Business Advice Blog

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 …

Full article with thanks to https://www.tide.co/blog/business-tips/how-much-does-it-cost-to-start-a-business/#:~:text=According%20to%20this%20study%2C%20new,their%20gross%20revenue%20on%20marketing. But, how much exactly does it cost to start a new business? This figure varies widely depending on your chosen industry, location and venue—launching an online freelance writing business will cost significantly less than opening a brick and mortar retail store. On average, UK startups budget £5,000 to launch. Further, the average UK startup spends  £22,756 in their first year, according to a study commissioned by Geniac. But, as only 42.4% of SMEs survive past their first five years, the key is budgeting enough to not only launch, but survive and thrive in the long-term. In this article, we’ll explain the importance of calculating business startup costs, define the types of startup costs you may encounter and provide tools to help you calculate and organise your small business finances to boost your chances of long term success. Why do you need to calculate business startup costs? Financial preparedness …

Full article with thanks to https://www.starlingbank.com/blog/what-is-ir35-and-how-to-prepare/ Please be aware that on the 17th March, the government announced that IR35 tax reforms will be delayed for one year, due to the huge challenges faced by businesses at the moment. The measures will now come into effect on the 6th April 2021. If you’re a freelance contractor providing your services through a Personal Services Company (PSC), you need to know about a tax regulation called IR35. The new rule, which kicks in on 6 April, ensures that private sector clients will determine the tax status of their contractors, rather than the contractor setting it themselves. The aim is to bring the private sector into line with the public sector. It is likely to be the biggest change to how certain SMEs, agencies and contractors get paid and pay their tax in 2020. Following concerns from some contractors on implementation, the government has …

Full article with thanks to https://www.mindful.org/how-do-i-bring-more-mindfulness-into-my-life/ A simple guide to be mindful throughout the day—whether you’re washing the dishes, eating a snack, or sitting down to meditate. Have you ever started eating an ice cream cone, taken a lick or two, then noticed all you had was a sticky napkin in your hand? Or been going somewhere and arrived at your destination only to realize you haven’t noticed anything or anyone you met along the way? Of course you have! These are common examples of “mindlessness,” or as some people put it, “going on automatic pilot.” Which may lead you to wonder—how can I bring more mindfulness into my everyday life? We all fall into habits of mind and body, of attention and inattention, which result in our not being present for our own lives. The consequences of this inattention can be quite costly. They can result in our missing some really good things, …

Full article with thanks to https://www.experienceux.co.uk/faqs/what-are-user-journeys/ A user journey is a path a user may take to reach their goal when using a particular website. User journeys are used in designing websites to identify the different ways to enable the user to achieve their goal as quickly and easily as possible. User journeys map out every step to reach a goal User journeys are the step by step journey that a user takes to reach their goal. This journey will often consist of a number of website pages and decision points that carry the user from one step to another. The user journey is used to map out the current journey a typical user might take to reach their goal. This journey is then redesigned to form an ‘ideal’ user journey free from frustration. The output is traditionally a flow diagram demonstrating each page and decision point throughout the entire …

Full article with thanks to https://www.loudandclearaccounting.co.uk/blog/post/8092/Limited-Company-or-self-employedwhat-is-the-difference/ What is the difference between trading through a Limited Company or deciding to be self-employed? Are they taxed the same? Can you only be VAT registered if you have a Limited Company? If you trade through a Limited Company, can you avoid the payment on account? You may have a lot of questions when you decide to start on your freelance journey; that’s only natural. So here is a quick run through of the questions I am typically asked, which I hope will help you. When will I need to register? If you decide to trade through a Limited Company, you will need to create the Limited Company before you are able to do anything. This is because a Limited Company is a separate legal entity to yourself (this is the reason why your house will be safe if things go pear shaped) so …

Full article with thanks to https://www.simplybusiness.co.uk/knowledge/articles/2018/09/intellectual-property-law-for-small-businesses/ The entrepreneurs who enter Dragons’ Den often lose points when asked if they’ve secured their intellectual property, or IP. But what is IP? Businesses take reasonable steps to protect fixed assets, like their stock and equipment. But intangible assets can be more difficult to secure. Intellectual property (IP) is an intangible asset. Your IP isn’t physical in nature, but patents, trade marks and copyrights can all add value to your business. What is IP? Your IP is something unique that you create. Ideas don’t count as IP under UK law, but things that result from an idea do. This could be a new invention, the name of your product, your brand, your services, or even how your products look. But whenever businesses introduce something to the world, there’s a risk they might be copied. This risk is amplified by the internet, which makes it …

Full article with thanks to https://www.mbopartners.com/blog/how-market-small-business/linkedin-for-consultants-optimizing-your-profile/   LinkedIn is an effective social networking platform to display expertise, build connections, and promote your services. Your profile sets the stage for your first contact with potential new clients, displaying your work history, client recommendations, and skillset. Because the profile template is geared towards a more traditional employment background, it can be tricky to figure out how to best present yourself as an small business owner. Establish a credible web presence and help your business thrive by following these tips to optimize your profile. Headline: Sell Your Services The Headline section is a short caption that appears below your name and is the first thing people will see in search results, group discussions, and in their home feed. The Headline automatically defaults to your current title, but editing it to include keywords and a short descriptor of your services will make it much more effective …

Full article with thanks to https://www.lifehack.org/292677/how-creating-vision-board-will-empower-you-manifest-your-dream-life When you start talking about goals, one method that comes up in some conversations is vision boards. It’s a method that thrown around in network marketing groups, and many people stand behind this method. Vision boards can be fascinating. However, while there is a lot of support for it, there’s also a lot against organizing ideas in this way. Either way, this divide is a blessing. Because of the varying opinions on the topic, we can uncover how to make a vision board properly. We can explore why many often fail and the various drawbacks, and how you can make a vision board properly to achieve your goals and visions. Why Do Vision Boards Fail? Before you learn how to make a vision board, it’s important to cover why many fail in this area. After all, this method is talked about a lot, and …