establishing clear expectations and communication, you’ll ensure client satisfaction and develop a strong working relationship. How to inform clients of price increases You may need to increase your rates for a variety of reasons. Inflation or economic change is an obvious but important factor - as inflation rises, your salary declines in value, so it’s vital your rates match inflation so you’re being rewarded for your hard work. But you may also find a project is taking longer than expected and you lose money as a result, or that the quality of your work has increased as you’ve built experience, and you need your income to reflect that. Informing clients of a price increase is a delicate but important discussion. Make sure you give clients plenty of notice before your new rates kick in, and choose the right medium to tell them. Depending on your relationship, you may choose to let them know via email, or you may prefer to discuss in person or over a call. Explain the justification for your increased rates - focus on the value you deliver and also express your appreciation for their business. Approaching the situation with honesty and professionalism is key to maintaining strong client relationships. How to deal with difficult clients What you consider a ‘difficult’ client could mean many things - they could have a negative attitude, be particularly fussy when it comes to amends, or simply take too long to respond to emails. While difficult clients can leave you feeling frustrated, especially if they’re affecting the quality and delivery of your work, it’s important to see both sides. Try and understand where your client is coming from and remember they have their own business objectives and deadlines to hit. But it’s also vital that you stand firm should you believe you’ve done the right thing. Here’s a step-by-step approach to dealing with those tricky clients: Hold a meeting with the client to address the issue at hand Put together practical next steps that will resolve the issue and ensure you’re both in agreement Check in afterwards to ensure both of you are happy with the outcome and the plan moving forward Invoicing as a freelancer Invoicing is a vital part of freelance admin, acting as a record of your hard work and a request for payment. Getting it right ensures you’re paid quickly and keeps everything organised. Below are some key considerations for invoicing effectively as a freelancer. How to write an invoice for freelance work As soon as you’ve completed your first freelance gig, you can submit an invoice to your client. After all, the sooner you get the invoicing out the way, the sooner you can get paid! You can either produce an invoice yourself manually, or use a tool or template to make the process feel that bit simpler. Chances are you’ll find filling out a template easier, especially if you’re new to the freelancing world. Here is a list of the information you’ll need to include in your invoice: An identification number for the task you’ve completed Your name, address and contact details The company name and address of the client you’re invoicing A description of the work you’re charging for The date the service was provided The date of the invoice The amount(s) being charged VAT if applicable The total amount billed How long does a client have to pay an invoice According to the government, you have a right to be paid within 30 days of the client receiving your invoice, or the service you’ve provided - unless you’ve agreed to a payment date. Remember, you have the right to charge interest for late payments should you want to - whether you’re new to freelancing or not, you deserve to be paid as soon as possible. What to do if a client doesn’t pay an invoice A client refusing to or simply forgetting to pay can leave you feeling stressed - after all, you deserve to be paid for your hard work. Should a client not pay an invoice, you can take legal action against them to resolve the issue. But before you decide to take legal action, there are alternative routes you can take without needing to go to court. First, check if your client is likely to pay you. For example, if they have no money or assets to settle the invoice, action intended to make them pay will be tricky. You could search for their company profile in the Gazette for insolvency notices beforehand, to try and understand their financial situation. Requesting legal advice is often a sensible route in these situations, as you’ll gain professional advice on the options available to you. You could make an appointment with a solicitor or legal advice who can explain your options and what legal action may work best. Sending a solicitor’s letter may be enough for your client to pay the money they owe you, rather than getting the courts involved. Should you need to go to court to resolve the issue, it’s important that you have the following information to hand: Emails, letters or other proof that you’ve tried to negotiate or use mediation to get the client to pay you. You need to prove that you’ve tried other alternatives before going to court A letter to your client to warn them about the action you’ll take if they don’t pay. You may choose to use a solicitor to help you with this Accounting for freelancers Accounting is an essential but often complicated part of freelancing which evaluates the state of your finances. As a freelancer, you need to take care of your own finances such as your income, tax and business expenses. Below, we’ll cover how to manage accounting as a freelancer and the steps you can take to make financial planning feel straightforward. Do I need an accountant as a freelancer? Whether you need an accountant as a freelancer depends on how confident you are with your personal finances and your knowledge around business tax. If your business finances are fairly straightforward, chances are you might not need an accountant, at least not at the start. Aliyah explains: ‘ The simple answer is no. Unless you’re a really unorganised person, having an accountant when you begin your freelancing career isn’t necessary. Only until recently have I started to think about getting an accountant because I’m three years in and transitioning to a limited company and it gets a tad more confusing there.’ How much does an accountant cost for a freelancer? As we’ve said, as a new freelancer it’s unlikely you’ll need an accountant. But if you feel worried about handling the financial side of things, working with an accountant may alleviate your anxieties, especially if you’re looking to form a limited company. They can help you navigate your VAT returns, file your annual accounts with HMRC and Companies House and submit your tax returns. But how much does an accountant cost for a freelancer? According to Unbiased , for smaller businesses, you can expect to pay a monthly fee of anything between £60 and £450 depending on your turnover and where you’re located. If you’re looking to pay a one-off fee to help you handle your self-assessment tax return, you can expect to pay anything from £200 to over £300. Writing contracts as a freelancer Writing contracts as a freelancer is an integral part of the job, allowing you to clearly outline how you and your client will work together. A contract can help manage expectations, deliverables and payment terms, to minimise potential disputes. Below, we’ll answer some frequently asked questions about freelance contracts. What is a freelancing contract? A freelance contract is a legally binding agreement between a freelancer and their client that outlines the details of the relationship, and specific project or service. It lays out the scope of work, any deadlines to be met, payment terms and other important details to ensure both parties know what is expected of the relationship. How to make contracts as a freelancer Here are some of the key components of a freelance contract: Scope of Work (SoW): This section outlines the tasks and services you’ll provide for the client, including deliverables and deadlines Payment terms: This section will detail how and when you, the freelancer, will be paid. Remember to include the total amount billed, a payment schedule and any additional expenses End product ownership rights: This section will explain who owns the final work once it’s completed Terms and termination: This section outlines the duration of the contract and under what conditions it can be terminated by either party Competitive engagements: This section specifies whether you’re allowed to work for competitors of the client during or after the contract Non-disclosure, right to disclosure and confidentiality: This section explains any sensitive information shared between you and the client is kept confidential Changes: This section explains how any request for changes or revisions to the original scope of work will be handled Indemnity clause: This clause protects both you and the client from legal claims or liabilities that may arise from the project General clauses: These are additional terms that cover various elements of the contract, such as dispute resolution and any other standard legal provisions Party signatures: Finally, the contract will conclude with the signatures of both you and the client Do I need to send a contract as a freelancer? The simple answer to this question is yes - sending a contract as a freelancer is best practice. Not only is creating contracts (and other formal documents) a good habit to get into as a freelancer, it can also protect you from a legal perspective should your client look to exploit the amount of work they’ve paid for. Getting set up as a freelancer Embarking on your freelance journey can be exciting and empowering, but getting set up can be time-consuming. You’ll need to commit to planning and organising to ensure a smooth transition into the freelance world. Below, we’ve answered some frequently asked questions about getting started as a freelancer. How do I declare myself as a freelancer in the UK? Decided to start working for yourself? You’ll need to inform HMRC by registering for Self Assessment and then register as either self-employed (a sole trader) or a limited company. These two business structures have different tax obligations and admin requirements, which you can read about in our guide to limited liability . If you decide forming a limited company is the best route for you, you’ll need to register your business with Companies House. You can either register yourself for a £50 admin fee, or get a company formation agent like SUAZ to take care of things for you, completely free of charge. Do I need to register my business if I earn less than £1,000? If you earn £1,000 or less in a tax year as a freelancer, you won’t need to register your business with HMRC and declare your turnover. Do I have to declare freelance income in the UK? Unless you earn £1,000 or less, you’ll need to inform HMRC of your freelance income and complete a self-assessment tax return. You can file your Self Assessment tax return online . Do freelancers pay VAT in the UK? You’ll need to register for VAT if your VAT-taxable turnover is more than £90,000. If this is the case, you’ll need to charge VAT on your services and submit this money to HMRC. The standard rate of VAT in the UK is currently at 20%. Here's a guide on paying tax as a freelancer . Take your freelance career to the next level with SUAZ We hope this guide has answered any burning questions you may have had about freelancing. As we’ve mentioned, there’s a lot to get your head around when you start freelancing, from how to get clients to what to do if a client doesn’t pay an invoice. But with effective planning and determination, we’re certain you’ve got what it takes to thrive. Ready to embark on your freelancing journey? Form your business today with SUAZ to get started. Recommended Readings

Starting a business involves paying set-up costs. Check out our top grants for starting a business and learn how to apply. 5 Grants to Apply for When Starting a Business 15 min read Start-Up Finance Table of Contents Categories Our top five business grants for new businesses Small business and start-up grants Resource grants Circumstance-specific grants Regional grants Tax relief grants Application tips Research the awarding body Be clear in your goals Why apply for a grant? Grants vs Loans Loan Grant Keep applying Get our expert guidance on starting a small business Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office So you’re thinking of starting a business! Grants can be a great way to fund those early days, but finding and applying for the right business grant is a challenge if you aren’t sure what to look for. We’ve put together an easy-to-read guide on grants to start a business, so you can get the funding you need without the hassle. Our top five business grants for new businesses There are loads of grants out there, each with different goals. These can range from helping underrepresented people become business owners to supporting new scientific or technological developments. Let’s take a look, shall we? Small business and start-up grants Start-up or small business grants aim to help out fledgling businesses to stimulate the economy and help keep independent businesses thriving. There are different grants for different types of business so make sure you do some research to see which is right for your new business. UnLtd awards for Social Entrepreneurs This grant offers funding (up to £8,000) and support to help new businesses committed to creating social impact in a financially sustainable way. Trading For Good A project delivered by the School for Social Entrepreneurs with support from Power to Change that offers training, support and grants for community businesses. Innovate UK Business Growth Innovate UK offers a range of grants and resources for UK businesses. This programme offers funded, expert support to help grow new or scaling businesses. The King’s Trust Enterprise Programme grants This programme offers multiple resources for new businesses, including Start Up grants of up to £5,000 and Test My Business Idea grants of up to £500 for concept-stage start-ups. Resource grants Some grants offer accessible resources as well as or instead of a cash sum. Resource grants might include discounts on equipment and training. The King’s Trust Enterprise Programme This programme offers a free four-day business course teaching budgeting, cashflow, book-keeping and tax, after which you can apply for a two-year business mentorship. Hatch Enterprise programmes Hatch Enterprise offers free or discounted business programmes for underrepresented entrepreneurs starting, growing or scaling their business. Made Smarter Adoption programme This programme offers a match-funded grant of up to £20,000 for equipment, advice and training to help businesses in the East of England improve their operations. Circumstance-specific grants Many grants have very specific goals and only award funding to businesses that meet particular criteria. For example, some grants are only awarded to women and young entrepreneurs, or businesses that are carbon neutral. Women in Innovation Award This Innovate UK award aims to encourage entrepreneurship and innovation by offering funding to women who are at a critical stage with their business. Hatch Enterprise grants Graduates of Hatch Enterprise’s Launchpad, Incubator or Accelerator business programmes can apply for grants up to £1k, £5k or £15k respectively. The Ashden Awards An award offering businesses with outstanding sustainability solutions up to £20,000 and the chance to attend the United Nations Framework Convention on Climate Change. Regional grants There may be regional grants available where your business is based. Have a look at the grants available in different parts of the UK. Some regions have lots of funding available to stimulate their economy and boost local business. Flexible Social Finance fund This fund offers community businesses across the North East of England access to support and flexible repayable finance. Commercial vehicle grant A grant of up to £180,000 to help small businesses operating in Birmingham’s Clean Air Zone upgrade their vehicles to meet Birmingham's Clean Air Zone emission standards. Net Zero Worcestershire This project offers up to £100,000 for energy efficiency projects. The grant is match-funded and requires the business to cover 25-50% of the project costs. Tax relief grants There are a range of government-run schemes that aim to help out businesses, some of which can provide tax relief and help a business reduce the amount of tax it needs to pay. Research and Development tax relief Research and Development (R&D) tax relief offers cash payments and Corporation Tax reduction to businesses making useful advances in science, mathematics or technology. Seed Enterprise Investment Scheme This scheme helps small or early-stage businesses secure funding by offering investors income tax reductions of up to 50% on their investment in a new business. Application tips After you’ve decided on a grant, the next step is applying! Grants are often pretty competitive, so getting funding will take more than just meeting the grant’s eligibility criteria. Here are some tips on how to put together an excellent grant application and win that funding. Research the awarding body Research, research, research! Every grant works differently, and understanding how they work will give you the best chance to find the right grant for you, impress the funding committee, and avoid unpleasant surprises. Here are some questions to ask before applying for grants: What region does the grant cover? Is your business in that region? Is the grant offered by the government, a nonprofit organisation or a company? What kind of business is the grant looking for? What does your business need to do to be eligible for the grant? How much funding is available? How will the funding be allocated? Is the grant match-funded? Be clear in your goals Funding committees have to go through hundreds of grant applications, so make sure yours is well-written and organised. You want the person reading your application to be able to see at a glance everything they need to know. Top tips Avoid using long words and sentences unnecessarily to try and look smart. The judges won’t be fooled! Instead, impress them with clear, concise writing. Check and recheck the grant’s goals and specifications! The more relevant your application is to the grant you’re applying for, the more likely you’ll get it. Start early — applications usually take longer than you think, so start early to make sure you have time to put together a great application and apply as soon as the application opens. Here’s an idea of how your application should look: Introduce your business, your project, how much funding you need, and how you’ll use it. Set out your grant proposal, explaining clearly and thoroughly how your business or project meets the grant criteria. Summarise your grant proposal. Give a more in-depth look into your business, including how you started your business, your mission and goals, and any notable, relevant achievements by you or your business. Explain in detail the goals of your project and why it's important — how will your project benefit the world outside of your business, such as the local community, the economy or the environment? Write a business plan and include your budget and any other useful data. Your business plan and budget should be thorough and detailed. Think about where every pound is going! Use all of this information to prove that this project is valuable, and that you need this grant to be successful. Show that your project will get the most out of this grant! Why apply for a grant? From rent and advertising to staff and furniture, starting a business can be a strain on the purse. Applying for a grant can help with these initial costs. There are a few ways to manage costs when starting a new business. If you have savings or a large income, you might be able to pay for a new business out of pocket. Look at your finances and draw up a solid business plan to get an idea of how much you have, and how much you’ll need. You could borrow from friends and family. Just make sure that they have enough to lend, and you will be able to repay it — lending money can put strain on close relationships, so approach with consideration and communication! You could also take out a business loan. Grants vs Loans So what’s the difference between a grant and a loan, and which is right for you? Loan A loan is money you borrow and repay later with interest. You can apply for loans from banks and online lenders. We can help you learn if taking out a loan is right for you. Grant You don’t have to pay grants back at all — however, you might have to spend it according to grant specifications. Grants might come as a cash prize, or a reimbursement or price match to your own spending. Be sure to read up on how a grant works before you apply. Keep applying If you can’t find the right grant for your business right now, or your application wasn’t chosen, don’t give up! There are always new grants being created and applications opening up, so make sure to keep checking so you can get your applications in and increase the chance of getting funding for your business. Have a look at the eligibility needs for different grants. Did you just miss out on funding because of something that you could change relatively easily? Or is it worth rethinking certain areas of your business? You can search the wide selection of grants available across the UK using these support and funding finders: UK business finance and support Welsh Government grants guidance Enterprise Ireland funding and grants Scottish business funding or advice Get our expert guidance on starting a small business We understand how difficult it can be to get a new business off the ground. You have an idea you want to see in the world, and it can be frustrating to jump through all the hoops to get there. From planning permission, rent agreements and licensing to technical, financial and staffing issues — trust us, we get it. At Start Up A-Z we offer clear, personalised guidance from friendly experts to help you navigate the early stages of starting a business. Get started today with our company formations packages — let’s make your vision a reality! 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Simplify your business finances with Zempler Bank. No monthly fees, fast sign-up, and access to your money anytime, anywhere. Apply online now and get started. < Back Zempler Bank formerly Cashplus Who are they? Zempler Bank, formerly Cashplus. Business banking made simpler. Apply for your business account in minutes and start taking payments. Zempler Bank are a fully regulated British Bank, with FSCS protection up to £85,000 on eligible deposits. Your account also comes with built-in fraud protection, all day, every day. Zempler Bank accounts make managing your money simpler. Every account comes with: Fast sign-up – apply in minutes online and start taking payments. In-app and Online Banking. Instant payment notifications. 24/7 fraud monitoring, plus instant card freeze. UK telephone support from real humans. Cash deposits at any of the UK’s 11,500 Post Offices. Tools that take the effort out of money admin like cashflow tracking and integrated accounting. Key Points No Monthly Fees UK Customer Service Get a decision within minutes All accounts are fully regulated and FSCS-protected Access your business finances 24/7 through their online and app access. Categorise spending on the go and create spending reports Instant notifications for payments and transfers Capture and add receipts within the app Connects to all leading accountancy packages (Xero, QuickBooks, Sage, etc.) The perfect Bank Account for Small Businesses Previous Available Services Business Go Current Account Business Extra Current Account Business Credit Card Spending Insights Invoice Generator Overdrafts Travel Currency Card Next

Going freelance? It’s important to know what tax you’re liable to pay, how much and when it’s due. Find out how to manage freelancer tax in our helpful guide. Paying tax as a freelancer: a guide 10 min read Beginner's Guide Table of Contents Categories What type of tax do freelancers pay? How much can you earn freelance before tax? How to pay tax as a freelancer Do freelancers charge VAT? Claiming tax relief as a freelancer Tax allowable expenses for limited companies What expenses can I claim as a sole trader? Balancing tax as a freelancer Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Becoming a freelancer opens the door to creative and financial freedom, but it can also bring new challenges, especially when it comes to your taxes. If you’re looking to start freelancing, you may wonder how tax will work and what you’re expected to pay. As a freelancer, you can operate as either a sole trader or limited company, and many freelancers prefer to register as a limited company due to the financial protection that comes with limited liability . Tax on freelancers may sound confusing, but it doesn’t need to be. We’ve put this guide together to break down exactly how to pay tax as a freelancer and how freelancer tax deductions work, so you can focus on growing your freelance business without the worry of tax standing in your way. What type of tax do freelancers pay? As a freelancer, the type of tax you’ll pay will depend on your business structure - whether you operate as a sole trader or a limited company. As a sole trader, it’s your responsibility to pay the right tax on time. How much tax you’ll pay will depend on your profits and how much you earn each year. You’ll pay tax on anything you earn over your tax-free Personal Allowance which is currently £12,570. As a sole trader, you’ll pay between 20-45% income tax and National Insurance Contributions (NICs), which for the 2024-25 tax year are the following: 6% on profits of £12,570 up to £50,270 2% on profits over £50,270 Depending on your earnings, operating as a limited company may be more tax-efficient than being a sole trader. This is because you’ll pay corporation tax, which is usually less than the income tax you’d otherwise pay. If your business earns over £250,000, you’ll pay the main rate of corporation tax at 25%. If your profits are less than £50,000, you'll pay 19% corporation tax - the small profits rate. You’ll also pay two types of National Insurance as director of your business. Your company will pay NIC if it's an employer, and you’ll also pay National Insurance on your salary. Take a look at our guide on self employed vs limited company for more details. How much can you earn freelance before tax? As a freelancer, how much tax you’ll pay will depend on your income and the tax band you’re in. You won’t pay tax on the first £12,570 of your income, known as your Personal Allowance. Your Personal Allowance decreases by £1 for every £2 you earn over £100,000, and if your income is over £125,140 you don’t receive a Personal Allowance. Your income will affect the percentage of Income Tax you’ll pay: Up to £12,570: You won’t pay tax on the first £12,570 of your income, known as your Personal Allowance. So, if you earn less than this as a freelancer you won’t pay Income Tax. £12,571-£50,270: You’ll pay 20% Income Tax. £50,271-£125,140: You’ll pay 40% Income Tax. Over £125,140: You’ll pay 45% Income Tax. How to pay tax as a freelancer So, when do freelancers pay tax in the UK? First, you’ll need to submit an annual self assessment tax return with HMRC. You must register with HMRC by the 5th October after the end of the tax year you became self-employed. You’ll need to submit your self assessment tax return and pay any tax you owe for the previous tax year (known as a balancing payment) by 31st January. Your second payment on account will be due on 31st July. Should you miss a deadline, you may face financial penalties, so it’s best to get it out of the way as soon as possible. In fact, 300,000 people filed their tax returns in the first week of the tax year. You can pay your tax bill online through the government’s website. If you operate as a limited company, you’ll need to pay corporation tax and the deadline will depend on your taxable profits. If your taxable profits are up to £1.5 million, you’ll need to pay your corporation tax to HMRC 9 months and 1 day after the end of your accounting period, which is usually your financial year but you may have two accounting periods in the year you set up your company. The government explains your limited company’s first accounts and tax return here . You can pay your corporation tax through your online banking, through direct debit or online through the government’s website. You can’t pay your corporation tax by post. Do freelancers charge VAT? Regardless of whether you’re a sole trader or limited company, you’ll need to register for VAT if your turnover is over £90,000 or you expect it to go over this amount in the next 30 days. Most goods and services are charged at the standard rate of 20%. You’ll then need to complete a VAT return to let HMRC know how much VAT you’ve charged and how much you’ve paid to other businesses. Claiming tax relief as a freelancer Paying tax on your hard-earned income can feel disheartening as a freelancer. You’ll be pleased to know that you can claim freelancer tax deductions, known as ‘allowable expenses’. These are business costs that HMRC allows you as a self-employed person, sole trader or freelancer to claim as tax expenses against your profits. Your expenses will only be approved if they’re ‘wholly and exclusively’ for business purposes, and HMRC can ask for proof of all allowable expenses that you claim. Some costs you may claim as allowable expenses include: The cost of buying stock and/or the materials you need to carry out repairs and maintenance work Rent or mortgage interest (not capital repayment) on commercial premises Computers, mobile devices, printers and other equipment that you buy and keep within your business, as long as you use ‘cash-basis accounting’ (meaning you record your income/costs in your financial records when you’re paid or make payments) Equipment repairs, office furniture, business stationery Tax allowable expenses for limited companies You may also be able to claim business expenses for your limited company, as long as the expenses you claim have been incurred wholly and exclusively during the running of your business. For example, if your employees use computer screens as a key part of their role, they can claim eye tests as well as health checks as limited company expenses. Other tax allowable expenses may include claiming the cost of accommodation while on a business trip, business insurance costs, and a portion of your household costs and utility bills if you work from home. What expenses can I claim as a sole trader? As a sole trader, you can use HMRC’s simplified expenses to calculate your business expenses, which use flat rates instead of working out your actual business costs. This can save you from needing to carry out any complex calculations. Alternatively, you can calculate your expenses by working out the actual costs. Costs you can claim as allowable expenses include things like office costs (such as stationery and equipment), travel costs, staff costs and financial costs like insurance. Usually, as a sole trader, you can claim expenses once a year when completing your self assessment tax return. You can use the government’s simplified expenses tool to see which method would work best for you. Balancing tax as a freelancer How you’ll navigate tax as a freelancer will largely depend on how you run your business - either as a sole trader or limited company. Your business structure also affects the tax relief you’re entitled to, which can also lower your tax bill. Knowing how to pay tax as a freelancer can feel daunting, and you may worry about submitting the wrong form or misunderstanding the tax relief you’re entitled to. Working with an accountant can alleviate any pressure or anxiety you may have, knowing you can rely on a professional to take care of things for you. Once you’ve formed your business with SUAZ you’ll gain exclusive access to BSC’s business marketplace. BSC can match you with the right accountant for your business needs, so you have your tax queries taken care of. Ready to kick start your freelance journey? Form your company with SUAZ today . Recommended Readings

While the saying ‘it takes money to make money’ may sound like a cliché, there’s no denying that starting your own business can be expensive. A Guide to Startup Loans & Business Financing 3 min read Start-Up Finance Table of Contents Categories Financing your business Startup loans vs. Business loans Online lenders vs. traditional lenders Crowdfunding How do I get a loan? Get your business up and running in no time Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office While the saying ‘it takes money to make money’ may sound like a cliché, there’s no denying that starting your own business can be expensive. But you shouldn’t let that stop you from following your dream. If you’re looking for ways to finance your new venture, there are loans to start a business to help you manage the cost. Here, we’ll explain how to apply for a loan to start a business and the different financing options available to alleviate financial worries and pursue your business goals. Financing your business Have a business idea that’s sure to take the market by storm? The next step is making sure you have the money to get the ball rolling. Formulating a financial plan can help you visualise exactly what money you have to work with, and if your business idea is really viable. It’ll cover all the costs of your new company and what you’ll need to finance them. A financial plan is also a useful tool when pitching to investors or when applying for a business loan. Here are some of the components of a financial plan: Your investment budget: Here, you’ll list the investments you need to start your business and those that can wait until further down the road. This should give you an idea of how much money you’ll need to get your business started. Your financial budget: How are you planning to finance your new company? Will you apply for a Start Up Loan from the government? Are you borrowing money from a family member? You have several options available to you which we’ll cover later on. Your operating budget: Next you’ll need to estimate what your business’ turnover will be. You’ll need to analyse the costs of keeping your business running against the money you’ll make to ensure you’re making a profit. Your cash flow budget: Your income and expenses are likely to go up and down throughout the year. Here, you’ll put together a cash flow forecast which includes all income and expenditure per month. This can show you where you’ll have surplus money available and when you’ll need extra funds so you’re prepared for all eventualities. Many banks will also ask to see your cash flow forecast before approving you for a business loan. Startup loans vs. business loans When it comes to loans to start a business, there are two different routes you can take. You can apply for a business loan through a bank, or apply for a government-backed Start Up Loan. Let’s compare the two so you can decide which may suit you best. Government-backed Start Up Loan Did you know you can apply for financial support from the government to kick start your business? The government-backed Start Up Loan can lend you anything from £500 to £25,000 subject to acceptance. Unlike many business loans, the government’s Start Up Loan is an unsecured personal loan meaning your borrowing won’t be secured to a valuable asset like your home or car. But like other loans, you’ll need to pass a credit check. Benefits of this loan include free support to help you put together your business plan , and up to 12 months of free mentoring - ideal if you’re just starting out. To apply for the Start Up Loan you’ll need to be living in the UK, be aged 18 or over and have a UK-based business that’s been trading for less than 36 months, or plan to start one. It’s important to note that you will be charged for your borrowing - this government-backed loan charges a fixed interest rate of 6% per year. You’ll need to repay the loan over a period of one to five years, and you can choose to repay it early without any early repayment fees. Business loans Taking out a business loan is another option when it comes to financing your new business. They work in a similar way to other types of loans - you apply through a bank and will need to repay the amount through regular repayments. The amount you’ll be allowed to borrow will usually depend on your credit history and the bank’s specific borrowing limits. Some may give you a personal borrowing limit based on your credit rating. With this in mind, making sure your credit score is in good shape beforehand can give your application the boost it needs to be approved. Once approved, your business will be lent the money and you’ll start making regular repayments, including interest, over a set amount of time. Most banks will ask the following from you before approving your loan: You’re aged 18 or above You need the money for your business, not for personal reasons Proof that your business can make the repayments Details of any other business loans or finance you may have A Guarantee if you’re a limited company or Limited Liability Partnership Permission to carry out a credit check Online lenders vs. traditional lenders If you’re looking to borrow cash to get your business off the ground, you’ll need to decide whether to borrow from a private online lender, or a traditional lender like a bank. The best option for you will depend on your individual circumstances. If you don’t have much of a credit history or have struggled with bad credit in the past, you may find it easier to be approved by an online lender. One of the biggest advantages of an online lender is the convenience - they typically offer a fast application process which can all be completed online, rather than needing to visit a branch. They’re also known to offer a quick funding process - but exactly how long it will take to receive your money will be down to the lender. Online lenders may also offer you more flexible repayment terms. Alternatively, you may prefer to borrow from a traditional lender like a high street bank. If you have a strong credit score and would prefer to borrow from a well established bank or credit union, going with a traditional lender may suit you best. You may choose to take out a business loan with the bank you already hold a current account with, as they’re familiar to you and you have a history with them. Traditional lenders like high street banks may also offer you a lower interest rate than online lenders, so it’s worth shopping around to get the best rate on your borrowing. Crowdfunding If you’d prefer to avoid taking out a business loan, there are other routes you can take. If you’re looking for some financial support to get your business moving, you could consider crowdfunding. As the name may suggest, crowdfunding is where a ‘crowd’ funds a project, such as your new business. To raise the money you need, you’ll need to gain the attention of your potential investors and prove that your new business is worth their investment. There are a few types of crowdfunding for you to consider. With donation-based funding, your contributors will give money without receiving anything in return. Whereas with equity funding, backers will receive shares of your business in exchange for their funds. For debt-based funding, contributors are repaid with interest. If you choose reward-based funding, your donors will receive tokens, products or services as a reward for their donation. How do I get a loan? Before you go ahead and apply for a loan, it may be a good idea to weigh up whether you definitely need one. Like all types of borrowing, taking out a loan is a big financial decision. Make sure any borrowing you take on is affordable and that you’ll be able to pay it back. If you’ve struggled with debt in the past, you may want to consider other funding options to avoid damage to your credit rating. If you’ve decided a business loan is the right choice for you, how you go about applying for a loan will depend on which route you choose. If you decide to apply for the government-backed Start Up Loan, you can do so through the British Business Bank’s website . They’ll ask you a few simple questions about you and your new business to make sure you’re eligible for borrowing. If you’ve decided to apply for a business loan through a bank or credit union, here are the steps you’ll need to take: Decide how much you want to borrow: While a lender may offer you £20,000 for example, this doesn’t mean you need to borrow that amount. Work out exactly how much money you need to borrow and that you’ll be able to afford the repayments. Choose your term: A loan’s term is the period of time you’ll be repaying your loan. You may decide a year is long enough to pay back what you owe, or you may prefer to spread the cost over five years. Just remember the longer you take to pay back the loan, the more interest you’ll be charged. Provide your details: Your lender will ask for your personal details and details of your new business. Make sure you have all this information to hand so the application process is smooth sailing. Choose your loan provider: Decide which bank, credit union or other lender you want to borrow from. Make sure to compare lenders - they’ll offer different interest rates and deals. You’ll receive your funds: Once your loan has been approved, you’ll receive your funds. How long it will take to receive the loan will depend on your lender, so make sure to check this beforehand. Get your business up and running in no time If starting your own company has always been on your bucket list, you shouldn’t let business financing get in your way. Starting your own business doesn’t need to feel complicated. Why not let us take care of the hard work? Our company formation service can take charge of the tricky side of things, so you can focus on the most important thing - your exciting new start. Apply to form your company with SUAZ today. Recommended Readings

If you're looking to start an online business in 2025, we've compiled a detailed guide on the steps involved when launching an ecommerce store. Read more. How to Start an Online Business in 2025 12 min read Company Formations, Beginner's Guide Table of Contents Categories Why an online business? What kind of online business should you start? Consulting Freelancing Dropshipping Homemade goods Creating content Conduct Research Find the perfect product or service Register your company Legal considerations Build your website Increase your odds of success How SUAZ can help Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office If you’re looking to start a business online, there’s really no better time to do so. According to Beauhurst’s New Startup Index, a record 900,000 new businesses were incorporated in 2023 - an impressive 12% increase from 2022. So, if you’re looking to step into those entrepreneurial shoes this year and break free from the standard 9-5, there’s no reason to wait. Whether you’re looking to create a side hustle, or pursue your passion full time, understanding how to start an online business is crucial. Starting a business is no walk in the park, with numerous hoops to jump through - but the rewards can be life-changing. In this comprehensive guide, we’ll cover exactly how to start a small online business, from market research to choosing the right business model, so all the boxes are ticked. By following these simple steps, you can take your business idea and transform it into a thriving enterprise. Let’s get started, shall we? Why an online business? There’s no denying that we’re now living in the digital age. So much of our lives are now online, including online banking , online shopping and social media. Choosing to start a business online can unlock customer engagement on a global scale, often at a fraction of the cost. Here are some of the key benefits of choosing to start an online business: Lower startup costs: Online businesses often require less initial investment. You can avoid the cost of renting or buying a physical space, as well as the cost of utilities and hiring in-store employees. Your operational costs are likely to be significantly lower as you won’t need to cover property maintenance either. Increased flexibility: Unlike running a store or other physical enterprise, you can manage your online business from anywhere in the world. This can offer you flexibility when it comes to both location and your working hours. Customer insights: With an online business, you can make the most of various analytics tools to track your customers’ behaviour and preferences. You can use this data to inform your business decisions and personalise your marketing efforts. Marketing opportunities: You can make the most of various digital marketing strategies to get your business name out there. From SEO to email campaigns, you can market your brand digitally, often at a lower cost than traditional, print-based advertising. Customer convenience: Not only does an online business offer you flexibility, it suits the flexibility and convenience of your customers too. Your buyers can shop from their homes or on the go, which can improve their overall customer experience. What kind of online business should you start? If you’re planning to start a business online, one of the first steps in your journey is deciding on your business model. There are several types of online business models to choose from, and one of them is likely to suit your work preferences and lifestyle the best. Before jumping headfirst into starting your company, it’s always a good idea to plan. Make sure you prioritise writing your business plan . Your business plan details your business’ goals and strategy and can keep you on track. If you’re thinking of applying for a business loan , the bank is likely to ask to see your business plan too, so they know you have a strategy in place to pay back the funds you owe. As technology has evolved, so too have the types of online businesses available which we’ll dive into below. Consulting Online consulting is a business model whereby you offer professional advice to clients through your digital platforms. These platforms may include social media, content marketing (such as blog posts or podcasts) or even one-to-one coaching via video calls. If you have specialist knowledge in a particular area, there’s no reason why you can’t share your expertise with others. Consulting is super flexible too - there are consultants in just about every area or niche imaginable from marketing and finance, to marriage and relationships. If you have the drive to help others and a particular passion or background in a certain area, coaching or consultancy may be for you. It should be a fairly straightforward online business to start too. All you need is your existing knowledge and skills, a stable internet connection and a platform to get your name out there. Freelancing Freelancing is a popular online business model, allowing you to offer your service to clients on a project or contract basis. According to 2024 data, 13.6% of the UK aged 16 and over are doing some form of freelance work. Starting a freelance business is a flexible and popular way to take your skills and passions and transform them into a successful enterprise. First, you’ll need to decide on your freelance niche - the area where your skills and strengths lie. What is it you’re passionate about or excel at? From there you can identify any gaps in the market that you could look to fill with your service, and tailor your offering to the needs of your potential clients. Make sure you shout about your services online, by optimising your website for SEO, and connecting with potential clients at events or through online platforms such as LinkedIn. By making the most of your platforms and digital tools, you can build an independent, thriving business in no time. Dropshipping Dropshipping is a flexible business model with very low startup costs. Rather than buying, storing and shipping products yourself, you get a third party to take care of it for you. You’ll create an online storefront for customers to browse products. When a customer makes a purchase, you forward the order and payment to a supplier who then ships the product to the customer. This eliminates the need to invest in a warehouse or keep stock on hand. This means you can devote more time to marketing your business and connecting with your customers. Homemade goods Homemade goods, often described as DIY businesses, are a creative business route for those looking to sell their creations. Homemade goods businesses take little money to get started and can be started as a side hustle, or your primary source of income. There are numerous benefits to starting a DIY business, from becoming your own boss to the freedom to work anywhere. When it comes to getting started, your to-do list should be relatively small. All you need are your startup supplies, a stable internet connection to set up your website and promote your products and some cash to hand to cover initial shipping costs. From jewellery making to woodwork, you can let your creativity run wild as you build your enterprise. Creating content In recent years, content creation has become a popular and competitive field. In fact, there are over 200 million content creators in the world , making it a thriving industry to be a part of. But there is more to content creation than meets the eye - it requires a solid strategy and a commitment to regular posting to get your content seen. There are numerous forms of content you may choose to create for profit, from YouTube videos to social media posts. It’s important to note that like many things in life, content creation requires patience and time. Try as you might, it’s unlikely that you’ll become a household name overnight. But by regularly posting and engaging with your audience, there’s no reason why you don’t have a chance of success waiting for you. Conduct research When you start an online business, it can be all too easy to get ahead of yourself with the excitement of it all and forget to plan ahead. A key element of planning your business is research - in fact, research is vital at every stage of your business journey. Research lays the foundations for your decision making, and can help you to mitigate risks and make the most of any opportunities that come your way. By identifying the needs of your customers and market demands, you can cater your product or service to appeal to your customers’ needs and stand out against your competitors. Research the market you plan to enter and who your competitors are. Identify their strengths and weaknesses so you can differentiate your service or product accordingly. From there, you can get to know your potential customers, determine their needs and preferences and market your product or service to appeal to them. Find the perfect product or service Deciding on the product or service for your business is a major decision that requires consideration of several factors, such as market demand, your background and your career goals. Here are some tips to consider when deciding on the right product or service for your business: Identify your expertise or passion: Bring it back to basics. Consider your interests, skills and values and try to choose a product or service that reflects them. After all, you’ll want to enjoy the work you do and truly care about the product or service you’re selling. Market research: Carry out market research to help you spot opportunities and demand for certain products or services. Is there a demand for a product that isn’t available, that you could introduce? Consider trends, competition and profitability. Your resources: Assess the resources you have available, including your finances, skills and time. Make sure you choose a product or service that fits with your resources, so you can put your plans into action. Do you have the budget to make your business idea happen? Can you rely on your network for support? USPs: Decide on your unique selling proposition (USP) which is what makes your product or service unique and better than your competitors. This will play a pivotal role in your branding and marketing too. Your business model: As mentioned above, once you’ve decided on your product or service, you’ll need to choose the most appropriate business model. From dropshipping to consulting, make sure your business model aligns with your goals and resources. Stake your claim by registering your company Once you’ve fleshed out your online business idea, you’ll need to officially form your company. While the idea of registering your company may sound complicated, once you get your head around the process, it should feel straightforward. You’ll need to form your new business with Companies House, which maintains the register of companies in the UK. You can do this yourself for a £50 incorporation fee, or trust a company formation agent to take care of the registration process for you. With SUAZ, your company formation is completely free. We’ll cover the £50 incorporation fee (no catch!) and you’ll have our advice and support to hand whenever you need it. We’d love nothing more than to help you on your road to success. Take a look at our company formation packages to get started. Consider the legalities There are more legal considerations to be aware of than company formation. Make sure you cover all legal bases when forming your business, and consider any insurance or certifications you’ll need to have. Taking out business insurance can give you the peace of mind that if disaster were to strike, you’ll have a helping hand there to pick up the pieces. If you’re planning to hire employees, you’ll need to take out employers’ liability insurance to protect your business should a member of staff become injured or fall unwell as a result of working for you. While not a legal requirement, you may also choose to take out public liability insurance for financial protection, should a third party claim to have suffered injury or property damage because of your company. Build your website You can think of your website as your digital headquarters, where all your interactions, transactions and operations take place. As an online business, investing time and money into your website is vital. Your business’ website is a valuable marketing tool to showcase not only your products or services, but your company’s mission and message. If you’re looking for a web hosting provider to get your website up and running, why not browse the BSC marketplace? Our partner site, BSC, can connect you with a variety of professional web hosting providers to get you online, at a price that fits your budget. Increase your odds of success The online business market is a highly competitive space to navigate. With an uncountable amount of online stores, content creators and service providers looking to stand out, you’ll need a solid strategy to give you the best chance of success. Here are some tips and tricks to help your business stand out from the crowd, in such a competitive market. Identify your USP to clearly define what sets your business apart from your competitors. Maybe you pride yourself on your excellent customer service, or a unique product that will take the market by storm. Make sure your website is optimised for SEO and user experience (UX). This means ensuring your site is mobile-friendly and has a user-first interface that’s easy to navigate. Prioritise high-quality content that addresses your audience’s needs. From blog posts to podcasts, make sure your content is engaging, promotes your brand and is optimised for SEO. Try to attend industry events, such as conferences or webinars, to build connections and keep up-to-date with industry trends. How SUAZ can help There’s no downplaying it - starting your own business can feel complicated. But it doesn’t need to be. With our company formation service, you’ll have the support you need to approach each stage of your journey with confidence. Form your company with SUAZ today. Recommended Readings

Discover how the UK's most entrepreneurial universities, like Cambridge, Oxford, and the UAL, are fostering the next generation of startup founders. The UK’s most entrepreneurial universities 12 min read Beginner's Guide Table of Contents Categories What makes a university great for entrepreneurs? The UK’s best universities for aspiring founders 1. University of the Arts, London 2. London School of Economics and Politics (LSE) 3. Imperial College London 4. University of Oxford 5. University of Cambridge The most popular subjects studied by founders 1. Economics 2. Business administration 3. Management Key takeaways for aspiring founders Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The UK’s entrepreneurial landscape is forever evolving - driving innovation, economic growth and job opportunities. With one in three UK adults now either running their own business or planning to start one within the next three years, there’s no denying that the UK has developed an entrepreneurial ecosystem. But knowledge and resources need to start somewhere, and many turn to university to develop their skills and open the door to new opportunities. Choosing the right university can unlock entrepreneurial opportunities by cultivating an environment of learning, collaboration and innovation. With over a quarter of students currently running or planning to run a business while at university , it looks like further education can significantly improve your chances of turning your business dream into a reality. Below, we’ll uncover the most entrepreneurial universities in the UK, looking at which institutions provide the right environment, mentorship and support for budding entrepreneurs to thrive. What makes a university great for entrepreneurs? For aspiring entrepreneurs, choosing the right university isn’t just about how it performs in academic league tables. Instead, you’ll be looking for an academic environment that also provides business opportunities and encourages innovation. Here are just some of the key factors that set apart entrepreneurial universities from other institutions. Access to funding: One of the biggest challenges entrepreneurs face is securing the resources needed to launch their business . Choosing a university that offers startup grants or accelerator programmes can supply you with the resources you need to get your business off the ground. Industry connections: The right university can offer invaluable networking opportunities. It’s likely your chosen institution will have strong connections to businesses, investors and industry leaders who can offer mentorship and internship opportunities. Alumni success stories: A university’s reputation is often reflected by the success of its graduates. It’s worth researching the direction graduates’ careers have taken as a strong alumni network can provide invaluable connections. Chances are, successful entrepreneurs may even offer to mentor or invest in the next generation of student-led businesses. Entrepreneurship courses and competitions: Many universities offer traditional business degrees, but the most entrepreneurial institutions offer more innovative opportunities. Look for universities that provide dedicated entrepreneurship modules and work experience options. Some institutions even run startup competitions, giving you the chance to pitch your business idea to investors, with funding as a reward. Student-led startup culture: Research different universities’ student initiatives to gauge their entrepreneurial spirit. For example, you may be looking for a university that supports student-led business societies, co-working spaces and peer-to-peer networking to help you develop your business ideas. The UK’s best universities for aspiring founders To determine the universities with the most business founders, we used the Complete University Guide’s University League table for 2025 and their alumni’s LinkedIn profiles to see how many graduates were listed as company founders. By combining these figures with each institution’s total number of alumni, we were able to rank each university by the percentage of alumni that went on to become business owners, to find the UK’s best universities for budding entrepreneurs. We’ll also uncover the most popular subjects studied by entrepreneurs to help you decide which subject area to pursue. By looking at university rankings and how many graduates became business founders, we’ve curated a list of the best universities that stand out in nurturing the next generation of entrepreneurs. University of the Arts, London Overall founder alumni - 11% With a strong emphasis on creativity, innovation and entrepreneurship in the arts, design, fashion and media industries, it’s no surprise that University of the Arts London leads the way in producing the highest number of business founders among its alumni. During their studies, students are likely to gain exposure to real-world projects, collaborate with major brands in their field and have the opportunity to showcase their work to build their business skills. The university also offers a Creative Enterprise Programme , where students learn and develop their entrepreneurial skills to help build and launch their own startups. London School of Economics and Politics (LSE) Overall founder alumni - 9.11% With 9.11% of LSE’s alumni becoming business founders, it’s a top choice university for budding entrepreneurs. LSE is known for its deep understanding of global markets, economic trends and financial management - all essential skills for startup founders. Offering courses in Entrepreneurial Finance and Business Strategy, students are given the skills and knowledge needed to launch and scale businesses. LSE Generate is the school’s entrepreneurial hub, supporting students and alumni to develop their entrepreneurial skills and build businesses. Generate’s Entrepreneurship Mentoring Programme also connects students with experienced startup founders, CEOs and business mentors. Imperial College London Overall founder alumni - 8.14% With 8.14% of its alumni becoming business founders, Imperial College London stands out as an excellent choice for those looking to develop their entrepreneurial skills and build successful ventures. The university specialises in STEM subjects (Science, Technology, Engineering and Mathematics), which require various key skills such as problem solving, adaptability and creativity, which can help you build a solid foundation for entrepreneurship. The Imperial Enterprise Lab opens the door to funding, mentorship and co-working spaces, to help you develop your startup. LSE also offers various startup competitions such as the WE Innovate Programme and Venture Catalyst Challenge to give you access to early-stage funding and business exposure. University of Oxford Overall founder alumni - 7.72% As one of the oldest and most prestigious universities in the world, it’s not surprising that the University of Oxford made it on our list of top universities for entrepreneurship. Oxford is known to attract top-tier students, faculty and investors, as well as offering partnerships with venture capital firms and government-backed innovation funds. The university’s entrepreneurial hub, EnSpire Oxford, is home to a range of events throughout the academic year, innovation programmes and online resources. The Oxford University Innovation (OUI) also helps students and researchers commercialise ideas and launch businesses. University of Cambridge Overall founder alumni = 7.65% One of the world’s leading universities, The University of Cambridge is another top choice for entrepreneurship due to its world-class research, stellar reputation, strong industry connections and thriving startup opportunities. The university provides endless entrepreneurial opportunities, such as its Accelerate Cambridge scheme - an 11-week programme that includes talks, workshops, weekly coaching, mentoring and pitching for budding business founders. With impressive funding opportunities, mentorship programmes and partnerships with leading startup investors, Cambridge offers a thriving entrepreneurial environment to help you achieve your business goals. The most popular subjects studied by founders While you aren’t required to study a particular subject to achieve entrepreneurial success, there are certain fields that can equip you with the knowledge and skills needed to take the business world by storm. Below, we’ll uncover the top subjects studied by business founders and how these academic fields equip aspiring entrepreneurs with the tools needed for business success. Economics According to our findings, Economics is the most popular degree for budding entrepreneurs, with over 26,000 business founders having graduated with an Economics degree. Considering the course’s subject matter, such as understanding markets, financial systems and consumer behaviour, it’s not surprising that those looking to start their own business would choose to study Economics. It equips entrepreneurs with analytic and problem-solving skills, helping them to identify growth opportunities, assess risks and manage resources - all key skills for business success. Business administration From financial management and strategic planning, to leadership, marketing and entrepreneurial thinking, Business Administration is a popular degree for business owners, with almost 14,000 entrepreneurs having studied it at university. This subject equips entrepreneurs with practical skills in strategic planning, leadership and decision-making, helping them to run and scale a successful business. Management The third most popular subject studied by entrepreneurs is Management, with over 7,000 business owners having Management degrees. Management is a top choice for those looking to start a business, allowing you to broaden your skillset in leadership, strategic planning and organisation efficiency. A degree in Management can help aspiring business owners develop the expertise needed to build and grow a successful enterprise. Key takeaways for aspiring founders It’s clear from our findings that the UK has a thriving university ecosystem that actively encourages and supports entrepreneurship. Universities with extensive research specialisms, funding opportunities and industry networks produce the most successful entrepreneurs. Additionally, strong alumni networks and partnerships with industry leaders further enhance the entrepreneurial experience, offering invaluable support once you’ve graduated. Ultimately, choosing a university that supports your entrepreneurial dreams can significantly improve your chances of building and sustaining a successful business . Ready to kickstart your business journey? Form your company with SUAZ today . Recommended Readings

If you’re starting a construction business, profitability is crucial to succeed. Learn the top 14 ways to increase profit margin for your construction company. How to increase profit margin in construction 15 min read Start-Up Finance Table of Contents Categories What is profit margin? Why are construction profit margins important? What is the average profit margin in UK construction? What affects profit margin? Competition Market conditions Cost Effective project management 14 ways to increase your construction company’s profit margin 1. Calculate overheads 2. Avoid ‘scope creep’ 3. Set profitability goals 4. Rent equipment 5. Implement effective project management 6. Buy the right amount of materials 7. Set realistic timelines 8. Source a robust supply chain 9. Improve productivity 10. Provide training 11. Reduce waste 12. Keep an eye on legislation 13. Reduce extra costs 14. Utilise new technology Remain profitable with SUAZ’s top tips to increase margins Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office There’s more to running a thriving construction business than delivering projects on time and within budget. Maximising your construction company’s profit margin is crucial to stay ahead and competitive within your industry. But with challenges such as rising material costs and unforeseen delays, increasing your profit margin can be tricky. We’ve put together this guide covering 14 practical tips to increase your construction company’s profit margin. You’ll learn how to increase profit margin in construction without compromising on quality. Let’s get started, shall we? What is profit margin? Profit margin is a financial metric used to measure the percentage of revenue that remains as profit once all your expenses have been deducted. So, in simple terms, the higher your profit margin, the more profitable your business is. Several factors can affect your business’ profit margin, such as labour costs and the cost of materials. Why are construction profit margins important? Without a strong profit margin, your construction business may struggle to grow and adapt over time. Your profit margin directly impacts your business’ financial health and longevity, and is an indicator of how well your business is performing financially. A healthy profit margin ensures that you have the funds to cover not only operational costs, but a safety net to fall back on should you have quieter periods. Keeping your costs under control means you’ll have the flexibility to adapt should you need to and withstand financial challenges such as rising material costs. By keeping your profit margin at the front of your mind, you’re setting your business up for success in the long term. What is the average profit margin in UK construction? So, how much profit do construction companies make? Well, according to a 2021 study by consultant Turner & Townsend, the UK has the lowest profit margins in the world, at just 3.9% on average . This is significantly lower than 4.6% in North America and 6.1% in Continental Europe. The UK’s decline in profit margins is likely influenced by market conditions such as Brexit, the War in Ukraine and recovery from the COVID-19 pandemic. These world events have contributed to increased materials prices and a decline in profits across the construction industry. What affects profit margin? There are numerous costs that affect your profit margin that can be split into quantitative and qualitative factors. Quantitative factors that affect your profit margin are figures like your net profits, sales earnings and the cost of materials. Qualitative factors are more out of your control and include market conditions, seasonal changes and consumer preferences. We’ll explore the most common factors that affect profit margin below. Competition To stay competitive in the construction industry, many companies choose to lower their prices to try and attract and retain customers. Lowering your prices can lead to price wars, where your competitors then do the same, which can squeeze your profit margins further. Another key consideration is needing to spend more on advertising and marketing to stand out against your competitors. Market conditions Market conditions can have a major effect on your construction profit margins. For example, if demand for construction is high due to a need for housing, you can charge more for your services, leading to an increase in profit margins. Other considerations include fluctuating prices for materials such as cement and steel, and a change in the job market meaning you’ll need to increase salary offerings to attract new workers. Cost Cost has a big part to play in your profit margins, because it directly impacts the difference between your revenue and expenses. For example, if the cost of your materials or equipment increases but you’re being paid the same rate for a project as before, your profit margins will decrease. Unexpected expenses and fluctuating prices can quickly eat into your profits. Your business plan can help you consider your budget ahead of time and prepare for any unexpected challenges you may encounter on your business journey. Effective project management Effective project management is the key to improved profit margins, by ensuring projects are completed on time, within budget and to the highest standard. By managing projects effectively, you’ll minimise delays, mitigate potential risks (and costly mistakes!) and reduce unnecessary expenses, to boost your profitability for the long term. 14 ways to increase your construction company’s profit margin Looking for how to increase profit margin in construction? We’ve got you covered. Here are some tips and tricks on how to boost your profit margins and improve your chances of business success. 1. Calculate overheads First things first, you’ll need to calculate your overheads to understand where your money is going. By assessing overhead costs, from rent and utilities to any admin expenses, you can make informed decisions about where to best allocate your resources. You’ll know where spending can be reduced without impacting performance, and ultimately improve your profit margins as a result. 2. Avoid ‘scope creep’ ‘Scope creep’ is a term used to describe when a client adds new tasks or deliverables to a project that are outside the existing scope of work. These unforeseen tasks may then be added without adjusting your timelines, resources or budget. Preventing ‘scope creep’ is vital for effective project management, to protect your profit margins. By sticking to the agreed scope of work and setting boundaries, you can avoid any unexpected costs and safeguard your profitability. Remember, it’s best to avoid quoting too low for a project and provide a realistic estimate of cost. You’re always allowed to say no to a potential client if it means the low price compromises the quality of work you’re delivering. 3. Set profitability goals When it comes to setting profitability goals for your construction business, try and make them SMART. SMART stands for specific, measurable, achievable, relevant and time-bound, and ensures your objectives are within reach, within a period of time. For example, instead of aiming to ‘increase profits’, a SMART goal could be ‘increase profits by 3% within the next six months through effective project management’. SMART goals provide clear direction and ensure what you’re working towards is achievable, and can be easily tracked to monitor your progress. 4. Rent equipment As a construction business, chances are you rely on an array of equipment day to day to get the job done. Rather than investing in new equipment each time you need it, have you considered renting it instead? Not only will you save your business money, but you can try out the latest equipment and decide if you like it before making a purchase. 5. Implement effective project management Another way to increase your profit margin is through effective project management. After all, planning is the most important component in any construction project, and poor project management can lead to underestimating the costs required to complete it. For example, should labour, materials or time requirements be missed during the planning phase, additional expenses may arise unexpectedly which can eat into your profit margin. Proper planning can mitigate the chances of any surprises and ensure you stick to your budget. 6. Buy the right amount of materials You may consider your buying choices when looking to increase your profit margins. For example, buying in bulk can help you save significant money, as you’ll spend less per unit, while ensuring a steady supply of materials. Just remember not to give into overspending and buying stock you don’t need or already have. Try to balance discounts with actual demand for your business to maximise the benefits of buying in larger quantities. 7. Set realistic timelines Setting realistic timelines is vital for protecting your profit margins. Make sure the deadlines you set are realistic and leave workers enough time to carry out tasks to the highest standard. Tight deadlines and heavy workloads can lead to workers rushing tasks, which can lead to mistakes and unexpected costs. You may even need to invest in extra resources to finish the job on time. Try to set realistic timelines to help you manage your resources and keep the project within budget for maximum profitability. 8. Source a robust supply chain Have you taken the time to evaluate the effectiveness of your supply chain? You could consider broadening the scope of your procurement and logistics system, to increase your profit margins and reduce costs. In doing so, you can ensure efficient sourcing and delivery of materials and prevent delays. You’ll also foster better supplier relationships, which may open the door to better pricing and priority service from your suppliers. Having a reliable procurement and logistics system can streamline operations, help you stick to project timelines and unlock cost-saving opportunities. 9. Improve productivity Improving productivity across your construction business can maximise time and reduce labour costs. When tasks are organised and carried out effectively, projects are likely to be completed faster - allowing you to use your workforce more efficiently. This reduces the need for any additional staff or overtime and lowers your labour costs as a result. Streamlined processes can also minimise errors, which can save time and resources by not needing to rework projects. 10. Provide training Investing in training for your employees may sound like an unnecessary expense, but doing so can increase profit margins over time. Training can enhance the productivity of your staff, reduce errors and maintain health and safety standards. You may decide to train workers in certain skills or new machinery to improve efficiency and quicker project completion, which can reduce labour costs. Training your team can help you build a skilled and efficient workforce that you can rely on, which in turn can boost your profit margins over time. 11. Reduce waste Reducing waste has more than just an environmental impact - it’s also crucial for improving profitability in the construction industry. Excess waste, such as rubble and leftover materials, can incur additional expenses when it comes to disposal. By managing your waste properly, you’ll pay less in disposal fees and reduce the need for additional materials. You’ll also have cleaner job sites for your team to thrive in, which can boost productivity and avoid delays. 12. Keep an eye on legislation As a construction business, keeping an eye on changes in legislation is crucial. Changes could happen while you’re in the middle of a project, which could impact your profits. Try to keep informed about the latest developments in construction, so you aren’t caught off guard during a major project. A prime example is the government’s focus on decarbonising housing stock and improving the energy efficiency of homes , which is likely to affect development agreements and construction contracts in the future. 13. Reduce extra costs According to the Department for Business and Trade, building material prices are continuing to rise with a 0.8% increase in the building material price index in May 2024. With this in mind, anticipating a rise in material costs may benefit you long term, so you can ensure any rises in costs are covered. Refer back to your business plan and your cash flow projections, so you know how to handle any changes in pricing without affecting your profitability. 14. Utilise new technology Technology can improve efficiency and profitability across several areas of your business, from project management to waste reduction. You can use project management software to keep track of tasks, prevent scope creep and manage costs. Inventory management systems can help you to track materials accurately, to help you avoid overstock and minimise waste. Above all, using the latest technology can offer complete visibility of your projects and spending, allowing you to make smarter, data-led decisions which can boost your profit margins. Remain profitable with SUAZ’s top tips to increase margins Managing a construction business means juggling several plates, from project management to client relationships. Then you’ve got your profit margins to keep in check too - which can feel like a lot to navigate. By implementing efficient project management practices and using SMART goals, you’ll enhance your profit margins for long-term business success. Looking to join the construction sector and make your mark in the industry? SUAZ is here to help. Form your limited company today - you’ll have our support there whenever you need it. Recommended Readings

Curious about the cost of a virtual office? In our latest guide, we break down the pricing factors and provide insights into virtual office costs. Read more. How Much Does a Virtual Office Cost? 10 min read Virtual Office Table of Contents Categories Compare the Cost of Virtual Offices What Do You Pay for When Purchasing a Virtual Office? The Cost of a Virtual Office vs. Other Solutions Comparing Virtual Office Locations Other Virtual Office FAQs Are There Any Hidden Costs? Why Not Use Your Home Address? To Conclude... Is It Worth Investing in a Virtual Office Subscription? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Flexibility, convenience, cost – on the surface, a virtual office sounds as convincing as it gets. But, if you're considering the exact numbers, in this article, we'll look into the cost of a virtual office, compare it to other office solutions, and help you determine if a virtual office is worth your money. Compare the Cost of Virtual Offices To give you a clear picture of the market, we’ve compared the monthly prices of a few virtual offices in Manchester. Rates can be higher for other providers as packages differ from one to another. You’ll need to carefully assess your needs, such as: whether you need an address for registration or trading, a mail collection service, meeting rooms, etc. If you’re leaning on the affordable side, Start Up A-Z (SUAZ) stands out with reasonable and competitive pricing. What Do You Pay for When Purchasing a Virtual Office? Commonly, a virtual office can be more than an address you can use to register with Companies House. The monthly cost typically includes a range of other valuable services you may need for your business. These may include: a trading address you can use for your business operations, mail-forwarding services, access to meeting rooms when you need to meet a client, and additional administrative support. It's important to carefully review what each virtual office provider offers in their package to ensure it aligns with your specific requirements. The Cost of a Virtual Office vs. Other Solutions Compared to renting a physical office space or opting for a coworking space, a virtual office can offer significant savings. A virtual office can range from £ 9.99 - £ 413 depending on the type of provider and inclusions you are looking for. Traditional office spaces come with substantial overhead costs, such as rent, utilities, maintenance, and furnishing – which is why it can cost you £6000 - £7000 , assuming 150-175 square foot per person. If you enjoy the benefits of shared spaces, chances are a coworking space is for you. Coworking spaces, whilst more flexible, still involve monthly fees that can be higher than those of a virtual office. It costs from £320 - £446 per desk. By choosing a virtual office, you can enjoy many of the benefits and amenities of a physical office at a fraction of the cost. Comparing Virtual Office Locations It's worth noting that the cost of a virtual office may vary depending on the location and the type of building offered. For instance, a virtual office in London may have higher prices compared to one in Manchester. The location you choose for your virtual office should align with your business needs and target customers. Research different locations and consider factors such as accessibility, proximity to your target market, and the overall reputation of the area. Other Virtual Office FAQs Are There Any Hidden Costs? When considering a virtual office subscription, it's natural to wonder if there are any hidden costs involved. You may want to take into account costs such as a one-time setup fee and VAT exclusions – as these are usually not stated on websites which can be a surprise at checkout! With SUAZ, you can rest assured that there are no hidden fees or unexpected charges. Transparent pricing is our priority, allowing you to have a clear understanding of what you're paying for and helping you plan your budget effectively. The monthly cost of our virtual office covers the services and amenities outlined in the package, without any additional surprise expenses! Why Not Use Your Home Address? While using your home address for your office address is a possibility, there are some concerns to consider. Privacy and security are important factors to safeguard both your personal and professional life. By using a virtual office address, you can separate your business identity from your home address, enhancing your privacy and projecting a more professional image to clients and customers. For more insights into this topic, refer to our upcoming blog on home addresses and virtual offices. To Conclude... Is It Worth Investing in a Virtual Office Subscription? There’s no doubt that a virtual office subscription can be a valuable investment for many businesses. It provides a cost-effective solution to maintaining the privacy of your personal information and allows you to access essential office services without the burden of significant overhead expenses. SUAZ offers comprehensive virtual office services tailored to meet your specific needs, with competitive pricing and a range of features to support your business growth. Take the next step in empowering your business and explore the possibilities of a virtual office with SUAZ today! Starting and growing a business can be an exciting journey. A virtual office could be a key element in establishing a professional presence, enhancing growth, and projecting a credible image to clients and partners. Let SUAZ be your partner in success and take advantage of our exceptional virtual office services. Start your business journey today. Recommended Readings