Read our report on stress and mental health in business and how to care for your mental wellbeing when running a business. Stress and the Mental Impact of Running a Business 10 min read written by Lucy Hancock Beginner's Guide Table of Contents Categories Mental health challenges of small business owners Business financial strain Isolation Work performance Understanding taxes/finances Loss of a deal/new business pitch Overworking and burnout Mental health conditions suffered by entrepreneurs The mental impact of running a business in statistics Knowing the signs of poor mental health How to look after your mental health when running a business Real life case studies from entrepreneurs Hayley Knight - Co-founder and Comms Director at BE YELLOW Aaron Bond - Director of Operations at Bond Rees Ltd Further resources Conclusion Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office We’ve said it before and we’ll say it again - while both life-changing and rewarding, starting a business isn’t easy. From struggling to maintain a healthy work-life balance, to financial worries, business owner stress can affect anyone and you’re not alone in feeling overwhelmed at times. In fact, 50% of SMB owners surveyed said stress and mental health issues are affecting the success of their business. When it comes to business stress, it’s important not to suffer in silence. The impact of mental health in business shouldn’t be glossed over, and knowing how to look after your mental health can be just what you need to keep your passion alive and your business thriving. We’ve put this report together to explore how running a business affects mental health and the factors that contribute to poor mental health as a small business owner. We’ve even spoken to other business owners to understand how running a business has affected their wellbeing and what changes they made to improve their mental health. With our tips, you’ll know how to deal with burnout at work so you can take care of not just your business, but your wellbeing too. Mental health challenges of small business owners 80% of small business owners in the UK reported experiencing symptoms of poor mental health . In fact, when comparing mental health conditions among entrepreneurs to the general public, more entrepreneurs experience mental health issues than those who aren’t business owners. Let’s explore some of the potential contributors to poor mental health in the workplace. Business financial strain The financial pressure of running a business can leave you feeling worried about the state of your business, both now and in the future. You may worry about meeting financial obligations , such as paying the salaries of your employees, or your office bills. This financial stress can contribute to feeling overwhelmed and isolated. In fact, 49% of small business owners believe their mental health has suffered from the stress of managing their business finances in the past year. To avoid business financial strain impacting your mental wellbeing, be sure to address any financial worries early on, such as revisiting your cash flow, and reach out for support should you need it. Isolation Taking care of your business can leave you feeling isolated at times, especially in the early days when you’re committing significant time and effort into getting your new venture off the ground. You’ll likely spend a lot of time alone which can leave you feeling isolated - contributing to loneliness and depression. If you’re finding yourself feeling isolated, try to expand your network and meet like-minded entrepreneurs who you can share your experience with. It’s likely they’ll have experienced similar emotions and can offer you support. Work performance Work performance can both influence and be influenced by your mental wellbeing as a business owner. Should your business thrive and hit its objectives, this can reduce financial strain and anxiety. Whereas, if your company experiences a rough patch or loses profits, this may negatively impact your mental health and leave you fearful for your company’s future. For many business owners, their work is closely tied to their self-worth and identity - if work is going well, this can boost self-esteem but if business is underperforming this can lead to self-doubt and failure. If you’re finding work performance is taking its toll on your mental health, don’t hesitate to reach out for support, such as seeking professional help, to make things feel easier to manage. Understanding taxes/finances As a business owner, you’ll need to comply with and understand various tax and financial regulations, which can feel overwhelming to get your head around. If you struggle to understand your business’ finances , you may be left feeling anxious or uncertain about your new venture. Equally, a lack of financial literacy can lead to poor financial planning which may negatively affect your business’ livelihood. Making sure you have a detailed business plan to hand can alleviate your financial concerns and improve your knowledge. Your business plan is a point of reference should you need it, detailing your financial objectives and how you’ll budget for your business objectives. You can even refer to the cash flow within your business plan, which details the cash required by your business day-to-day and when your costs are due, to keep things running smoothly. This will provide a sense of direction and reduce your anxiety as a result. Loss of a deal/new business pitch You’ll likely invest significant time and energy into pursuing new business opportunities, so losing a deal or pitch can leave you feeling disappointed and frustrated. Losing a business deal can also have financial consequences, especially if you were expecting significant revenue had you won the pitch. This financial strain can contribute to stress and anxiety over the financial health of your business. The first step in coping with the loss of a deal is acknowledging and accepting your emotions as they come. Disappointment is only natural - give yourself time to accept what has happened. From there, you can approach the situation as an opportunity to learn and identify what could be improved for your next opportunity. Finally, connect with your network such as your colleagues or friends who understand these challenges and can provide support. Overworking and burnout Starting your own business is no easy task and often comes with an endless to-do list! From meeting financial goals to keeping up with competitors, it’s easy to feel overwhelmed and overworked as a business owner, which can lead to burnout over time. In turn, burnout can lead to a lack of motivation, exhaustion and a loss of passion for your business as a result. In fact, 37% of UK small business owners say they’ve experienced burnout as a result of running a business. To avoid overworking and burnout, make sure to reach out to your support network when you feel snowed under, and recognise the signs of burnout to prevent it. Mental health conditions suffered by entrepreneurs As we’ve mentioned, being a business owner can come with its fair share of challenges which can be detrimental to your mental wellbeing. With 75% of small business owners being concerned about their mental health , it’s clear that more awareness and emphasis are needed on mental wellbeing amongst entrepreneurs. When looking into the mental health conditions of business owners, depression was the most common condition suffered, with 30% of business owners struggling. So, if you’re looking to start your own business, prioritising self-care and learning how to manage your stress is vital. Doing so can protect not only your wellbeing, but the success and longevity of your business too. The mental impact of running a business in statistics While starting your own business can be life-changing, it also comes with a lot of responsibility, particularly around your business’ success, which can cause worry and stress. With 65% of small business owners experiencing anxiety, it’s clear that the added pressure can have major repercussions on your mental wellbeing. Likewise, 60% of small business owners have felt their stress levels increase in recent months due to the economic landscape. Current economic conditions such as inflation and supply chain issues following Brexit are likely to have played a part in the day-to-day running of many small businesses, with 5% of businesses with 10 or more employees having experienced global supply chain disruption in November 2023. Changes in regulations and trade policies may also impact market access and talent acquisition, which may lead to increased anxiety. With this in mind, it’s vital that business owners take care of their wellbeing just as much as their business during periods of economic uncertainty. By prioritising self-care and wellness practices, you’ll know how to tackle any challenges that come your way. Knowing the signs of poor mental health We’ve touched on how running a business can cause mental health challenges as an entrepreneur, but how should you manage it? We’ll explore how to deal with the stress of running a business below, so you know what signs of poor mental health to look out for. Increased irritability: Feeling more short-tempered than usual? If you’ve found yourself feeling more irritable and less patient than normal, it may be a sign that you’re not feeling like yourself. Withdrawal from social activities: Social withdrawal involves not participating in social activities you used to enjoy. Our social relationships are crucial to our wellbeing, and subconsciously withdrawing from social interactions can leave you feeling isolated. Loss of interest in work: You likely started your business out of passion and excitement. But when that love for what you do starts to fade, this may be a sign of poor mental health. If you’re finding yourself disinterested in your work and lacking motivation, it may be time to reach out for support. Changes in sleeping and eating behaviours: A change in appetite and sleeping behaviour can be a sign that you’re struggling with your mental health. Perhaps you’re struggling to get to sleep, or you’re eating more or less than normal. If you’ve noticed a change in your sleeping or eating habits, this may be due to business stress and anxiety. Spotting the signs of poor mental health early can prevent the problem from escalating. The sooner you acknowledge you may be struggling, the sooner you can reach out for support. How to look after your mental health when running a business Running a business can be emotionally demanding, so it’s important you take care of your mental health for long-term business success and your wellbeing. Here are just some of the ways you can look after your mental health as a business owner: Practise self care: Set aside time for you to take care of your wellbeing. Self care looks different for everyone - perhaps you’ll practise meditation, take a walk or write down how you’re feeling. Try to incorporate relaxation techniques into your day-to-day to clear your mind. Set boundaries: As a business owner, keeping a healthy work-life balance can feel tricky, especially if you work from home. Try to set clear boundaries between your work and personal life. Make sure you establish specific work hours to avoid overworking and make time for your hobbies and family and friends. Take regular breaks: Be sure to take regular breaks throughout the day, away from your desk, to recharge and prevent burnout. Also, make sure you take time off throughout the year to switch off from work and unwind. Professional help: Seeking professional help from a therapist or counsellor can provide you with valuable support and ways to cope when you’re struggling. You can voice any anxieties you may have confidentially, to take some weight off your shoulders. Remember that seeking help isn’t a sign of weakness - if you had a physical problem, you’d see a doctor and the same should apply to your mental health. Psychotherapist and author of ‘But Are You Alive?’, Eloise Skinner offers her advice on how to look after your mental health as a business owner. “Make sure you have stable foundations in place for the rest of your life, as you start your journey as a business owner. This means prioritising your own wellbeing (sleep, nutrition, fitness, etc.), and your relationships (friends, family and colleagues). It also means setting aside time for your passions and hobbies - and retaining a sense of self outside of your business. Starting a new venture can be overwhelming, often in a good way, but sometimes in an intimidating way too. Building a life that feels stable, secure and balanced - both within the workplace and outside of it - might help you to navigate the rollercoaster of business life a little better.” Real life case studies from entrepreneurs Here are some examples of how other entrepreneurs take care of their mental health. Hayley Knight - Co-founder and Comms Director at BE YELLOW Entrepreneur Hayley Knight, co-founder and Comms Director of PR and marketing agency BE YELLOW , explains how burnout led to her closing down her last business to find a better way of working, implementing four-day work weeks and fully remote working. “I suffer from severe anxiety and ADHD, and in the past, I have failed to set healthy boundaries, taken on too much work and said yes to everything. “Now I set boundaries, and have systems in place that help increase my focus, and productivity and manage my workload. We also have four-day work weeks, we use our free day for professional and personal development, and implement regular focus periods. “I have developed a strict morning routine, which includes meditation and exercise, and I meditate when I am feeling overwhelmed, or need to make a decision. I also take a step back and have learned not to reply to things impulsively. I also travel full time, which is great for my wellbeing.” Aaron Bond - Director of Operations at Bond Rees Ltd Aaron Bond, Director of Operations at Bond Rees Ltd , explains how he has achieved a sustainable work-life balance after setting up his own private detective agency. “Running a business as a small business owner has been an incredibly rewarding yet mentally demanding journey for me. One of the most profound challenges has been the blurring of boundaries between work and my personal life. “Unlike traditional employment with set working hours, being an entrepreneur means that the concept of ‘regular hours’ becomes obsolete. The demands of the business are relentless, and it often feels like the entrepreneurial journey is a round-the-clock commitment. This constant state of vigilance, coupled with the weight of responsibility for the business' success, can take a toll on mental wellbeing. The never-ending nature of the work can lead to burnout, stress, and a persistent feeling of being overwhelmed. “To navigate these challenges, I've prioritised creating a sustainable work-life balance. Recognising that my mental health is integral to the success of my business, I've implemented strict boundaries around working hours and made a conscious effort to set aside dedicated time for self-care. Whether it's taking short breaks throughout the day, scheduling regular moments of relaxation, or disconnecting from work during evenings and weekends, these practices have played a crucial role in maintaining my mental resilience.” Further resources If you’re finding things difficult to cope with right now, you don’t need to suffer in silence. There are plenty of helpful resources at hand to help you take care of your mental health as a business owner, including: The Federation of Small Businesses - A Guide for Small Businesses Mind’s mental health at work NHS - Get your free Mind Plan Mental Health at Work’s The Mental Health of the Self-Employed report Find an NHS Talking Therapies service Conclusion Prioritising your mental health doesn’t just affect your personal life, it’s also crucial to successful entrepreneurship. The life of a business owner is exciting and fulfilling, but the pressures of running a company can be overwhelming. Without self care and boundaries, it can be all too easy to neglect your wellbeing and be left feeling burnt out and emotionally drained. Taking care of your mental health is an investment in both yourself and your business’ success. If you’ve found your mental health has taken a dip, don’t hesitate to reach out for support. By implementing self care practices into your day-to-day, you can embrace the challenges of entrepreneurship with open arms. Ready to form your own company? Check if your business name is available today to get started. Author bio Lucy Hancock is an experienced finance writer, having previously worked for Staysure Travel Insurance before working at MoneySuperMarket where she specialised in all areas of personal finance, from credit cards and loans to pensions and retirement planning. Having worked in digital marketing for several years, she’s passionate about the value small business marketing can bring to those looking to grow their businesses. She has written extensively across all areas of business and personal finance, to help business owners like you make informed financial decisions. Recommended Readings

Discover the perfect dog walking business name with our suggestions and guide to creating a name. Stand out in the industry and attract clients effortlessly. A Guide to Finding a Dog-walking Business Name 10 min read Beginner's Guide Table of Contents Categories How to choose the perfect dog walking business name Understanding your brand identity Brainstorming business name ideas Evaluating and refining name options Leveraging naming resources and tools Legal and practical considerations 10 example dog walking business names Register your dog walking business with SUAZ for free today Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office So, you’ve decided to start a dog-walking business? Congrats! Financial freedom, job satisfaction and endless opportunities await you. But before you grab your wellies, leash and dog waste bags (so glamorous), you’ll need to come up with some good dog walking business names to help you get noticed. With the amount you have to organise when starting a business, it’s likely that you’ve left your business name until the last minute. But don’t panic - we’ve put together this guide to choosing dog walker business names to inspire you. Our tips and tricks can help you generate a unique and memorable business name that reflects your brand and business mission, and helps you stand out from the crowd. How to choose the perfect dog walking business name Your business name is more important than you may realise. It’s a key element of your business’ identity and is the first thing your potential customers see - so you’ll want to set aside some time to brainstorm your ideas. Deciding on a winning business name doesn’t need to feel im paws ible. Here are just some ways to get you feeling inspired and embracing your creativity. Understanding your brand identity Brand identity plays a crucial role in your business’ overall brand and marketing strategy. Before you start brainstorming the best dog-walking business names, you’ll need to pinpoint your brand identity - all the unique characteristics that influence your brand’s appearance, personality and overall image. Building your brand identity is a lot like a novelist choosing the traits and key attributes of their main character. Your brand identity is your chance to personify your brand, get creative and differentiate your business from its competitors. Try and think of some unique selling points (USPs) that set your business apart from the rest, what your brand stands for and your communication style - how you’ll talk to your customers. Your brand identity encompasses all the visual elements of your brand too, such as your logo, the colours you use and of course, your business name. Having a strong, consistent brand identity can help potential customers spot your business among the crowd and recognise it again in the future. You can build trust with potential customers and eventually build a loyal customer base that returns to your business time and time again. Brainstorming business name ideas For some, coming up with a business name is the most exciting stage of entrepreneurship - allowing you to flex your creative muscles and put a name to all your hard work. Whereas for others, the thought of brainstorming business names may feel like the hardest step in your journey. Some creative ways to brainstorm business name ideas include: Word association: A simple and effective way to get your brain in gear, word association can help you generate business name ideas by thinking of words that you associate with others. First, write down key words that relate to your business such as ‘walking’, ‘dogs’, ‘paws’. Next, list words you associate with each of the core words, such as ‘puppy’ next to ‘dogs’ and ‘outdoors’ next to ‘walking’. Finally, you can try to mix and match your words to create potential names! Mind mapping: Mind mapping can be a great way to visualise the connections between different ideas, allowing you to come up with ideas you wouldn’t otherwise consider. First, write ‘dog walking business’ in the centre of the page. Next, draw branches around for different aspects of your business, such as the services you’ll offer and the values or benefits you hope to demonstrate. From there, you can expand each branch with related terms to then combine your ideas. For example, a branch under ‘values’ might be ‘flexible’ which you could combine with the service ‘walking’ to get ‘Dog Walking, Your Way’. Rhyming and wordplay: You’ll want to choose a business name that’s memorable, so customers return to your business in the future. Using alliteration, rhyme or puns can be a great way for customers to remember you. First, list simple, core words that relate to your business such as ‘walking’ or ‘dogs’. Next, look for words that either start with the same letter or rhyme. You can then combine these words to have a creative, out-of-the-box name like ‘Hounslow’s Happy Hounds’ or ‘Walk Your Wagger’. Acronyms and abbreviations: Using an acronym can make your business name unique and personal to your business’ values. First, list the key elements of your business - for example, you may have ‘professional’ and ‘walking’. From there, you can use the first letters of each word to form your acronym. Make sure your acronym makes sense, is memorable and easy to say! An example is ‘PAWS - PAws itive Walking Service’. Asking yourself the following questions can help you pinpoint your dog walking business name too, by focusing on exactly what your business will offer. Will you exclusively offer dog walking services, or will you provide other services too such as grooming? If so, make sure your name encompasses all the services you look to offer. Would you prefer for your business name to be creative and playful, or would you prefer for it to reflect your company’s professionalism? Do you want to position yourself as the biggest and best, or would you prefer to be a smaller, more luxury-type business? Are you hoping to expand to other areas? If so, you may look to avoid choosing a location-specific name in case you expand your business further afield. Evaluating and refining name options Next, you’ll need to evaluate your list of potential dog walker business names, based on the following factors, to ensure the name is suitable for your new business and reflects the nature of your brand. Relevance: Make sure your potential business name aligns with the nature of your business or industry. Your potential clients or customers should be able to tell you’re a dog-walking business , for example. Also consider your target audience and ensure that your name resonates with them. Memorability: Having a business name that is easy to spell and pronounce and spell, is more likely to be remembered. Uniqueness: Ensure your name stands out from your competitors. It can be tricky finding a unique name, but the more original your name is, the less likely it’ll be confused with other brands. Domain availability: If you plan to have a website for your business, you’ll need to make sure a corresponding domain name is available for your business name. A matching ‘.com’ or ‘. co.uk ’ domain is ideal, but alternatives like ‘.net’ and ‘.org.’ may work too. Name availability: You’ll need to make sure your business name isn’t already taken. You can verify the availability of your business name through our handy name checker - talk about convenient! It’s also worth doing a quick search yourself on major social media platforms like Instagram and LinkedIn, to ensure it’s available when you start promoting your business across social media. Leveraging naming resources and tools If you’re struggling for inspiration or simply need a nudge to get the creative juices flowing, you can make use of online resources and tools designed to help entrepreneurs generate business name ideas. Google is your best friend when it comes to business name ideas, and brands like Shopify and Wix have their own AI-powered business name generators you can try out. Legal and practical considerations While there’s no legal obligation to trade mark your business, there are benefits in doing so. Registering your business name as a trade mark can offer legal protection by ensuring no one else can trade under your business name in your sector. You can use the government’s trade mark checker to make sure there’s no trade mark similar to your brand that already exists in the UK. Once you’ve decided on your business name, you’ll need to officially register your business with Companies House. You can register your business with Companies House yourself for a £50 filing fee, or alternatively, you can let SUAZ take care of things for you. We’ll cover the £50 incorporation fee for you and you’ll get hands-on support every step of the way. We offer several, professional company formation packages to help you get your business up and running, which can offer you peace of mind in knowing everything is taken care of. 10 example dog walking business names Now it’s time for us to share some of our creative (or terrible, it’s all subjective…) dog-walking business name ideas. We’re certain yours will be much more impressive, but here are some examples of good dog-walking business names to get you started. Tail Wagging Treks The Dog Walker’s Delight Your Canine Compass Fetch and Go Wag ‘n’ Walk Pawsitive Strides Strutting Mutts Hiking Hounds Woofing Wanderers Doggy Dashers of Dorset Register your dog walking business with SUAZ for free today An impressive dog-walking business name can set the foundation for success and help you establish a strong brand presence in the dog-walking industry. While starting your own business is sure to be your most exciting adventure yet, it’s also a lot of work. Why not let SUAZ take care of the complicated stuff? Our company formation service can handle the admin and legal aspects of your new venture, with support every step of the way. That leaves you to focus on the most important thing - your life-changing next chapter. What are you waiting for? Form your company today with SUAZ. 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

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

Form your company quickly and easily with Companies House. Just a £50 filing fee to form your company and your business can be up and running within 48 hours. About UK Company Formation In the UK, we use the national registrar of companies, Companies House, to form new businesses. You can do this yourself, using the Companies House website found here . It costs a one-off £50 filing fee to form your company and subject to checks, your business will be formed, usually within 48 hours. Learn More Why Choose a Formation Agent? Anchor 1 Customer Service Most Company Formation agents are here to help and advise you; as a customer you have a right to be treated with respect and understanding throughout what can be a complex and daunting process. Extra Perks You’ll be given a few freebies and introductions alongside your company formation to introduce you to businesses and products or services that can help your company thrive. Easy Process Most formation agents have perfected and streamlined the process to enable Companies to be formed in as little time, and as few clicks, as possible. It’s in our, and your, interests to make the process quick and concise. Why Choose We make things simple . With SUAZ, your application can take as little as two minutes. Why? Because we make some fair assumptions along the way. We know our customers aren’t big, complex companies, they are small and just starting out, often meaning that a lot of the information that lengthens the Companies House process is not applicable. We support. Not only do we give help and advice to you during your company formation, but also into the future, as and when you need it. We and our partners are here to be the reliable foundation stone of your business. This means your calls and questions are just as welcome on day one-thousand as day one. We're free . We mean it – remember that £50 Companies House incorporation fee? We cover that for you. On top of this, our help and advice is also free. Free Company Formations Yes we’re free and no, that doesn’t mean we’ll harvest your data, organs or crops and sell to the highest bidder. We mean what we say: customers can use us and never pay a penny. We find that this certainty is helpful to new businesses and a gesture that endears us to clients. We make our money in two ways: We offer upsells that are helpful to new businesses during company formation. You don’t need any of them to be successful, but they often help you get a head start. Whether it’s professional branding or a private company address, we can make your company look and feel professional. We introduce you to other businesses and sometimes earn a commission. We’ll do this when you ask us for help finding suppliers. We only refer the best in every field. Who can form a free company? You must be forming a company on your own; the company will have one director and person of significant control – you. Other directors can be added at a later date of course. You must accept our standardised share structure. Your company will be formed with 100 shares, each valued at £1. (This does not relate to the value of your company) You must create a Business Support Club account, where we will securely manage your data, take payments and keep you updated with the status of your order. We use BSC both for our client relationship management and to help you find new suppliers.

At just £5 +VAT, this package covers company formation, including the Companies House mandatory £50 filing fee. Its a great value with money-back guarantee. Quick Formation: Start Your Business Now Choose a name and get your company formation prioritised This package, at just £5 +VAT , covers not only a quick company formation, but also includes Companies House mandatory £50 filing fee. It’s great value and comes with a money-back guarantee. About this package £ 5 . 00 +VAT Buy now Consider this if... You need a limited company and you need it quickly. This package guarantees a quick formation and resolution or your money back. This package doesn’t include extra perks, but they can be purchased during the checkout process. What's Included Limited company formation Companies House filing fee (£50) included in the price Standard memorandum & company articles Priority Formation Digital documents pack Help & support by phone or online Business Support Club Account Key Features Priority formation No hidden fees Digital documents Professional assistance No paperwork Know more about the inclusions Company Formation Company Formations Digital Documents Pack Help and Support Help and Support BSC Account BSC Or... you can go with Privacy Package! Choose this package to use our prestigious address to register your company, instead of your home address. Also included, a business telephone number that forwards to your mobile so customers see a business, not a person. Read more Additionally, you will get: Business Landline number Manchester Virtual office address

Understand the key legal aspects of starting a business, from business structure and registration to licences and employment laws. 10 Legal Considerations When Starting a Business 15 min read Company Formations Table of Contents Categories 1. Choosing a business structure 2. Registering your business 3. Understanding business licences and permits 4. Complying with employment law 5. Protecting intellectual property 6. Understanding tax obligations 7. Complying with health & safety regulations 8. Data protection & privacy 9. Drafting contracts 10. Insurance requirements Launch your company with Start Up A-Z Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office So, you want to start your own business – good for you. And you have a smart idea – even better. Becoming an entrepreneur can be a rewarding journey in any number of ways. But as exciting as it can be, starting your own business also comes with a number of legal considerations you need to be aware of. Understanding these legalities can protect your business from risk and keep things running smoothly for you. Neglecting your legal requirements can result in fines, getting sued or even closure. With a little care and attention, you can avoid any legal pitfalls and concentrate on turning your business into the success it should be. So let’s walk through the ten essential legal considerations when starting a business . 1. Choosing a business structure To hit the ground running with your new venture, one of the first and most important steps is choosing the right legal structure for your business. This will affect your tax bills, your level of personal liability and the admin you need to complete to stay compliant. While there are many number of legal structures, in the UK, the most common are sole trader, partnership, limited company and limited liability partnership (LLP). If you choose to operate as a sole trader, you’ll have complete control over your business, but it also comes with unlimited personal liability. This means any debts or legal claims made against your business are your personal responsibility, putting assets like your house or car at risk. A limited company, on the other hand, offers the benefit of limited liability (hence the name) and your personal finances are treated as separate from those of your business. Limited companies need to be registered with Companies House, and are the most common structure for business owners looking for investment or with ambitions to be the next Elon Musk. Partnerships are another option, where two or more people share the profits and responsibilities) – or LLPs. These combine aspects of partnerships and limited companies to offer limited liability while retaining the flexible structure of a traditional partnership. With various options out there, you need to weigh up the pros and cons of each type of business structure before you make a decision. Take a look at our guide to self employed vs limited company for more information. 2. Registering your business Once you’ve decided which business structure you’re going with, you need to register it properly – failing to do so can land you in a heap of trouble. The registration process, which will differ depending on the structure you’ve chosen, is a key step in establishing your business as a legal entity. For sole traders, the process is relatively straightforward. You’ll need to register with HMRC to notify them that you’re self-employed and file a self-assessment tax return every year. As for limited companies, registering with Companies House will require a unique company name, a registered office address, and at least one director. During registration, you'll also need to outline a memorandum of association, which details the company’s purpose and structure, and the articles of association, which govern how the company is run. If your business is a partnership or LLP, you’ll need to register with HMRC for tax purposes as well, and it's highly advisable to have a formal partnership agreement in place to avoid disputes later on. 3. Understanding business licences and permits Depending on what kind of business you start (and the regulations of your local council), you may need to have necessary licences and permits. For example, if you’re opening a café or restaurant, you’ll need a Food Business Registration with your local authority, which will involve regular inspections to make sure you meet food safety standards. Or if you’re intending to open a pet shop to sell animals, you must obtain a licence from your local council to make sure you comply with welfare standards. See our full guide on how to start a pet shop business for full setup steps. If your business involves playing music in public spaces, whether in a shop or restaurant, you’ll need a Music Licence (PPL PRS) to legally play music in your establishment (so that music you hear in the background at your local coffee shop isn’t free). There are also sector-specific permits, such as environmental permits for businesses that deal with waste or hazardous substances, and alcohol licences for selling alcohol. 4. Complying with employment law If you plan on hiring staff, you’ll need to familiarise yourself with the various employment laws that govern your responsibilities as an employer. Employment law in the UK is extensive to say the least, covering everything from employee rights and pay, to working conditions and anti-discrimination policies. Any business that hires employees needs to provide them with a written contract outlining their role, duties, hours, salary and conditions of employment. This contract needs to comply with UK law, providing statutory rights such as sick pay, holiday entitlement and pension contributions. Employers also need to comply with National Minimum Wage or National Living Wage regulations, as well as anti-discrimination practices. 5. Protecting intellectual property No matter what assets your business may have, chances are its intellectual property (IP) will be one of its most valuable – and it needs to be protected. Intellectual property may include your business name, logo, product designs, inventions, and even your website’s content. Without the proper protections in place, your competitors could simply rip you off. To stop this from happening, there are various intellectual property protections available: Trademarks safeguard your brand’s name, logo and other symbols that distinguish your products or services from others. Filing for a trademark with the UK Intellectual Property Office means no one else can legally use your business identity without your permission. Patents protect inventions, processes, or any new products you create. If your business develops a unique product or technological innovation, a patent prevents others from making, using or selling your invention for a set period of time. Copyrights , on the other hand, cover original works such as written content, music, designs or software. Registering your copyright ensures your creative works are legally protected. 6. Understanding tax obligations Every business in the UK, regardless of its size or structure, needs to register with HMRC, file annual returns, and pay the appropriate taxes . Failing to meet these obligations can result in fines, penalties, and investigations. If you’re a sole trader, you’ll need to register for self-assessment and file a tax return each year, after which you’ll be taxed on your profits (minus allowable business expenses). Limited companies are required to pay corporation tax on their profits, as well as submit annual accounts and a company tax return to HMRC. In addition to corporation tax, you may also need to register for VAT if your business’s turnover exceeds the VAT threshold of £85,000. VAT is charged on most goods and services, and you’ll need to submit quarterly VAT returns to HMRC. You’ll also be responsible for paying National Insurance contributions, both for yourself as a business owner and for your employees. Working with an accountant could save you a lot of headaches when it comes to tax, as well as potentially saving you a lot of money in the process. 7. Complying with health & safety regulations In accordance with the Health and Safety at Work Act 1974, businesses need to conduct comprehensive risk assessments to identify potential hazards and implement measures to reduce accidents in the workplace. These measures can include engineering controls, administrative changes or providing personal protective equipment (PPE). If you have five or more employees, you need to have a written health and safety policy detailing your approach and responsibilities. Regular training on safe practices and equipment use is vital, and you must display the Health and Safety Law: What You Need to Know poster in your workplace. 8. Data protection & privacy As the online world has expanded, so have the data privacy laws that govern it. If your business is going to collect any kind of personal data – or even have cookies on its website – it needs to comply with the GDPR (General Data Protection Regulation). The GDPR mandates that data must be processed fairly and transparently, with explicit consent obtained from individuals. Businesses need to implement data protection measures like encryption and secure storage to safeguard against breaches (and if a breach occurs, it needs to be reported to authorities within 72 hours). Businesses also need to provide individuals with the right to access, correct or delete their data if they wish. With Meta having received a €1.2 billion fine in 2023 for breaching GDPR, data privacy isn’t something that businesses should take lightly. 9. Drafting contracts While verbal agreements may be sufficient when things are going well, if trouble appears (and it’s a lucky business that doesn’t encounter any), contracts are the best way to avoid disputes. They make sure there’s full and legally binding clarity in business relationships, specifying everything from the scope of work to payment details. That said, given the complexity of legally binding language, it’s a good idea to have a legal professional draw up your contracts to make sure they’re both meaningful and enforceable. 10. Insurance requirements You wouldn’t buy a home without buildings insurance, and you shouldn’t start a company without it either. While there are numerous types, some of the key policies you should think about include: Public liability insurance covers claims for injury or damage to third parties. If you’re a builder, for example, and accidentally drop half a tonne of bricks onto a nearby car, the vehicle's owner could make a claim to cover the cost of repairs. Employers' liability insurance is mandatory if you have employees, covering work-related injuries or illnesses. If one of your employees is hurt while operating machinery because of inadequate machine maintenance, poor training or a lack of protective equipment, you may be held liable. Property insurance protects physical assets from damage due to fire, theft or disasters. Professional indemnity insurance is important for service-based businesses, covering claims of negligence. From breaching confidentiality to delivering incorrect advice, indemnity insurance keeps you secure. Product liability insurance is necessary if you sell products, covering claims related to faulty items. For example, a customer claiming they got food poisoning by the business failing to meet food safety standards could land them in hot water extremely quickly. Launch your company with Start Up A-Z While the legalities of starting a business may seem daunting, with Start Up A-Z at your side, you have a trusted partner to guide you through every step. More than just offering company registration services, we deliver comprehensive advice on the legal aspects of how to set up a limited company. Whether you need help with business structure, licences, tax or anything else for that matter, our team provides personalised support tailored to your needs. Form a company with us today for free , and take your first step towards a rewarding new future. Recommended Readings

Read our annual small business report to find out the latest small business trends, including which industries and locations are thriving this year. The UK small business report - the small business ecosystem and trends 13 min read Written by Lucy Hancock Business Trends Table of Contents Categories What is the definition of a small business? How many small businesses are in the UK? How has the business landscape changed over time? Small business survival rates in 2023 Fastest growing industries for UK small businesses The UK locations where the most small businesses were started Conclusion Methodology Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The business world is constantly evolving. A major change, particularly in the last 20 years, has been digital transformation - the integration of digital technologies in a business to improve productivity, efficiency and overall growth. Digital transformation is no longer just an option or a luxury for businesses, but a necessity to remain relevant to their customers and stay competitive in their industry. Other key shifts for businesses include globalisation which has led to an increase in world trade, deindustrialisation and austerity - the government’s efforts to save money. With all these changes considered, the UK’s business landscape could be compared to an ecosystem. With ecosystems consisting of organisms that are connected and feed off each other, so too does the business landscape. Many businesses and industries rely on and support one another, so when one succeeds, so do others. But the same can also be applied when there are struggles or challenges. If you’re looking to start your own business , you’re in for a real adventure. As a new business owner, or someone who is looking to step into entrepreneurship in the near future, it’s important you’re clued up on the latest insights and developments in the business world - as what’s going on in the wider industry could benefit or impact your new venture. This knowledge can give you the confidence boost you need to make informed decisions as a business newbie. We’ve put together this small business report as a point of reference, covering small business numbers, survival rates across the UK and trending industries. With this insight, you should feel better equipped to embrace entrepreneurship and prepared to make the right decisions on next steps for your small business. What is the definition of a small business? As for a small business definition, typically speaking a small business is a corporation, sole proprietorship or partnership with a small number of employees and often a lower average annual revenue than larger businesses. According to the government, an SME is an organisation that has fewer than 250 employees and a turnover of less than €50 million , or a balance sheet total of less than €43 million. How many small businesses are in the UK? The UK certainly isn’t short of small businesses, in fact, SMEs account for 99.9% of the UK’s business population, with approximately 5.54 million registered SMEs on Companies House in 2023. It might be surprising to some that most businesses in the UK are very small, with 74% of registered SMEs running with no employees. We’ve delved further into the latest data from Companies House, looking back over the last 10 years to evaluate how the business landscape has changed over time. How has the business landscape changed over time? We looked at both VAT registered and unregistered businesses to give a clearer picture of the landscape - before we dive into the data, we’ll explain the difference. You’ll need to register for VAT if your total VAT taxable turnover for the last 12 months was over £85,000, or if you expect your turnover to go over that amount in the next 30 days. If this applies to you, you can register for VAT online . Of the 5,555,100 businesses on Companies House in 2023, there are 2,914,100 businesses (with 0 employees) not VAT registered, and 1,196,000 businesses (with 0 employees) VAT registered - seeing fewer small businesses with a VAT taxable turnover than not. Since 2013, the UK has seen year-on-year increases in the number of businesses registered, almost every year, highlighting a growing business landscape. Only three of the past 10 years saw percentage decreases in the number of businesses vs the previous year - 2018, 2021 and 2022. The dip experienced in 2018 appears relatively small at -0.5%, but equates to the UK being home to 27,000 fewer businesses. This is very likely due to the impact of the stock market index suffering its worst year in a decade , with a number of economic worries concerning investors, which hit companies with 1+ employees more than those with no employees. The number of UK businesses in 2020 saw a year-on-year increase of 1.9% from 2019, with non-VAT registered companies with no employees seeing the biggest growth (2.6%), likely influenced by the Covid-19 pandemic which saw a spike in startups. One reason for this rise in entrepreneurship was due to an increasing demand for medical supplies during the pandemic, with June 2020 seeing a 400% month-on-month increase in the number of new startups offering ‘disinfecting services.’ 2021 saw the biggest decline year-on-year, with 6.5% fewer businesses operating compared to 2020. The largest decrease was seen in the number of businesses with no employees, which weren’t VAT-registered - the businesses with smallest turnovers. It’s well known that a number of industries struggled to make it through the pandemic , with the restrictions enforced by the government, changes to travel and shopping habits having significant impact on businesses. 2022 saw a fall in the number of businesses by 1.5% compared to the previous year. This slight decrease may be influenced by the rising cost of living in the UK, with factors such as the Covid grant schemes coming to an end , and increased energy bills and rising inflation affecting budding entrepreneurs. For instance, 41% of trading businesses reported a rise in the price of goods or services bought in December 2022, compared to November. But before you let any doubts slip in, it’s important to note that there has been a notable increase in the number of businesses in the past year, with a year-on-year change of 0.8% between 2022 and 2023, or 46,200 more registered businesses (looking at business numbers as they stand in October 2023) - a rise for the first time since 2020. This rise has been led by the number of businesses with no employees that are not VAT-registered, which increased by 2.9% in the past year. With this in mind, you could be choosing a good time to make your business dreams come to life. It’s worth noting, there’s always going to be a risk; keep an eye on what’s going on in the current economy, including any projected impact from the government’s budgets to help you decide when the time is right for you, to maximise chances of small business survival. Small business survival rates in 2023 According to research by Fundsquire, around 20% of businesses fail within their first year, and 38% of startups fail due to running out of funds. But rather than letting these statistics put you off chasing your dream, why not use them to motivate you? We know you have what it takes to succeed. In fact, of the 531,312 businesses set up in 2013, 30% are still thriving in 2023 - a whole decade later! And while it’s said that just over a third of UK startups make it beyond five years , when looking at businesses formed in 2018, an impressive 47% of those companies still exist today. It appears that survival rates are on the rise in the early stages of business life too, with 88% of businesses set up in 2022 still operating in October 2023 - up from an estimated 80%. This could be due to the ever-evolving digital world providing resources and opportunities, to reduce risk, as well as the industries entrepreneurs have been choosing to opt for. Fastest growing industries for UK small businesses Knowing which industries have the highest business growth rate could steer you in the right direction, especially if your business idea isn’t yet set in stone. We’ve explored the fastest growing industries in the UK to offer some inspiration for which industries to research further to help solidify your decision. Whether that’s capitalising on a growing industry itself, or through seeing similar patterns in another industry and predicting its advancement to come. When looking at which industries are growing longer term, over the past five years, the manufacture of other non-metallic mineral products came out on top, with an impressive 172% increase in the number of businesses in the UK. This covers a broad range of manufacturing from construction and architecture supplies, to ceramic and clay goods or even packaging supplies. Other contenders for the fastest growing industry include wholesale trade (excluding motor vehicles and motorcycles) with a 70% increase over five years. As the retail trade industry sees growth, wholesalers and manufacturers will also benefit, to supply these businesses with stock. The manufacturing of chemicals and chemical products industry is also a top industry for growth, experiencing a 60% increase in the number of businesses over the past five years. This is quite a broad category too which includes everything from cleaning products, to essential oils, paints and dyes, fertilisers and industrial gases. Whilst some of these divisions are quite broad, it appears retail and manufacturing industries are seeing positive signs in the number of entrepreneurs starting new ventures - which could be a hint that these are ones to explore. If you’re interested in exploring these categories further, you can find all of the government SIC codes here and explore which businesses come under each category using the database search on Companies House . It’s important to remember that growth and demand can change year-on-year, depending on a range of factors. Take for instance ‘Residential Care Activities’, this industry saw a 54% rise in the number of businesses registered over the last five years, however, in the last year there has been a 14% decline. The need for residential care is still evident , but the economy, lack of government funding and cost of living might be having an impact on survival rates over the past year, showing how multiple factors can come into play. Looking specifically at the last year, the travel agency, tour operator and other reservation service and related activities industry has seen the biggest growth in terms of the number of businesses registered, at 12%. Despite the disruptions to travel experienced over the past few years, the industry is growing again, and with over half of people in Britain planning to spend more on travel in 2024 , this might continue to be an area in which we see more new businesses over the coming years. Sewerage was the industry seeing the second highest growth in business numbers over the past year with 11% growth, followed by companies in manufacturing of coke and refined petroleum products at 8%. Advertising and market research also made the top 10, with a 5% increase in the number of businesses registered in the past year, aligned to the steady growth being seen in advertising this year, and predicted for next year too . The UK locations where the most small businesses were started Wondering where in the UK is seeing the largest growth in small businesses? We’ve analysed Companies House data on a regional level to see which areas have seen the most small businesses (with a company size of 0-49 employees) formed over the last decade. Before jumping into the findings, it is important to note that as we live in a digital age, depending on the industry they operate in, some businesses could be serving customers further afield, not just in their local area. Outside of London, the East Midlands has seen the largest growth in the number of small businesses. In 2013, the East Midlands saw 313,100 small businesses registered, and 378,800 in 2023 - a 21% increase over this 10 year period. This impressive growth may have been influenced by the UK government’s Levelling Up initiative, which has invested over £1.2 billion in projects for locals and businesses across the East Midlands. Other top-performing regions for the number of small businesses include the North East and West Midlands, which have both seen an increase of 16% over the past 10 years. To delve further into the UK hotspots for new businesses, we’ve explored which local authorities have seen the highest business survival rates over the past 10 years. This data should shine a light on which locations may offer you a stronger chance of success for your new venture. Edinburgh takes the top spot with a 51% survival rate for businesses started in 2013, and a 59% survival rate for those started five years ago, in 2018. This higher than average survival rate could be due to a number of factors, such as the graduate pool from the city’s four universities, including one of the world’s top universities, the University of Edinburgh, as well as the city’s innovation and local support for businesses. Herefordshire came out second with a 49% 10 year survival rate. The local council in this part of the UK holds quarterly business briefings and six-monthly face-to-face business meetings to support local businesses which could be paying off. Winchester rounds out the top three with a 46% 10 year survival rate for businesses registered in that local authority area. Just like in Herefordshire, Winchester council has an offering to support small businesses too, with training, networking, mentoring and one-to-one business advice. It’s worth looking into what your local council has on offer for businesses, and considering how this could support the success of your venture, in whichever industry you choose to pursue. Fastest growing industries for UK small businesses by region The most common industries that have encountered the most growth across regions over the last three years are retail trade and real estate. In 2023, retail trade has been the most popular industry for newly registered companies across the majority of the regions. However in the East Midlands, East of England, North East and South East, real estate took the top spot as the most common industry - unsurprisingly, given the vital role that real estate plays in the UK’s economy. In 2022 alone, the real estate industry generated a turnover of over £65 billion . However, when looking at the most distinctly popular industries - the industries seeing regional growth at a rate above the national average - there largely appears to be a shift depending on location. In 2022, crop and animal production took the top spot for the most distinctly popular industry, in both the South West and East Midlands. In the East of England, the farming industry produced a total income of £1.1 million - an impressive 82% increase since 2018. Considering over four in 10 Britons said they’re more likely to buy British produce as a result of Brexit , there may be an increased demand for local farming across Britain. As an upcoming business owner, keeping an eye on the news and economic change can help you prepare your business should it be impacted by world events and changes to consumer preferences. In both the West Midlands and North West, postal and courier activities were the most distinctly popular industry for new businesses in the past year. The rise in demand for couriers has significantly increased following the Covid-19 pandemic, with many shoppers turning to online shopping for the first time. And despite the current cost of living crisis, 63% of businesses surveyed by YouGov reported the demand for delivery services increased in October, November and December 2022. This increased demand allows businesses to fulfil the needs of their customers, who are likely seeking the convenience, faster delivery and advanced tracking of their orders that online delivery services deliver. Keeping an eye on consumer trends will help you adapt your business, target your customers’ needs and join an industry which is set to grow. Conclusion Starting a business takes hard work and commitment, but the rewards are second to none. If you’re looking to make your mark on the business world, we hope our small business report has shed some light on the latest trends and insights across the UK. Here are some key takeaways to bear in mind, as a budding entrepreneur: Keep an eye on consumer trends and political change, so you can tailor your business offering accordingly to meet the needs of your customers. Look out for local government support to give your business a boost, such as Levelling Up, in which the UK government is investing £13 billion in local businesses across the country. If you haven’t yet decided on the industry you’re going to operate in, it may be worth exploring industries that are in high demand, particularly those in your region or city. Ready to step into those new boss shoes? We believe you’ve got what it takes. If you’re ready to form your business, check if your business name is available and we’ll help you get started. If you’re setting up a limited company or limited liability partnership (LLP), we’ll also register your company with Companies House, completely free of charge (it usually costs £50), so you have less to worry about. Methodology The data was gathered from Business Population Estimates statistical series and Companies House . Business survival rates were estimated based on the number of companies registered in a given year that remain active and/or open (as per Companies House search filters), compared to the total number of companies incorporated in that year. Company counts by industry correspond to the number of companies registered under a given Standard Industrial Classification (SIC) code, aggregated to the level of Division. Most common industry among newly registered companies represents the industry division with the highest number of companies registered in a given year and location. Most distinctly popular industry among newly registered companies was calculated using location quotient – a measure of how much more popular a given industry is in a given region, rather than nationally. Industries that had the highest share of businesses in a given region compared to the national average were deemed the most distinctly popular. For example, 2% of all businesses registered in Wales in 2023 were in the Accommodation industry - 2.8 times higher than 0.7% of businesses that were registered in that industry in the UK that year. Accommodation's location quotient was, therefore, 2.8 and as that figure is the highest of all industries in Wales, it was deemed the most distinctly popular industry in Wales in 2023. Data was collected in October 2023. Author bio Lucy Hancock is an experienced finance writer, having previously worked for Staysure Travel Insurance before working at MoneySuperMarket where she specialised in all areas of personal finance, from credit cards and loans to pensions and retirement planning. Having worked in digital marketing for several years, she’s passionate about the value small business marketing can bring to those looking to grow their businesses. She has written extensively across all areas of business and personal finance, to help business owners like you make informed financial decisions. Recommended Readings

Compare our UK limited company formation packages and match with your business needs. View our inclusive packages from £5 +VAT. Compare Our Limited Company Formation Packages Our limited company formation packages can help you tick all the boxes to get your business up and running. Embrace the excitement of your new venture by having all the important stuff taken care of in one go. Our company formation service can handle the complicated side of things, so you can focus on the most important thing - your exciting next chapter. What's included What's Included Company formation Digital documents Priority Formation Professional assistance Premium company address PAYE registration VAT registration Corporation tax registration Unlimited digital post forwarding Printed certificate of incorporation Confirmation filing statement Virtual receptionist package Zempler Business Bank Account Quick Formation £ 5 .00 +VAT Buy now Read more Privacy Package £ 14 .99 /mo +VAT Buy now Read more Privacy Plus £ 29 .99 /mo +VAT Buy now Read more Company Pro £ 59 .99 /mo +VAT Buy now Read more Not sure which package would suit you best? Give a member of our team a call - we’re more than happy to talk you through your options. Frequently asked questions Home Page Registered Office Address Start Up A-Z General Company Formation Help After Company Formation Virtual Offices Address Services Business Call Answering Documents Filing SUAZ Homepage FAQs Other Services Filing Confirmation Statement Business Support Club Partnership Director’s Service Address in Manchester Compare Packages Virtual Office Birmingham Virtual Office How can SUAZ offer company formations for free? Companies House have been increasing their prices in recent years with a jump from £12 in 2024 to £100 in 2026. This could be a hurdle for many people starting a business and we want to make it more accessible. We partner with top business providers to provide additional services for new business owners like you, earning us commissions that let us subsidise your company formation at no cost to you. When can your business be up and running? We try our best to get your business up and running as quickly as possible. Submissions sent before midday usually come back to us the same day, but this can’t be guaranteed as delays do happen. We try to get all applications back within 36 hours, but if there are issues with your application such as your company name being flagged for extra checks, this can delay the process. Frequently Asked Questions See all FAQs Choose the right company formation package for you today Starting your own business can be life changing. Perhaps being your own boss has always been a dream of yours, or you’ve come up with a business idea that you’re sure will move mountains in your industry. Whatever your circumstances, we like to think our company formation packages can remove any stress or worries you may have around setting up your business. Apply to form your company today and start making your dreams a reality.

Find out where the most in-demand locations are to become a dog walker across the UK’s biggest cities and towns. Are dog walkers in demand? 10 min read Beginner's Guide Table of Contents Categories Planning for your dog walking business The most in-demand areas to become a dog walker The most dog-friendly areas to become a dog walker Experienced dog walker shares tips for growing your business: Conclusion Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Setting up a dog-walking business is an incredibly exciting time. You get to spend time doing what you love and make some money while hanging out with dogs all day – brilliant! But, are dog walkers in demand? If you’re serious about pursuing your new venture, you have a big choice to make about where to base yourself to ensure you’ll have enough clients to make it worth it. In the UK, there are approximately 13.5 million pet dogs, with more than a third (36%) of households owning a four-legged friend. The last thing you want to do is set up your business only to find out there aren’t many dog owners in the area. In the last five years, the number of dog owners has boomed. During the pandemic, it’s estimated that 3.5 million dogs were purchased. And now, with many employers adopting a post-pandemic mindset, four in ten businesses have asked staff to return to the office full-time . As a result, there will certainly be a demand for dog walkers – so now’s the time to grab your leash, write a business plan, and get started. But where? To make sure people don’t think you’re barking mad, we’ve taken a look at the biggest towns and cities in the UK to work out the most in-demand areas for dog walkers. We’ve looked at the number of dogs per registered walker and the average price for dog-walking, as well as green spaces, dog-friendly restaurants and pet shops. This should give you a great start and help you with your decision about setting up a dog-walking business close to you and how likely you are to find plenty of eager clients. Planning for your dog walking business Starting dog-walking as a business is unfortunately not quite as simple as grabbing a leash, creating a Facebook page and taking the nearest pup for a walk. Just like with starting any other type of business, you need to know how to start a dog-walking business in the UK before you dive in. Enthusiasm is absolutely needed, but without careful planning, you might not have the success you hope for – even if there are plenty of dogs and busier owners close by. The most effective way to give yourself a solid start on your business journey is by writing a business plan . A dog-walking business plan outlines your goals, what you plan to do to achieve them and when you want to achieve them. You can refer to it as a sort of pseudo-bible to make sure you’re on track to be where you want to be. There are several key considerations you should consider when putting your business plan together: Is there much local competition? If your local area is saturated with high-quality and affordable dog walkers, it’ll be difficult to stand out from the crowd. Who are your target customers? Is it families, busy professionals, older pet owners or someone else? Different people have different requirements, so think about the type of service you want to offer. Will you offer individual or group walks? There are upsides and downsides to each, including higher risk and greater difficulty for group walks and a smaller income for individual walks. How far are you willing to travel? The further the area you cover, the wider your customer catchment area. But, time spent travelling is time spent not walking dogs. Will you need to transport dogs in your vehicle? If so, the more dogs you transport the more equipment you’ll need to buy. How often do you plan to work per day? Owners often like their dogs to be walked two or three times a day, which means you might have to work from the morning until the evening to ensure your customers receive the service they need. How many clients can you comfortably take on at any one time? This will also depend on where your clients live, how often they want their dog to be walked and how far you walk. Are you looking to grow your business? Think about the maximum number of dogs you can walk and how you may need to hire staff to meet demand if it grows. The most in-demand areas to become a dog walker Once you know more about the goals of your business and how you aim to meet them, you’re in a far better position to kick things into motion. But, one of the most important factors in your decision should be whether or not there are enough potential customers in your town or city to ensure your business can be successful. Think of it this way. You wouldn’t start a business selling kites in a location that doesn't get any wind, so why start a business walking dogs in an area where there aren’t many dogs? One major question to ask is what is the dog population of different areas around the UK? Based on our research, we’ve identified the top five towns and cities where dog walkers are in demand the most: Wolverhampton Leicester Norwich Liverpool Luton These towns and cities were identified using the ratio of dogs to dog walkers and the average amount a dog walker charges in each area. The number of dogs per registered walker is the number of dogs in an area divided by the number of registered walkers to indicate where there is more demand/more dogs. For example, Wolverhampton, the area with the most demand for dog walkers, has a population of 218k, a dog population of 45k and 1,160 dog walkers who charge an average of £12.20 per walk. This translates to 38.8 dogs per registered dog walker. In second place is Leicester, with a population of 471k and a dog population of 79k. With 1,250 dog walkers in the city, there are more than 63 dogs per registered walker, who charge an average of £12.50 per walk. That means if you walk eight dogs a day, for example, then there’s a potential turnover of £100 per day. Norwich is third, followed by Liverpool and Luton, which have 35, 29 and 37 dogs per registered walker respectively. The most dog-friendly areas to become a dog walker So, now you know which areas have the most demand for dog walkers’ services, but what about the most dog-friendly areas? This includes towns and cities with the most dogs, green spaces, dog-friendly restaurants and pet shops per 10,000 people. The higher the number of dogs per 10,000 people, the more opportunities a dog walker may have. An area with more dog-friendly restaurants opens up new places to go with your dog and shows that potential customers value their dog's wellbeing, meaning they’re more likely to hire a dog walker. And, the more pet shops there are in an area, the more likely you are to have easy access to supplies and equipment. Using this information, we’ve identified the top five most dog-friendly areas: Gloucester Bradford Brighton Milton Keynes Cambridge With 3,000 dogs, 3.8 green spaces, 5 dog-friendly restaurants and 0.6 pet shops per 10,000 people, Gloucester is our number one dog-friendly area – not surprising considering it’s in the heart of the beautiful Cotswolds. Perhaps a little more surprising is Bradford’s number two position, with 2,250 dogs, 4.9 green spaces, 3.7 dog-friendly restaurants and 0.6 pet shops per 10,000 people. In third position is Brighton, with plenty of dog-friendly restaurants, and in fourth and fifth are Milton Keynes with 10 green spaces per 10,000 people and Cambridge with 5.7 green spaces. Experienced dog walker shares tips for growing your business: Clare Wainwright-Jones is the owner of Black Lab Dog Walking , which she has built into a successful dog-walking business over the past six years. Clare based her business in Cardiff, which doesn’t feature in our list of top in-demand cities, but has used her local knowledge to get the word out about her experienced services. ‘ Join as many local Facebook groups as possible, as from my experience people post on them daily looking for a local dog walker. It’s a quick and easy way to get your business to a wider audience. Some pages allow business posts once a week for advertising too. These pages also highlight any areas to avoid walking or new places to try. I also posted advertising flyers in local dog-friendly shops and cafes. ‘Something else I did early on was use vehicle signage, which is easy advertising while I drive around the area I want to work in. When first starting out, I used logo magnets on my car, but now I’m established I have signage on the van with contact details and social media pages. ’ Conclusion With UK homes now owning more dogs than ever before, there’s clearly a growing demand for dog walkers across the country. There’s never been a better time to set up a dog-walking business, so strike while the iron’s hot – it’s just important to remember that, like with any business, a solid plan is still important. To give yourself the best chance of success, you might want to consider establishing your business in and around the most in-demand areas, such as Wolverhampton, Leicester or Norwich. Or, one of the top dog-friendly areas, like Gloucester, Bradford, or Brighton. If you’re not close to any of these areas, then don’t worry – so long as you have a solid business plan and you’re committed to making it work, you can still find success. So, grab a pen and a leash and start planning your own dog-walking empire. And it couldn’t be easier – If you're now ready to start your dog-walking business, check your business name is available and SUAZ will help you set up the rest. Recommended Readings

Using your home address as your business address has its benefits, but there are some considerations. So what's the best option? Read more. Can I Register My Business at My Home Address? 7 min read Virtual Office Table of Contents Categories Why sharing your home address as your business location could be a bad idea Inability to separate work from home Professionalism and business legitimacy Security and privacy Increase in cold callers at your home address What are your options if you don’t want to use your home address? Why would you want to use a virtual office instead? Can I use my home address as my registered office address? Can a registered office address be removed from public view? Are there any ethical implications of a virtual office? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The short answer is; yes, you can register your business at your home address. This is a question that is commonly asked when forming a company and legally there's no issue with it. In fact, it may be convenient and economical for you, especially if you’re a new or small business. There are, however, a few things worth considering before you do so. Why sharing your home address as your business location could be a bad idea Depending on your situation, there are a few reasons it may be problematic. First, it can make it difficult to separate your work life from your personal life, especially if you work from home full-time. Presenting a professional image can also be a problem, especially if you're meeting with clients - not to mention the security and privacy risk it can bring to you. In this section, we’ll discuss potential pitfalls you may encounter. Inability to separate work from home One of the biggest downsides of putting your home address as your business address is that it can be difficult to separate your work life from your personal life. You may receive a lot of business mail, which can clutter up your mailbox. It can be easily lost or misplaced, especially if your business-related mail is mixed with personal mail. These are just a few potential inconveniences you may encounter, so using an alternative address, such as a virtual office, can be a simple way to draw a clear boundary between work and home. Read more about starting a business from home with our guide. Professionalism and business legitimacy Using your home address can also make your business look less professional, especially if you're meeting with clients or customers at your home. This is not the case for everyone, but people often associate home addresses with businesses that are small, informal, or just starting out. Now, if you're serious about your business, and you may want to project an image of professionalism and legitimacy and sometimes using your residential address can undermine that image. Security and privacy One thing you need to know if you register your home address as your business address, is that it will be made public. This can be a security and privacy risk, as anyone can just look up your home on the public register and you could be targeted by scammers, telemarketers, or even burglars - people could even turn up to visit if they have a query. Increase in cold callers at your home address Since cold callers often use public records to find businesses and then call them in the hopes of making a sale, using your home address for your business could also make your home a target. If you're constantly being bombarded with cold calls, it can be very annoying and disruptive for you and your family, not to mention the considerable security risk, as cold callers may also try to get personal information from you or try to sell you something you don't need - not something you need when you’re trying to focus on building your business. What are your options if you don’t want to use your home address? If you don't want to use your home address for your business, you have a few options. You can use a PO box or even better PO box alternatives for small businesses like a virtual office. If you don’t have an idea what a virtual office is, and the benefits of a virtual office can give you, we have created a separate article for you to read. Why would you want to use a virtual office instead? Virtual offices offer a number of benefits, including increased flexibility, privacy, and mail-handling services. We all want a professional and secure way to conduct our business and using a virtual office is inexpensive whilst offering many benefits . Using a virtual office is also completley legal , so there are no concerns there. If you're interested in learning more about virtual offices and the different packages available, tailored to suit all sorts of businesses, we go into much more detail on our website. Our services can give you the extra support you need, without any complicated jargon. Can I use my home address as my registered office address? Absolutely. You can use your home address as your registered office address. But - as mentioned above - there are a few points you should consider before making this decision. If none of those mentioned beforehand concerns you, then it could be the right option for your business anyway. Can a registered office address be removed from public view? Since it is a public record, it can’t be removed from the public view. Your registered office address is used by authorities like Companies House to identify and contact your business. This is where you’ll be sent official communications, such as legal notices. That is why we highly recommend considering a virtual office, to keep your home address private and secure. And with mail-forwarding services, you’ll have peace of mind that all communications are safely received and documented, and all in one place for you to access whenever you need. Are there any ethical implications of a virtual office? If a company uses a virtual office address on its website and marketing materials, depending on the type of business you run and the type of clients you have, some people could consider this to be misleading. But, knowing your business and your customers, if you take this into consideration, you may decide that the benefits a virtual office can bring outweigh the drawbacks. If you think that a virtual office is a great choice for your business, have a look at our Manchester virtual office service for more information . Recommended Readings

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