Set Up A Business

As of 2018 the Pensions Regulator has made pensions mandatory for all employees who work in the UK, are aged 22 years or over, and earn at least £10,000 a year. This means that as a small business and employer, you are legally required to provide a pension scheme for all staff that meet the above requirements. Note that to contribute to this payment scheme you can choose a private business pension provider. Building a great team can be complicated and not just regarding recruitment and management, but also regarding understanding and adhering to your tax and legal responsibilities when hiring. You need to be aware of the legal, tax and pension responsibilities that come with employing people.

You might have a target audience in mind, but if you’ve never marketed to them before then you may need to test a number of methods and approaches before seeing results. Choose one style and stick to it throughout your various campaigns, so that it’s clear to customers who you are and how you are appealing to them. If you can, try to brand every piece of visual content you produce with your logo. Thorne does advise however, that you don’t make the decision too quickly, as the differences between your business structure are substantial and worth properly considering.

It was my entire department but I would say this, I saw it, I felt ageism in my job as I started getting older. People stop asking you specific questions because how could you possibly know about that. Starting a business can be one of life’s most rewarding accomplishments.

The vast majority of new bank loans were issued via government-backed lending schemes, such as the Bounce Back Loan. Read our guide to find out what business grants are available for women. Finance is also a bigger issue for female entrepreneurs, a discrepancy referred to in the media as the ‘gender funding gap’. Read our guide to the top PM solutions for small businesses to find out more about the tools available. It is also important if you want to raise capital at any point. Investors and banks will want to see evidence that you understand your market, and that your business has a chance of success.

But, as mentioned above, you’ll need to think about this question before getting your new venture started. Next, think about whether you want to start an online business or if you need physical premises. If you’re thinking of setting up an online shop then it could make more financial sense to start your business from home.