Our Blog

The UK Business

Business activity
In 2018, there were 5.7 million private sector businesses in the UK, down by 27,000 compared to 2017. This is the first year on year fall in the number of businesses since the current series started in 2000. In 2018, there were 2.2 million more businesses than in 2000, an increase of 63% over the whole period. The proportion of businesses with employees has fallen since 2000 from around a third, to around a quarter. This decline in the number of employers as a proportion of all businesses is due to the growth in self-employment.
In 2018, there were 1 million private sector business in the UK. Unlike the UK, in the London there is slight ascending slop while the growth rate slowed from 2014.

Business per population by region
In the UK in 2018 there were 1,059 businesses per 10,000 resident adults. In London there were 1,563 businesses per 10,000 residents, whilst in the North East there were 749 businesses per 10,000 residents. A third of UK businesses are in London or the South East (1.1 million in London and 874,000 in the South East). Northern Ireland has 133,000 businesses whilst the North East has 163,000. The South East saw a 6% fall in the number of businesses last year, whilst the North East of England saw a rise in the business population of 14%.
 
Business by industry
In 2018 there were 4.2 million businesses in the services industries, three quarters of all businesses in the UK. The biggest of the service industries in terms of the number of businesses was the professional, scientific and technical industry, which accounted for 14% of businesses. The retail sector accounted for 10% of all businesses. Overall, businesses in the service industries accounted for 79% of employment and 72% of total turnover. Businesses in the retail sector alone accounted for 19% of employment and 34% of all turnover in 2018. Construction sector businesses accounted for 17% of all businesses, but only 8% of employment and 8% of turnover. A large number of construction workers are self-employed, which increases the number of enterprises, but not the number employed in the sector. Manufacturing firms accounted for 5% of businesses, 10% of employment and 14% of turnover.

Business births and deaths
The table below shows new business (‘business births’) and businesses that ceased trading (‘business deaths’) in each year from 2001 to 2017. The business birth rate is the proportion of active businesses that began trading in the reporting year. The business death rate is the proportion of active businesses that ceased trading in the reporting year.

Read More

Key Steps to a Business Plan

A business without a business plan is nothing. Business plan includes two key terms: Steps and Goals. The steps from starting the business to achieving our goals. The business plan also provides us with the amount of time and money we will need to process. With business plan, you will have a general view over our business.
If you are going to run a start-up or improve your management, follow these 10 key steps to a business plan:

1- Write your business plan through the view of your clients
Every start-up should start through the view of its clients. Why are you starting this business? What’s the goal? Is it a safe investment? Thus, when writing a business plan, you must consider our clients and their needs.
For example, if you are planning to raise fund, the potential investor will ask you to give a clear description of the time it takes for them to gain the profit of their investment. Also the investor might want to know about the general potential success of your business. Thus, having a clear business plan can easily make you able of that.

2- Precise market research
Investor will be interested in your business provided they realise that you are dominant enough on the market. Market research is an important factor and many investors are looking for it in the business plan. The business plan is done by the expert market analysts and must include information such as market size, market opportunity, and the plans to take to achieve this market.

3- Competition Understanding
The initial rule in business environment is to understand the competition’s nature and foundations. At the end of this level, you should add your understandings and plan about how you are going to compete with the competitors in your business.

4- Attention to details
It is very important to write the business plan briefly yet in details. The details must be in a way that give a clear image of your business. An expert business planner has a great impact on presenting the business plan. Business plan must include exact content, valid forecast, and logical hypothesis. It also should be without any misspelling and in the right format. It is necessary to always have a back-up version of your business plan.

5- Focus on opportunity
If you are looking for investment, you should convince the investors to approve your financial issues instead of investing in a bank or anywhere else. You should also determine the exclusive offer and explain why one should buy from your company.

6- Make sure that your business plan includes all the necessary aspects.
If you are not sure what you should include in your business plan, research about it. Find out anything which causes a business plan writing. At the beginning you might be in need to provide all the details about the company, market, products or services, strategy, accounting, marketing and management team. You should also consider the reader’s priorities in different situations. Even if the plan is almost in text, it will be better to use simple colorful charts.

7- Do calculations
Each number in the business plan should necessarily be reviewed. Hence, the costs must be documented and predicts must be conservative and logical. Even if the costs are almost predictable, it is the sell report which determines the success or failure of the company.
If you’re not a fan of mathematics, hire someone who can help you with calculation and cash and non-cash drawings. In this format the reader would have a better understanding of the required sell amount to recover the fund you need to achieve your goal. In addition to that, the initial set up costs are high and you need to be ready to justify them.

8- Executive summary
The most important section of a business plan is its executive summary, since it is basically the starting of the plan. It is also a description especially for the investors who do not have the time read and decide about investing on your business.
This part must be at the end of your business planning and include the factor that surprises others. In addition to that, you should have an “elevator statement” which is a general view of the new service or product’s main benefits. 

9- Analyse
As soon as you completed the business plan, analyse it independently. Choose a person who is not related to the process but has the knowledge to analyse it professionally. The person should have the ability to criticise the plan where it is not operating well or needs to be edited.

10- Run the business plan
In the end, this plan is as a life document which includes all the specific responsibilities, deadlines and dates. Additionally, it should be regularly updated.
Generally, every business is based on the people who decide for the company, as well as those who are responsible for the decisions. A winner business plan shows that the company is completely focused on what it needs to achieve its goals. Thus, it is better to have a professional business plan and make sure that all the sections are completed correctly.  
 
For the Last Time, Check These Factors Again:
-Are the words you have chosen reflecting the profitability and necessity of your plan?
-Have you written how and by which strategies you want to start your plan?
-Have you omitted unnecessary word? Are there any utterances that can be omitted?
-Type the important terms in a bigger size.
-When the business plan is ready, ask for an expert comments.
-You should not show the plan to everyone, because you don’t want to give it to your competitors! Talk to the investors about the privacy.
-If your idea can be registered, register it before any action.

Read More

What is funding?

Funding is the act of providing financial resources, usually in the form of money, or other values such as effort or time, to finance a need, program, and project, usually by an organization or company. Generally, this word is used when a firm uses its internal reserves to satisfy its necessity for cash, while the term financing is used when the firm acquires capital from external sources.

Who Should Get Funding?
The UK is the heaven of fundraising if you be aware of how you should do it since the funding world is really complex. Every business needs money to level up. Start-ups often feel the necessity of raising fund. But they should know that not all of the seed businesses need fund. So how should you as an entrepreneur know that? The answer is a question again!
SHOULD YOU GET FUNDING AT ALL?!
If you need fund for your business cause you are sure that it’s going to help your business grow faster, and it won’t result in lack of control over your business or stop you from focusing on trying hard to earn money out of your business, then seriously forget about it!

Read More

Business ideas for 2019: Luxury pet care

Animal-loving entrepreneurs, make 2019 the year you start a luxury pet care business, which is essentially childcare or deluxe pampering for pets. Whether that’s taking dogs for walks in the countryside, offering luxurious accommodation for cats while people go away or all-day dog-sitting services in a tailormade setting, many pet parents now need care services for their beloved furry little friends.
According to the Pet Data Report 2018 published by the Pet Food Manufacturers’ Association (PFMA), 45% of households in the UK own a pet, increasing to 53% for households that have children.
With figures like these, savvy would-be business owners could do well to tap into the potential returns that a niche, luxury pet care business could bring. Already popular overseas, we predict that 2019 is the year the trend will really kick off in the UK.
We first called it in 2015, then again in 2016, and still our love of pets shows no signs of slowing down in the UK.
According to the Pet Data Report 2018 published by the Pet Food Manufacturers’ Association (PFMA), 45% of households in the UK own a pet, increasing to 53% for households that have children.
With figures like these, savvy would-be business owners could do well to tap into the potential returns that a niche, luxury pet care business could bring. Already popular overseas, we predict that 2019 is the year the trend will really kick off in the UK.

Read More

Would you like to start your journey to a successful business with a professional business plan?

Start here