Do you want to start your own business but don’t know where to begin? In this article, we will walk you through the process of starting a business in the UK. We will cover everything from how much it costs to how long it takes. We will also discuss the pros and cons of starting a business in the UK. So, whether you’re just starting or you’re looking for more information, this article is for you!
Starting a business can be a daunting task. There are so many things to think about and consider. But, don’t worry, we’re here to help! We’ve put together this article to help answer some of the questions you have and get you on your way to financial freedom!
The first question you need to ask yourself is why you are starting a business. What are your goals and objectives? Do you want to be your own boss? Are you looking for financial freedom? Once you know why you are starting a business, you can begin to put together a plan. I recommend you write this at the very top of your business plan as, after all, this is your motivation, and your reason to go through the struggles associated with running a business in the UK.
Depending on the type of business you want to start, the costs can vary. If you are starting an online business, the costs will be lower than if you were starting a brick-and-mortar business. Here are the average costs associated with starting a business in the UK:
The average startup budget in the UK is £5000 and the average first year spend is £22,750 according to a top UK study.
To register a business in the UK the cost is very low compared to some parts of the world at just £12, but other expenses such as accounting and insurance can be considerably higher. The average hourly rate for a UK business accountant is £150, that’s a lot more than places like the USA where the average rate is just $50 an hour.
The good news is that there are many free resources available to help you get started. You can also look into government grants and funding that may be available to help with the costs associated with starting your business.
There are 3 main types of business, and you should figure out which category your business will fall into:
Service-Based Businesses: These businesses provide a service to their customers. They can be anything from a hair salon to a marketing agency. If you are starting a service-based business, you will need to think about the costs associated with hiring employees, renting or buying a space, buying any required equipment, and marketing your business.
Product-Based Businesses: These businesses sell products to their customers. This can be anything from clothes to cosmetics. If you are starting a product-based business, you have more options. You could sell directly to other businesses in the UK or direct to customers; both options have their associated costs. With a product-based business, you will need to consider the cost of manufacturing or supplying your product, packaging and shipping your product, and marketing your business. As well as the big question: who would you sell to?
E-Commerce Businesses: These businesses sell products or services online. This type of business has become increasingly popular in recent years with the rise of the internet and social media. E-commerce businesses tend to have a slightly lower start-up cost adding to their appeal to new business owners. If you are starting an E-commerce business, you will need to consider the cost of setting up your website, hosting your website, and marketing your business. You will also need to think about the cost of any products or services you plan to sell.
Again, the time it takes to start a business in the UK can vary massively depending on the type of business you are starting. If you are starting an online business, it can be up and running in a matter of weeks. However, if you are starting a brick-and-mortar business, it can take months to get everything up and running. I would recommend you give yourself a realistic time frame when creating your business plan, this could be anything from a month to five years!
There are many pros and cons to starting a business in the UK. I have listed some of these below for you to consider:
- Freedom to be your own boss.
- Choose the hours you work (no more 9-to-5 grind).
- The products or services you sell will be entirely within your control.
- You will have the potential to make a lot of money.
- You can be creative and innovative; you won’t be bound by the rules of big corporate companies and can work on what matters to you.
- The business you start could make a big difference in your community.
- You could have a more secure income.
- You may have to work long hours in the beginning.
- There may be a lot of sacrifices to make to get up and running.
- A lot of pressure! You will be responsible for everything.
- You will have to deal with stressful situations. No matter what business you start there will be stressful times.
- You could lose money. When there is potential to make a lot of money there is always potential to lose money as well.
- Your business could fail. According to a UK study, more than 20% of businesses fail in their first year and a further 60% fail between years one and three!
Over the past 7 years, I have built and sold several businesses in the UK. My experience as an entrepreneur has been both positive and negative, there have been many ups and downs, but I would not change it for the world. I have learned so much about myself, other people, and business in general. I am now in a position to make a difference to the people that matter most to me and to live a lifestyle that I could only have dreamt of before becoming an entrepreneur.
If you are thinking about starting a business in the UK in 2022, I wish you all the best. My final piece of advice is to do your research, and understand the industry you’re going into inside and out! Prepare for failure and take it as a lesson and remember the only way you can truly fail in business is to stop trying!
I hope this article has given you some useful information to consider. The most important thing to remember is there is no one-size-fits-all answer when it comes to starting a business. The best thing you can do is research your industry, understand the risks and opportunities, and make a decision based on what you think is best for you. Good luck!
The Häagen-Dazs Rose Project announces 50 nominees
Earlier this year, on International Women’s Day 2023, Häagen-Dazs launched ‘The Rose Project’, a global initiative with a $100,000 (USD) bursary grant inviting nominations to recognise unsung trailblazing women in honour of the brand’s female co-founder Rose Mattus. Yesterday, 23 November, on what would have been Rose Mattus’ birthday, Häagen-Dazs announced the top 50 #WomenWhoDontHoldBack nominees being shortlisted for their achievements and its five globally accomplished Häagen-Dazs Rose Project judges.
Over 2,500 applications were received for The Häagen-Dazs Rose Project putting forward pioneering efforts and societal contributions made by women across the globe. From these, 50 talented and inspirational women have been shortlisted and will be put forward to win one of five monetary grants of $20,000 (USD), which will be announced on International Women’s Day 2024, to continue their exceptional work, unleash their potential or give to a cause they are passionate about. The top 50 shortlist includes women from 17 countries hailing from across Europe, Asia, Africa & Middle East, Australia and the Americas.
The all-female judging panel from across the world has been handpicked for the final selection stage of The Häagen-Dazs Rose Project includes. UK-based author, broadcaster and philanthropist Katie Piper, fashion entrepreneur and advocate for women’s fertility issues, Velda Tan from Singapore and Spanish entrepreneur and creative director Inés Arroyo, are amongst the judges.
“International Women’s Day 2023 marked the launch of The Häagen-Dazs Rose Project to honour the legacy of our co-founder, Rose Mattus, and create a fund platform to provide opportunities to women across all fields around the world who are truly deserving of support and recognition. We were thrilled to receive thousands of nominations across countries and our #WomenWhoDontHoldBack Top 50 shortlist is a compelling and diverse mosaic of trailblazing female narratives that moved us and serve as an inspiration to women everywhere”, says Aurélie Lory, Häagen-Dazs spokesperson.
To find out more about the story of each entrepreneur shortlisted for The Häagen-Dazs Rose Project, visit: https://iwd.haagen-dazs.global/en/.
47% of women feel their workplace is not combatting inequality
The proportion of women who feel that their workplace is not taking appropriate measures to combat gender inequality has nearly doubled in a year, a new survey has revealed.
Web Summit, the world’s largest technology event taking place in Lisbon this week, has released its third annual State of Gender Equity in Tech report, which is based on a survey distributed among its women in tech community.
76.1 percent of respondents feel empowered to pursue and/or hold a leadership position; fewer respondents (41.8 %) feel the need to choose between family and career when compared to 2022 (50.4 %); and there is at least one woman in a senior management position in 80.4 percent of respondents’ companies, a similar proportion to last year (81.3%).
The survey found that 70.5 percent of respondents feel pressure to prove their worth compared to male counterparts, while 77.2 percent feel they need to work harder to prove themselves because of their gender.
Over three quarters of respondents (76.1 %) feel empowered to pursue and/or hold a leadership position. And almost half of respondents think that their workplace is not taking appropriate measures to combat gender inequality, increasing from 26 percent in 2022 to 47
percent in 2023.
“While it is encouraging to see progress in some areas, such as those feeling the need to choose between their family and career, there are also some deeply concerning trends within this report. Seeing an increase in those who report having experienced sexism in the workplace in the last year is disheartening in 2023. We hope that this kind of research can breed some positives, and that it will push workplaces – and women within these workplaces – to broach these topics and make progress in these areas,” said Carolyn Quinlan, VP of community at Web Summit.
Last year, 42 percent of attendees at Web Summit were women and 33 percent of speakers were women. In 2023 these numbers have slightly improved with 43 percent of attendees and 38 percent of speakers on stage being women this year.
The women in tech programme at this year’s Web Summit is at capacity, and the women in tech programme at Web Summit Rio 2023 reached capacity in record time.
The WebSummit 2023 is running from November 13th to 16th in Lisbon, Portugal.
Krispy Kreme to give away free donuts on World Kindness Day
American multinational doughnut company and coffeehouse chain, Krispy Kreme, is celebrating “World Kindness Day” today by distributing free donuts in the US and the UK.
The chain is giving away a box of a dozen glazed donuts for free with no purchase necessary. But only the first 500 guests that visit each participating Krispy Kreme US stores on “World Kindness Day”, Monday November 13th, will be able to get a free box of donuts.
Krispy Kreme often gives away free or discounted donuts to generate buzz on special occasions. The company, founded in 1937, traditionally gives out free donuts to customers on National Donut Day, celebrated on the first Friday of June of each year. And in July, a dozen of glazed donuts were sold for 86 cents to celebrate its 86th birthday.
Thousands of free donuts are also expected to be given away today across Krispy Kreme stores in the United Kingdom, with customers being encouraged to ask for the World Kindness Day offer. No purchase necessary.
The company, which operates in over 30 countries around the world, said it wants the brand associated with World Kindness Day to make “meaningful connections” with customers.
“World Kindness Day is an opportunity to make a positive difference by being generous,” Dave Skena, Krispy Kreme’s global chief brand officer, said in a release. “Simple gestures of caring and thanks, including sharing a sweet treat, is a great way to do that.”
Krispy Kreme said that it’s considering expanding a limited partnership it has with McDonald’s to sell more of its donuts at the latter’s location.
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