Small Business Matters

New businesses and 'silver startups' on the rise

Startup businesses enjoyed a resurgence in 2011, according to the annual Simply Business Start-up Index, which shows the first rise in annual growth since the start of the recession in 2008. 

The research finds:

• A 3% increase in UK startups in 2011
• A 19% increase in businesses started by retirement-age entrepreneurs
• Entrepreneurship no longer confined to London with strong regional growth reported

Jason Stockwood, CEO of Simply Business, commented: “Our results suggest that Government initiatives such as Start-up Britain have inspired would-be entrepreneurs to make their business dreams a reality. It’s now crucial that this support and encouragement continues into 2012 so these fledgling businesses can fulfil their potential.”

Here are the findings as an infographic:

Jason Stockwood added: “With ever increasing life expectancy and more flexibility around retirement, it’s interesting that those in the 60 plus age bracket are considering a second career as an entrepreneur. Starting a business can be hugely rewarding at any age and those with so much experience behind them are in a fantastic position to make it a success.

“It is also encouraging to see London is no longer monopolising entrepreneurism and other regions are giving the capital a run for its money. This trend will hopefully continue as aspiring business owners see success stories springing up around them.”

What do you think? Do you find the results encouraging? Are you surprised by any of the findings?

What pop music can teach small businesses

By Anthony Teasdale

The music industry isn’t something you’d immediately think of when it comes to inspiration for running your own business but pop groups have been dealing with the taxman on a personal basis since the days of rock ’n’ roll. And, in a world with competition at its heart, the likes of Radiohead, The Beatles and – yikes! – The Spice Girls can teach us all a few lessons about staying ahead, as well as how to gloriously mess everything up.

Remember the value of good marketing – The Spice Girls

Take five vaguely talented young women, throw in some catchy tunes and add in an instantly memorable catchphrase (“Girl power!”) and suddenly you have a pop phenomenon. When Smash Hits gave them all nicknames (“Posh”, “Ginger”, “Sporty”,  "Baby" and "Scary", of course) and Geri wore that union jack dress, the project was complete. Cue two years of global success and careers that are still going today.

The lesson: No matter how good your product is, if you’re not marketing yourself and telling people exactly what you’re about there’s a good chance you’ll fail.

Treat your fans well – Radiohead

Free downloads, secret gigs, social media interaction, a band that plays at the biggest festivals – being a Radiohead fan means you feel truly valued by the band you love. The band even gave their fans the chance to download an album for free, though many people paid for it anyway. Why? Because they felt real loyalty to the Radiohead brand. And that’s a legacy that will last decades.

Q&As with the Prime Minister - Part three: Finance for startups, health and safety and more

As you may know, Prime Minister David Cameron recently visited the Intuit UK offices for a PM Direct event.  It was a great day and very informative.

For those of you that couldn’t attend, we’re publishing all the Q&As in a short video series.  Here’s the third and final part. 

Advice for entrepreneurs

Health and safety

Finance for tech startups

Local Government confidence in new ideas

National Insurance holiday for small businesses

A questions from our very own Diana Flier, compliance analyst for Intuit UK

What do you think of David Cameron's comments? Is there anything you would have liked to ask him?

Go Global in 2012

Research in the first month of the New Year points to record levels of new businesses being created and high optimism amongst small business owners. Will this confidence convert into international trade and expansion? Enterprise Nation founder, Emma Jones, hopes so! 

Here, she offers four steps to going global in 2012 and announces a series of events with DHL and Regus that will help you along the way. 

This will be a good year to grow sales and Go Global. A sizeable opportunity is opening up with growth in markets beyond the Eurozone where more people are going online and wanting to buy British-made products and services.

Here’s how to make the most of it: 

1. Know your product/service – this sounds like a basic starting point but what I mean by this is focus on your niche. Clearly define the look/feel and cost of your product so you know exactly how to position it in new markets and where to promote it. 

2. Look beyond the Eurozone – in late 2011, the HSBC Trade Forecast predicted that world trade will grow by 73% in the next 15 years, with forecasts showing Egypt, India, Vietnam, Indonesia, China and Brazil to be the international powerhouses that will drive growth.

Small business news round-up (4/2/12)

We search out key small business news stories and articles each week so you don’t have to, leaving you more time to spend on running your business.

Want to keep up with regular small business news, features and tips, why not subscribe to our blog by RSS or email?

HMRC records checks campaign halted

HMRC has announced that its business records checks scheme  is on hold and will be relaunched with a “fresh approach” early in the next financial year, following a review.

The review, which included discussions of the pilot programme with trade and professional bodies’ representatives, recommended that the checks are more targeted in future, linking to available education and support.

Find out more

Builders most likely to make mistakes on tax returns

Those in the construction industry are seen as the most likely to provide incorrect information on their tax returns, according to a survey of accountants.

In a poll by Bloomsbury Professional, a third of those questioned regarded builders as high risk due to frequent use of cash payments and poor bookkeeping.

Find out more

More than one million will face tax fine, says HMRC

Just over one million taxpayers face a penalty of £100 for failing to submit their self-assessment tax returns on time. The figure of 1.1 million is the lowest since online filing first started, and compares with 1.4 million last year and 1.6 million the year before.

Q&As with the Prime Minister - Part one: Tax and big business, credit easing, young entrepreneurs and more

As you may know, Prime Minister David Cameron recently visited the Intuit UK offices for a PM Direct event.  It was a great day and very informative.

For the benefit of those that didn't attend, we’re going to publish all the Q&As in a short video series. Here’s the first part.

HMRC and tax for small and large businesses

Business and finance as part of the school curriculum

Credit easing

SMEs winning government contracts

Investment funding for young entrepreneurs

What do you think of David Cameron’s comments? What would you like to have asked him?

 

February tip: Get professional advice

As part of our monthly calendar tips, our tip for February is:

If you don’t already have one, get an accountant and talk to them about financial management.

To find a QuickBooks ProAdvisor in your area, visit quickbooks.co.uk/february

Here’s why:

You’ll save time and stress

Successful business owners know it's best to focus on what they’re good at, rather than struggling on with something they could pay an expert to do better in half the time. Time spent tearing your hair out over tax forms is time away from doing what you do best – running your business and generating income.

Even if you’re comfortable filling in all the relevant paperwork yourself, with an accountant you’ll have the peace of mind that you’ve filled in everything you need to and that you’ve filled it in right. If you make a mistake you’ll certainly be asked by HMRC to correct it, taking more of your time. However, in the worst case scenario, a tax inspector may want to look over all your financial records

A peep into freelancing [Infographic]

Are you considering freelancing? You're probably wondering what it's really like and what's involved. PolicyBee has done some useful research which should give you a bit more of an insight into freelance life. 

The research was carried out at the end of last year amongst 2,000 freelancers. 

Infographic by PolicyBee Insurance

Are you thinking of becoming a freelancer? What kind of things would you like to know more about?

Small business news round-up (28/1/12)

We search out key small business news stories and articles each week so you don’t have to, leaving you more time to spend on running your business.

Want to keep up with regular small business news, features and tips? Why not subscribe to our blog by RSS or email?

HMRC Self Assessment returns – two more days to file and pay

HMRC has agreed that customers who can’t get through to HMRC's call centres on 31 January because of strike action will have a couple more days to submit their returns. Late penalties will not be imposed for people who file their Self Assessment returns on 1 and 2 February, the HMRC has said.

The SA deadline remains midnight on 31 January. However, HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No one will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.

Find out more

Set up your business in a Government department, says Cameron

Entrepreneurs will be allowed to set up their companies in empty Government offices, David Cameron has said this week.

StartUp Britain Enterprise Calendar launch

A few key members of the Intuit team had a great day yesterday, attending the StartUp Britain Enterprise Calendar launch.

The StartUp Britain Enterprise Calendar is a new, interactive calendar of enterprise events, showcasing Britain’s vibrant and dynamic enterprise community. The calendar should be a great tool for entrepreneurs, signposting them to key events and growth opportunities. You can also submit your own events to the enterprise calendar.

Following the launch of the new calendar, Mark Prisk, minister for business and enterprise, said: “We want 2012 to be the year of enterprise, where entrepreneurs can unlock their business potential. Enterprise events don’t just take place on one day, or during one week, but they appear throughout the year and across the country. We need to make sure people know that there is support and advice available, that it is easy to get, and it is often on their doorstep.”

He added: “The Enterprise Calendar is a great addition to our support for business in 2012 and beyond.”

(pssstt…don’t forget you can download our calendar too, which will also help you keep up to date with events as well as key financial dates.)

Expert advice

“I shifted to QuickBooks and I understood how the business ran. In some ways that was one of the most delightful periods of my life with King of Shaves because I understood everything financially.” Will King, founder of King of Shaves

There was also a panel discussion on the day, with some expert advice from Intuit UK's very own managing director, Pernille Bruun-Jensen, as well as Will King, founder of King of Shaves, Doug Richards, original Dragon, investor and serial entrepreneur and Bob Forsyth, head of UK SMEs at Ernst & Young.

Watch a snippet here:

You can see more short interviews with Pernille over at Business Zone.

Pernille discusses shows how the Enterprise Calendar can help kickstart your business 

Is there a business in you? Intuit’s Pernille explains how everyone can be involved in startups 

New small business resources

StartUp Britain, which Intuit is a sponsor of, has also launched a range of new resources for small businesses. These were highlighted at the event and include: