How to set up and run a small business

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It’s all too easy to get to the end of a project and feel completely exhausted. Sapped of all energy and enthusiasm we can miss what’s really important.

To overcome this, change leader, Ian Coyne reveals a new approach to project management which will help you to manage projects and hit deadlines without grinding yourself into the ground.
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Take a close look at any business that has been thriving over the last few years, and there’s a very strong chance you’ll see it has a clear USP, or Unique Selling Point.

It’s something you need to develop as you start your own business. A USP is much more than just a way of positioning your business in marketing materials. It’s something that needs to be at the very core of what you are doing – part of your business’s DNA, if you like.
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With the enduring popularity of entrepreneurial TV shows, a lot of attention is paid to finding a great business idea by the media.

To work out if your idea is brilliant or will bankrupt you, there are four key questions to ask before you get started.
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One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.

You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.

Here are 5 things you need to do when you decide to go self employed: Continue…

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One of the first tasks you will have when starting up your business will be to decide whether to set up a new limited company, or become self-employed. If you choose to go self employed, this could be either as a sole trader, or as a partner in a partnership.

The different business structures each have their own advantages and disadvantages, so it’s vital you understand what each offers you. Working out which option best suits you, and your new business, can take a little time but it is an important decision, and one that can have major ramifications over the years ahead, so you do want to choose the business structure that best suits your circumstances.

Here we look at some of the differences between working as self employed and setting up a limited company;
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Whether it’s in a business situation or home environment, procrastination is a true monster that takes away confidence and ultimately undermines self-worth. It also saps vital energy, stifling you and your business.

Every time you delay something, you add imaginary weight onto your shoulders while the item joins the long queue of “to do” items: a burden of a promise you need to fulfil.

Over time this burden grows and grows and your self-worth shrinks in its shadow. You drag along a big suitcase of things you can’t seem to get around to doing, but which you want to, or think you need to, get done soon.
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The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.

There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.

Here are the steps you must take to if you want to become self employed: Continue…

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If you’re starting-up or running a small business the ability to put together a persuasive business proposal will really help you to succeed.

If you have impressed a prospective client or partner after an initial meeting, phone call or email, you will frequently be asked to submit a business proposal.

This is not the time to become complacent. There will be others on the short list too, so a well-written and attractively presented business proposal is a crucial sales tool. It is often the difference between getting the go-ahead with your idea or missing out on a lucrative new opportunity.

Fortunately, if you follow these 10 golden rules, it’s not too difficult to put together a winning business proposal Continue…

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Why do some businesses appear to steam ahead, recording rapid year on year growth, when others even in the same sector, with the same market opportunity, lag behind, recording poor growth or often no growth at all.

Of course, every sector will have its own nuances, however there are some barriers to grow that every business owner (and aspiring business owner) will need to address if they aim to punch above their weight. Continue…

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Taking on your first employee should be an exciting time. It means your business idea is working and you need help to expand. But while employees will help your business grow, they will also bring new stresses you may not have encountered before.

There are all sorts of costs that you must take into account. Plus the way your business runs with just you and any business partner, may not continue to be appropriate when employees are on board.

This guide will help you identify the true cost of an employee, and build a plan to manage the impact on your business. Continue…

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In June 2014, flexible working requests became a universal right. Anyone with 26 weeks of continuous employment can now ask to work flexibly for any reason. The repercussions for small businesses, in which each employee may be vital to day-to-day operations, could be significant. Continue…

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Good publicity can help to propel your small business to another level. Sadly many small businesses don’t make any effort to get any press coverage because they think it’s impossibly difficult to do so.

However, it is really simple to get free publicity for your business. In fact, the reason that many businesses get it wrong is because they try to over-complicate things. Here are the five powerful and unbreakable rules you must follow when trying to get free publicity for your business:
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The second instalment of our two-part guide to writing a business plan for business angels, examines each of the main chapters in detail, highlighting the areas that need particular attention if you are to successfully attract funding from a business angel or private investor. Continue…

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This guide has been written for ByteStart by John Courtney of Beer & Partners Ltd.

There are many books on writing business plans – all the banks provide a handy checklist for example. Yet business plans should always be written with the audience in mind. This guide is therefore aimed at helping you put your message across to one particularly critical audience – the business angel.

We see nearly 2000 plans a year and we know what our angel investors are looking for; more importantly perhaps we also know the pitfalls and howlers to be avoided. Continue…

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“Networking is always important when it’s real, and it’s always useless when it’s fake.” – Seth Godin

When I decided to investigate how some of the most successful networkers operated both online and offline, I was desperate to know the “differences”.

Some of the greatest teachers of our time encourage their followers to look for the distinctions in life – the greater your knowledge of these distinctions, the greater your capability to deal with life’s challenges.

Interestingly, regardless of whether the experts I interviewed were using offline events, clubs and conferences to build their networks, or whether they were joining digital communities and groups online, their actions were underpinned by the same operating principles and many of the same activities.

From interviews with leading business experts, I’ve identified their Top 10 tips for networking success. I’ve called them the “Magic 10″ because they kept appearing in interview after interview, seemingly from out of nowhere. If you can integrate these tips into everything you do, you will have a thriving business network in no time. Continue…

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Most small business owners have an opinion on networking. For every person who enjoys and values it – you’ll find another who visibly shudders at the mere mention of the word.

But why does networking seem to polarise small business owners? Is it a massive untapped opportunity, or is it an uncomfortable evening in the company of strangers and cocktail sausages?
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The path from initial interest to confirmed sale hardly ever runs smoothly, especially in today’s tough marketplace.

Even though the buds of economic recovery are finally beginning to surface, failing to close is still a growing issue; a recent Silent Edge study has shown that only 49% of businesses are successfully closing deals, and that’s not the only problem. Continue…

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International bodies seem to be falling over themselves to upgrade their growth forecasts for the UK. The IMF recently hiked its predictions to 2.9% this year and the OECD to 3.2%. This is all good news. But what does it mean for business owners?

An interesting phenomenon occurs as economies race out of deep recessions; there is a rush for new and innovative products as buyers and consumers seek radical new solutions. This comes at exactly the time many companies are still in ‘recession mode’; blinkered, inwardly focused and slow, so creates a great opportunity for nimble and brave businesses. Continue…

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Public liability insurance will protect your business if you cause an injury to a member of the public, or property belonging to another business or individual.

You should consider taking out public liability insurance if members of the public visit you at your place of work, or if you perform work at places of work owned by third parties. Continue…

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Becoming a sole trader is the simplest way to get your new business off the ground.

Once you have told HMRC of your intention to become self employed, you can start trading immediately, subject to any industry-specific licences you might need.

As a sole trader, you will have complete control over your business and finances. You can adapt quickly to any changes in your business, without having to concern yourself with a great deal of bureaucracy.
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