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Explore how to be a FTSE 100 CEO, understanding the experience needed, length of service at the company and number of internal promotions required on average. What it takes to be a FTSE CEO 8 min read Business Trends Table of Contents Categories Who are the FTSE CEOs? How much experience do you need to have to be a FTSE CEO? How many roles does it take to become CEO? Are you rewarded for length of service? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Becoming the CEO of a company takes grit, determination and experience. For those starting a business , you may want to look up to successful CEOs for guidance and understanding on what it takes. After all, learning from those who have already reached the top can offer valuable insight. And where better to start than the FTSE 100 CEOs? We’ve pulled together research on the 100 CEOs in the FTSE to find out key trends such as the average length of service at the company, total years of experience, average number of roles before becoming CEO, as well as company loyalty to reveal what it really takes to lead from the highest level. Stand out stats Who are the FTSE CEOs? The FTSE 100 is made up of the biggest 100 companies in the UK, spanning industries from finance and tech to retail and travel, and all spearheaded by CEOs who are resonsible for steering strategic direction and long-term growth. Companies include Auto Trader Group, Coca Cola, Easy Jet and Marks & Spencer to name a few. Of the 100, just 10 are led by female CEOs , highlighting the ongoing gender gap at the executive level. The companies with female CEOs include Admiral Group, Aviva Plc, BT Group plc, Diageo plc, Entain plc, F&C Investment Trust plc, GSK plc, Severn Trent PLC, Taylor Wimpey plc and United Utilities Group Plc. The average age of FTSE CEOs is 56 , with the youngest being Nathan Coe (47), CEO of Auto Trader and the oldest Ian Cockerill (70), CEO of Endeavour Mining. This suggests that the FTSE 100 companies clearly value experience, but with younger, tech-savvy leaders emerging all around the world, how long before we see this average start to drop? How much experience do you need to have to be a FTSE CEO? We wanted to understand the full range of experience top leaders have. Therefore, where the information was publicly available, we researched the total number of years of career experience each FTSE 100 CEO had accumulated, to the point they were appointed as CEO of their current firm. Our analysis revealed that the average FTSE 100 CEO is a highly seasoned professional, boasting an impressive 31 years of career experience before taking the top spot. Notably, 23 CEOs fall within the 31-35 year experience bracket, highlighting just how much time it typically takes to reach the top. However, as with any average, there are some outliers. We found that two leaders have under 10 years of experience; George Weston of Associated British Foods stepped into the CEO position with 10 years of prior experience, while Frank van Zanten of Bunzl took the helm with just 9 years under his belt, proving that, in some cases, swift rises to the top do happen. How many roles does it take to become CEO? It's a common thought that loyalty should be rewarded, especially in the corporate world. But does this hold true at the very top? We wanted to understand just how much internal dedication and climbing the corporate ladder actually contribute to being a CEO. To explore this, we dived into finding out the number of internal roles each FTSE 100 CEO held before taking the helm of their current company. Our data shows 29 out of the 100 current FTSE CEOs were appointed directly into the chief executive role, without having occupied any prior positions within that specific company. This suggests that for nearly a third of the UK's top firms, the search for leadership talent extends beyond internal candidates, often favouring external expertise and a fresh perspective. Number of roles within the company No. of FTSE CEOs 1 29 2 24 3 8 4 6 5 1 6 3 7 1 8 1 9 1 10 0 11 1 12-25 2 Are you rewarded for length of service? Beyond just the number of internal positions held, we dug into how long FTSE 100 CEOs have actually been with their current firms. Does a lengthy tenure genuinely lead to the top job, or is it more about rapid ascent? Our findings paint an interesting picture: a significant chunk of top executives are relatively new to their corner offices. 30 CEOs have been with their companies for five years or less . This suggests that reaching the pinnacle doesn't necessarily require decades of loyal service, and in many cases, fresh perspectives and external experience are seen as valuable assets at the executive level. Yet, the other end of the spectrum shows that loyalty can indeed be rewarded, epitomised by Fernando Fernandez, CEO of Unilever PLC , who stands out with an incredible 37 years at the company. Length of time at company (years) No. of FTSE CEOs 0-5 30 6-10 24 11-15 8 16-20 5 21-25 1 26-30 4 31-35 4 36-40 2 41-45 0 46-50 0 The path to FTSE 100: Does one size fit all? Our research reveals that while experience, loyalty and progression within a company are common amongst the FTSE 100 CEOs, there is no single formula for reaching the top. Whereas some CEOs bring decades of industry experience, others arrive from outside the company and have relatively short tenures before stepping into the leadership role. This diversity highlights that the journey to becoming a CEO is varied, and for aspiring leaders, the key to reaching the top is clear - develop broad experience, stay adaptable and be open to different pathways. As the business landscape evolves, with younger, tech-savvy talent emerging globally, it will be interesting to see how these trends shift and shape the CEOs of tomorrow. Methodology Using LinkedIn, we collected data from FTSE 100 CEO profile pages. Where needed, years of service were rounded to the nearest whole year. We collected data using all publicly available information - in some instances, some gaps may exist where certain details were unavailable due to inconsistencies, such as profiles not being updated. Any FTSE 100 CEOs without LinkedIn profiles were removed from specific data gathering. Recommended Readings

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

Learn how to start freelancing with no experience with our actionable tips and advice, and find out which freelance jobs could be the best to pursue too. How to start freelancing with no experience in 2024 12 min read Beginner's Guide Table of Contents Categories Can I be a freelancer with no experience? 7 tips on becoming a freelancer with no experience 1. Identify your transferable skills 2. Create a strategy and pricing structure 3. Build your online presence and be active 4. Build a portfolio and grow your testimonials to show off your work 5. Find your first freelancing jobs 6. Connect with the community and team up with others 7. Research and expand your knowledge Best freelance jobs that require no experience Start your freelance journey with SUAZ Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office When looking to start a new career, it can be all too easy to let imposter syndrome get the better of you. But the only way to gain experience in a new field is to embrace the unknown. If you’re wondering ‘can you freelance with no experience?’ The answer is absolutely yes - how else are you going to share your skills and passion with the world? There are now a total of 2,046,000 freelancers in the UK - an increase of 11% since 2022. It’s easy to see why freelancing is on the rise - the benefits are truly unmatched. You’ll gain the flexibility to work wherever you like, the opportunity to share your passion and work on projects you truly care about. But as a newbie to the freelance world, you’ll first need to find freelance jobs with no experience. Below, we’ll uncover exactly how to start freelancing with no experience and some of the best freelance jobs with no experience for you to build a winning portfolio to grow your career. Can I be a freelancer with no experience? Think of it this way, everyone is a beginner at first. Having no experience in a particular field shouldn’t hold you back - everyone has to start somewhere! Chances are you already have transferable skills that you can apply to numerous freelance opportunities. Many freelance jobs don’t require extensive former experience to get started. Perhaps you’ll embark on freelance social media management, or you’re looking to give freelance copywriting a try. Before you embark on your freelance adventure, it’s vital that you have a strategic plan in place to improve your chances of success. With a proactive approach and determination, you can establish yourself as a freelancer and grow a loyal client base. 7 tips on becoming a freelancer with no experience We’ve put together a list of tips on how to start freelancing with no experience, along with expert advice shared by other, experienced freelancers. With these tips, you’ll soon be ready to embark on your new exciting chapter. 1. Identify your transferable skills If you have no direct experience in freelancing, identifying your transferable skills is vital. You may be surprised how many skills you already have that could be applied to a freelance position. For example, you may have great communication skills or be a problem-solving whizz. You can then take these skills and apply them to different freelance jobs - for example, strong communication skills are key for copywriting where you’ll need to explain complex ideas clearly and concisely. Giada Del Drago , Life Coach and Consultant, says, ‘The best way to identify transferable skills is to look back through your CV and see which skills you’ve used in different jobs. These can then be your professional strengths or even your USP.’ Recognising these transferable skills can be a great confidence booster and can also help pitch yourself to potential clients. Emma Georgiou , Executive Coach, Consultant and Trainer has shared the following tips for identifying transferable skills: Look at your CV and consider the experiences that you have. Consider what skills you acquired in each role e.g. problem-solving, leadership, coaching, technical abilities. This can be split into hard skills (knowledge / expertise) and soft skills (interpersonal and behavioural). Consult others around you – ask family, friends and former colleagues who know you well. They may be able to identify other skills that you have learned that may not be obvious to you. In the work setting you can also look at feedback you’ve received as part of reviews, as this often uncovers your skills. Once you’ve identified your list of skills, create a document with them in, and add to it once you learn something new. If looking for a new job, cross-check the job description with your skills list and look for alignment. 2. Create a strategy and pricing structure As a newbie to the freelance world, you’ll need to create a strategy and pricing structure that aligns with your personal goals, current circumstances and market trends. To begin with, you may choose to freelance alongside your current job or studies, allowing you to test the waters and decide whether you enjoy freelancing before fully committing to it. Initially, it’s worth prioritising building a strong portfolio of work and gathering client testimonials over making as much money as you can. You may choose to offer your services at a lower rate to begin with, to build a client base. As your confidence and experience grows, you can then adjust your pricing to reflect your expertise. Take a look at our guide to setting up a freelance business for more information on setting a price for your services. 3. Build your online presence and be active Building an online presence is crucial as a freelancer. You can use social media to shout about your successes, advertise your services and keep informed about the latest trends and developments in your industry. Networking platforms like LinkedIn can connect you with potential clients and other professionals, for you to attract new opportunities. Being active on platforms like Facebook and Instagram can help you market your services and connect with potential clients. Make sure you also prioritise creating a website that showcases your work and skills. Your website serves as a central hub and digital portfolio for your previous work, testimonials and contact information. 4. Build a portfolio and grow your testimonials to show off your work Your portfolio and testimonials are key components of your freelancer toolkit, there to prove your credibility and talent to potential clients. Take the time to put together a portfolio that showcases your best work - the more variety the better, to appeal to different industries. Testimonials are equally as important, as endorsements of your professionalism and quality of work from those who have previously worked with you. With no freelance experience, you may wonder where you’re expected to get testimonials from. Why not ask a previous employer or colleague for a recommendation to include on your website? Once you’ve got a client base to your name, you can request feedback once you’ve completed a project. 5. Find your first freelancing jobs Deciding to become a freelancer is one thing, but finding freelancing jobs is a different ballgame. There are numerous ways you can find your first freelancing gigs , both online and in person. Here are some ideas on where to start: Freelancing platforms: These are sites dedicated to helping freelancers find new projects to work on. Platforms such as Upwork and Fiverr are popular freelancing platforms to market your services, connect with potential clients and manage payments. Job boards: Job boards like Indeed and Reed often list freelance jobs. But unlike freelancing platforms, you’ll need to manage client communications and payments yourself. Cold pitching: Many shy away from cold pitching due to being left on read, but it can be a simple and effective way to build new connections and land yourself projects you’d otherwise miss out on. Before reaching out to a potential client, be sure to do the research first. Make sure you know about their business and that their values align with your own, so you sound genuinely interested in working with them. 6. Connect with the community and team up with others Freelance work can feel isolating at times, especially if you work from home. Joining a freelance community can provide you with a network of like-minded professionals who you can rely on and learn from. Your network may even share job opportunities and can recommend you to their network when they’re not available for a project. Taking advantage of a freelance community can help keep you motivated, offer emotional support where needed and help you grow and develop your skills. You’ll have an outlet to discuss any concerns you may have, people to bounce ideas off with, and a space to share knowledge as you advance in your career. 7. Research and expand your knowledge When starting out as a freelancer, researching and expanding your knowledge is crucial. The more you know, the stronger foundation you’ll have for your freelance business. First, research the industry you’re looking to operate in and the pain points and typical goals of potential clients. Next, research and keep on top of the latest trends and advancements in your industry to ensure you’re producing work that hits the mark. From there, you can tailor the services you offer to these needs and position yourself as a valuable asset to your clients. Best freelance jobs that require no experience Looking for the best freelance jobs with no experience? There are numerous fields you can explore that can make the most of your transferable skills. When it comes to the types of jobs out there, the largest occupational group for freelancers is those in artistic, literary and media occupations which now account for 16% of all freelancers . For those who prefer to work from home (or abroad!), there are plenty of freelance remote jobs with no experience out there that may suit you. We’ve compiled a list of some of the best freelance jobs with no experience below, for you to consider: Copywriter: You’ll find plenty of entry-level writing gigs on platforms like Upwork and Fiverr. The more you write, the better your work will become. Learning the basics of SEO and optimising your copy for search will impress potential clients. Virtual Assistant: If you’re an organised person who lives by to-do lists, you could use your skills to assist businesses with day-to-day admin tasks. These jobs may include email management, data entry and scheduling meetings. Virtual Assistant roles can often be done remotely. Social media management: You could help brands build their social media presence by managing their social media platforms, creating and scheduling content, interacting with followers and analysing performance. It’s likely you’ll be able to work remotely too. Graphic design: Perhaps you’re a whizz with Photoshop or naturally artistic, if so, becoming a freelance graphic designer could be for you. You can even use free or inexpensive tools like Canva to get you started. Why not build a portfolio of your designs to pitch to potential clients? Customer service: Customer service representatives provide email, phone or chat support to customers on behalf of a company. You’ll be there to provide support, answer questions and resolve issues. It’s likely you’ll have a stricter schedule than other freelance positions, but you may be able to choose your hours and work remotely. Online tutor: If you have a knack for a certain subject, you could teach it online. You can make your home your classroom through platforms like MyTutor and iTalki, allowing you to connect with students across the globe. This is a flexible freelance option, and a rewarding one too. Proofreader: If you have an eye for detail and a way with words, you could look to become a freelance proofreader. You’ll be sent content to review for grammar and spelling errors, and can often work remotely. Start your freelance journey with SUAZ Taking the leap into freelancing can feel daunting, but the benefits are certainly worth it. Chances are you already have plenty of transferable skills that can stand you in good stead for your freelance career. So, what are you waiting for? There’s no better time to make your business dreams a reality. Form your business today with SUAZ, and take the freelance world by storm. Recommended Readings

Read advice and expert knowledge on the most valuable business mistakes you can make. Supported with data on why start-ups fail. The Most Valuable Business Mistakes 10 min read Beginner's Guide Table of Contents Categories The top reasons startups fail Running out of cash/failing to raise new capital Declining market need Got outcompeted Industry experts share their business mistakes and how to overcome them Ronald Osborne, Business Coach Joshua Pearson, Managing Director, Preaco Marketing Claire Bartlett - Director, Arden Bookkeeping Ltd Izabela Wisniewska - Founder, Creatos Media Ready to start your business journey? Sources Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office You’ve probably come across the idea that we learn from our mistakes, but a fear of failure can often stop us from trying in the first place. With 84% of small business owners seeing mistakes as an opportunity for growth, those hurdles can help you and your business grow. Making mistakes when starting a business shouldn’t get you down, or put you off chasing your dream altogether. In fact, a bump in the road could be a learning curve, or serve as an opportunity to improve your business for better chances of success. We’ve explored the most valuable mistakes when starting a business, gathering top tips from business owners, as they share their mistakes in business and the steps they took to overcome them. With this knowledge, you should feel empowered to embrace the uncertainties that come with starting a business. The top reasons startups fail Wondering how many startups fail? According to research by NerdWallet [1] , 20% of small businesses fail in their first year, with 60% failing within the first three years. Instead of worrying your new venture might not make it, why not use that figure to encourage your success? There are multiple reasons why businesses struggle, and many causes can be preventable. Some mistakes to avoid when starting a business include: Running out of cash/failing to raise new capital We’re not going to downplay it - starting a business is likely to cost you. The average budget for a new UK startup is £5,000 , and that budget should cover not only the launch of your business but the strategy for it to survive long-term. 38% of startups [1] fail due to running out of money or failing to raise new funds, which is why having a strong business plan is so vital. Your business plan works as your guidebook for how you’ll run your company, detailing your plans for the future, your objectives and your financial situation. A business plan also encourages you to evaluate your business costs by looking at your expenses and how you’re going to fund your new adventure. The more planning you put in, the better prepared you’ll be for any obstacles that may come your way. Declining market need 35% of startups [1] fail because of a lack of market demand. When starting your business, it can be all too easy to focus on your new product or service rather than the market you plan to operate in. After all, the product or service you’re launching is your passion, right? Just remember to get to know your market, your competitors and the needs of your target audience. Does your product or service solve a problem? Is there demand for your business right now? Equally, even if you have identified a market need, make sure your pricing and features appeal to your target market. If your product or service ticks the boxes of your customer base, you don’t want to put them off with a mismatch in pricing for example. Try and go above and beyond by offering something your competitors haven’t thought of to improve your chances of success. Got outcompeted After spending time and money getting your business off the ground, the last thing you want is a competitor stealing the spotlight. With 20% of startups failing due [1] to being outcompeted, it’s worth prioritising what makes your business competitive. What is your strongest asset? What makes your business stand out from the competition? If you’re competing in a saturated market, you may want to adopt a niche or new approach to your business. For example, if you’re a dog walking business , you may choose to specialise in a particular breed of dog to appear as a specialist in that area. Take a look at the top 10 reasons startups fail below: Industry experts share their business mistakes and how to overcome them We asked the following computer programming and consultancy experts all about their business mistakes and the lessons they’ve learnt during their entrepreneurial journeys. Ronald Osborne , Business Coach If you had to pick one, what was your most valuable business mistake to date? I hired a friend who never found any success to run the civil construction side of my multi-million turnover business. There were a lot of red flags early on that I overlooked based on our personal relationship, and it hurt my team and me greatly. Once all was said and done, he cost my business upwards of £100k, plus the loss of two great employees. My valuable takeaway was never to hire friends or family unless they met strict criteria and would be suitable for the role in the first place. I urge all business owners to take the time to find the right person for the job, even if it means passing over a close friend. It will protect your money and your personal relationships. Joshua Pearson, Managing Director, Preaco Marketing If you had to pick one, what was your most valuable business mistake to date? My most valuable mistake as a marketing agency has to be taking on bad clients. While clients are incredible, of course, some clients are just not compatible with the style or nature of work you are able to provide at a particular time. What impact did this have on your business - initially and after you’d learnt from it? Through trial and error, I am much more selective of who I work with and make sure that it’s only ever an organisation that I know I can help. This has led to a much more positive environment and a happier work-life, as well as happier clients. What would you recommend to new small business owners off the back of this learning? I would always suggest not saying yes to anything and everything just because it pays. In the long term, it really doesn't. Instead, put the effort into finding the right clients first. Are there any other valuable business mistakes that come close? And any other lessons to share with other new business owners? I learn more about business every single day, and a lot of that comes from small mistakes, but those mistakes become less and less of a problem as things grow and scale up. Claire Bartlett - Director, Arden Bookkeeping Ltd If you had to pick one, what was your most valuable business mistake to date? I own a bookkeeping practice which I have run for eight years now. My most valuable business mistake was believing I had to accept every potential client that came my way. In the beginning, it’s hard to not just chase money and agree to work with everyone. But I soon learnt to listen to my gut and if a client felt like they wouldn't be a good fit, they most likely wouldn't be! It is much harder to disengage with a client than say no at the beginning. Always make sure your clients share the same values and work ethic as you otherwise it can make your working day very difficult. What impact did this have on your business - initially and after you’d learnt from it? Accepting the wrong type of client added so much stress and negativity to myself and my team. I’d worry about when the client would call and feel frustrated about repeating myself. And these clients tend to linger, they fight against fee increases and just take the joy out of your work. Since learning the hard way I am much more conscientious about who I accept as clients and it has made the working day so much more enjoyable. We love speaking to all our clients now and have mutual respect which is needed in a business relationship like ours. What would you recommend to new small business owners off the back of this learning? I know it’s difficult to not be blinded by the fee you could earn and to just accept all new business that comes your way in the beginning. But you need to keep the faith that your ideal client will come your way, and filling your time up with the wrong clients takes away your resources to help the perfect client when they do come to you. Are there any other valuable business mistakes that come close? And any other lessons to share with other new business owners? Business is all about making mistakes but the important thing is to learn from them. When you are new to business everything is uncharted water and you’ll sometimes take the wrong turn. Another mistake I made early on was not listening to my gut when recruiting new staff. It is very important in every decision you make to listen to your own intuition. Have you ever made these mistakes again, perhaps in a slightly different way? Or did you make a similar decision but something else made that decision work in your favour? I did go against what I’d learnt regarding ideal clients when it came to friends. I have had friends ask me to help them with accounts and despite my intuition telling me to not mix my personal life with my work, I didn’t listen and again I learnt the hard way. I now keep these two areas of my life completely separate but have peers in the industry I can recommend to friends if needed. Izabela Wisniewska - Founder, Creatos Media If you had to pick one, what was your most valuable business mistake to date? It’s hard to choose really but I think not treating my business as one of my clients was the biggest one to date, and I really struggled to turn this around - both since starting Creatos Media and even before that when I was freelancing. I was freelancing alongside full-time jobs so it wasn't such a big issue at the time but if I opened my eyes sooner, Creatos Media could have had an easier start! I still struggle sometimes but I really try to treat my business as if it’s one of my clients now and spend a fair share of time on marketing, networking, collaborating and getting out there. Because the only way people will want to work with me is if they trust me, and they won't trust me without knowing me first. What impact did this have on your business - initially and after you’d learnt from it? Initially, I didn't know what the impact was. I was getting my clients from one place and that was a website for freelancers. I did have some reviews and I just went off of that alone. But now I know that if I can easily show that I am good at what I do, people are more likely to work with me. It is easier to sign up clients nowadays, and I get clients from various events as well. My company is growing but it could have easily been what it is now five years ago, if I only treated my business as if it was one of my clients from the beginning. What would you recommend to new small business owners off the back of this learning? Make sure you invest (not necessarily a lot of money from the start, but time!) in marketing for your own business. Make sure you start building your own brand, and showing you are a top voice in your industry from the very beginning. It is so easy to forget about this aspect as you have so much to do, but this is critical for any business to really grow. Are there any other valuable business mistakes that come close? And any other lessons to share with other new business owners? Many! But the one that I think comes close is never passing up an opportunity to learn more, to attend events and network. It will all benefit building your brand as well. Have you ever made these mistakes again, perhaps in a slightly different way? Or did you make a similar decision but something else made that decision work in your favour? I think I still sometimes make the mistakes I mentioned, but I am coming back to the right track. I understand it’s critical for my business so even if I’m very busy, I will soon come back from it. Ready to start your business journey? Ready to make your business dreams come to life? We’ve covered the most valuable business mistakes above, so you can feel prepared for whatever eventualities come your way. After all, making mistakes only better equips us for the future. Here are some key takeaways to keep in mind: Take your time to find the right client or person for a job. Make sure your clients share your values and you have mutual respect for each other. You’re allowed to say no! Some clients might not be compatible with your business and that’s okay. Invest (not just money, but time) into marketing your business and building your brand - it’s a vital step in growing your company and getting your name out there. Our company formation service takes care of the complicated stuff for you, with support there whenever you need it, helping you get on the road to starting a business. Form your company today with SUAZ. Sources [1] NerdWallet - How Many Businesses Fail in the First Year in the UK? https://www.nerdwallet.com/uk/business/start-up-failure-statistics/ Data used for copy and design. Recommended Readings

Learn how to write effective freelance contracts with our comprehensive guide. Protect your work, negotiate terms, and ensure timely payments. A Guide to Writing Contracts as a Freelancer 12 min read Beginner's Guide Table of Contents Categories Do you need a contract as a freelancer? Key elements of freelance contract Crafting a freelance contract: step-by-step 1. Title and introduction 2. Scope of work 3. Timeline 4. Payment terms 5. Revisions, changes and confidentiality Legal considerations in freelance contracts Can you use a template or should you seek legal advice? Starting a freelance business and need support? We can help Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Decided you’re ready to wave goodbye to the standard 9-5 and work as a freelancer? Before you get wrapped up in the freedom and excitement of entrepreneurship, you’ll need to consider the legal side of things. As a freelancer, it’s important that you have a contract in place between you and your clients, to clearly outline expectations for both parties. You’ll also be legally protected should something go wrong. We’ve put together this complete guide on how to write a freelance contract so you know exactly what you need to cover. Once you know what to include in a freelance contract, you can fully embrace all that freelance life has to offer. Do you need a contract as a freelancer? There are numerous benefits to working as a freelancer, from having a flexible work schedule to sharing your passion with the world. But those benefits can sometimes be overlooked by the downsides. If you don’t have a contract in place, you could risk not being paid on time, confidentiality being compromised and early termination by clients without notice. So if you’re asking ‘Do I need a contract for freelance work?’, there are certainly many benefits to having one. Here are just some of the reasons why having a contract as a freelancer is so important. Clarifying expectations: A contract between you and your clients clearly outlines the scope of work, deadlines, and deliverables, as well as the responsibilities of both you and the client. This can ensure both parties are on the same page and know what to expect, which can significantly reduce the chances of disagreements or misunderstandings. Payment terms: Contracts can specify payment terms, including your rates, payment schedules and your preferred method of payment. You can also include late payment penalties to encourage clients to pay you on time. Ownership rights: Contracts specify who owns the intellectual property (IP) created while working together. As a freelancer, this is crucial as it clarifies whether the client has full ownership over the work or if you retain certain rights to it, such as permission to use the work in your portfolio. Confidentiality clauses: You may choose for your contract to include confidentiality clauses to protect any sensitive information shared. This may be important if you’re working with clients who work on trade secrets or proprietary data projects. Approval process: Contracts can include details of specific provisions, to address potential conflicts that could crop up, including how revisions and approval processes will work. By outlining these processes, you can avoid unexpected or last-minute demands and have grounds to push back where necessary. Key elements of freelance contract A freelance contract is essential for setting clear expectations and protecting both you as the freelancer and your client. Here are just some of the key elements that should be included in a freelance contract: Parties involved: You’ll need the names and contact information of both you (the freelancer) and the client, including addresses and phone numbers. Scope of work: Make sure you include a clear, detailed description of the work you’re providing. This section should detail specific tasks you’ll be working on, as well as key milestones and deliverables. You can also outline the project timeline, including start and finish dates. Payment terms: Detail specific payment terms, including your rates. Make it clear what you’re charging the client, whether it’s an hourly rate, flat fee or per-project cost. Next, define the payment schedule you expect, including the due dates of any payments and if an initial deposit is required before work commences. Revisions: Clarify the number of revisions you’re willing to make to the work you produce, and if you charge extra for amendments. Should the scope of work need changing, outline the process for handling these changes and how this will be billed. Intellectual property rights: As mentioned above, the contract will need to detail who owns the intellectual property rights to the work produced. For example, both you and the client may have shared ownership, or one of you may have full rights. If you, the freelancer, retain ownership of the work produced, make sure the contract details the terms under which the client can use the work, such as on their website. Confidentiality: Make sure you include a clause to protect any confidential information shared between yourself and the client. If you see it necessary, you may choose to include a separate non-disclosure agreement (NDA) to ensure any sensitive information remains confidential. Liability: You may choose to include a limitation of liability clause in the contract, which limits what you can be held responsible for, should a client take legal action against you due to events like damages, losses or injuries. This can protect you from being held liable for significant amounts of money, for example. Dispute resolution: Include details of how any disputes will be resolved, such as mediation or arbitration, before resorting to legal action. You may also choose to include details of the jurisdiction and legal venue where legal disputes will be resolved if necessary. Termination conditions: Outline the terms under which either party can terminate the agreement and the notice period required for termination, as well as any fees or penalties that may arise with early termination. Crafting a freelance contract: step-by-step If you’re looking for tips on how to write a contract for freelance work, we’ve got you covered. Here’s how to write a freelance contract step-by-step, so you have everything you need to get started. 1. Title and introduction First things first, you’ll need to begin your contract with a clear and descriptive title, such as ‘Freelance Services Agreement’. Next, you’ll need to put together an introduction that outlines the purpose of the document and identifies the parties involved in the agreement. For example, you may write something along the lines of ‘This Freelance Services Agreement is made between [your name] and [client’s name], as of [date].’ 2. Scope of work The scope of work (SOW) section of a freelance contract sets clear expectations for both you and the client. You’ll need to detail the tasks, deliverables, timelines and responsibilities of the project, to prevent misunderstandings and ensure expectations are clear and understood. First, you should write a brief description of the project, as well as its objectives. What is the client looking to achieve? Explain how the work you’re producing will help them reach their goals. From there, you can go into more detail about the tasks you’ll be responsible for, such as ‘Write 20 blog posts of 1,000 words each.’ Make sure you also include the responsibilities of the client for you to carry out the work effectively. Perhaps you’ve agreed to weekly check-in calls, or for work to be reviewed within a week, for example. Finally, make sure you clearly outline what will be delivered at the end of the project, and on what date. Make sure you clearly explain how the work will be delivered, so the client knows what to expect and when. 3. Timeline Summarise the start and end dates of the project and the estimated completion date. Include any key milestones or deadlines both parties should be aware of and if these are negotiable. 4. Payment terms Make sure you clearly outline your payment rate, whether you charge an hourly rate, a flat fee, or per project. For example, you may choose to charge £30 an hour, or £100 per blog post. You’ll then need to write up your anticipated payment schedule, including due dates of invoices and acceptable payment methods. Should a client fail to pay you on time, you may choose to charge a late fee or penalty for delayed payments. If this is the case, make sure this is clearly explained in the contract too. 5. Revisions, changes and confidentiality You may also choose to include other elements in your freelance contract, including: Change requests: How will you handle change requests? You may choose to limit the number of amends you’re willing to action or ask that change requests be submitted within a certain time frame. Confidentiality clauses: Confidentiality clauses ensure that sensitive information shared when working together is protected. Make sure you define what constitutes confidential information, as well as any exclusions. NDAs: You may choose to include a non-disclosure agreement in your contract, or as its own standalone document. This lets clients know you won’t share their confidential information or trade secrets with others. Legal considerations in freelance contracts It’s vital that you get your head around the legal considerations in freelance contracts. You’ll need to ensure your contracts comply with local laws, for example, you’ll need to consider specific laws such as the Unfair Contract Terms Act 1977, which regulates contracts by restricting the operation and legality of certain contract terms. Another key legal concern to be aware of is the issue of intellectual property (IP) rights, as mentioned earlier. Employers generally have implied rights to freely use the material you create as a freelancer, but it’s vital this is clarified in your contract to avoid any issues. Can you use a template or should you seek legal advice? Whether you use a freelance contract template in the UK is completely up to you, but there are pros and cons to consider. Templates are often free and easily accessible to freelancers looking for a quick solution. Having a ready-made template can save you time, especially if you’re new to the freelancing world and want to get stuck in as soon as possible. They tend to cover standard clauses such as confidentiality, termination and payment terms. But there are some disadvantages to keep in mind - while templates can save you time and money, they may not include the specific needs of your industry and may miss out local laws or regulations you need to include. With this in mind, you may benefit from legal advice if the project you’re working on is complex or has significant intellectual property implications. Having an expert at hand can ensure the contract includes everything you need it to, to avoid potential loopholes. Starting a freelance business and need support? We can help Starting a freelance business could be life-changing, with financial and creative freedom at your fingertips. But getting started can feel complicated. Why not let us help take care of things? Our company formation service can handle the tricky stuff, with advice and support every step of the way. What are you waiting for? Apply to form your freelance business today . Recommended Readings

Read the essential points and strategy to include when writing a buy to let property business plan. Learn how to structure this crucial document. How to write a buy to let business plan 12 min read Beginner's Guide Table of Contents Categories What is a property business plan? Creating a property business plan Section one - assess your current position Section two - set goals for a buy to let business Section three - set your buy to let strategy Top tips for writing a buy to let business plan Build out the cash flow Consider how you’ll be taxed Speak to experienced property investors Start your business journey with SUAZ Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Caught the entrepreneurial bug? Congrats! Starting your own business really is an adventure, where no two days are the same. If you’ve got an eye for detail, and a passion for property, you may be looking to start a buy to let business. Whether you’re a seasoned investor or new to the real estate industry, a comprehensive business plan is vital. For you to take the property industry by storm, you’ll need to write a buy to let business plan that outlines your goals. In fact, many banks will ask to see your business plan as a condition of giving you a business loan . We’ve put together this complete guide on how to write a business plan for a rental property, so you know how to approach each section. With your property business plan in hand, you’ll be ready to take the next steps toward building a successful and profitable property portfolio. What is a property business plan? In simple terms, a property business plan is a written document outlining what you hope to achieve as a business owner and how you plan to get there. You can think of your business plan as your business road map, detailing your company’s strategy and goals, and the steps you’ll take to achieve them. If you’re looking to apply for a business loan, it’s likely that your bank will ask to see your business plan before agreeing to lend you the money. This is because they’ll want to see how you plan to pay off the money you owe. Some of the key elements that should be covered in your buy to let business plan include: Where you’re at: Explain your current financial situation and any costs you anticipate Goals for your business: What does success look like for your business? Make sure you relate this back to financial projections Your strategy: How are you planning to run and grow your business? Explain your business structure and how you’ll operate day-to-day Creating a property business plan There’s no right or wrong way to create a business plan. As long as you cover the key elements and express your passion, you’ll be well on your way to success. The key to a successful property business plan is thorough research, so you have a list of what to include. Below, we’ll explore the key considerations you should include, step by step. Section one - assess your current position The first step in putting together your buy to let business plan is to evaluate your current position, so you know what you need to succeed. Try to assess the following areas: Your current financial circumstances: Assess your personal finances, including any debts and liabilities, as well as savings and other income sources. Do you have any financial commitments that could impact your ability to invest in property right now? Evaluate any potential risks, such as cash flow changes or unexpected expenses, and how they may affect your personal finances and stability. Your motivation for starting a business: Clearly define your motivation for starting a buy to let business, whether that be financial independence or simply a passion for property. What are your short- and long-term goals? Your available finances: Do you have the funds available right now to start your business? It’s important to have complete visibility of your savings, investments and any other finances you can allocate towards starting your enterprise. Calculate your initial costs to get things going and whether your current finances are enough, or if you’ll need additional funding. Additional funding: If you need additional funding from investors or a business loan, you’ll need to work out where this money will come from. Explore options like bank loans, private investors and crowdfunding, and make sure you understand their repayment schedules. Your skills: Assess your skills and knowledge around property management - if you’re missing any key skills such as real estate law and tenant management, you could look to take a course or contact someone experienced in the industry for advice. How you’ll manage your properties: You’ll need to make decisions about how you’ll manage your properties. Will you manage them yourself, or have help from others? Section two - set goals for a buy to let business Setting realistic and measurable goals is crucial for your business’ success. These goals are what you’ll work towards, allowing you to stay focused with measurable benchmarks to help you track your progress. First, you’ll need to make sure your goals are realistic and achievable with the resources you have. For example, you could have a financial goal to own a certain amount of properties. If so, you could mention this in your business plan and the steps you’ll take to achieve this, as well as how much money will be required to fulfil this goal. Initially, you’ll want to aim for a manageable amount of properties that you can not only keep on top of, but afford. Consider how you’ll manage your portfolio as it grows - the more properties you acquire, the more work it will take to maintain them. You may need to hire a property management company to handle day-to-day maintenance and operations. Take a look at our how to start a property business guide for more details. Other business goals you may look to aim for include: Pension pot: You may use your property portfolio as a way of building a retirement fund. Set goals that align with your retirement planning, such as owning a portfolio of debt-free properties by retirement age. Financial independence: If you’re looking to achieve financial freedom, explain what that means to you. Perhaps you’ll want to cover all your outgoings with your buy to let income, or perhaps retire early. Section three - set your buy to let strategy Writing out your buy to let strategy in your business plan is a crucial step in your business journey, serving as the blueprint for how you’ll achieve your goals. Of course, the strategy you take will vary depending on the type of property you invest in. What works for a residential property is likely to differ from a commercial property, for example. Some decisions you may need to make when writing the strategy section include: What is my price range for buying properties? What improvements or renovations will I make to increase value? How will I afford these improvements, and what is the expected ROI? Will I prioritise expanding my portfolio or upgrading properties? How will I manage properties? How will I market properties to appeal to tenants? Top tips for writing a buy to let business plan As we’ve mentioned, your business plan is your roadmap for success, detailing exactly how you’ll achieve your business goals. There are further considerations to include when writing your property business plan, to ensure your company is in the best position for success, including: Build out the cash flow Building out a cash flow document, such as a spreadsheet, can help you assess how to get the best rental yield - the return on your investment relative to the price you paid for the property and ongoing expenses. You’ll also gain an overview of your expenses so you can make informed financial decisions. Doing so can help you review your expenses (such as gas certificates, legal costs and letting agency fees), to align with your business goals. Another key consideration is mortgage costs and interest rate changes. Monitoring your cash flow can help you to manage any changes to these costs. You can input your monthly mortgage payments, including interest, to understand how much of your rental income will contribute towards these payments. Remember, if you have a fixed rate mortgage, the interest rate will remain the same each month up to a set period of time - five years for example. After this period the rate may change which could increase your monthly repayments. Inputting different rate scenarios into your cash flow document can help you prepare for these potential changes. Consider how you’ll be taxed Once you’ve built your cash flow, you’ll need to consider how you’ll be taxed as a business and how this will affect you. When deciding on a business structure, you may sway towards forming a limited company rather than operating as a sole trader due to the potential tax benefits. For example, as a limited company you’ll pay corporation tax rather than the income tax you’d pay as a sole trader, which is significantly less. Take a look at our limited company vs sole trader guide for more information. Speak to experienced property investors Reaching out to experienced property investors can offer first-hand knowledge and top tips for starting a buy to let business, as well as the latest industry changes. Reach out to like-minded professionals on platforms like LinkedIn, attend industry events and conferences or even contact local competitors to build valuable connections. You could ask questions about how they structured their own business plans, and what they’ve done to ensure their business remains profitable and sustainable long term. Start your business journey with SUAZ Writing your business plan for a buy to let property is a vital stage in your entrepreneurial journey. From setting your business goals to solidifying your buy to let strategy, you’ll soon have a business plan that you can turn to as you embark on your exciting next chapter. Looking to start a property business? SUAZ can take care of the complicated stuff for you. With our help, you can form your limited company completely free of charge, with support there whenever you need it. So, what are you waiting for? Form your buy to let business today with SUAZ. Recommended Readings

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

Learn efficient ways to track and manage freelance projects with our comprehensive guide. Stay organised and productive for success in the freelance sector. How to track & manage freelance work 12 min read Beginner's Guide Table of Contents Categories Why tracking work in the freelance sector matters How to keep track of freelance income How to manage freelance expenses and deductions How to set up freelance work for tracking A guide to freelance time tracking Common challenges and solutions when learning how to set up freelance work and track it Ready to turn your freelancing dreams into a structured business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Freelancing is definitely on the rise. As of March 2024, there are roughly 7.4 million freelancers registered and operating in the UK, contributing over £270 billion to the UK economy every year. That's a lot of people juggling projects, clients, and invoices. As one of them, or at least planning to be, you know that freedom, potential, and flexibility come with a price – organisation. This guide will equip you with the essential skills and tools to track and manage your freelance work effectively. From your first client enquiry to the final payment, we'll cover everything you need to stay organised, efficient, and profitable. Let’s get into it. Why tracking work in the freelance sector matters As a freelancer, you're essentially a one-person company responsible for every aspect of your business – from securing clients to managing finances. And just like any successful company, you need robust systems to thrive. Effective tracking is crucial, especially as your business grows. It provides valuable data and insights that empower you to make informed decisions and avoid common pitfalls that can derail a freelance career. Statistics show 82% of businesses fail due to poor cash flow management. Other major contributing factors include: Ineffective time management Undercharging for services Inadequate financial planning Insufficient tax and emergency funds Poor expense management By implementing a comprehensive tracking system, you can: Gain an understanding of your financial health: Track income, expenses, and profitability to make informed business decisions. Optimise your time: Identify time-wasting activities and streamline your workflow for maximum efficiency. Price your services strategically: Analyse project data to ensure you're charging appropriately and maximising your earning potential. Improve your processes: Spot inefficiencies in your workflow and implement changes for better results. Reduce stress: Avoid missed deadlines, forgotten invoices, and financial anxieties by staying organised and in control. Ultimately, using systems to track your work allows you to work smarter, not harder, and build a thriving freelance business. When your systems handle the heavy lifting, you can focus on what truly matters: delivering exceptional work and building a thriving freelance career. How to keep track of freelance income First, we’ll explain how to keep track of freelance income. Juggling client payments, chasing invoices, and staying on top of your income can feel overwhelming. But there are simple and effective ways to track your freelance income, no matter your experience level. Starting simple When you're starting the journey of how to keep track of your freelance income, a basic spreadsheet or even a notebook can do the trick. You can then keep track of: Payment dates: When did you receive each payment? Client names: Who paid you? Project details: What was the payment for? Amount received: How much did you earn? This method provides a solid foundation, but as your business grows, you'll likely need a more robust solution. Using accounting software Consider using dedicated accounting software to streamline your financial management. Many options connect directly with your bank account, automatically tag income and expenses, calculate taxes, and offer valuable financial insights. A few popular choices include: QuickBooks Self-Employed: An all-in-one tool for tracking income and expenses, sending invoices, and estimating quarterly taxes. FreshBooks: User-friendly invoicing and accounting software designed specifically for freelancers and small businesses. Wave Accounting: A fantastic free option with basic invoicing and accounting features, ideal for those on a tight budget. By implementing a reliable system for tracking your income, you can gain a clear picture of your financial health, simplify tax season, and focus on what you do best: delivering exceptional freelance work. Categorise your income No matter how you track your income, categorisation is key. For example, let's say you're a freelance graphic designer offering a range of services: Logo design Custom graphics Illustrations Infographics By tagging each income source by service type, you can analyse which services are most profitable. Perhaps logo design generates 90% of your income and offers the best return on your time investment. This insight might lead you to niche down and focus solely on logo design. You can also categorise income by project type, client, or even payment method. This granular data can encourage you to make informed decisions about your services and pricing strategies. Consistency is crucial The key to successful financial management isn't just the system you use but your consistency in using it. That’s the trick regarding how to keep track of freelance income. Avoid getting caught in the trap of constantly switching between apps and templates. Find a system that works well for you and commit to it. Adapt your workflow to fit the system, and stick with it consistently. Building a consistent workflow takes time. Establish a routine for tracking your income and expenses, whether daily, weekly, or monthly. The most important thing is to be consistent and make it a habit. How to manage freelance expenses and deductions Income is crucial, but so is tracking what you’re spending and where the money comes out. This not only maximises tax deductions and keeps everything accurate and legal, but also provides valuable insights into your spending habits. Whether you prefer a spreadsheet or accounting software, the principle remains the same: record every expense. Note the date, amount, vendor, and a brief description. This meticulous tracking is crucial for two reasons: Tax deductions: Many business expenses are tax-deductible, reducing your tax liability and increasing your take-home pay. Financial awareness: Regularly reviewing your expenses helps identify areas where you can cut back and improve profitability. Tips for organised expense tracking Keep all receipts: Whether paper or digital, store them securely in a dedicated folder or app. Categorise expenses: Group similar expenses into categories like office supplies, software subscriptions, travel, and professional development. This simplifies tax preparation and analysis. Use expense tracking tools: Accounting software often automates expense tracking by connecting directly to your bank account. Separate business and personal finances: Use a dedicated business bank account to separate your business transactions from your personal spending. By diligently tracking and categorising your expenses, you can minimise your tax burden, gain a clear understanding of your spending patterns, and boost your overall profitability. Other top tips for keeping track of freelance finances Managing your freelance finances doesn't have to be a burden. Here are some expert tips to help you stay in control of your money: Set a budget (and stick to it!): A budget is essential for tracking income and expenses, preventing overspending, and making informed financial decisions. Start by listing all income sources and fixed expenses, then allocate funds for variable expenses like marketing or travel. Avoid impulse purchases and use your budget to guide investment decisions. Use accounting software: Streamline your financial management with accounting software. These tools automate tasks like income and expense tracking, invoicing, and tax estimation, saving you time and effort. Set money aside for taxes: As a freelancer, you're responsible for paying your own taxes. Set aside 25-30% of each payment to cover your tax liability and avoid a hefty bill come tax season. Plan for irregular pay and downtime: Freelancing often involves income fluctuations. Prepare for lean periods by building an emergency fund or setting aside extra income during busy months. Keep personal and business finances separate: Open a dedicated bank account for your freelance business to maintain clear financial records and avoid complications with HMRC. By implementing these tips, you can confidently manage your freelance finances, optimise your earnings, and achieve financial stability. How to set up freelance work for tracking You probably have an idea of who your clients are and what work you’re doing for them, but as you scale your business, develop your skills, and onboard more work and more complex pipelines, this system becomes obsolete almost instantly. Tracking your work, projects, clients, and tasks is crucial in this way. It clears your mind so you can focus on the important aspects of the time at hand, keeps you in control, and prevents stress, burnout, and other things that can damage your business. You’ll also get a ton of data you can use to make informed decision-making within your business. Like which work brings in the most money. Which client is most profitable. Which market is most lucrative and better suited to your skills. How to set up your freelance work and track it efficiently starts with how you set up your freelance projects. By implementing these strategies from the outset, you can streamline your workflow, improve project management, and gather valuable data for your business. Define crystal-clear project scopes Before starting any project, establish a clear scope of work. This includes outlining: Project goals: What are you aiming to achieve? Deliverables: What specific outputs will you provide? Timelines: What are the key deadlines and milestones? Payment terms: How and when will you be paid? A well-defined scope prevents scope creep (unplanned additions to the project that you should really be charging for) and ensures you and your client are on the same page. Break projects into milestones Large projects can feel overwhelming. Break them down into smaller, more manageable milestones. This not only makes the project less daunting but also allows for better progress tracking and a sense of accomplishment along the way. Set deadlines (and stick to them) Deadlines are crucial for accountability and timely project completion. Be realistic when setting deadlines, factoring in potential delays or unexpected issues. Once set, do your best to adhere to them. Leverage project management tools Numerous project management tools can help you stay organised and on top of your work. Consider these options: Trello: A visual tool using boards, lists, and cards to organise and prioritise tasks. Asana: A robust tool with features like Gantt charts and timelines for managing complex projects. Monday.com : A versatile platform for managing projects, workflows, and teamwork. Sunsama: A tool for planning your day, week, or month by integrating calendars and to-do lists. Akiflow: A powerful task management tool with features like time blocking and automated scheduling. Google Calendar: A simple and accessible tool for scheduling appointments, deadlines, and reminders. The key is to choose a tool that fits your workflow and use it consistently. Adapt your processes to the tool's functionalities for optimal results. There’s no “golden” tool that will care for everything and make life easy. That comes from picking a tool and then sticking with it, building up a system with that tool that works for you, not the other way around. A guide to freelance time tracking The most important thing you have to manage as a freelancer is your time, and developing a freelance time tracking system from the very beginning can bring so many benefits. Here’s an example: You charge £150 for a blog post. But what if it takes 5 hours to write, with another 4 hours lost to distractions? Your actual hourly rate plummets to £30. Now, imagine completing that same post in one focused hour time block. Suddenly, you're earning £150 per hour, with extra time to invest in other projects or personal pursuits. Freelance time tracking isn't about working yourself to the bone, grinding all the time, and burning out. You do become a productivity machine, but in the sense that your work time is used wisely. Your most valuable resource is used optimally and without waste. It's about understanding where your time goes so you can make conscious choices about how to spend it, how much to charge , and, ultimately, how to run your business more effectively. How to track freelance hours There are several ways to track your time: Manual freelance time tracking: Use a spreadsheet, notebook, or a simple timer to track your work hours. Techniques like the Pomodoro Technique, with its focused work intervals, can be particularly helpful. Digital time tracking tools: Many apps offer features like project-specific tracking, reporting, and integration with other platforms. Some popular options include: Toggl Track: User-friendly time tracking across projects and clients. Harvest: A robust solution with invoicing and expense-tracking capabilities. Some project management tools can teach and help you learn how to track freelance hours with ease, but often within their premium subscriptions. These tools provide detailed dashboards to visualise how you spend your time across days, weeks, months, or even the entire year. Top tips for keeping track of freelance time Regularly review your time logs: Take some time each week or month to review your time logs. This will help you identify patterns or areas where you can improve your time management. Identify time drains: Are there specific tasks or activities that consistently take up more time than you anticipated? Once you identify these time drains, you can take steps to eliminate or minimise them. Set realistic time estimates: When estimating project timelines, be realistic about how long tasks will actually take. It's always better to overestimate than underestimate. Try time blocking: This time management technique involves scheduling specific blocks of time for different tasks or projects. It can help you stay focused and avoid distractions. Use the Pomodoro technique: This technique involves working in 25-minute intervals with short breaks in between. It can be a great way to boost your productivity and avoid burnout. Prioritise high-value tasks: Not all tasks are created equal. Focus on prioritising the tasks that will impact your business most. So, when it comes to learning how to track freelance hours effectively, a bit of a proactive mindset can go a long way. Common challenges and solutions when learning how to set up freelance work and track it Even with the best intentions, tracking your freelance business can present challenges. But don't be discouraged. By understanding these common obstacles and their solutions, you can develop strategies to overcome them and build a more successful freelance career. Inconsistent time tracking Challenge: It's easy to lose track of time when engrossed in a project or juggling multiple tasks. Inaccurate time tracking can lead to underbilling and lost revenue. Solution: Use automated time tracking tools or set reminders to log your hours regularly. This ensures accurate billing and fair compensation for your work. Managing multiple projects simultaneously Challenge: Juggling multiple projects with varying deadlines and deliverables can be overwhelming, potentially leading to missed tasks and increased stress. Solution: Use project management tools like Asana or Trello to organise and prioritise tasks. Break down large projects into smaller, manageable steps with clear deadlines. Create separate boards or lists for each project to maintain organisation. Regularly review and adjust your schedule to ensure balanced time allocation across projects. Difficulty in invoicing and payment tracking Challenge: Creating, sending, and following up on invoices can be time-consuming and frustrating. Late payments can disrupt your cash flow and create financial instability. Solution: Establish a consistent invoicing schedule and promptly follow up on overdue payments. Consider using invoicing software to automate the process and simplify payment tracking. Clearly outline payment terms in your contracts or project agreements to avoid misunderstandings. By proactively addressing these common challenges, you can streamline your tracking processes, maintain organisation, and ensure you're fairly compensated for your valuable time and effort. Ready to turn your freelancing dreams into a structured business? Start Up A-Z is here to guide you through every step of your journey – from forming your company to landing your first client. Our comprehensive support system includes business planning tools, proven tracking methods, and ongoing guidance from founders who've walked the same path. Don't just start a business. Build a sustainable freelance career with the right foundation. Form your company with SUAZ today . Recommended Readings

Discover the benefits of having a virtual office for your business. This guide outlines the advantages, from cost savings to increased flexibility. Read more. What are the Benefits of a Virtual Office? 8 min read Virtual Office Table of Contents Categories The benefits of a virtual office address The benefits of a virtual office in a city Which industries most benefit from virtual business? Disadvantages of virtual offices The benefits of a virtual office address Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Virtual offices are becoming increasingly popular for businesses of all sizes, but especially for start-ups. Many businesses no longer need to invest in an expensive office space to establish their professional and brand image. A virtual office address offers a cost-effective solution that provides credibility, admin support, flexible working and employee satisfaction, as well as a prestigious address to use for business communications. Partnering with a reliable virtual office provider ensures you get the services and support you need for your new business to thrive, all without the overhead costs of a physical office space. Below, we'll uncover the key benefits of having a virtual address for your business, and why you should consider virtual office services to achieve your business goals. The benefits of a virtual office address Virtual offices provide businesses with numerous benefits, including: Cost Savings: Every penny counts when you're starting or growing a business. With a virtual office, you can save money on rental costs, utility bills, and other expenses associated with an actual office space. According to a study by Global Workplace Analytics, the average cost savings for businesses that use virtual offices is 30%. This freed-up capital could be reinvested into your business for enhanced growth and innovation. Enhanced Professionalism: First impressions matter and a virtual office provides you with a reputable business address that impresses clients and business partners alike. You can confidently meet clients at the physical office space or use its address for official correspondence, boosting your business's credibility and professional image. Flexibility and Work-Life Balance: Tired of the daily commute? With a virtual office, you have the freedom to work from anywhere, be it working remotely from the comfort of your home or your favourite coffee shop. You'll enjoy a better work-life balance and make time for the things that matter most. Plus, you'll avoid being tied to long-term leases, which can be a long-term commitment if you rent a traditional office space. Privacy: A key advantage of using a virtual office is that it can help you protect your privacy. When you use your home address as your business address, your home address becomes public record. This means that anyone can look up your address online, including potential clients, competitors, and even government agencies. With a virtual office, you'll have a separate virtual address that can also be used as your mailing address, to ensure no one shows up on your doorstep unexpectedly. Business Expansion: If you're planning to expand your business to new cities or countries, a virtual office can be your stepping stone. A virtual office space provides businesses with a local presence and networking opportunities without the need for physical relocation. This way you can also test the waters on the location you're targeting without the associated cost. Access to Top Talent: Expand your talent pool beyond geographical boundaries. A virtual office allows you to access a global network of talent and hire from anywhere in the world, enriching your team with diverse perspectives and expertise. The benefits of a virtual office in a city A city location can give you access to a larger pool of opportunities. If you're considering a virtual office in the vibrant city of Manchester, look no further. As one of the UK's biggest cities, Manchester offers a thriving business community, rich cultural experiences, and excellent transport links. By having a virtual office in Manchester, you'll have a physical space to tap into the city's dynamic economy and connect with potential clients and partners who value a local presence and small businesses. Which industries most benefit from virtual business? Virtual offices can be a great option for businesses of all sizes and industries. But, certain industries can maximise these benefits even further. Let's take a look at how different businesses can thrive with a virtual office instead of a traditional office: Creative Industries: If you’re a creative professional, a virtual office offers the freedom to work from inspiring locations and collaborate seamlessly with global clients. Consulting and Services: A freelance business can establish credibility with a prestigious business address. That way, business owners can offer top-notch virtual customer service while travelling to meet with clients. E-commerce and Online Retail: Virtual offices complement e-commerce businesses perfectly, providing you a professional address for returns and customer inquiries. Tech Startups: With access to remote talent and flexible workspace solutions, tech startups tend not to need a lot of physical space and could be well-suited for utilising a virtual office, letting you focus on innovation and product development without worrying about office logistics. Disadvantages of virtual offices To provide you with a complete picture, let's discuss some potential disadvantages of virtual offices: Lack of Physical Interaction: While virtual offices offer flexibility, some businesses may miss the face-to-face interactions that a physical office provides. This can be a challenge for businesses that need to build relationships with clients or partners. Internet Reliance: A stable internet connection is essential for virtual operations. This is because downtime or technical issues could temporarily disrupt your business. Isolation: Remote work can sometimes lead to feelings of isolation among remote team members. Regular virtual team meetings and fostering a positive team culture can mitigate this challenge. Availability: Since many businesses share the office space, facilities may not always be available at short notice. This means that if you need to use a meeting room or other amenities, advanced booking may be required. If your schedule might need late-notice use of facilities, consider researching physical office spaces or coworking spaces that are large enough to accommodate multiple businesses or ensure you book any meetings and conference rooms ahead of time where possible. Now that you've learned the numerous pros and cons of a virtual office, the decision is yours: is it time to take the leap and embrace the virtual world? Whether you're a startup, freelancer, or established business, virtual office services could be a great, cost-effective option for businesses like you. If you’re considering a virtual office in Manchester, SUAZ's virtual office packages can help. Buy a virtual office package from us today. Recommended Readings

Limited liability is a corporate structure and method of business protection when forming a limited company. Explore what it is and why it's important here. What is Limited Liability in a Business? 7 min read Company Formations Table of Contents Categories Why is limited liability important? What is a sole trader? Does it really make a difference if you’re a sole trader or a limited company? What is unlimited liability? What other types of businesses have limited liability? Public limited companies (PLCs) Limited liability partnerships (LLPs) Limited by shares vs limited by guarantee Limited by shares Limited by guarantee Are there any exceptions to limited liability? Form your limited company today Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office When starting a business, it’s likely you’ll come across a lot of jargon and legal terms that can leave you feeling out of your depth. If you’ve asked ‘What is limited liability?’ - we’ve got you covered. Here, we’ll cover how limited liability works, what the difference is between limited and unlimited liability, and the protection limited liability can give you when starting your own business. Why is limited liability important? Before we dive into why limited liability is so important, we need to answer the question ‘what is limited liability in business?’ Limited liability is the protection you receive as a limited company, should your business face financial difficulties. As a limited company, your business is legally classified as an ‘individual’ and separate legal entity to you and other owners. Limited liability is important to protect you against the unexpected. So, if your business ever struggles with debts, financial losses or liabilities, the business itself is responsible for them - not you personally. This means you wouldn’t be liable for these financial hardships and all your personal assets would be secure. You would be legally protected and wouldn’t be obligated to pay any debts or cover any financial losses, should your business fall through. The same protection applies for your shareholders too - they have no legal obligation to pay more than the nominal value of shares they hold. Take a look at the advantages and disadvantages of limited liability for more information. What is a sole trader? If you’re self-employed, run your own business as an individual and work for yourself, this is known as being a sole trader. As a sole trader you’re in control of your business, its profits after tax and any assets. But unlike a limited company, as a sole trader you are personally liable for your business’ debts, meaning if your business struggles financially your personal assets may be at risk - we’ll explore this in more detail below. Does it really make a difference if you’re a sole trader or a limited company? It’s easy to assume there aren’t many differences to being a sole trader or a limited company - they both involve running a business after all! But there are significant differences between forming a limited company and becoming a sole trader. Here are some of the biggest differences between being a sole trader and a limited company: Liability: As mentioned, as a limited company you gain limited liability meaning your personal assets are protected should your business suffer financially. A limited company is treated as a separate legal entity from its owners and shareholders are also protected. Whereas as a sole trader, you are personally liable for all your business’ debts. Company size: Sole traders are considered self-employed, whereas limited companies can vary in size. Decision-making: Sole-traders are personally responsible for business decisions as they operate as one individual. Whereas limited companies often have several decision-makers, such as shareholders. What is unlimited liability? By having unlimited liability you’re legally responsible for your business’ debts. This means there is no legal distinction between your business and you personally. If your business runs into financial difficulties, you’ll be financially responsible and creditors can seize your personal assets and property to repay your business’ debts. With this in mind, you may choose to form a limited company instead to mitigate risk to your new business. What other types of businesses have limited liability? As we’ve explained, a limited company limits the amount of liability taken on by its owners and shareholders. Limited liability serves as a form of legal protection and prevents you from being responsible for your company’s financial losses. Here are some other types of businesses that have limited liability: Public limited companies (PLCs) A public limited company is a type of business that is managed by directors and owned by its shareholders. A PLC can offer shares of stock to the public and the buyers of those shares have limited liability - so won’t be liable if the business struggles financially in excess of the amount they paid for the shares. Because PLCs are listed on the stock market, they need to be transparent about their financials and must make their financial reports public so potential shareholders can read up on them before investing. Limited liability partnerships (LLPs) Another type of business structure is a limited liability partnership. A LLP works in a similar way to a limited company in that it is treated as a separate legal entity and is incorporated with Companies House. As the name suggests, a limited liability partnership also offers limited liability to its members. LLPs must be profit-making businesses and be formed by two or more people. Unlike limited companies, there are no shareholders, shares or directors in limited liability partnerships. Limited by shares vs limited by guarantee As mentioned, limited companies provide their business owners with limited liability. But before you go ahead and register your new limited company , you’ll need to decide which type of limited liability best suits you - limited by shares or limited by guarantee. The type of limited liability you should choose will depend on the industry you’re looking to operate in and the type of business you’re striving to build. Here are the differences between limited by shares and limited by guarantee: Limited by shares A business limited by shares is set up with share capital, meaning you must divide your company into shares and choose shareholders. The value of shares owned by each shareholder represents the amount of control and ownership they have, and the limit of their personal liability for business debts. A limited-by-shares company must have at least one share and one shareholder - so you can choose to set up this type of business by yourself. But you also have the choice to divide the company into several shares and have multiple shareholders. Limited by guarantee You may choose for your company to be limited by guarantee. Limited-by-guarantee companies are usually not-for-profit organisations like charities. Instead of shares being issued, all profits are kept within the company. Rather than shareholders, limited-by-guarantee companies are owned by guarantors who pay a fixed amount of money, known as a guarantee, towards the business’ debts should the business struggle financially. This financial guarantee is the limit of a guarantor’s personal liability to the company, which is typically a nominal amount, often as little as £1. Both models of incorporation offer directors the protection of limited liability, if their business faces financial strain such as insolvency. Are there any exceptions to limited liability? While limited liability can offer you protection if your company struggles financially, there are some exceptions where you may be personally liable. The protection that comes with limited liability can be withdrawn should you commit negligence or other unlawful actions. Here are just some scenarios where you may be held personally liable for your company’s debts: Continuing to trade once your company has become insolvent. This includes paying dividends to shareholders and disposing of business assets below their market value Not filing your annual confirmation statement to Companies House Misusing company funds Breaching data protection, either deliberately or on account of negligence Ignoring court orders issued to your company Paying your employees less than the statutory minimum wage Evading tax Engaging in fraudulent activities Form your limited company today Always wanted to be your own boss? There’s nothing stopping you from chasing the life you deserve. Starting your own business can feel daunting - but it doesn’t need to be. Why not let us take care of things? Start Up A-Z can help you form your limited company in no time, so you have one less thing to worry about. Apply to form your company and prepare for your life-changing next chapter. Recommended Readings

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

Want to succeed in the construction industry? If you're wondering how to start a building and construction business, we've created a guide to get you started. A Guide to Starting a Construction Company in 2024 10 min read Beginner's Guide Table of Contents Categories Why should you start a construction business? How much money do you need to start a construction business? Do you need qualifications to start a construction business? Steps to starting a construction business Start with market research and analysis Create a solid business plan Legal considerations and company formation Company formation A note on health and safety considerations Financing and funding your construction business Tips for scaling your construction business How SUAZ can help you Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Starting a construction company is certainly a challenge, but it’s sure to be the most exciting and rewarding journey of your life. When it comes to entrepreneurship, the construction industry is a thriving sector to be a part of, with endless opportunities. Whether you’re laying the bricks or managing project timelines, this guide will be your go-to resource for starting a construction company so you know where to begin and how to overcome any hurdles that come your way. Whether you’re a newcomer to the construction industry or a professional looking to break free from the typical 9-5, this guide is sure to answer how to start a construction company and encourage you to make your dream a reality. Why should you start a construction business? Starting a construction business certainly isn’t a walk in the park. Becoming your own boss requires dedication, passion and the funds to get things going. There’s often a lot of business jargon and regulations to get your head around, and you’ll need to have the drive to succeed, even when obstacles get in your way. But as long as you’re prepared and have a detailed business plan to rely on, there’s no reason why you can’t have a thriving construction company to your name. There are several benefits to starting a construction business, including: Growing industry: The construction industry is an integral part of economic development, from housing to commercial spaces. With the Department of Education planning to rebuild hundreds of schools over the next decade, and the value of construction new work having increased by 15.8% in 2022 , you’ve chosen a bustling industry to be a part of. It’s likely you’ll never be short on work! High earning potential: As the owner of a construction company, you have the potential to earn significant revenue, with the industry set to increase to a revenue of 476.6 billion by 2027 . Diversity: The construction industry offers a variety of specialisations to make your mark in, from residential to commercial construction or even civil engineering. For those with a passion for woodworking, consider specialising in joinery. For a detailed guide on setting up a joinery business, check out our article on how to set up a joinery business . Or maybe you’d prefer to cover all bases, where your next project is in an entirely different field to your last, to keep things exciting. Independence: Nothing compares to the feeling of being your own boss. Entrepreneurship offers complete autonomy, allowing you to foster a work culture that reflects your values. Innovation: The construction industry is constantly evolving, particularly in terms of technology and sustainability. Starting your own construction business allows you to encourage innovation and contribute to positive change in the industry. How much money do you need to start a construction business? How much money you’ll need to get your construction business off the ground will vary depending on the type of services you’ll offer, where you’ll be based and your business model. According to industry estimates, the average budget for a new construction UK startup is around £5,000 . Our guide on the cost of starting a business explains the costs you’ll need to consider in more detail. Do you need qualifications to start a construction business? If you’re interested in starting a construction company in the UK, chances are your construction knowledge is up to scratch already. But there are some qualifications you may choose to have, and regulations you must adhere to, when starting a construction company, including: Construction Industry Scheme (CIS) registration: If you’re planning on paying subcontractors to do construction work, you’ll need to register as a contractor with the CIS before you take on your first subcontractor. Construction Skills Certification Scheme: CSCS cards serve as proof that those working on construction sites are qualified to do so. You’ll need to pass a health and safety test to qualify for a card, or be working towards a Level 2 or Level 3 N/SVQ. Training: You may choose to gain a construction qualification, or you may ask your staff to carry out construction training to ensure they know the tricks of the trade. A well-respected qualification is Construction Skills offered by City and Guilds , which covers the key areas of the construction trade. Steps to starting a construction business Below, we’ve put together the steps you’ll need to take when starting a construction company so you’re fully prepared for your exciting new venture. Start with market research and analysis You won’t know your potential customers' value and how to appeal to them without market research. Prioritising market research can help you stand out in a competitive industry. The first step is to define your niche and the specific services you’ll offer as a construction business. Perhaps you’ll specialise in commercial construction, or maybe residential construction is more your forte. Once you’ve decided on your niche, you can identify your target demographic, from other businesses to homeowners, and start to define how you’ll appeal to them. Other considerations include: Competitor analysis - identify existing construction companies in your area, their strengths and weaknesses and the gaps your business could fill. Customer needs - try to spot any unmet needs and where you could provide value. Networking - reach out to others in your industry to gain valuable insights, attend events and learn from others’ expertise. SWOT analysis - try to carry out a SWOT (strengths, weaknesses, opportunities, threats) for your new business and use your findings to address your opportunities and limitations. Create a solid business plan Your business plan is a written document detailing the ins and outs of your business goals, financial projections and overall strategy. It’s an essential part of your entrepreneurial journey, and something you can turn to/ Not only does your business plan hold you accountable, but it’s also crucial if you’re looking to attract investors. The financial section will explain your forecasted sales, cash-flows and expenses, which potential investors will read to decide whether their investment is worthwhile. Your business plan can also help you to prepare for any challenges you may encounter that could impact your profit margins as a construction business , such as fluctuating material costs or changing market conditions. Legal considerations and company formation You must get to grips with the legal requirements of starting a construction business - the last thing you want to do is break the rules. The most common licences you may need when working on a construction project are the following: Oversail licence: Should you need to bring a tower crane onto a work site to carry out a job, you may need an oversail licence if the jib of the crane needs to swing over any land that the developer doesn’t own. If this is the case, you’ll need to calculate the radius of the jib and try to get an oversail licence with each of the affected landowners. Scaffolding licence: Should you need to use scaffolding on or over a property that isn’t owned by the developer, you’ll need to obtain a scaffold licence. Without one, you’ll be trespassing and may face expensive legal disputes. Company formation Next, you’ll need to decide how you’ll start your business from a legal perspective. You can choose to form your business yourself through the UK’s national registrar of companies, Companies House for a £50 fee. Alternatively, you can trust a company formation agent to form your company on your behalf. Choosing SUAZ as your company formation agent can alleviate any concerns you may have about forming your company - we’ll form your company directly with Companies House completely free of charge, and you’ll have our advice at hand should you need it. A note on health and safety considerations As you can expect, health and safety is a top priority in construction due to the potential hazards and risks you take on as part of the job. Not only is the wellbeing of you and your workers at risk, but so is the health of the public and the environment. In 2015, the Construction (Design and Management) Regulations 2015 came into effect, replacing CDM 2007. This publication describes the law that applies to the construction process, how you can manage health and safety in construction and what you must do to carry out projects safely. Financing and funding your construction business Starting your own business can be expensive, but this shouldn’t deter you from making your business dream come to life. You’ll need to decide the financing or funding option that works best for you, depending on your financial circumstances. You may choose to take out a business loan to get you one step closer to entrepreneurship. Like other types of loans, you apply for a business loan through a bank and will need to repay the amount over time, usually through monthly repayments. How much you can borrow usually depends on your credit score and the bank’s borrowing limits. The bank will likely ask to see your business plan to understand what you’re using the funds for, and to ensure you have the means to repay. Alternatively, you may prefer alternative funding options such as crowdfunding, whereby you get a ‘crowd’ to fund a project, such as your new company. There are a few forms of crowdfunding to consider, such as donation-based funding where people will give you money without expecting anything in return, and equity funding where backers will receive a share of your business. Take a look at our guide to startup loans and business funding for more details. Tips for scaling your construction business As we’ve explained, scaling your construction business requires extensive planning, decision-making and drive to achieve your goals. Perhaps you’re looking to become a contractor specialising in residential construction, or commercial construction is calling your name. The key to success is a well-executed strategy - which can be implemented with the following tips: Financial management: Having the funds to start your business is one thing, but making sure you keep on top of your finances is vital for business success. You’ll need to maintain up-to-date financial records, monitor your cash flow and stick to your budget. You may choose to hire an accountant to help you keep on top of things and alleviate any worries you may have. Marketing: From digital marketing to social media, marketing your business is crucial to getting your business’ name out there. Once you’ve identified your target market, you can tailor your marketing efforts to appeal to their needs and values. Growing your team: The construction industry is collaborative and there’s nothing that teamwork can’t solve. Why not recruit some talented construction professionals who help grow your business? Manage risk: Make sure you identify any potential risks to your projects ahead of time and have a strategy in place to mitigate them. How SUAZ can help you If you’ve caught the entrepreneurial bug, what’s stopping you from chasing your dream? Starting a construction business could be life-changing, and we’d love to support you on your journey to success. Our professional company formation service can guide you through the process, with support there whenever you need it. There’s no reason to wait - form your company with SUAZ today. Recommended Readings