Post Archive by Month

Full article with thanks to https://www.starlingbank.com/resources/business-guides/how-to-price-your-services/ When you provide a service with minimal cost other than time, it can sometimes be difficult to know what you should be charging. That’s why service pricing is different to product pricing. There are three main pricing methods: cost-plus pricing, market rate pricing and value-based pricing. 1. Cost-plus pricing This method is based on what you would pay an employee. It’s traditional to multiply the notional salary cost by a factor of around three. This would cover the salary, plus a contribution towards overheads, plus an element of profit for the business owner who is taking the commercial risk. For instance, if the employee is paid £10 per hour this would be closer to £13 with national insurance and pension. If the job takes four hours, then you would charge £13 x 4 x 3 = £156. Of this, £52 would pay the employee and …

Full article with thanks to https://www.businessnewsdaily.com/15756-business-partnership-agreement-writing-guide.html   Thinking about going into business with a friend, colleague, family member? 100% you need a partnership contract. Right now everything may seem exciting and you’re both/all passionate about the business but entering a partnership is a little like entering a new romantic relationship. The fact is you DON’T know everything about what your partner/s expectations are, what they want from this business. You may ‘think’ that you do but believe me when I say you don’t. And like any romantic relationship, a business partnership has just as much chance to go wrong. Give your partnership (and business) the best possible chance of success by ensuring you have discussed every element you can think of what ‘could’ happen. And get it all into a signed agreement. Some questions to ask yourself – and each other…. 1) What do you want/need to earn out of …

By Cressida Johns of Sandcress Small Business Consultancy Millions of people have had to adjust to a ‘new normal’ throughout this pandemic. Covid has caused unmeasurable loss – but there have been positives too. With so many people now working from home parents have been able to eat with their children every day, play with them, put them to bed. With less travel families have had more time together, have felt more connected than ever before. As a result, I’m getting daily calls from people who have had a taste of this new life and don’t want to go back. They want to start their own business. And one of the questions I frequently am asked is ‘But is NOW, the right time to start a business?’ The simple answer is absolutely! This pandemic is NOT going to last forever and as it takes between 3 to 12 months to …

Full article with thanks to https://www.thesun.co.uk/news/13682049/treasury-bailout-small-businesses-ineligible-covid-support/ THE Treasury is finally considering a scheme to bailout up to a million small business owners excluded from previous Covid support, The Sun can reveal.  A team of Treasury officials are scrutinising a proposal that would see the Government pay up to 80 per cent of lost trading profits of sole directors of limited companies. The Directors Income Support Scheme would pay grants of up to £7,500 to cover three months of lost trading profits and would be limited to those who earn less than £50,000 a year. Initial estimates have put the cost of the scheme between £2-3 billion depending on take-up. A government source insisted there was still no guarantee that the scheme will be introduced as there are still several loopholes to close down to avoid fraud, waste and legal challenges. Many self-employed workers such as plumbers, engineers, freelance musicians, workers …