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Learn what public liability insurance is, why it's essential for UK businesses, and how it protects against claims for injury or property damage. What is public liability insurance and what does it cover? 12 min read Company Formations Table of Contents Categories What is public liability insurance? What does public liability insurance cover? What doesn’t public liability insurance cover? Why do you need public liability insurance? How much public liability insurance do you need? How to get public liability insurance in the UK Tips for managing your public liability insurance Ready to chase your dream? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Nothing compares to the feeling of starting your own business . You can bring your vision to life with endless opportunities to explore. But with that excitement comes several key responsibilities, and more so if you'll be dealing with the public. Chances are you’ve come across a lot of jargon in your business journey so far, especially when it comes to insurance. There are several types of business insurance out there to suit different business needs. While not a legal requirement, public liability insurance can offer significant protection, covering you if a member of the public has an injury or their property gets damaged because of your business. In this guide, we’ll answer exactly ‘what is public liability insurance?’, why it’s important and how to find the right policy for your needs. What is public liability insurance? Public liability insurance is a form of business insurance designed to cover you if a member of the public claims to have been injured, or had their property damaged, because of your business. Your insurance would then financially protect you against any legal proceedings that follow the claim, including any compensation that may be owed. While it’s not a legal requirement to have public liability insurance in place, some clients may ask that you’re covered for public liability before agreeing to work with you. So, in some cases it does more than protect your business - it could also secure you new opportunities too. What does public liability insurance cover? Should a member of the public claim to have been injured or had their property damaged as a result of your business activities, public liability insurance could cover the cost of compensation. Your insurance may cover the cost of compensation for personal injuries, loss of or damage to property and death. While policies can vary depending on the terms of your policy, most insurers will cover you for: Incidents that occur on your business premises Incidents that occur off-site, at events or activities organised by your business Your policy may also cover the cost of legal fees as a result of a claim against you. What doesn’t public liability insurance cover? What is and isn’t covered by public liability insurance will depend on the terms of your policy, but there are several common exclusions you need to be aware of. For example, claims made by an employee against you for damage or personal injury aren’t covered by public liability insurance - you’ll need employers’ liability insurance for that. Other circumstances that aren’t likely to be covered include: Pre-existing issues or claims: Your policy isn’t likely to cover any issues that occurred before you took out your policy. Usually, you’ll only be covered for claims that arise once you’re insured. Hazardous materials or substances: If an accident was caused by a dangerous substance such as asbestos, it’s not likely to be covered. Criminal acts: It may sound obvious, but insurers are unlikely to cover property damage or injuries that were a result of breaking UK laws or criminal behaviour. Why do you need public liability insurance? Becoming an entrepreneur opens the door to new, exciting opportunities but an equal amount of risks. As much as we can try to prepare for the unexpected, accidents do happen and can have legal and financial consequences. Public liability insurance is designed to protect your business should the worst happen and a member of the public claims they were injured or their property was damaged as a result of your business activities. Let’s say you open a retail business and a customer trips over a cable in your shop leading to a serious injury. Without public liability insurance, you could be liable for not just medical expenses but legal fees, which can add up quickly and significantly impact your business’ financial wellbeing. As we mentioned earlier, public liability insurance isn’t a legal requirement, but it can be a massive benefit. Some clients may even ask that you have public liability insurance as a condition of their trusting and working with you. With a policy in place, you’ll have the peace of mind that should disaster strike, you and your business won’t be financially liable. How much public liability insurance do you need? How much public liability insurance you need will ultimately depend on the nature of your business. After all, each business is unique and the amount of cover you need will depend on the types of clients you work with, how much you interact with the public and your level of risk. Different insurers will cover you up to different amounts, ranging from £1m to £10m. Your cover limit is the maximum amount your insurer will pay out should you need to claim (and that claim is covered). When deciding on the level of cover you need, you’ll want to consider the following: Your clients’ expectations: Depending on the industry you operate in, your clients may expect a level of cover as a condition of working with you. For example, a client may ask that their suppliers have at least £5 million of public liability cover. If you go ahead with the work but do not have it, you will be in breach of contract. Your level of risk: Will your business regularly interact with members of the public? If so, there is a higher chance of compensation claims, especially if you work in a higher risk industry such as construction . It’s also important to consider the repair costs involved should damage to property occur, for example. Trade bodies/associations: If you’re looking to join a trade body or association, you may be required to have a particular level of public liability insurance. How to get public liability insurance in the UK While insurance can sound complicated, taking out a public liability insurance policy in the UK is usually a straightforward process. Here’s how to find the right policy for you, step by step: Work out what you need: Assess the level of protection you need. This will largely depend on the industry you work in, how much interaction you have with the public and your level of risk. From there, you can decide on how much cover you need. Shop around: Use comparison tools to compare policies from different insurers. Read the fine print : Make sure your policy covers what you need it to and watch out for any exclusions. Complete your application: Once you’ve decided on your policy and insurer, you’ll need to fill out your application. You’ll usually be asked to provide your business details, including your annual turnover, your business’ industry and the number of the employees. Try to be as honest and accurate as possible so you aren’t left unprotected. Review annually: Make sure you review your policy on an annual basis, as well as whenever there’s any change to your business. That way, your policy will continue to protect you as your business grows. Tips for managing your public liability insurance Public liability insurance is more than just a formality. Rather than getting your policy and then forgetting about it, you’ll need to review your cover regularly to ensure it still provides the right level of protection. Here are some tips to help you manage your public liability insurance: Review your policy regularly: As your business evolves, your risks are likely to change too. Make sure you review your policy, especially if you go on to offer new services or operate in new, different locations, to ensure your coverage is enough to protect you. Keep records accurate: Make sure you keep your documentation up to date, such as any risk assessments, incident logs and contracts. That way, should you need to make a claim you’ll have all the information you need to hand. Prioritise risk management: Keep accidents to a minimum by implementing health and safety measures for your business. Invest in regular training for staff, clear signage and equipment checks to ensure everything is working safely and correctly. Doing so could reduce your need to claim and potentially lower your premiums. Ready to chase your dream? Sorting out your business insurance is a vital step in your business journey. Now you’ve got your head around how public liability insurance works, you’re one step closer to making your business dream a reality. Ready to get started? With SUAZ, you can form your company completely free of charge, and you’ll have professional advice and support to hand whenever you need it. Form your limited company today. Recommended Readings What is Limited Liability in a Business? Read More Advantages & Disadvantages of Limited Liability Read More How to Register & Form a Limited Company: A Complete Guide Read More

If you’re thinking about setting up a joinery business, here’s everything you need to know in 11 steps. Get the guidance to form a joinery company properly. How to set up a joinery business 8 min read Beginner's Guide Table of Contents Categories Create a joinery business plan What do you need to start up a joinery business? Qualifications Become a member of a joinery board Equipment and transportation Insurance Certification Finding a good materials supplier Commercial awareness and customer service How much could you earn running a joinery business? Registering a joinery business Marketing yourself Ready to start your joinery business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Ever thought of turning your woodworking talent into a successful enterprise? Perhaps you’re an experienced joiner, or you have a newfound passion for the craft - whatever your circumstances, setting up a joinery business could be life-changing. You’ll need more than just talent to start a successful joinery business. From putting together your business plan to choosing your business structure, entrepreneurship takes investment and hard work, but the rewards are certainly worth it. We’ve put together this complete guide on how to start a joinery business, so you have your to-do list ready and waiting. Let’s get started, shall we? Create a joinery business plan Writing your business plan is a vital first step if you want to start your own business . It serves as your roadmap to business success, detailing your goals for entrepreneurship and how you plan to achieve them. Getting started may leave you feeling apprehensive, especially if getting words on the page isn’t your strong point. But you don’t need to be the best writer in the world to produce a solid business plan. Your passion and talent will be the fuel you need to write a business plan you’re proud of. Your business plan should include the following: Your business goals: What your business stands for, what you’re looking to achieve and how you’ll work to meet your aspirations Costs: How do you plan on financing your business, equipment and any additional costs? Your services: Where your talents lie, what areas of joinery you plan to specialise in Managing your finances: Are you looking to hire an accountant to oversee your finances, or will you manage them yourself? How much you’ll charge: What are your profit-making plans? How will your business make money? Marketing plans: How you’ll market your business and reach new customers For more information and support in creating your business plan, take a look at our guide to writing a business plan . What do you need to start up a joinery business? There are numerous areas you need to consider when setting up a joinery business. We’ll cover each of them in detail below, so you know what you need to tick off to get the ball rolling. Qualifications While you aren’t legally required to have any specific qualifications to become a joiner, they can certainly boost your business’ credibility. Having qualifications to your name can demonstrate to your customers that you have the experience and knowledge to deliver top-quality service. This can help build trust and may encourage your customers to return to you in the future. A great place to start is City and Guilds’ Carpentry and Joinery qualification , where you’ll cover numerous key areas of the trade including health and safety, and how to plan and price construction work. Other relevant college courses include Level 2 Diploma in Bench Joinery and T Level On-site Construction, which can give you the knowledge and confidence you need to kickstart your business. Become a member of a joinery board Joining a joinery board can be another way to secure trust from your customers. For example, you may choose to join the British Woodworking Federation (BWF) or The Guild of Master Craftsmen . Not only will this demonstrate your commitment to your trade, but you’ll also connect with like-minded tradespeople who you can learn from. Certain joinery boards entitle you to discounts too, such as B&Q/TradePoint discounts as a Guild of Master Craftsmen member. Keep in mind that these boards often require payment to join, and some may require proof of qualifications. Equipment and transportation Having the right tools for your joinery business allows you to take on a variety of different projects and clients, and deliver the best possible service. The more reliable your tools are, the better job you’ll deliver. We’ve put together this list of just some of the essential tools you’ll need to start your joinery business: Measuring tools Chisels Clamps Hammers and mallets Saws Drills Workbench Power tools Sanding tools Another key and often overlooked consideration is reliable and secure transportation for your joinery business. You’ll need a van or truck with plenty of space that you can rely on, so you can get to jobs efficiently and transport tools and materials safely. Insurance Insurance is a crucial element of starting your joinery business. Accidents can happen when you least expect it, and with such a manual job, you’ll want to protect yourself and your business from the worst happening. First things first, you’ll need to find out what business insurance you need. If you’re planning on hiring others to work with you, you’re legally required to take out employer’s liability insurance. While not a legal requirement, public liability insurance can offer you the peace of mind that should you be taken to court as a result of someone being injured or killed because of your business, you have protection. It also covers legal costs or any compensation you need to pay as a result of property damage. You’ll also want to ensure your business equipment and assets are covered, to protect against damage, loss or theft. Certification If you plan on working on a construction site, you’ll need a CSCS card (Construction Skills Certification Scheme). A CSCS card is a legal requirement should you do any work on a construction site , so applying for one could open the door to greater opportunities. Finding a good materials supplier When it comes to joinery, the quality of materials you work with is just as important as how you use them. Choosing a good merchant ensures you’ll always have consistent, sustainably sourced and durable materials which can improve your business’ reputation and overall service. Remember those joinery boards we mentioned earlier? Well, they can also be a great resource to find reputable merchants based on feedback from others in your industry. It’s also worth visiting the merchants you’re considering using in person, to ensure they provide the quality they say they do. Commercial awareness and customer service It takes more than just being good with your hands to run a successful joinery business. Soft skills like being commercially aware and knowing how to manage clients effectively are essential for long-term success. Being commercially aware is all about thinking like a business owner and understanding where your joinery business sits in the market. Keep an eye on the joinery industry and any new design styles or customer preferences you can capitalise on, to set you apart from your competitors. Strong customer relationships are the driving force behind your business. The more satisfied a customer is with your service, the more likely they are to recommend you to their network. Your communication skills should be top-notch - be sure to keep clients informed of their project, its progress and any issues that should arise. Make sure you set clear expectations early on of what is possible when it comes to timelines and costs. By mastering both the physical side of your job and the business elements, you’ll soon have a thriving business to be proud of. How much could you earn running a joinery business? How much you could earn as a joinery business owner depends on a variety of factors, from your level of expertise to the average rates in your area. As mentioned earlier, prioritising your business plan and forecasting cash flow can give you a good idea of how much you could earn. The average salary for joiners in the UK is around £30,175 per year. Your earnings ultimately come down to how much you charge for your services. It’s important not to undersell yourself, but equally don’t overprice your services either. Carrying out market research is vital to setting a competitive rate. Research what other joiners in your local area are charging for similar services, and also consider your level of expertise and whether you’ll offer specialised services such as custom-made furniture. Registering a joinery business Next, you’ll need to decide on the structure of your new business. As a joiner, you’ll need to decide whether to register your business as a limited company , or operate as a sole trader. Operating as a sole trader essentially means you’re self-employed and you’ll need to register with HMRC to let them know. Whereas, if you decide to form a limited company you’ll need to register your business with Companies House, which you can do yourself for a £50 fee, or through SUAZ for free (yes, really!). A key difference between working as a sole trader or forming a limited company is limited liability. As a limited company, you have legal protection should your business experience financial difficulty. You won’t be personally affected, as your business is treated as a separate legal entity. Whereas, as a sole trader your personal assets may be at risk should your business struggle with debts, financial losses or liabilities. Take a look at our guide to sole trader vs limited company for more details. Marketing yourself Marketing your business both online and offline is vital for securing a steady flow of work and loyal customer base. Without it, how are your potential customers going to know you exist? Marketing doesn’t need to be elaborate or complex to be successful. While focusing on online channels such as social media and your website is important, offline methods are still valuable, especially for a local business. You could choose to distribute flyers or brochures in your local area, brand your vehicle with your business name and logo, and build relationships with other local businesses to get your name out there. Being visible online is crucial for attracting new customers. Your website is your business’ digital storefront, there to showcase your services, what you stand for and what you can offer your customers. Make sure your website is user-friendly and is optimised for search engines. Using social media platforms such as Instagram and Facebook is a great way for joiners to showcase their work visually and connect with potential clients. Remember, it’s all well and good ticking these marketing activities off but your marketing efforts need to be consistent to be successful. Make sure to regularly update your website and post on social media as much as possible to keep your business visible and relevant. Ready to start your joinery business? A successful joinery business requires more than just skilled craftsmanship - it also takes a lot of hard work and commitment. But with a solid business plan, reliable tools and materials, and consistent marketing, you can quickly turn your passion into profit. Looking to set up your own joinery business? SUAZ can make the process a whole lot easier. You can register your limited company for free, with help and support whenever you need it. Start your own joinery business today - you’ve got no reason to wait. Recommended Readings A Guide to Starting a Construction Company in 2024 Read More Starting a Business: A Complete Guide Read More How to Register & Form a Limited Company: A Complete Guide Read More

A business plan is a crucial part of starting a business, especially if you're looking to externally finance your business. Explore how to write a perfect one. What is a Business Plan and How Do You Write One? 15 min read Beginner's Guide Table of Contents Categories What is a business plan? Why is a business plan important? Top tips for creating a business plan Be concise Be passionate Use data to back yourself up Take time on the research Be objective in your research Know your finances Change your plan if needed How to write a business plan in 7 steps Step 1. Your executive summary Step 2. Company description Step 3. Analyse the market Step 4. Explain the structure of your business Step 5. Explain your products/services Step 6. Financial plan Step 7. SWOT analysis Step 8. Appendices Business plan FAQs What makes a good business plan? Can you write a business plan yourself? Make your business dreams a reality Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office While you could jump headfirst into starting a business without any planning, we wouldn’t recommend it. Would you go on holiday without packing your suitcase first? Your business plan will cover all the exciting plans you have for your new business. It’s there to turn your dreams into actions by detailing your company’s objectives and how you plan to achieve them. It can also serve as a reminder of why you’re starting your business in the first place, to offer you determination should self-doubt creep in. But what exactly is a business plan? In this guide we’ll explain how to write a business plan and why it’s so important, so you’ll know exactly what to include. What is a business plan? A business plan is a written document detailing your business’ plans for the future. The aim is to outline your company’s strategy and objectives, and the steps you’ll take to achieve your goals. It will also explain how you plan to measure progress and what success will look like for your business. If you’re planning to apply for a business loan from a bank, they’ll ask to see your business plan to gain insight into what you’re looking to use the borrowed funds for. They’ll also want proof of how you plan to grow your business, to see if you have a higher chance of paying back the money you owe. For more information, take a look at our guide to business loans . Why is a business plan important? As you may have pieced together, a business plan is an important step in becoming an entrepreneur. Here are just some of the benefits of having a business plan: Offers direction: Your business plan works like your business’ sat-nav - there to guide you through each stage of your company’s journey. It serves as a strong point of reference if you need to remind yourself of how something works, as it should detail all the key elements of running your business, from your shareholders’ details to your goals and objectives. Holds you accountable: If you set yourself a goal, you’ll want the satisfaction of achieving it, right? A detailed business plan should outline your objectives and plans, to inform the choices you make for your business. If the going gets tough or you lose motivation, you can refer back to your business plan to remind you of why you started your business and what you set out to achieve. Helps you secure funding: As mentioned, your business plan can help you get funding or bring on new investors. Investors will want to see your business plan to know you have plans in place for success. Banks will ask to see your business plan before lending you money too. Helps you understand your customers: Your business plan can explain exactly who you’re looking to target with your product or service. What do your customers care about? What are they looking for from your business? Understanding your buyer can help you connect with them and appeal to their interests and values. Top tips for creating a business plan Now you know the value of writing a business plan, you’re ready to start putting your document together. Here are some tips to keep in mind before you get started. Be concise Your business plan doesn’t need to sound formal or complex. After all, it’s designed to clearly explain your business’ goals and purpose as clearly as possible. Keep your language clear and concise so stakeholders know exactly what you mean and resonate with your points. Be passionate Your business plan is your opportunity to showcase your commitment to your new venture and show others how much you care. The more passion you show for your new business, the more others are likely to understand your business’ purpose and mission. Use data to back yourself up The more evidence you have to back up your points, the more authoritative and well-researched your business plan will be. Data allows you to find benchmarks and set performance goals for your business, to outline exactly what success looks like. Take time on the research There’s no such thing as too much research! Get to know your competitors, the industry, and what you want your business to be. The longer you spend on research, the better you’ll know your company and the industry it sits in. Be objective in your research Make sure you include both the positives and negatives from your research. By covering the potential pitfalls you may face in your industry, you’ll show your stakeholders you’ve considered the obstacles you may face as a business. Know your finances The financial section of your business plan details your forecasted sales, expenses and cash-flows. If you’re looking to attract investors you’ll need to nail this section, as they’re likely to read it to decide whether their investment is safe. Looking to secure a bank loan? Banks will look at the finances section of your business plan to get a clear picture of your financial situation and plans, to ensure you’ll have means to pay back the money you’re looking to borrow. Change your plan if needed Remember you have the freedom to go back and change your business plan. Perhaps further down the road you realise your target market isn’t quite what you expected, or you’ve decided to tweak your service offering to appeal to a wider audience. You can go back and adjust your plan so it remains an accurate representation of your business’ goals and purpose. How to write a business plan in 7 steps While staring at a blank document can transport you back to late-night essay writing, try not to panic - you aren’t looking to meet a uni deadline! Instead, that blank page is the start of a new, exciting chapter. We’ve broken down how to write a business plan into bite-size chunks, to make the process feel manageable and straightforward. Step 1. Your executive summary The executive summary is the introduction to your business plan. Its purpose is to summarise key information about your company and its goals, to encourage people to read the rest of your business plan. In your executive summary you’ll cover what your business is and its opportunities for growth in your industry. Introduce yourself and other key stakeholders and their roles in your business. Explain how you plan to promote your business and your product or service, and how you’ll fund your business plans. Keep in mind that your executive summary shouldn’t be more than a page long, but should still cover the important stuff - like who you are as a business and your plans. The stronger your executive summary, the more likely customers are to trust and connect with your brand. Step 2. Company description Here, you’ll include an in-depth description of exactly who your business is. It's your opportunity to explore your business’ values and what’s important to you as a business owner. You can tell your business’ story, such as what inspired you to start your business, and your goals for the future. It’s also important to clarify the legal structure of your business, such as whether you’re a limited company . Step 3. Analyse the market Next, you’ll explain the market research you conducted to identify your business’ target market, industry and competitors. You should cover how you expect your product or service to be received, your business’ position in your industry and how competitive the market is. This section of your business plan is your chance to show your awareness of the market, any obstacles you may face and how your business will stand out in a competitive landscape. Step 4. Explain the structure of your business Now you’ll need to explain the management structure of your business and who’s in charge of business operations. Explain the legal structure of your business - if you’ve formed a limited company for example, you may want to touch on the advantages of limited liability . You could include an organisational chart to explain your company’s management structure, including the roles and responsibilities of each member of your team. You can then explain how each individual will work towards meeting your business’ goals. Step 5. Explain your products/services This is your opportunity to dive into the benefits of your product or service and how you’ll meet the needs of your customers. Explain the unique selling points (USPs) of your product or service that differentiates you from your competitors and how you’ll fill any gaps in the market. Step 6. Financial plan The next section of your business plan is your financial plan. Even if you’re certain your business idea will transform the market, your business won’t survive without making a profit. Your financial plan should reassure investors that your business is viable and a safe investment for them. You’ll typically look to include your income statement, balance sheet and cash flow statement. Your income statement will explore your revenue sources and business expenses over a set period of time. This allows investors to see your business’ profits and losses over time. Haven’t started your business yet? You can include predictions instead, such as how much money you expect to make and any losses you anticipate. Your balance sheet covers how much equity you have in your business. You can calculate your equity by noting your business’ assets (what you own) and your liabilities (the money you owe). You can then use the following calculation to work out your equity. Assets - liabilities = equity. Finally, your cash flow statement details the money that is coming in and going out of your business. When the cash you have coming into your business is more than the cash you have going out, your cash flow is positive. Whereas, when you’re losing more money than you’re making, the cash flow is negative. Your cash flow statement can help you put together a plan should you have a negative cash flow, to keep your business afloat should you suffer financial loss. Step 7. SWOT analysis Including a SWOT analysis in your business plan shows self-awareness and your drive to succeed. SWOT analysis explores your strengths, weaknesses, opportunities and threats. Often, these four frameworks are presented as a grid, with bullet points that list the information, so you don’t need to worry about writing detailed paragraphs for each section. This section of your business plan allows you to reflect on your company’s strengths and weaknesses, and any factors that may limit your chances of success. Step 8. Appendices You made it to the end - congrats! Your final section, the appendices, should include any additional information or documents you think will be valuable to your reader. Perhaps you have market research data you’d like to include that is particularly significant to your business decisions. This section allows you to share any extra information that informed your business plans. Business plan FAQs What makes a good business plan? A good business plan should be both concise and informative, to clearly explain your company’s plans and objectives. A strong business plan is: Clear and concise - avoid awkward phrasing and making things too wordy Backed by data - make sure your statements or claims are supported by data Realistic - your business’ goals should be attainable Detailed - concise doesn’t mean you should skip the details. Explain your business’ goals clearly and how you plan to achieve them Can you write a business plan yourself? You can absolutely write a business plan yourself! You don’t need to be a literary genius to get your business’ goals and motivations onto the page. You may benefit from having someone else, like a friend or family member, read through your business plan to check for any errors and make sure it reads clearly. If you have any worries about how to approach or structure your business plan, you can reach out to our friendly team here at SUAZ. We’re always happy to help you achieve your business goals. Make your business dreams a reality If you have a business idea that you’re truly passionate about, what are you waiting for? Forming a business can be life-changing and we’re sure you have what it takes to succeed. Our expert company formation service can take care of the complicated stuff, so your business will be up and running in no time. There’s no reason to wait - form your company today . Recommended Readings The Power of a Name - Expert Tips for Naming Your Business Read More Starting a Business in the UK as a Foreigner Read More How Long Does It Take to Set Up a Limited Company? Read More

Are you debating whether a business bank account is necessary? Start Up A-Z highlights the advantages and reasons why your venture can benefit from having one. Do You Need a Business Bank Account to Operate? 7 min read Start-Up Finance Table of Contents Categories Do You Need a Business Bank Account to Operate? What is a business bank account? Who needs a business bank account? You need a business bank account You don’t need a business bank account What are the benefits of a business account? Disadvantages of a business bank account Using a personal bank account for business Choosing the right business bank account Take control of your business’ finances with Cashplus Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Currently in the process of setting up your own business? Congrats! This is an exciting new chapter in your life, bursting with opportunities, excitement and probably a few nerves too. During your research, it’s likely you’ve asked yourself, ‘Do I need a business bank account?’ We’ve put together this handy guide that will answer just that. Let us guide you as we explain whether a business account is essential, its benefits and how to go about choosing the right one for your business. What is a business bank account? A business bank account is a bank account designed for businesses; from sole traders to limited companies . It works in a similar way to your personal bank account, by allowing you to send and receive money, but also grants you access to other features exclusive to business owners. You’ll be able to carry out transactions in foreign currencies and process salary payments, making your life as a business owner that bit easier. Planning to take out a business loan later on? Opening a business bank account can also help you boost your business’ credit rating, improving your chances of acceptance and a competitive interest rate when it comes to borrowing. Who needs a business bank account? So the question is, do you need a business account? Whether you legally require a business bank account or not will depend on whether your business is legally separate from you. Looking for more detail on business bank accounts? Read our article - Do you need a business bank account? - for more insight. You need a business bank account If you’ve set up, or are looking to form a limited company in the UK, you’ll need a business bank account. This is because a limited company is treated as a separate legal entity to you and other business owners, so you shouldn’t use your personal bank account for its finances. As a limited company, your business is considered an ‘individual’, so it’s important to keep your finances separate from your business’ finances. Want to read more about this? Read our guide on limited liability here . You don’t need a business bank account If you’re a sole trader, freelancer or contractor, you don’t need a business bank account. This is because you’re considered self-employed, so your business isn’t legally separate from you. But, if you’re looking to keep your business’ income separate from your personal finances, having a business bank account may make sense from a business perspective. What are the benefits of a business account? If you’re weighing up whether to open a business bank account, these advantages may win you over: Organisation: Having a business bank account can make you feel more organised and in control of your business’ finances. When it comes to filing your tax return each year, your business transactions will all be in one place, rather than being mixed up with your personal spending. Having a business account makes it easy to keep track of your business’ cash flow and expenses so you can complete your tax return with ease. Professional image: Giving your customers or suppliers your business bank account details can help boost your business’ professional image, helping you to look established and trustworthy. Exclusive features: From processing salary payments to carrying out transactions in foreign currencies, a business bank account can offer you a range of features to support your business. Disadvantages of a business bank account While setting up a business bank account can keep your business’ finances in order, there are some downsides to consider too. Here are some potential disadvantages to having a separate account for your business: Admin: With double the bank accounts, you’ll have twice the amount of admin to take care of. That means more cards, statements and paperwork to deal with. It may be worth keeping on top of admin regularly, rather than only when your tax return is due, to save you time later. If you’re a basic-rate taxpayer, it can be a good idea to put around 30% of your profit aside for tax and national insurance, and around 40% if you fall into the higher-rate band. Fees: A personal account is completely free, whereas business accounts usually charge a monthly fee of around £5. It’s likely you’ll also be charged for withdrawing money and cash deposits. Using a personal bank account for business So, do you have to have a business bank account? That ultimately depends on the type of business you have. If you’re a sole trader, you can continue to use your personal bank account for your business, but you may prefer to have a business bank account to keep your finances separate. Whereas, if you have a limited company, you aren’t able to use your personal bank account for your business. By forming your company with Companies House, your business is treated as a separate legal entity to you, so you must keep your personal and business’ finances separate. As mentioned previously, keeping your personal and professional transactions separate can often be beneficial anyway, making it easier for you to track your spending and keep on top of your finances. Choosing the right business bank account Choosing the right business bank account is an important step in your journey as an entrepreneur. After all, it’s where your hard work will accumulate, so you’ll want to make the right choice. Some factors to consider when choosing a business bank account include: Fees: As mentioned, business accounts charge a fee, usually per month. While some banks advertise free introductory offers, make sure to research how much you’ll be paying long-term. Factor in how much your account will cost you and how you plan to use the account to figure out if the fee makes sense for your business. Protection: Make sure to check that the money you deposit into your business account is protected under the Financial Services Compensation Scheme (FSCS). This means should the bank your account is with go bust, your money will be protected up to £85,000 per person, per financial institution. Features: Your business bank account will come with various additional features, so make sure to keep an eye out for those that would benefit you most. Key features may include a mobile app to keep track of your money, being able to attach receipts to transactions and being able to categorise your spending. Take control of your business’ finances with Cashplus Starting your own business is an adventure like no other, but not without its challenges. Keeping track of your budget and business spending can feel complicated. But with the right business bank account, you can gain clarity and control of your business’ money matters. We’ve partnered with Cashplus Bank so you can tick another thing off your to-do list and know your business’ finances are all taken care of. Their business account is fully FSCS protected and FCA regulated - what’s more, you could apply and get a decision in minutes, with absolutely no monthly fee. When you form your company with SUAZ, we’ll submit your application to Cashplus Bank on your behalf as soon as your company is ready to go, with no additional paperwork. Talk about organised, right? Set up your small business bank account today. Recommended Readings A Guide to Startup Loans & Business Financing Read More

Save time and money on your accounting. Crunch provides all-inclusive accountancy services with dedicated accountants and easy-to-use software. Sign Up Now! < Back Crunch Who are they? All-inclusive accountancy service. Save time, money, and tax with Crunch. Unlike other software, their chartered accountants make your accounting a breeze. Why choose Crunch? Just like us, they're founders and entrepreneurs who know the pain points of running a small business and the shortfalls of traditional accounting. Crunch launched in 2009 as a fairly priced, all-inclusive service for freelancers, contractors, and small businesses, bringing together easy-to-use online accounting software with in-house accredited accountants. Join nearly 40,000 other small business owners who are already using Crunch. Get flexible pricing and all your finance accounting needs solved when you join today. Key Points Crunch Accountancy offers: Unlimited help and advice A FREE no obligation consultancy call with one of their support team Low fixed monthly accounting fees for Limited Companies Regular business recommendations, such as Tax efficiency reviews, to ensure that you are getting the most out of your business Access to your own dedicated accountant Completion of your accounts and tax returns Access to simple online accounting software Previous Available Services Services available for Sole Traders and Limited Companies Invoicing Bookkeeping Payroll Corporation Tax Filing Year End Accounts On-demand Accountants Self Assessment Next

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 How to start freelancing with no experience in 2024 Read More How to Find Freelance Work & Respond to Enquiries Read More Sizing up freelance roles Read More

The process of starting a business itself is not difficult, but running a business itself involves lots of hard work, but is it worth it? Read more. How Difficult is it to Start a Business? 9 min read Company Formations Table of Contents Categories Make sure you have a business idea Is it difficult to start a business? Does the type of business affect how difficult it is to start? How long does it take to start a business? Is it difficult to start a business while employed? What are the most difficult aspects of starting a business? Ideation Research Planning Launch How can you get support when starting a business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office We aren’t going to sugarcoat it, starting a business can feel difficult at times. It requires a lot of hard work, financial investment and commitment. But that doesn’t mean it’s impossible to chase your dream. While you may find it challenging, being a business owner is one of the most exciting and rewarding adventures you’ll take. To ease your anxieties and prepare yourself for the ride, it’s important to evaluate your current position. Are you ready to start a business? Make sure you have a business idea Starting your own business can offer a wide range of benefits - control, fulfilment and finances being the top three drivers for becoming an entrepreneur. Being your own boss gives you the freedom to create a workplace that you’ll thrive in. And considering the financial possibilities, starting your own company could be truly life changing. So, with all the advantages considered, how hard is it to start a business? We’re going to be honest and say your entrepreneurial journey won’t be a walk in the park. But with some determination and hard work, you may be surprised just how naturally things fall into place. We’ll answer the question of ‘how difficult is it to start a business?’ below so you’re left feeling prepared and confident for your next, exciting chapter. We’ll uncover just what it takes to start a business, so you know exactly what to expect. Is it difficult to start a business? You feel confident about, a detailed business plan at the ready, the funds to get you started and the drive to succeed. Does the type of business affect how difficult it is to start? The type of business you’re looking to open is likely to affect how difficult it will be to start it. Different industries require different skills, knowledge and experience which may impact or delay getting started. For example, if you were to start a food business , not only would you be a cooking connoisseur, but you’d also need to adhere to several regulations. Should you plan to run your business from home , you’d need to make sure you have permission from your landlord or mortgage provider. You’d also need to follow the best food hygiene practices, such as managing allergens and keeping work surfaces clean. Equally, should you start a dog walking business , you’d need to be aware of the certain laws that surround that industry, such as the Clean Neighbourhoods and Environment Act 2005, which fines you should you fail to pick up faeces, fail to keep a dog on a lead or allow a dog to enter land they’re excluded from. The above examples should give you an indication of the kind of preparation you may need to take depending on the type of business calling your name. But while starting a business takes hard work, the feeling of being your own boss makes it all worth it. You’ll not only gain flexibility and control over your working life, but an immense feeling of pride too. How long does it take to start a business? How long it will take you to start your business will depend on the type of business and where you’re planning to operate. Should you start a home-based business , getting ready to launch shouldn’t take you very long, especially if you require no bank loans, employees or extensive equipment. Whereas, if you’re planning to set up a larger business with several employees, and rent a premises such as an office, it may take several months to a year to go live. Looking to cut costs and save time? You could opt for a virtual office instead. You’ll look professional and well-established to your customers, without needing to fork out the cost of renting a physical space. Is it difficult to start a business while employed? Starting a business may have sat at the top of your bucket list for longer than you can remember, but you may put off starting due to other commitments such as your day job. If you’re considering starting a business while already employed, there are some considerations to be aware of to make the process feel easier for you. Be sure to take your time to avoid feeling overwhelmed. Already being employed and starting your own business can be a lot to take on. Make sure to prioritise your current job and set aside time to rest and unwind too! Remember, you can start a business at any age or stage of life, whether you're starting a business at university or during retirement - what good comes from rushing things? The more relaxed you are and the less pressure you put on yourself, the less difficult things should seem. A great way to keep on top of things is to formulate a detailed business plan that you can refer back to, particularly given you’ll have less freedom or time compared to those who aren’t already employed. See our detailed guide on writing a business plan here . What are the most difficult aspects of starting a business? As mentioned, starting a business is an exciting and rewarding adventure like no other, but it’s not without its share of challenges. Below, we’ll uncover some of the most difficult aspects of entrepreneurship you may encounter on your business journey. Ideation Deciding on a viable business idea is a common hurdle for those looking to start a business. Of course, endless businesses already exist, so finding a niche or gap in the market for your business to thrive can feel impossible. A great place to start is to approach your business ideation as offering something that addresses a problem or need. This can help you understand your target market and set yourself apart from competitors in the same space. The more research you conduct, the better you’ll understand your customers to appeal to their needs and values. Once you have your business idea, it’s important to develop a thorough business plan that explains the ins and outs of your idea, your objectives and ultimately what success looks like for you. Want to start a business and have no ideas? Read our guide. Research While conducting research for your business is an important step in getting to know your potential customers, it can feel challenging at times for several reasons. Having access to up-to-date, relevant data can be tricky, especially if this information isn’t publicly available. You may prefer to conduct your own research rather than rely on information you find online, for example, to ensure the data you find is accurate and relevant to your business. Other issues surrounding research include confidentiality - other businesses, or potential customers, may be hesitant to disclose information which can make it difficult for you to gain insight. Another obstacle you may face is the complex and time-consuming nature of business research. Organising your data, analysing your findings and processing the information can take time, particularly when you’re dealing with several research areas, such as competitors, customers and any legal compliance you’ll need to follow as a business. Planning When starting a business, the excitement of your next chapter can make it all too easy to get carried away and leave planning to a later date. But generating a detailed business plan is an important step in your business’ journey, which can protect you from obstacles further down the road. For example, let’s say you forget to produce a financial plan for your company and unexpectedly run out of funds. To minimise the chances of disaster striking, you should aim to produce an in-depth business plan that improves your chances of success. Not only will your business plan detail your financial situation, it can also serve as your business’ road map - there to guide you as you become your own boss. You can use your business plan to remind yourself of your business objectives, your goals and your plans for the future. A business plan can also serve as a reminder of why you started your business in the first place, offering you determination should you ever feel overwhelmed. Launch Once your planning and research are complete, you’ll be well on your way to your business going live. Launching your business is a pivotal phase in your journey, and several challenges may threaten your chances of success. To prepare yourself for the unexpected, here are just some of the difficulties associated with taking your business from planning to execution: Funding: Securing the funds to launch your business can be hard work, particularly if you underestimate how much money you’ll actually need to launch. Be sure to factor in all the costs of starting your business , including marketing and branding, registering your business with Companies House (which is completely free, should you form your business through SUAZ), consultant fees should you hire a professional to help you write your business plan for example, and equipment costs. Should you plan to take out a business loan, make sure you set aside time to fill out forms and gather any evidence to support your application. Hiring: Should you need to hire employees to launch your business, be sure to set aside time for the recruitment process. You’ll need to find individuals who have not only the right skills and experience, but also those who fit within the company culture you’re looking to adopt. Your wellbeing: The preparation, followed by actually launching your business, can take its toll on your wellbeing. Starting your own business is a big deal and the last thing you want to feel is burnt out. Make sure to prioritise your mental health , take time out to relax and believe in yourself. Should you need any advice or support on your business journey, be sure to reach out to SUAZ - we’d love to help guide you in the right direction. Competition: Identifying your unique value proposition can help your business stand out against competitors. What makes your business unique? What are you doing that others aren’t? Be sure to focus on your competitive edge to capture your potential customers’ attention. How can you get support when starting a business? Starting your own business takes a lot of hard work, time and energy which can leave you feeling isolated - but remember, you’re not on your own. There’s support out there when you need it, whether it’s guidance on writing your business plan, or financial support to make your business dream a reality. There are several government-backed finance schemes to give your business the boost it needs to thrive. And should you have any concerns or worries about your business journey, be sure to reach out to the government’s Business Support Helpline for support. The thought of finally becoming your own boss can feel overwhelming - after all, there’s a lot to get your head around, from legal jargon to endless admin. If you’re looking for professional support, we’re also here to help. Our professional company formation service is there to take the hard work out of starting a business, so you can look forward to the future. Don’t worry - we won’t abandon you once your business is ready to go. You’ll be assigned a friendly member of our team who’ll be your point of contact should you need advice or simply have a question to ask. They’ll get to know you and your new business to give it the best chance of success. Take the worry away from entrepreneurship with SUAZ - apply to form your company today . Recommended Readings Starting a Business from Home - What You Need to Know Read More The Power of a Name - Expert Tips for Naming Your Business Read More Can I Register My Business at My Home Address? Read More

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 How to Start a Pet Shop Business: A Complete Guide Read More Want to start a business but have no ideas? Here’s some inspiration Read More A Guide to Starting a Dog Walking Business in 2024 Read More

If you're choosing to start a business whilst on universal credit or some other benefit, it is important you understand the cost implications. Read more here. Can You Start a UK Business While on Benefits? 10 min read Beginner's Guide Table of Contents Categories An overview of starting a business on benefits Understanding Universal Credit and self-employment Legal and financial considerations Legal implications Financial planning Practical steps for starting a business on benefits Research and planning Utilising support services To conclude… Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office While your financial circumstances shouldn’t stop you from chasing your dreams, it’s understandable if you’ve asked ‘can I start a business while on benefits?’ After all, funding your business is an important step in your business journey and you may question if you can become a business owner while on Universal Credit. But your financial circumstances shouldn’t stop you from achieving your life goals. If you’re looking for support to get you started on your business journey, look no further than SUAZ. We’re a free company formations provider , who’d love to help you on your road to success. Below, we’ll answer ‘can you start a business on Universal Credit?’. We’ll also cover the key considerations of becoming a business owner while on benefits so you’re fully prepared for your next chapter. An overview of starting a business on benefits Knowing where to start a business can feel tricky, regardless of your financial circumstances. But if you’re claiming Universal Credit or other benefits, you may feel concerned about where to begin, or question if it’s possible to start a business in your situation. You’ll be pleased to hear, however, that the government encourages those claiming benefits to start or run their own businesses, and even offers support to get started. If you’re looking for support when starting your business, the government offers free advice through their Business Support Helpline . From writing your business plan , to navigating business tax, there are experts at hand to guide you in the right direction. Understanding Universal Credit and self-employment Usually, when you’re self-employed and claiming Universal Credit, you’re treated as if you are earning a certain amount - known as the ‘minimum income floor’. This is the amount of money an employed person in similar circumstances to you would earn on the National Living Wage or National Minimum Wage, once tax and National Insurance have been deducted. Should you earn more than this amount in any month, your actual earnings will be looked at instead to determine your Universal Credit payment . But as a new business owner, you may be entitled to a 12-month ‘ start-up period .’ This means the minimum income floor won’t apply to you for the first 12 months, to give you the opportunity to grow your business. This means that regardless of your income as a new business owner, your Universal Credit payments are based on your actual monthly earnings. During this time, you won’t need to look for other work and you’ll also receive support from a Jobcentre Plus work coach. You’ll find out if you’re eligible for a start-up period at your self-employed interview. Legal and financial considerations Before you get started on your business to-do list, you must get to grips with the legal and financial considerations of starting a business while on benefits . Legal implications If you claim benefits, you’ll need to bear in mind how your business may affect your benefit entitlement. If your business is registered as a limited company and you claim Universal Credit, the limited company structure will be ignored if you have a trade or property business and your position works similarly to a sole trader. In simple terms, directors of their own companies are often treated as self-employed when it comes to Universal Credit. When it comes to claiming Universal Credit as a business owner, you’ll need to demonstrate that your self-employment is your main source of income. This includes having proof that you get regular work from self-employment, your work is organised (you have invoices and receipts, or accounts) and that you expect to make a profit. To do this, you’ll need to give your work coach evidence of your tax returns, accounts and any business plan, your Unique Taxpayer Reference (UTR) if you’re registered for Self Assessment, your marketing materials and your customer and supplier lists. Once you’ve shown all of these items, you’ll be seen as ‘gainfully self-employed’ and won’t need to look for other work. This means you can focus on growing your new business. You’ll need to report the following at the end of each monthly assessment period: How much you’ve earned that month from self-employment, even if it’s nothing Any money you’ve paid into a pension The payments going into and out of your business If you forget to report your earnings on time and don’t have a good reason why you missed the deadline, the Department for Work and Pensions will usually stop your Universal Credit claim until you report your earnings to them. Financial planning You'll also want to consider the other costs of starting a business , it’s important to remember that if your earnings change each month as a new business owner, your Universal Credit payments will do the same. This can make it difficult to stick to a monthly budget, especially if you don’t know how much you’ll take home each month. Remember - if you’re gainfully self-employed, your UC payment is likely to be calculated using a minimum income floor. But if you earn more than this from your self-employment income, your UC amount will be calculated based on your actual earnings. To help you manage your finances month-to-month, you may look to pay your income tax and National Insurance monthly rather than annually. This is known as a budget payment plan and works like a monthly direct debit. You’ll get to choose how much you pay each and how often, to help you keep on top of your finances. This could alleviate financial worries as you’ll know how much money you have left to work with each month once your bills are taken care of. Take a look at the government’s Self Assessment payment information for more details. Practical steps for starting a business on benefits We’ve covered the legal and financial implications of starting a business on benefits, but how do you get started? Below, we’ve put together some practical steps for starting a business while receiving Universal Credit or other benefits. Research and planning Like most things in life, research and planning is key to achieving your goals and shaping success. Not only does researching your business’ target market help you connect with potential customers, it can also give you a competitive edge in your industry by creating something new and distinctive compared to your competitors. Thorough research is also key to risk mitigation. By planning ahead, you can minimise the chances of unexpected issues threatening your business’ success. When it comes to your business finances, a detailed financial plan is vital for long-term stability. Above all, spending time researching your business will pay off long-term, ensuring you have a plan in place to combat potential threats and improve your chances of growth and success. You'll likely want to create a business plan. Read our guide to writing a business plan for more information. Utilising support services Starting your own business could be life-changing, but taking that first step towards entrepreneurship can feel daunting, especially if you’re concerned about your financial circumstances. When starting a business on benefits, it’s important to remember that help and support are out there. Reaching out for support could streamline your business journey and take some weight off your shoulders. Be sure to ask your Jobcentre Plus work coach for information about local organisations who may be able to support you in your business endeavours. And when it comes to the company formation process, SUAZ can take care of the complicated stuff for you. We can register your company directly with Companies House, completely free of charge. What’s more, we’re at hand whenever you need us to answer any questions you may have about company formation, and getting started in the business world. To conclude… As long as you plan ahead and brush up on your knowledge of regulations and legal implications, there’s no reason why claiming benefits should stop you from achieving your business goals. Entrepreneurship could be the first step towards financial independence and self-discovery. Starting a business could be the fresh start you’ve been looking for - what’s stopping you from stepping into those big boss shoes? Here at SUAZ, we’d love to help you make your business dreams a reality. We believe you have what it takes to turn your business idea into a successful enterprise. Form your company for free with SUAZ today . Recommended Readings

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

Learn the key steps to successfully start your bakery business. Get practical tips and insights to turn your passion into profit. Read the guide now! How to Start a Bakery Business in the UK 15 min read Beginner's Guide Table of Contents Categories Research and planning your bakery business Choosing a bakery niche and products Licensing and legal requirements in the UK Finding a suitable location Sourcing ingredients and suppliers Hiring and training staff Marketing your bakery business Managing finances and pricing your products Tips for growing your business Ready to start your bakery business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The smell of freshly baked bread and sugary delights, and getting to bring your creativity and talent to work every day… Starting a bakery business sounds like a dream, right? You’ll get to work in your happy place - where you can share the beauty of baking in a cosy, nostalgic environment. Whether you’re a professional, or a passionate home baker looking to turn your hobby into your profession, look no further. Our guide explains exactly how to start a bakery business, from market research to legal requirements, so you know what’s in store for you and how to prepare. Research and planning your bakery business Just as you wouldn’t perform open heart surgery without going to medical school first, you need a solid plan in place to start a bakery business, to understand your market and your route to success. Understanding your target market is crucial for business success - how else will you know what your potential customers prefer, or what baked goods are in high demand? Perhaps there’s a gap in the market in your local area that you could fill, such as specialising in gluten-free baked goods, or vegan options. Research bakeries near you to understand what they offer and how you can differentiate your own and fill a niche. It’s also worth keeping up with industry trends that you can jump on, such as being more environmentally conscious or trying out new recipes that are popular on social media. Next, you’ll need to decide on your business model - your company’s purpose and strategy. You’ll need to think about the type of bakery you want to run and how you’ll provide value and remain profitable. For example, you may envision a traditional retail bakery that operates from a brick-and-mortar shop, specialising in plant-based cakes. Or maybe you’d prefer to operate online and bake your creations from home, where customers can click-and-collect their order or have it delivered. Your business model will influence a wide variety of factors, from location to marketing, so it’s important that you choose one that aligns with your business goals, budget and personal interests. Finally, you need to write your business plan - your business roadmap that details your business objectives, marketing strategy and financial plan. It’s not just there to guide you, you’ll also need to show potential investors your business plan if you’re trying to secure funding or the bank if you’re looking to take out a business loan. There are several elements to a business plan, including the executive summary - a brief overview of your business idea and goals, and market analysis that summarises your research. Our guide on how to write a business plan explains the whole process in more detail. Choosing a bakery niche and products Finding your niche may sound tricky - especially if you’re a baking connoisseur who can turn a hand to endless types of baking. With so many choices, it can be difficult to decide on a particular specialism to focus on for your baking business. Some potential bakery niches you could consider include: Artisan bakery , offering hand-crafted bread and pastries, using traditional baking techniques Catering to a specific dietary requirement , such as gluten-free, vegan, kosher or keto Themed bakery that focuses on a particular style, era or occasion, such as wedding cakes or dessert buffets Luxury bakery that specialises in high-end baked goods or bespoke cakes You should also look to create a menu that caters to your specific niche, but also has variety such as seasonal or limited edition items, to keep your customers interested. Start with your core offerings - the items you’ll always sell that represent your bakery’s niche and theme. You could also introduce limited edition goods based on holidays to keep your menu feeling new and exciting. Licensing and legal requirements in the UK There are numerous legal requirements you need to adhere to when starting your bakery business. Failing to comply with these requirements could result in a hefty fine - the last thing you want when trying to get your business off the ground. Here are just some of the legal requirements for starting a bakery business you should keep in mind: Food business registration: As a food business , you’ll need to register with your local authority. If you plan to open bakeries in more than one location, you’ll need to register each site with the local authority applicable to that location. Food hygiene standards: As a business that prepares and sells food, you must comply with food safety and hygiene standards , such as making sure the food is safe to eat, is the quality you say it is and you must display your food hygiene rating. You’ll also be responsible for staff hygiene training if you plan to hire employees. Insurance: Business insurance can give you the peace of mind that if disaster strikes, your business will be protected. There are different types of business insurance, including public liability insurance and professional indemnity insurance - which are both optional. Whereas employer’s liability insurance is a legal requirement in the UK, to cover the cost of compensation and legal fees if an employee falls ill or is injured due to their work. Finding a suitable location Deciding where to set up your bakery is a major decision. You’ll want to choose a location with enough foot traffic to ensure new customers walk in, while also ensuring the space fits your budget. Choosing an area with plenty of pedestrians can help attract new customers, but you’re likely to pay higher rental costs when setting up your bakery in a high-foot-traffic area. You’ll want to ensure your bakery is in the right location for your target market. Perhaps you’re looking to appeal to families or young professionals - make sure you’re visible to your target market and accessible. Is there a car park nearby? Is your bakery easy to reach by foot, car and public transport? It’s important to consider the legal side of things too. Make sure you carefully review your rental contract and are clear on all the costs you’ll need to cover including any service charges. Will you be responsible for maintenance and repairs if something goes wrong, or will the landlord take care of it? You may benefit from working with a solicitor to review the contract, so you know exactly what you’re liable for and your rights. Sourcing ingredients and suppliers You can’t run a successful bakery with top-of-the-line baked goods without quality ingredients. While quality tends to cost more, your customers will be able to taste the difference which can encourage them to come back to you in the future and recommend you to their friends and family. You’ll need to find and choose suppliers who can deliver fresh ingredients, such as dairy and eggs, to you regularly so you always have these high-quality but perishable items at hand. You may also find it cheaper to buy a lot of your ingredients in bulk through a wholesaler, but you’ll need to ensure you have enough storage space to store these larger items. Hiring and training staff Hiring the right people is essential for the success of your bakery. But to hire talented staff, you’ll first need to identify the needs of your business and the roles you’re looking to fill. Common positions you’re likely to hire for as a bakery business owner include: Kitchen assistants to support food preparation, stock management and cleaning Bakers and pastry chefs responsible for preparing baked goods to the highest quality Front-of-house staff who are customer facing, to serve your baked goods Supervisor or manager roles to oversee the day-to-day operation To hire the best talent, you’ll want to look for those with relevant experience (such as customer service experience, or former experience working in a food service environment) or qualifications such as City and Guilds’ baking qualifications . As an employer, you must adhere to necessary legal requirements, such as ensuring your employees have the legal right to work in the UK. You’ll need to provide written employment contracts that outline their responsibilities, as well as their pay and working hours. You’ll also need to register as an employer with HMRC before the first payday. Marketing your bakery business Now for the creative side of things… It's time to start thinking about your marketing strategy and how you’ll get your business’ name out there. Marketing is the driving force behind your brand, and key to attracting customers and building a loyal customer base. Here are our top tips for marketing your bakery business: Build your brand identity: Your brand identity is the visual representation of your business - its colour scheme, logo and tagline. Consistency is key, so your customers recognise your brand and know what it stands for. Promote your business on social media: Make sure you’re visible on all social channels, such as Instagram and TikTok. These channels are a great way to promote your brand and the quality of your baked goods. You could post behind-the-scenes content, your latest products and any promotions you’re running to get customers talking. Make sure you regularly engage with your customers by responding to comments and messages promptly, so they feel valued. Don’t forget local marketing: While digital marketing is a powerful tool to grow your business, it’s easy to underestimate the value of local, offline marketing - especially as a local business! Distribute flyers to promote your new bakery, participate in community events and advertise in newspapers to boost your visibility. Shout about your USPs: Remember to focus on your unique selling points - what makes your business stand out from the crowd? Whether you’re catering to specific dietary needs or focusing on sustainability, this can differentiate you from your competitors and appeal to your target market. Managing finances and pricing your products Financial management is a vital but often complicated task for a new business owner. By effectively managing your business’ finances, you’ll know your hard work is profitable and you have a good cash flow. Creating a budget for your business will ensure you don’t overspend and you know exactly what costs you need to account for each month, including your ingredients, rental costs and utilities, employee salaries and marketing costs. Make sure to regularly review these expenses so you know exactly what you’re spending and if you can cut costs anywhere. Monitoring your cash flow can help you spot any issues early and also allows you to identify growth opportunities. You don’t need to be a maths whizz to successfully monitor your cash flow - accounting software can help you track your expenses, invoices and income effectively, or you could look to hire an accountant, especially as your business grows, to support you with tax and financial planning. Tips for growing your business So, your bakery is officially up and running and everything is going smoothly. When you’re ready, you may look to grow your business and boost your profitability. Here are some ways to drive growth as a bakery business. Focus on customer loyalty: Loyal customers are more likely to become brand advocates and spread the word about your business to their network. So make sure you’re thanking them for their service. Make sure you consistently deliver quality they won’t find elsewhere, to retain their loyalty. You could introduce loyalty cards, with exclusive perks to encourage them to return to you regularly. The happier loyal customers are, the more likely they are to spread the word and become brand ambassadors. Expand your menu: Look to introduce new products to attract new customers and keep things exciting for your regulars. Take customer feedback on board, look at trends in the baking community and add limited-edition items to your menu during holidays. Just make sure any new menus align with your niche, USPs and business values. Scale your business: Once your business is performing well and is bringing in a consistent profit, you could look to grow your business with an additional location or set up an ecommerce platform to sell online. You could open a bakery in a nearby town, or even partner with a nearby coffee shop to supply your baked goods to a larger audience. Ready to start your bakery business? All it takes is a leap of faith to achieve your business dream. There’s no feeling quite like being your own boss and sharing your passion (and delicious sweet treats!) with the world. If you need some support to get you started, our professional company service could be the solution. You can form your limited company completely free of charge with SUAZ, with professional advice whenever you need it. Form your bakery business with SUAZ today. Recommended Readings Starting a Dog Accessory & Clothing Business in 2024 Read More How to Start a Pet Shop Business: A Complete Guide Read More Starting a Business: A Complete Guide Read More

Discover how to kickstart your freelance career with our comprehensive guide. From setup to success, we've got you covered! How to Set Up a Freelancer Business in 2024 15 min read Beginner's Guide, Company Formations Table of Contents Categories Which freelance niche is right for you Legal and financial considerations Financial Considerations Understand the 'bottom line' What equipment will you need? Do you need business insurance Identifying your branding and positioning Setting rates and managing finances Finding and retaining clients Tips for managing time and workflow Start your business Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Working for yourself sounds like a dream, right? You can wave goodbye to the standard 9-5 and any toxic work culture, by becoming a freelancer. Freelancing has become increasingly popular across the UK, with 13.6% of people aged 16 and over doing at least some freelancing. This rise in popularity has empowered individuals to take charge of their careers with flexibility and autonomy, across a broad range of industries. You may have been weighing up going freelance for a while now but are hesitant to take the plunge. Or maybe you’re ready to commit to freelancing and have handed in your notice at your current employer, but have some questions on where to start. If you’re wondering how to set up freelance and begin your journey to independent work, we’re here to help. We’ve put together this in-depth guide on how to start freelancing, to answer any questions you may have on how to kickstart your new venture. If you consider yourself as a literal beginner, our guide on how to become a freelancer with no experience lists down all the tips you need to know for expert guidance. With our tips and tricks, you’ll know how to build a freelance business and the steps you should take to turn your passion into profit. Which freelance niche is right for you? If you’re asking ‘How can I start freelancing?’ the first step is deciding which industry or niche to operate in. Perhaps you’re a skilled copywriter looking to share your craft with the world, or a talented video editor looking to tell stories through video. To decide which area you’re looking to pursue as a freelancer, you’ll need to identify your skills and expertise, as well as understand the market you plan to enter. Here are some of the ways you can identify the right freelance niche for you: Assess your interests and skills: If you’re looking to start freelancing and break free from working for an employer, you’ll want to make sure you’ll enjoy the work you’ll be doing. Choose a niche that aligns with your interests and values, as you'll be more likely to succeed and find fulfilment in your work. Start by making a list of your key skills, expertise and motivations. Perhaps you’re a great communicator, a natural wordsmith or a born creative. Reflect on your professional background and the knowledge you have that you could share with potential clients. Evaluate market demand: Market demand is crucial for profitability. Make sure there’s a need for your service by looking at industry trends and any pain points that your service could help to solve. Consider factors such as market growth and competition in your chosen industry or local area. Consider your USP: What will make your freelance business stand out against competitors? Your unique selling point is what will set you apart from other freelancers and encourage potential clients to choose your expertise over others. Try things out: If you’re torn between different niches, why not test the waters? You could take on several smaller projects or freelance gigs to help you decide which you prefer. This will not only give you experience, but you may also develop connections which you can contact again once you’ve made your decision. Open to change: Remember, your freelance niche doesn’t have to be set in stone. As your freelance business develops, you may discover new interests or opportunities that lead you to change your service or expand to different niches. Try to stay flexible and be open to new possibilities that come your way throughout your freelance journey. If you’re searching for how to start freelancing, chances are you already work in a certain industry or profession that you’re looking to freelance in. But if you’re stuck for a business idea, take a look at our guide to choosing a business idea for inspiration. Steps to starting a freelance business So, you have your business idea and the motivation behind you, but how do you go about starting your freelance business? Below, we’ve put together a list of how to start freelancing, step-by-step, so you can tick off each task as you go. Understand the legal and financial considerations Getting your head around the legal and financial obligations of your freelance business can be daunting, but it doesn’t need to leave you feeling overwhelmed. If you’re searching for how to register a freelance business, the first step is choosing a legal structure. As a freelancer, you can choose to operate as a sole trader or as a limited company. One of the biggest differences between being a sole trader and a limited company is limited liability . As a limited company, you gain limited liability which means your personal assets are protected should your business face financial hardship. This is because limited companies are treated as separate legal entities from the business owner, whereas as a sole trader, you’re personally liable for any business debts. If you decide to set your freelance business up as a limited company, you’ll need to officially register your business with Companies House. You can choose to register your business yourself for a £50 fee, or you may prefer to use a company formation agent like SUAZ to take care of the hard work for you. Here at SUAZ, we cover the cost of your business registration, meaning forming your limited company won’t cost you a penny. What’s more, you’ll gain our support and expertise should you need it, every step of the way. Financial considerations As a freelancer, it’s vital that you understand what tax applies to your business, so you aren’t left caught out further down the line. Here are some key financial considerations to keep in mind: Business tax: Depending on the legal structure of your business, you’ll be liable to pay certain types of business tax. For example, as a limited company you’re legally required to pay Corporation Tax. National Insurance: You’ll pay National Insurance (NI) contributions on your salary, should you earn more than £12,570 a year. VAT: If your VAT-taxable turnover is more than £85,000, you’ll need to register for VAT. VAT is charged on ‘taxable suppliers’ such as goods and services and selling your business assets. For more information on the tax you may be liable to pay, check out BSC’s guide on small business tax . You may choose to hire an accountant to keep your business finances in check. Here at SUAZ, we can help match you with a vetted and reliable accountancy supplier , through our BSC platform. Understand the ‘bottom line’ Your ‘bottom line’ is the minimum amount of money you need to get by each month. Calculate how much money you need to cover your bills and day-to-day living costs. From there, you’ll know your target amount and can work out what you need to do to achieve it. As a freelancer, you may be waiting around to receive payments from clients at times, so it’s important to check in with yourself financially on a regular basis. How much money do you have due to come in for recent or upcoming work? Make sure you have enough work lined up to achieve your bottom line. What equipment will you need? As a freelancer, the equipment you’ll need to carry out your work will depend on the nature of your business and the industry you operate in. Generally speaking, you may need the following equipment: A reliable computer: Choose a computer or laptop that fits your budget and responsibilities. For example, if you’re a graphic designer make sure you have a high-performance computer that can process large files. Software: Depending on the industry you work in, you may need to invest in specific software to deliver the best service. Your workspace: Decide where you’ll work from and how you’ll make your workspace somewhere you want to work from. If you work from home, make sure you have an assigned workspace so you can separate your work from your home life. Looking to maintain your privacy and boost your professional image? A virtual office address may be the solution, allowing you to work from anywhere with a business address to your name to boost your professionalism. Communication tools: Make sure you have the right tools to hand to keep in touch with potential clients, from messaging apps like Skype or Slack, to video conferencing tools like Microsoft Teams and Zoom. Do you need business insurance? It’s easy to assume that business insurance doesn’t apply to you as a freelancer, but that isn’t the case. While you won’t need employer’s liability insurance as a freelancer as you won’t have employees, you may choose to take out other types of business insurance to protect you and your reputation should the worst happen. For example, Professional Indemnity Insurance can protect you if you make a mistake or your client suffers (or claims to have suffered) financial loss because of your services. Your policy will then cover any legal or compensation costs should your client make a claim. Similarly, Public Liability Insurance is designed to protect you should a member of the public make a claim against you. Without it, you could face significant legal fees and compensation costs that could threaten your financial stability. When it comes to business insurance, it’s always better to be safe than sorry. Like all types of insurance, the hope is you’ll never need to actually use it, but it’s there to offer peace of mind should disaster strike and you need a helping hand. Our partner, Business Support Club, can match you with reputable and reliable business insurance providers , giving you the reassurance that your business and reputation are protected. 2. Identifying your branding and positioning Next, you’ll want to prioritise your branding and positioning as a freelancer. Branding is a crucial element of freelancing, as it helps you to establish a distinctive identity, especially in a competitive market. Having a well-established brand to your name can inform potential clients why they should choose you over your competitors. Your branding can also instil confidence in your potential clients, letting them know you’re serious about what you do and are a professional in your industry. To begin with, you’ll need to define your target market and brand values. What sets you apart from others? What values do you want your brand to represent? Perhaps you consider yourself a flexible freelancer, or you pride yourself on your creativity. Make sure your strengths and USPs are at the forefront of your branding. From there, you can consider the visual representation of your brand such as your business logo and website to reflect your brand identity. By prioritising the branding of your freelance business, you’re one step closer to attracting and retaining the right clients and securing the profits you deserve. 3. Setting rates and managing finances When it comes to setting your freelance rates, getting the balance right is key. You’ll want to make sure you’re being paid enough for your time and expertise, while remaining competitive in your industry. To gauge how much other freelancers charge for your services, research average rates for your specific skill set and services. Make sure you factor in your geographic location too, as how much you can charge may vary depending on where you live. Similarly, you should factor your level of experience into your rates - after all, your hard work and dedication should be rewarded. The more experience you gain, the more you can justify higher rates to reap the rewards of your hard work. Other considerations include your monthly expenses and taxes. Put together a list of your monthly expenses, as well as the costs you incur as a freelancer such as fees for software. You’ll want to make sure you can cover your monthly expenses and enjoy life too! It’s important to remember that as a freelancer, your taxes aren’t automatically deducted from your salary each month. Instead, you’re responsible for reporting your income and ensuring you pay the right amount of tax. If you’re registered as a sole trader, for example, you’ll need to submit an annual Self Assessment tax return on your earnings. It’s important to factor this amount in when deciding how much to charge potential clients. A clear and professional invoice makes sure your client has all the information they need to pay you efficiently and accurately. Our guide to freelance invoicing explains how to format your invoices and what to include, so you get paid as quickly as possible. 4. Finding and retaining clients Deciding to start a freelance business is one thing, but finding potential clients is a whole other ball game. Building strong client relationships is key to a thriving freelance business and maintaining a stable income. Here are some tips to find and retain clients for the long haul. Networking: Make the most of networking events and participate in communities and online forums in your industry. Networking allows you to build relationships with potential clients, as well as other freelancers you can learn from. Online platforms: There are numerous platforms out there to advertise your services, such as Upwork and Fiverr. Take the time to optimise your profile, to showcase your skills and expertise. Your portfolio and website: Make sure your website and portfolio is up to date and showcases your passion and skills. Also consider optimising your website for SEO by including keywords related to your industry, so potential clients can find you when searching online. Social media: Shout about your freelance business across your social media platforms and showcase your hard work to potential clients. Be sure to engage with relevant hashtags to increase your visibility. When it comes to retaining your clients, quality and consistency are vital. Make sure you’re consistently delivering high-quality work on time, to encourage repeat business and referrals. By consistently meeting deadlines and providing top customer service, you’ll build trust and reliability with your clients, ensuring a steady stream of work and long-term success as a freelancer. Tips for managing time and workflow As a freelancer, it can be all too easy to become absorbed in your work and struggle to maintain a healthy work-life balance. Setting yourself boundaries is key to helping you manage your time and increase your productivity. Below are some time management techniques you can use to help manage your time and prioritise your tasks as a freelancer. For more in-depth strategies on maximising productivity and minimising stress, be sure to check out our guide on how to track and manage freelance work . Time blocking: Try to allocate specific amounts of time for different tasks or projects throughout your day. Not only does this hold you accountable to get things done, it also prevents you from trying to juggle several tasks at once, increasing productivity. Set SMART goals: SMART goals are Specific, Measurable, Achievable, Relevant and Time-bound. Breaking larger goals into smaller, more manageable tasks can make them feel achievable and easier to accomplish. This method also helps you to track your progress. Limit distractions: Try to minimise distractions while working by ensuring you work in a dedicated workspace - particularly if you’re working from home. You can try various strategies to help with this, such as turning your phone on flight mode when you’re focusing, turning off notifications and using website blockers to avoid procrastination. Project management software: There are several tools out there to help you manage your workload, such as Asana and Trello. Project management software can help you visualise your workflow, create to-do lists, collaborate with clients and track your time. Start your freelance business today with SUAZ We hope our guide has answered any questions you had around how to start freelancing, and left you inspired to take the leap towards entrepreneurship. Starting your own business can feel daunting, and with so many hoops to jump through, it’s easy to feel overwhelmed. But it doesn’t need to be that way. Forming your business with SUAZ can eliminate any anxieties you may have, by having a support system to guide you every step of the way. Freelancing offers a lifestyle you won’t find anywhere else, allowing you to work in a way that serves you, with freedom and passion at your fingertips. So, what are you waiting for? Form your freelance business today and watch the magic happen. Recommended Readings