Starting a business as a female entrepreneur - DELI LITES

In this guide:

  • How entrepreneurial are women in NI?

    The Global Entrepreneurship Monitor (GEM) report shows that women in Northern Ireland have a very positive view of entrepreneurship as a career choice. The report indicates that increasing the level of entrepreneurial activity among women will make a huge contribution to the diversity and success of the local economy.

    Many women work part-time while setting up a business. This gives them the chance to develop their business idea while reducing the financial risk that may be involved. See starting a part-time business.

    Others work flexible hours in their new business to allow them to look after a home or fulfil other commitments while getting the business off the ground.

    If you are considering becoming an entrepreneur, it's important to realise that you don't have to go it alone. There is a lot of support available to help female entrepreneurs - see support for women in business.

    Setting up a business is an exciting career option that is flexible and open to anyone. So whether you are currently working, are taking a career break or are just starting out, you can find help to make your business idea a reality.

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  • How to become a successful female entrepreneur

    If you want to become a female entrepreneur, there are a number of things you can to to increase your chance of success.

    Business skills

    Running a business requires a range of skills. As well as producing a product or delivering a service you will need to deal with finance, marketing, administration, legal issues and perhaps recruitment, health and safety or other specific areas.

    All of these skills can be acquired and there are many excellent courses available locally. Some of these have been developed particularly for women. The Training for Women Network provide courses for women interested in business.

    First steps for your business

    If you are considering starting up a new business, you need to consider a number of factors to ensure the best chance of success. If you don't have a business idea yet, our business idea profile tool provides information on over 600 small business trades, sectors and professions.

    As well as your product or service, you will need to think about:

    For further information see step-by-step guide to starting a business.

    Support from other female entrepreneurs

    You will also benefit from speaking to other people who have set up a business - there are many organisations and networks that can offer you practical support. For further information see networks and mentors for women in business.

    Women in Business (WIB) provide digital workshops, mentoring, regional events and networking opportunities with other female entrepreneurs, They also provide a yearly female entrepreneur conference and other business events.

    Write a business plan

    A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business. It is essential to have a realistic, working business plan when you're starting a business. See write a business plan: step-by-step.

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  • Develop a business idea

    Some people have a very clear idea of what they want their business to be. Maybe you have identified a gap in the market for a particular product or service that you know you can provide.

    Or perhaps you want to set up a business but don't have a definite idea of what you want to sell. Whichever is the case it's important that you develop a well-defined product or service before you launch into setting up a business.

    You need to be sure that you can offer the market something different, or better or cheaper. Good market research is the cornerstone of developing a sound business idea - see market research and market reports.

    Invest NI's Business Information Centre has extensive market research and worldwide company directories that you can use.

    Women are now setting up and running successful businesses in sectors that were once considered male territory, such as construction and IT. Equality of opportunity in these areas has been promoted through professional bodies and trade organisations. Search the Trade Association Forum's directory of trade associations.

    You may find it helpful to identify a mentor from within the sector that you have chosen, who can be a role model and adviser - see benefits of business mentoring.

    Women in Business (WIB) offer a mentoring programme and may be able to connect you to someone from your sector through the members directory.

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  • Support for women in business

    You can become a successful female entrepreneur with the right support, good planning and the will to succeed.

    Specific support for women

    There are some support initiatives specifically designed for women.

      Women in Business (WIB) is Northern Ireland's largest and fastest growing network for business women and entrepreneurs. WIB has over 3,000 members and offers events aimed at helping women develop both personally and professionally, make connections and ultimately grow their business.

      Support programmes include Yes You Can, which offers business start-up and growth support to local women who are interested in business and their Centre of Learning.

      WIB also have a mentoring programme with almost 150 mentors providing business support and guidance to network members. 

      WIB offer a variety of free marketing benefits to all members including publication of their news articles in a bi-annual magazine and in a monthly ezine, as well as their Members Monday promotions. Find out more about WIB.

      Councils and local enterprise agencies run specific initiatives for female entrepreneurs.

      Find finance and advice

      The NI business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance you may be eligible to apply for.
      Support may be available in a number of forms, including financial assistance and free or subsidised advice services.

      Back Her Business is a NI crowdfunding platform for female entrepreneurs. The crowdfunding is available via time-limited competitions taking place throughout the year. For more information see crowdfunding websites.

      My New Business

      My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping you get your business started.

      It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business. See My New Business.

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    • Networks and mentors for women in business

      If you feel nervous about setting up a business, that's normal for everyone - don't let that put you off. A good way to build your confidence is to speak to others who have set up a business and find out what the experience is really like.

      Networks

      Women's networks are a good way to do this. They offer a forum for discussion, sharing experiences, peer mentoring and practical and emotional support. Just knowing someone else is facing the same challenges as you makes it easier to keep going.

      Networking is a highly effective way to build up a business. It offers a potential market for your goods or services and can be an invaluable way of building up a client base and track record.

      Women in Business (WIB) is Northern Ireland's largest and fastest growing network for business women and entrepreneurs. Find out more about Women in Business.

      WIB also have a mentoring programme with nearly 150 successful and inspirational business women who provide expertise to support to local women in business.

      There are also many UK sector specific women's networks including:

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    • Starting a business: steps for female entrepreneurs

      Taking the first step is easy if you have done as much planning and as much market research as possible.

      It's useful to write down where you are now, where you want to be in a year and the steps you need to take to get there. This should be as detailed as possible and will help you take a logical and systematic approach to getting started in business. The following guidance should help you:

      The next step is to identify and contact the organisations that can offer you advice and support.

      The business support organisations will be eager to sit down with you and help you work out what you need to do to get your business up and running. They will help you with:

      • training
      • sourcing finance
      • mentoring
      • ongoing business advice
      • specialist technical advice
      • finding premises
      • legal issues

      There is a comprehensive network of support in Northern Ireland and specific initiatives aimed at helping more people get started in business. See: 

      Invest NI also provide support for local businesses.

      Women in Business (WIB) also offers a variety of workshops and programmes specifically for women. Find out about upcoming WIB events and programmes.

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    • Start-up support for female entrepreneurs

      Starting a business as a female entrepreneur - DELI LITES

      Jackie Reid, the Co-Founder and Sales Director of DELI LITES, explains how she used her skills and expertise to develop her business idea into a successful, well-run business

      DELI LITES Ireland is a food-to-go producer of sandwiches, wraps, salads, and artisan bakery products that uses local ingredients. The business was founded in 1998 and currently employs 300 staff.

      Jackie Reid, the Co-Founder and Sales Director of DELI LITES, explains how she used her skills and expertise to develop her business idea into a successful, well-run business.

      Finding my business idea
      "My husband, Brian, and I founded the company in 1998 after I had spent a summer working in New York. I came back full of inspiration from the amazing colours, textures, and flavours I had witnessed in the vibrant New York scene."

      "We originally ran the business from my sisters' café of the same name. People loved the food we were making, so we decided to make the most of these products and start a pre-packed sandwich business, which today is DELI LITES Ireland."

      Developing my idea
      "When the business was beginning to form, food-to-go was not a familiar concept to people in Northern Ireland. After having been inspired by the futuristic food trends of New York, and in noticing this gap in the market for quality food-to-go products, we wanted to offer customers a product that is quick and easy to consume, without compromising on taste."

      "I have always had a passion for food and for fitness, so a goal throughout the journey was to create a product offering that was honest feel-good food. As such, since the beginning of the business we have been able to invent innovative products that are gluten-free, vegan, vegetarian, high-protein, and low-calorie, as well as the more traditional options."

      "I found that research was everything. I had to look into every aspect of my idea so I knew what the market was lacking and how I could provide answers to consumer needs. I wanted the focus of our products to be about the quality Irish ingredients that we use. As we began securing those initial deals with local suppliers, it got easier to network our way through the food industry and make a name for ourselves."

      Believing in myself and finding hidden talents
      "There are many preconceptions and expectations of women in business, but I use those doubts and fears and turn them into my driving power. Exceeding expectations is a powerful motivator, and one that I use often."

      "Apparently, women are half as likely as men to start their own business, which is a shocking statistic! Aside from the obvious benefits of working for yourself and doing something you love, putting yourself out there in the business world can help you learn more about yourself. You will come to realise just how resilient and strong you are, as well as finding out how far you can push yourself. It's a real soul-searching journey."

      "When we originally started the business, I don't think I had realised just how passionate (and good!) I am at sales. All my entrepreneurial skills came out when we were deep into the process."

      Finding the right support
      "I understand how overwhelming starting a business can be, especially if you're starting the venture alone. I also think that many women are not aware of the financial, advisory and networking resources that are readily available to them. For example, you'll find there are numerous financial schemes, LinkedIn support groups, and local events that will provide help and guidance which are great for women that need to find their supportive crowd."

      "Make sure you take the help that is offered. I often struggle with always wanting to do things myself, but you have to realise (and I have to remind myself sometimes) that you can't do everything yourself. Surround yourself with a positive crowd and take advantage of the help they offer."

      Inspiring and supporting other women
      "I would love for potential and current female entrepreneurs to be inspired by the successful work done by not only myself, but all of the talented female employees of DELI LITES. Innovation is a key value to us, and I'd like to think that the work we do is revolutionising the idea of women working in business."

      "As a woman, I also believe I am somewhat more in tune with the family needs of my employees. In order to work on employee wellbeing, we allow flex-shift patterns and are open to working closely with our team to allow employees to accommodate to family needs, as well as any other internal or external support they may require."

      Prioritising progress and improvement
      "I am always seeking ways to improve the business, from working closely with our Product Development Team to implementing training and tactics to help encourage employee morale. This drive to constantly push the business to its absolute limits in all aspects has helped us go from that small venture in the back of my sisters' café making 30 sandwiches a day into a thriving powerhouse of food-to-go products."

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    Choosing the right legal structure for your business (video)

    In this guide:

    • Becoming a sole trader

      Being a sole trader is the simplest way to run a business - it does not involve paying any registration fees with Companies House. Accounts and record keeping is straightforward and any profits you make belong to you. However, you are personally liable for any debts that your business runs up, which make this a risky option for raising capital.

      Management and raising finance

      You make all the decisions on how to manage your business.  You raise money for the business out of your own assets and/or with loans from banks or other lenders.

      Records and accounts

      You must keep records showing your business income and expenses and any profits go to you.

      Tax and National Insurance

      As you are self-employed:

      • your profits are taxed as income
      • you pay fixed-rate Class 2 National Insurance contributions (NICs) regardless of any profits you make
      • you pay Class 4 NICs on any profits
      • you need to register for Self Assessment and complete a tax return each year

      Register for Self Assessment with GOV.UK.

      Liability

      As a sole trader, you are personally responsible for any debts run up by your business. This means your home or other assets may be at risk if your business runs into trouble.

      For more information on starting your own business, see:

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    • Business partnerships

      There are three types of partnership:

      • 'ordinary' partnerships
      • limited partnerships
      • limited liability partnerships (LLPs)

      Common features of all types of partnership

      All three types of partnership have the following features in common:

      • two or more persons - ie the partners - share the risks, costs and responsibilities of being in business
      • a partner can be an individual or another business, eg a limited company or another partnership
      • the profits and gains of the partnership are shared among the partners, unless the partnership agreement states otherwise
      • each partner is personally responsible for paying tax on their share of the profits and gains, and for their National Insurance contributions
      • each partner must register for Self Assessment with HM Revenue & Customs (HMStarting a RC) and complete an annual tax return
      • a nominated partner must also send HMRC a partnership return
      • partners raise money for the business out of their own assets and/or with loans
      • the partners themselves usually manage the business, although they can delegate certain responsibilities to employees
      • it's possible to have 'sleeping' partners who contribute money to the business but are not involved in running it from day to day
      • the partnership must keep records showing business income and expenses

      'Ordinary' partnerships

      An 'ordinary' partnership has no legal existence distinct from the partners themselves. If one of the partners resigns, dies or goes bankrupt, the partnership must be dissolved - although the business can still continue.

      A partnership is a relatively simple and flexible way for two or more people to own and run a business together.

      Ordinary partnerships also have to be registered with HMRC for tax purposes. The nominated partner does this by registering the partnership for Self Assessment.

      Limited partnerships

      A limited partnership is made up of a mixture of ordinary partners and limited partners.

      Limited partnerships must register with Companies House but don't generally have to make an annual return or file accounts. When they receive the registration Companies House inform HMRC that the limited partnership has been set up. HMRC will set up the partnership's tax records so there is no need to register with them.

      A limited partner's liability is limited to the amount of money they have invested in the business and to any personal guarantees they have given to raise finance.

      Limited liability partnerships (LLPs)

      LLPs must have at least two designated members. LLPs are taxed as partnerships, but have the benefits of being a corporate entity, and members have limited liability.

      LLPs must:

      • register with Companies House
      • send Companies House an annual return
      • file accounts with Companies House

      When they receive the registration Companies House inform HMRC that the LLP has been set up. HMRC will set up the LLP's tax records so there is no need to register with them.

      For further information see set up a business partnership.

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    • Starting a private company

      There are broadly two types of private company:

      • private limited company
      • private unlimited company

      A private limited company may be limited by shares or by guarantee.

      Common features of private companies

      In relation to set up and administration, a private company:

      • Must be registered with Companies House. You can register either via a paper application form or electronically using a third party with access to the necessary software. 
      • Does not have to appoint a company secretary but if one is appointed, this must be notified to Companies House.
      • Must file its accounts annually with Companies House. The accounts must be audited unless the company is exempt.
      • Must send an annual return to Companies House.

      You can send your annual return and other documents to Companies House electronically using its WebFiling service - see filing company information using Companies House WebFiling.

      Both types of private company must also have at least one member and at least one director.

      Directors must notify Companies House of changes in the structure and management of the business.

      Finance comes from shareholders, loans and retained profits. Any profits are usually distributed to shareholders in the form of dividends, apart from profits retained in the business as working capital.

      If the company is active, it must tell HM Revenue & Customs (HMRC) that it exists and is liable to Corporation Tax.

      Companies also need to comply with HMRC's requirements for PAYE for employers and VAT - see taxes.

      Private limited companies

      Limited companies exist in their own right. This means the company is legally separate from the people who run it, has separate finances from your personal ones and can keep any profits it makes after paying tax.

      A company may be limited by shares or limited by guarantee:

      • A company limited by shares must have at least one shareholder. If you're the only shareholder, you'll own 100 per cent of the company. There's no maximum number of shareholders and all shareholders will need to pay for their shares in full if the company has to shut down.
      • A company is limited by guarantee if members' liability is limited to an amount the members agree to contribute to the company in the event of it being wound up.

      For a company limited by shares, shareholders are not responsible for the company's debts unless they have given guarantees - eg a bank loan.

      Shareholders may be individuals or other companies. However, shares cannot be offered to the general public.

      Private unlimited companies

      A company is an unlimited company if there is no limit on the liability of its members.

      These companies are rare and usually created for specific reasons, so it's strongly recommended you take legal advice before creating one.

      Tax and National Insurance for company directors

      Company directors are regarded as an employed earner for the purposes of paying National Insurance contributions (NICs). This means that company directors must pay both Income Tax and Class 1 NICs on their director's earnings.

      Company directors must complete a Self Assessment tax return each year. You will need to give details of the income from your directorship on the employment pages. Register for Self Assessment with GOV.UK.

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    • Starting a public limited company

      Public limited companies (PLCs) exist in their own right. This means the company's finances are separate from the personal finances of their members.

      How to set-up a public limited company

      PLCs must:

      • have at least two shareholders
      • have issued shares to the public to a value of at least £50,000 or the prescribed equivalent in euros before it can trade
      • be registered with Companies House
      • have at least two directors - at least one must be an individual. Each director who is an individual must be at least 16 years of age
      • have a qualified company secretary

      Find out about filing company information using Companies House WebFiling.

      Management and raising finance

      Businesses that are PLCs are the only type of business that can raise money by selling shares to the general public:

      • shareholders can be individuals or other companies
      • the shares may or may not be traded on the stock exchange
      • finance can also be raised through loans and retained profits
      • directors may be asked to give personal guarantees of loans to the company
      • a board of directors usually makes the management decisions

      Records and accounts

      PLCs must:

      • send an annual return to Companies House
      • file accounts with Companies House once a year - the accounts must be audited unless the company is exempt

      Directors must notify Companies House of changes in the structure and management of the business.

      Profits

      Profits are usually distributed to shareholders in the form of dividends, apart from profits retained in the business as working capital.

      Tax and National Insurance

      If a PLC has any taxable income or profits, it must tell HM Revenue & Customs (HMRC) that it exists and is liable to Corporation Tax. It must then pay any Corporation Tax that's due and submit a Company Tax Return to HMRC. A PLC must also comply with HMRC's requirements for PAYE for employers and VAT - see taxes.

      Company directors must complete a Self Assessment tax return each year. Find out how to register for Self Assessment with GOV.UK.

      Liability

      The liability of each member is limited to the amount unpaid on their shares.

      Members are not responsible for the company's debts unless they have given guarantees - eg when taking out a bank loan.

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    • Setting up specific types of limited company

      Information on Community Interest Companies and right-to-manage companies

      Instead of setting up a 'standard' type of public or private company, you could consider setting up a:

      • Community Interest Company
      • Right-to-manage company

      These types of company are subject to company law in the same way as standard public or private companies - see starting a private company and starting a public limited company.

      However, they must meet additional criteria in order to qualify as the company type concerned.

      Community Interest Company (CIC)

      A CIC is a type of limited company designed for people who want to run a business for the benefit of the community - ie not purely for the benefit of the company's members and shareholders.

      A CIC may be a public or private company limited by:

      • share capital
      • guarantee with or without share capital

      A company cannot become a CIC if it is:

      • a charity
      • intends to be a political party, a political campaigning organisation, or a subsidiary of either

      If you intend to set up a CIC, you must register it with Companies House.

      CICs are often seen as a type of social enterprise and may take the form of:

      • leisure centres
      • housing associations
      • worker-owned co-operatives
      • community development trusts

      See choose the right structure for your social enterprise.

      Right-to-manage (RTM) company

      A RTM company is run by leaseholders who have taken on the landlord's management functions, eg repairs and maintenance of the premises.

      For a company to be a RTM company in relation to those premises:

      • it must be a private company limited by guarantee
      • its articles of association must state that its object, or one of its objects, is gaining the right to manage those premises
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    • UK economic interest groupings

      Guidance on UK economic interest groupings (UKEIG) and European economic interest groupings (EEIG)

      A UK Economic Interest Grouping (UKEIG) is a European Economic Interest Grouping (EEIG) that was registered in the UK on EU exit day and was automatically converted to a UKEIG.

      EEIGs registered in the UK on EU exit day would no longer meet the requirements of an EEIG as set out in EU legislation.

      The automatic conversion into a UKEIG ensured that any existing EEIGs registered in the UK could continue to have a clear legal status after the UK had left the EU.

      The UKEIG framework retains as many elements of the EEIG framework as it was possible and practicable to retain.

      The most substantial change is that UKEIGs are unable to transfer their official address outside of the UK.

      No new registrations as a UKEIG will be permitted.

      Find out more about the operations of a UKEIG.

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    • UK establishments of overseas companies

      If you are an overseas company, you must - within one month of opening a UK establishment - register with Companies House. Registration is via paper application only.

      If this is going to be your first UK establishment, you must also send Companies House:

      • a certified copy of your company's constitutional documents, eg charter, statute, memorandum and articles of association, with a certified translation in English if the original is in a language other than English
      • a copy of your company's latest set of accounts, again with a certified translation in English if the original is in a language other than English

      You only have to submit the accounts if either:

      • the accounts must be filed under the law of country in which your company is incorporated - the 'parent law'
      • your company is incorporated in an European Economic Area state and the parent law requires you to prepare and disclose accounts but does not require such accounts to be audited or delivered

      If this is going to be an additional UK establishment, you don't have to deliver the constitutional documents. You may instead state in the registration document that you have delivered them in respect of another UK establishment - but you must give the registered number of that establishment.

      You must notify Companies House of any changes to the original registration information. You must deliver the forms notifying the changes to Companies House within 21 days of the change.

      Companies House provide further information on overseas companies.

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    • Buying a franchise

      A franchise is not a legal structure but is a business model that can operate under one of the legal structures, ie as a sole trader, or type of partnership or limited company - see:

      Buying a franchise is a way of taking advantage of the success of an established business. As the 'franchisee', you buy a licence to use the name, products and services of the 'franchisor' business. This licence normally covers a particular geographical area and runs for a limited time, after which it should be renewable as long as you meet the terms of the franchise agreement.

      Franchise agreements usually set out how the franchised business should be run, although they may allow some flexibility. As there is no specific legislation or regulation for franchising, the franchise agreement becomes all-important in determining the rights and obligations of the franchisor and the franchisee as well as the relationship between them.

      Don't sign any agreement, or pay any fees or deposit, until you have taken legal advice.

      The way you pay for the franchise may be through an initial fee, ongoing management fees, a percentage of your turnover, purchases of goods from the franchisor, or a combination of these.

      You often pay a percentage of your turnover to the franchisor, which reduces your overall profits.

      For further information see buy a fanchise.

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    • Choosing the right legal structure for your business (video)

      Sole trader, partnership or private limited company – this short video will help you find the right structure for your new business

      Choosing a legal structure is one of the first decisions you will make as a business. This short video tutorial outlines the common types of legal structures for businesses, including starting a private limited company, becoming a sole trader or entering a business partnership. 

      It explains the differences between these legal structures, plus their advantages and disadvantages. The tutorial also highlights your responsibilities under each business structure to help you make the right decision for your business.

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    Part of My New Business

    Start your business checklist

    Show all

    Structure your business

    Name your business

    Register your business

    Buy a business

    Find money

    Manage money

    Choose your premises

    Hire staff

    Protect your business ideas

    Support for home-based businesses

    In this guide:

    • Advantages and disadvantages of starting a business from home

      Becoming a home business owner is an option if you don't actually need to run your business from rented or owned business premises.

      It's a common choice for people who just need a small office, or who spend most of their time working on premises owned by their clients.

      However, working from home may not be an option if it significantly changes the use of your home, or affects your local area, for example if you have lots of visitors. If you rent your home, your licence or lease may include restrictions on using it for business purposes.

      Advantages of starting a business from home

      The major advantages of a home-based business:

      • You do not have a sizeable expenditure on office rental or office purchase
      • You can save time and money by cutting your commute
      • You can be flexible around the hours you work
      • You can avoid the distractions and noise of the workplace
      • You are taking less of a risk with your new business as less start-up money is required
      • Working from home can help you save money on tax. Your business will be able to claim tax relief on domestic bills for the areas of the house used for your business.  If your business is VAT registered, you may be able to claim back VAT on articles you buy for business use.

      Disadvantages of starting a business from home

      The disadvantages of a home-based business are:

      • it may prove difficult to keep work and home-life separate, and there may be domestic distractions and interruptions
      • a lack of contact with other people and businesses
      • you might end up working long hours
      • you may feel a sense of isolation if you are working alone at home with few social interactions on a day-to-day basis
      • your mortgage, home insurance and tax situation may be affected - see use your home as a workplace

      Addressing the disadvantages

      It is important to keep your home and work life separate, especially if you have a family. There are simple steps you can take to make this separation - see workspace for a home-based business.

      If you are feeling isolated from other people, our events finder can help you find information on local networking events in your area - search the events finder. 

      You can also get involved in online networking - see Northern Ireland business networks and social media best practice for business.

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    • Popular home-based business ideas

      From child care to blogging, find the right home business idea for you

      If you don't have a home business idea yet, ask yourself three questions:

      1. Is there a gap in the market? Have you tried to buy something that you just can't find? In which case, others may be looking for that product too.

      2. What is my passion/skill/hobby? Can you find a way of making a living from it?

      3. Can I do something better? Have you seen someone offer a product or service that you think you can offer better yourself?

      Popular business ideas that you can start from home

      Consider opportunities in your local area for services such as:

      • child care
      • tutoring
      • translation services
      • editorial services
      • dog walking
      • alteration services

      Other popular home-based business ideas include:

      • accountants
      • arts and craft makers
      • bed and breakfast facilities
      • business coaching
      • caterers
      • consultants
      • creating an online shop
      • pet grooming
      • public relations services
      • publishers
      • virtual assistants who provide professional assistance to clients from a home office
      • website designers
      • writing/blogging

      Working 'five to nine'

      You may want to consider starting a business whilst in full or part-time employment, using the evenings and weekends to build your business - see start a part-time business.

      Watch a short video that will help you develop your business idea.

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    • Start-up costs and financing your home-based business

      If you are looking for some extra funds, there are various options to consider.

      For more information, see: 

      Initial costs

      You will need to buy, lease or rent the equipment for your home office and any materials you need for the service you are supplying - see decide whether to lease or buy assets.

      Finding and keeping in touch with customers is a major issue, so investing in a good computer with relevant software and a broadband connection will be a priority in most cases.

      The most common costs to consider when starting out are:

      • a computer or laptop
      • broadband access
      • mobile phone
      • office desk or chair
      • business cards
      • stock - if you're supplying products

      When you are factoring software packages into your start-up costs, take a look at the much cheaper or even free options - open-source software such as OpenOffice and Google Docs.

      For more information, see computer software for business and IT for home-based businesses.

      Read further information on managing business finance during the start-up phase.

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    • Record keeping for a home-based business

      It is vital to keep full and accurate records of your income and expenses from the start. Keeping records makes sound business sense and is a legal requirement. So it is important to get a proper system in place from the outset, and update the information regularly.

      Keeping good records helps you:

      • complete your tax returns easier and quicker
      • pay the right tax at the right time
      • avoid paying unnecessary interest and penalties

      You should keep invoices and receipts to show what you have bought or sold relating to your business.

      If you are employing others, you must keep records of their wages and tax and National Insurance you have deducted and paid to HM Revenue & Customs (HMRC).

      Keeping bank statements and building society books is vital, especially if you don't have a separate business account. You should be able to show clearly what you have spent personally and what is spent on business. If you use cash, you will need till receipts and a record book to keep track of it all.

      If you are using part of your home for business then you should keep copies of the utility bills so that you can work out the amount spent in relation to your business.

      If you have an accountant you might want to get their advice on what system suits your business and on how to keep your records up to date.

      Keeping records is important as you can be penalised for not taking reasonable care with records and tax returns. HMRC provide information about taking reasonable care and how to avoid tax penalties.

      For further information on record-keeping see:

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    • IT for home-based businesses

      The home business owner depends on technology - to find and keep customers and to keep in touch with suppliers, partners and contacts.

      Email and the internet offer simple and effective methods of customer care and management, while IT can help you with almost every aspect of your business.

      For more information, see the benefits of email and the internet.

      The benefits of a website

      Websites have become a must-have marketing tool for most businesses. Websites are good for:

      • attracting sales
      • branding your product or service
      • keeping in touch with customers through email updates

      You might want to start by using an 'off the shelf' template site. These can come with in-built payment systems for selling online and Search Engine Optimisation (SEO) for pushing your site higher up in online search result listings.

      For more information see search engine optimisation.

      If you are thinking of selling products online, remember that you can also do this through existing auction websites.

      Online networking and social media

      You can use social media like Twitter and LinkedIn to keep in touch with other business owners. This will alert you to business development opportunities and help overcome any feelings of isolation you experience as a home business owner. For more information, read social media best practice for business and Northern Ireland business networks.

      Working away from home

      IT doesn't just allow you to build a professional office at home - it enables you to work on the move. Recent technology such as WiFi, USB dongles, smart phones and Skype means that you can work wherever you want - see mobile technology.

      Cloud computing provides businesses with a way of managing data and software requirements over the internet - 'in the cloud'. This makes your business information accessible from any computer or mobile device with an internet connection and web browser. Cloud computing can provide a cost effective and flexible solution to your IT requirements - see cloud computing.

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    • Workspace for a home-based business

      It is important to create dedicated work space - it allows you to work without distraction and close the door on work at the end of the day.

      Workspace priorities

      The area that you use for work should ideally be clearly marked as such. A spare room with a lockable door or an outbuilding are popular choices enabling home business owners to:

      • deal with clients in a professional manner
      • resist demands from other members of the household
      • keep work equipment separate from home equipment and therefore protected

      Allocating part of your house as a workplace can have tax and insurance implications - see tax considerations of working from home.

      You can create a space to call your own by:

      • using office equipment in a general area of the house and putting it away when not in use
      • housing your workstation in a cupboard, wardrobe or under-stair space with lockable shutters or doors

      Work equipment and workstation set-up

      When setting up your work area:

      • your chair and desk should be fully adjustable and suited for computer use
      • your desk should be big enough for your computer, keyboard and monitor
      • use storage to keep office clutter free
      • when sitting at your desk, keep your feet flat on the floor and your back straight - the top of your monitor should be at eye level

      For more information read use your home as a workplace.

      You must carry out a health and safety risk assessment on your work space - see manage the risks in your business.

      Home business and planning permission

      If you are making substantial changes to your home to accommodate your business you should contact your local council regarding planning permission. The Planning Service provides information to help you find out whether you will need planning permission to work from home.

      Set up a virtual office

      If you need to see clients for your business but you still want to run your business from home, a possible solution is usng a virtual office. Whatch the following short video to help you decide if a virtual office could work for your business.

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    • Support for home-based businesses

      Support organisations, online resources and networking events can provide support for home-based businesses

      A wide range of help is available to you if you're starting a business from home. You can get help from a variety of local organisations, government agencies and online sources. Other forms of support can be obtained from events such as networking meetings and business workshops.

      Support includes:

      • The Northern Ireland business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services. Search for business support and finance.
      • Invest NI's regional office network offers training and advisory services to those starting up in business - see Invest NI business support opportunities.
      • There are 11 local councils in Northern Ireland, all of which can provide local information for businesses and provide a business adviser to help you start-up - see contact your local council for business start-up support.
      • Enterprise NI is a network of local enterprise agencies that offers key assistance to your business, whether you are already established or just starting up - find your local enterprise agency.
      • Mentoring can help you develop business skills. Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established. A mentor can help you develop important business skills, support you in making important decisions and put you in touch with useful business contacts - see the benefits of business mentoring.
      • Northern Ireland Chamber of Commerce offers support and advice and may organise networking meetings for businesses of a similar size and in similar business sectors.
      • The events finder can help you to find a range of networking events and workshops in your local area - search the events finder.
      • Social media channels like Twitter and LinkedIn can alert you to business development opportunities and help you overcome any feelings of isolation you experience as a home business owner - see social media platforms.

      My New Business

      My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping people like you get your business started.

      It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business. See My New Business.

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    • Running your home-based business

      Managing your business properly will improve your chances of success and prepare you to grow your business.

      Developing relationships

      The more you communicate with customers, suppliers and other entrepreneurs, the more business opportunities you will identify. Consider the following:

      Cashflow

      Cashflow is the lifeblood of every business. You must do all you can to ensure that money owed is coming into the business. You can ensure prompt payment by issuing invoices on time and having a system in place to alert you to non-payment - see cashflow management and getting paid on time.

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    • Starting a business from home: 7 things you should know

      Starting a business from home is a popular option for many businesses. Generally the costs will be lower, you can avoid travel expenses and you have the freedom and flexibility to work the hours you choose in an environment that you create yourself. These tips highlight things to consider when setting up your home business:

      1. Start-up costs: You will need to buy, lease or rent the equipment for your home office and any materials you need for the service you are supplying. Common costs include a computer/laptop, broadband access, mobile phone, desk/chair, business cards and stock if you are supplying products.

      2. Workspace: It is important to create a dedicated work space - it allows you to work without distraction and close the door on work at the end of the day. It will also allow you to deal with clients in a professional manner, resist demands from other members of the household and keep work equipment separate from home equipment.  You must also carry out a health and safety risk assessment to identify any possible hazards to yourself, workers, visitors and other members of your household.

      3. Planning permission: If running your business from home means that the use of the building changes, or the activities that you undertake have an effect on the area where you live, you may need to apply for planning permission from your local council. For example, changes could include increased traffic near your property caused by your business operations or the need to make structural alterations to your home.

      4. Tax considerations: Working from home can affect your tax situation. Your business will be able to claim tax relief on domestic bills for the areas of the house used for your business.  If your business is VAT registered, you may be able to claim back VAT on articles you buy for business use. If you have set aside a room solely for working in, you'll have to work out if there's Capital Gains Tax to pay if you sell your house.

      5. IT requirements: Many home business owners depend on technology to keep in touch with suppliers, partners and contacts. Access to email and the internet will support you with these activities.

      6. Record keeping: Keeping accurate records is important as you may incur penalties for not taking reasonable care with records and tax returns.  Keep invoices and receipts to show what you have bought or sold relating to your business.  If you are employing others, you must keep records of their wages, tax and National Insurance you have deducted and paid to HM Revenue & Customs (HMRC).  Keeping bank statements and building society books is vital, especially if you don't have a separate business account.

      7. Networking: Online networking allows you to build and maintain business relationships. You can use social media platforms like Twitter and LinkedIn to keep in touch with other business owners and identify new customers. This will alert you to business development opportunities and help overcome any feelings of isolation you may experience as a home business owner.

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    • Start a business from home

      Starting my business from home - Angels and Butterflies Jewellery Designs (video)

      Debbie Todd, owner of Angels and Butterflies Jewellery Designs, discusses how she started her business from home.

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    • Growth options for a home-based business

      When it comes to growing your business, one popular option is to focus on what you do best and outsource the rest.

      Employing staff

      If you are thinking of employing people, you need to determine their employment status, for example whether you will treat them as employees, contractors or sub-contractors, or simply 'volunteer' family and friends.  For more information see recruiting staff.

      If you employ someone, you will have extra responsibilities relating to health and safety - for more information read what you need to do about health and safety.

      Outsourcing

      You can grow your business without increasing headcount or expanding your premises, by outsourcing, for example:

      • accounts
      • administration
      • telemarketing - for generating leads
      • PR
      • design and copywriting

      For more information see outsourcing.

      Meeting spaces

      As your business grows, you may find that your home is no longer suitable for all your business needs. Remember that you can rent managed workspace and meeting facilities for occasional use through business centres. These can be found in central locations in many towns across the UK.

      For further information on business growth see:

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    Six top tips for business networking

    In this guide:

    • What networks are available to Northern Ireland businesses?

      Business networking events hosted by business support organisations across Northern Ireland

      Making links with local businesses is a key element to business success in Northern Ireland.

      Northern Ireland networks for all businesses

      Most businesses can find some benefit from joining a business network in Northern Ireland. From simple best practice advice to networking for trade opportunities, there are business organisations in Northern Ireland ready to make those business connections possible.

      Specialist business networks in Northern Ireland

      Business networking opportunities are available across Northern Ireland and it is possible to find networking groups and services tailored for specific groups of people or business sectors.

      There are many opportunities to build your own network in Northern Ireland. Trade shows, conferences, seminars and networking events organised by trade associations, professional bodies and business support organisations offer a good opportunity to meet new contacts. See build your own network.

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      Trade associations for NI business sectors
      FSB local business support and networking services in NI
      Chamber of Commerce NI business networking events
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      Overview of Northern Ireland business
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    • Invest Northern Ireland business networks

      Invest NI can offer you practical help to grow your business and solve the problems you encounter along the way. Invest NI supports a range of business networks that you can join.

      Northern Ireland business networks can help you with any business problem, whether you need advice on a particular difficulty, finding the right people, or simply how to push your business forward in Northern Ireland and beyond.

      Invest NI networking support

      Invest NI runs a number of programmes aimed at developing Northern Ireland businesses. Programmes range from mentoring support for short term advice from an experienced business person to support for collaborative business networking.

      Best Practice Clubs bring you current knowledge on how to improve aspects of your business, and are a great chance to network with local business people. Events including seminars and workshops on key subjects, such as cashflow or marketing, take place regularly across Northern Ireland.

      Invest NI hosts the Business Information Centre and the Northern Ireland branch of the Enterprise Europe Network. Anyone in Northern Ireland can make an appointment with an adviser to access market research information, business contacts and suppliers and local and international business partnering opportunities.

      Find out more about the Business Information Centre.

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    • Build your own business network

      Developing your own Northern Ireland business network could be a key part of the success of your business. Over the years a good network gets stronger, adding value to your business.

      Your network will be unique to you, and some of the best contacts you will make may not come from formal events. You should try to build your own web of contacts from the people you meet at work every day. Opportunities to make contacts can arise from social setting such as sports clubs, local evening classes, community centres, and at parties.

      Successful network building

      Aim to establish a good relationship with everyone useful you meet. To get the best from your new contacts you should:

      • file notes and business cards after each meeting
      • follow up each contact by phone or email
      • remind your contact which business you are from and tell them you found it a pleasure meeting them
      • maintain regular contact and update them about changes to your business
      • keep up to speed with their business developments
      • agree a way forward, for example, setting up a face-to-face meeting

      As well as the contacts you make in person, you can start online networking. This enables you to share knowledge and establish contacts with people in Northern Ireland and all over the world. Some online networking sites will request a short profile of your business for inclusion.

      LinkedIn is a great way to meet fellow entrepreneurs, reach your audience and network - see LinkedIn for business.

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    • Six top tips for business networking

      Top business networking tips to help you to raise your profile, meet new customers and suppliers, share ideas and knowledge and source finance

      Successful networking has many advantages for businesses. It can help you to:

      • raise your profile
      • meet new customers and suppliers
      • share ideas and knowledge
      • source finance

      Follow these tips to help you build your business network.

      1. Be proactive: Research local business networks and events that are relevant to you. Use the Events Finder to search for local upcoming business networking events.

      2. Get involved with traditional and digital networking: Engage in both online and face-to-face networking, as this will give you more opportunities to build mutually supportive relationships with key contacts. Networking sites such as LinkedIn can help you make contact with a range of people that could benefit your business. See LinkedIn for business.

      Face-to-face networking can speed up communication and provides an opportunity to connect with people in a genuine way. It can also help you keep up-to-date with what's happening in your local area. See what networks are available to Northern Ireland businesses?

      3. Be prepared: For face-to-face networking, bring plenty of business cards and only give them to people who show a real interest in what you do. Dress appropriately for the type of networking event you are attending. If there are specific attendees or speakers you hope to meet and talk to, do your research and prepare well ahead of time.

      4. Work on your business pitch: It is worthwhile to decide what key pieces of information about yourself and your business that you would like to focus on.  Be enthusiastic and passionate about your business and its potential. See how to pitch to potential investors.

      5. Build rapport with the people you meet: Aim to be informative and engaging. Always communicate in a clear and honest way. Think about relevant questions that you can ask once you have introduced yourself - find out more about the people you are networking with and listen carefully to their answers.

      6. Always follow-up with potential contacts: When you meet someone new at a networking or industry event, it is important to exchange contact details so you can stay in touch. It is good practice to send the other person a brief email the next day or invite them to connect with you on a site such as LinkedIn. If there is something specific you wish to discuss with a new contact, suggest a follow-up meeting.

      In addition, this short video provides an overview of business networking and highlights typical networking opportunities.

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    • Networking to help your business (video)

      Find out the best ways to network and get tips on where to find the best sources of help.

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    Part of My New Business

    Pre-start checklist

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    What's the big idea?

    Make your plan

    Checklist: set up a limited company

    In this guide:

    • Name your limited company

      What you can and cannot name your company in the UK, including words you need permission to use

      You must choose a name for your business if you're setting up a private limited company.

      There are different rules for business partnerships and sole traders - see naming your partnership and naming your business as a sole trader. 

      Your name can't be the same as another registered company's name. If your name is too similar to another company's name you may have to change it if someone makes a complaint.

      Your name must usually end in either 'Limited' or 'Ltd'.

      Check the Companies House register.

      'Same as' names

      'Same as' names includes those where the only difference to an existing name is:

      • certain punctuation
      • certain special characters, for example the 'plus' sign
      • a word or character that's similar in appearance or meaning to another from the existing name
      • a word or character used commonly in UK company names

      For example, 'Hands UK Ltd' and 'Hand's Ltd' are the same as 'Hands Ltd'.

      You can only register a 'same as' name if:

      • your company is part of the same group as the company or Limited Liability Partnership (LLP) with the existing name
      • you have written confirmation that the company or LLP has no objection to your new name

      GOV.UK provides further guidance on requirements when naming your company. 

      'Too like' names

      You may have to change your name if someone complains and Companies House agrees it's 'too like' a name registered before yours.

      For example, 'Easy Electrics For You Ltd' is the same as 'EZ Electrix 4U Ltd'

      Companies House will contact you if they think your name is too like another - and tell you what to do.

      Other rules

      Your company name can't be offensive.

      Your name also can't contain a 'sensitive' word or expression, or suggest a connection with government or local authorities, unless you get permission.

      For example, to use 'Accredited' in your company's name, you need permission from the Department for Business, Energy and Industrial Strategy (BEIS).

      GOV.UK outlines which words you need permission to use, and who from.

      Trading names

      You can trade using a different name to your registered name. This is known as a 'business name'.

      Business names must not:

      • be the same as an existing trade mark
      • include 'limited', 'Ltd', 'limited liability partnership, 'LLP', 'public limited company' or 'plc'
      • contain a 'sensitive' word or expression unless you get permission

      You'll need to register your name as a trade mark if you want to stop people from trading under your business name.

      You can't use another company's trade mark as your business name.

      Displaying your name

      There are rules that you must follow when displaying your name on signs, stationery, promotional material and invoices. For example, you must display a sign showing your company name at your registered company address and wherever your business operates. If you're running your business from home, you don't need to display a sign there.

      Know the rules you must follow on displaying your company name.

      When you don't have to use 'limited' in your company name

      You don't have to use 'limited' in your name if your company is a registered charity or limited by guarantee and your articles of association say your company:

      • promotes or regulates commerce, art, science, education, religion, charity or any profession
      • can't pay its shareholders, for example through dividends
      • requires each shareholder to contribute to company assets if it's wound up during their membership, or within a year of them stopping being a shareholder
      Actions
      Check the Companies House register
      GOV.UK guidance on requirements when naming your company
      GOV.UK guidance on words you need permission to use in your company name
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      Naming your partnership
      Naming your business as a sole trader
      How to register a trade mark
      Signs, stationery and promotional material
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    • Company address

      What can be used as your registered company address including your home address or a PO Box

      Your registered office address is where official communications will be sent, for example letters from Companies House.

      The address must be:

      • a physical address in the UK
      • in the same country your company is registered in, for example a company registered in Scotland must have a registered office address in Scotland

      You can use a PO Box. You must include a physical address and postcode.

      You can use your home address or the address of the person who will manage your Corporation Tax.

      Your company address will be publicly available on the online register.

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    • Appoint directors and a company secretary

      Rules for appointing a company director and a company secretary

      Your company must have at least one director. Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared.

      A director must be 16 or over and not be disqualified from being a director.

      Directors don't have to live in the UK but companies must have a UK registered office address.

      Directors' names and addresses are publicly available from Companies House. You can stop your home address from appearing on the register if you or your family are at risk of abuse or harm because of your company's work.

      Read further guidance on directors' responsibilities.

      Company secretaries

      You don't need a company secretary for a private limited company. Some companies use them to take on some of the director's responsibilities.

      The company secretary can be a director but can't be:

      • the company's auditor
      • an 'undischarged bankrupt' - unless they have permission from the court

      The restrictions placed on a person when they're made bankrupt usually end when they're free from their debts (known as 'discharged'). You can check if someone has been discharged using the Insolvency Register.

      Even if you have a company secretary, the directors are legally responsible for the company.

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    • Shares and shareholders

      Working out shares, issuing shares and setting prescribed particulars for shareholders

      Most limited companies are 'limited by shares'. This means they're owned by shareholders, who have certain rights. For example, directors may need shareholders to vote and agree changes to the company.

      Work out your shares

      A company limited by shares must have at least one shareholder, who can be a director. If you're the only shareholder, you'll own 100 per cent of the company. There's no maximum number of shareholders.

      The price of an individual share can be any value. Shareholders will need to pay for their shares in full if the company has to shut down. You can choose a low share value (for example, £1) to limit the shareholders' liability to a reasonable amount.

      Issuing your initial shares

      When you register a company you need to provide information about the shares (known as a 'statement of capital'). This includes:

      • the number of shares of each type the company has and their total value - known as the company's 'share capital'
      • the names and addresses of all shareholders - known as 'subscribers' or 'members'

      For example, a company that issues 500 shares at £1 each has a share capital of £500.

      Prescribed particulars

      You also need to include information about what rights each type of share (known as 'class') gives the shareholder. This information is known as 'prescribed particulars' and must include:

      • what share of dividends they get
      • whether they can exchange ('redeem') their shares for money
      • whether they can vote on certain company matters
      • how many votes they get

      For further information see company shares and shareholders.

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    • Memorandum and articles of association

      You must have a memorandum of association and articles of association to register a company in the UK

      When you register your company you need:

      • a memorandum of association - a legal statement signed by all initial shareholders agreeing to form the company
      • articles of association - written rules about running the company agreed by the shareholders, directors and the company secretary

      Memorandum of association

      You can use the Companies House memorandum of association template. You can't update the memorandum once the company has been registered.

      Articles of association

      You can use standard articles (known as 'model articles').

      You can write your own articles but if you do, you can't register your company online.

      Community interest companies

      You can't use limited company model articles if you're setting up your legal structure as a community interest company (CIC) - see choose the right structure for your social enterprise.

      Use the CIC regulator's model constitutions instead.

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    • Register your limited company

      How to register a company - options include registering online, via post, using software and appointing someone else to deal with HMRC on your behalf

      You can register your company if you have everything you need to set up.

      Register online

      You can register online if your company is limited by shares and uses standard articles of association ('model articles').

      It costs £12 and can be paid by debit or credit card or Paypal account. Your company is usually registered within 24 hours.

      Register now.

      Register by post

      You can register by post using form IN01.

      Postal applications take eight to ten days and cost £40 (paid by cheque made out to 'Companies House').

      You can be registered on the same day if you:

      • get your application to Companies House by 15:00
      • pay £100

      Your envelope (and any courier's envelope) must be marked 'same day service' in the top left-hand corner.

      Send your application to the address on the form.

      Other ways to register

      You can also register your company:

      After you've registered

      Once the company is registered you'll get a 'certificate of incorporation'. This confirms the company legally exists and shows the company number and date of formation.

      You'll also need to register for Corporation Tax within three months of starting to do business.

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    • Register for Corporation Tax

      How to register for Corporation Tax including what information you'll need and how to get your company's Unique Taxpayer Reference

      After you've registered your company with Companies House, you'll need to register it for Corporation Tax.

      You'll need to do this within three months of starting to do business. This includes buying, selling, advertising, renting a property and employing someone. You may get a penalty if you register late.

      If you are unsure of what counts as starting to do business, see working for yourself.

      How to register

      You'll need your company's 10-digit Unique Taxpayer Reference (UTR) before you register for Corporation Tax online with HMRC.

      This is posted to your company address by HMRC, usually within a few days of the company being registered with Companies House (incorporated).

      Call the HMRC helpline on Tel: 0300 200 3410 if you didn't get a UTR after registering your company.

      Information you'll need

      When registering, you'll need to tell HMRC:

      • your company's registration number
      • the date you started to do business (your company's first accounting period will start from this date)
      • the date your annual accounts are made up to

      What happens next

      HMRC will tell you the deadline for paying Corporation Tax.

      You'll need to file a Company Tax Return, even if you make a loss or have no Corporation Tax to pay - see GOV.UK information on Company Tax Returns.

      Finding your UTR in future

      Your 10-digit UTR will be on all letters from HMRC and within HMRC online services. You need it:

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    • Checklist: set up a limited company

      A checklist of things you must do to set up a limited company

      To set up a limited company there are several things you must do. Make sure that you:

      It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.

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    Checklist: set up a business partnership

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    Part of My New Business

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    Advice and support for family-run businesses

    In this guide:

    • Advantages and disadvantages of family businesses

      If you start or join a family business, as a family member you're likely to benefit from a range of advantages which you often don't find in other enterprises. On the other hand, you may also face some difficulties that specifically relate to family businesses.

      Advantages of family businesses

      1. Common values - you and your family are likely to share the same ethos and beliefs on how things should be done. This will give you an extra sense of purpose and pride - and a competitive edge for your business.
      2. Strong commitment - building a lasting family enterprise means you're more likely to put in the extra hours and effort needed to make it a success. Your family is more likely to understand that you need to take a more flexible approach to your working hours.
      3. Loyalty - strong personal bonds mean you and family members are likely to stick together in hard times and show the determination needed for business success.
      4. Stability - knowing you're building for future generations encourages the long-term thinking needed for growth and success - though it can also produce a potentially damaging inability to react to change.
      5. Decreased costs - family members may be more willing to make financial sacrifices for the sake of the business. For example, accepting lower pay than they would get elsewhere to help the business in the longer term, or deferring wages during a cashflow crisis. You may also find you don't need employers' liability insurance if you only employ close family members.

      Disadvantages of family businesses

      1. Lack of skills or experience - some family businesses will appoint family members into roles that they do not have the skills or training for. This can have a negative effect on the success of the business and lead to a stressful working environment.
      2. Family conflict - conflict can arise in any business, but it's important to consider that disputes within a family business can become personal as the staff are working with the people closest to them. Bad feelings and resentment could destabilise the business' operations and put your family relations at risk.
      3. Favouritism - can you be objective when promoting staff and only promote the best person for the job whether they are a relative or not? It is important to make business decisions for business reasons, rather than personal ones. This can sometimes be difficult if family members are involved.
      4. Succession planning - many family business owners may find it difficult to decide who will be in charge of the business if they were to step down. The leader must determine objectively who can best take the business forward and aim to reduce the potential for future conflict - this can be a daunting decision.

      For further information see employing family members.

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    • Key things to consider when setting up a family business

      Setting up a family business can be an exciting challenge. Before you go ahead it's important to consider how you'll deal with a number of issues that can arise in family-run businesses. Consider:

      • how the business' shares will be allocated between family members and if there will be non-family shareholders
      • how to ensure business decisions are taken for business reasons, rather than personal ones
      • how the roles and responsibilities will differ between family shareholders who are active in the business, those who aren't, and outside shareholders
      • how to reward family members, whether it will be different to remuneration for non-family members and what problems this could cause
      • how you will cope with conflict when it arises
      • how to communicate with your family when you are also their boss
      • how to communicate with non-family managers to ensure they have the key operational information to perform their duties effectively
      • how to avoid resentment when deciding who will succeed you
      • how to ensure that the family's finances aren't entirely dependent on the business

      For further information on family businesses see employing family members and transferring a business to a family member.

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    • Advice and support for family-run businesses

      Advice and support organisations for starting up and running your family businesses

      Getting the right support is central to making your business a success. There are a number of organisations that offer support specifically for family-run businesses.

      • The Institute for Family Business is a not-for-profit membership organisation that supports and represents the UK's thriving family business sector.
      • Family Business Solutions provide services that are designed to help create the structures and practices needed to achieve best practice in governance of a family enterprise, whatever its economic activity, diversity, size or complexity.
      • BDO Northern Ireland focuses on advising family owned businesses and the families behind them.
      • Family Business United is an online resource centre and magazine for the global family business community. Its regional focus section includes a section dedicated to Northern Ireland.

      For further information on family businesses see employing family members and transferring a business to a family member.

      Northern Ireland business support finder

      The Northern Ireland business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of business assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services.

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    • Effective communication in family businesses

      Many misunderstandings and potential areas for dispute in family businesses can be avoided if you ensure good communication channels are in place.

      The risks are that:

      • family members assume they know what other family members feel or want
      • personal ties inhibit honest opinions being expressed
      • the head of the family may automatically assume control of the business even if they don't have the best business skills
      • one family member ends up dominating the business
      • family-member shareholders not active in the business fail to understand the objectives of those who are active, and vice versa
      • personal resentments become business resentments, and vice versa
      • non-family board or management members feel excluded

      To avoid these pitfalls, you should foster an atmosphere in which open, honest discussion and communication is welcomed and all family members feel comfortable enough to voice any concerns they might have.

      There are a number of practical things you can do. You might:

      • remove personal issues from business discussions by holding all meetings in a work rather than home environment
      • create mechanisms for providing constructive feedback - this can help prevent staff, particularly non-family employees, from feeling demotivated and uninvolved
      • arrange occasional away days to discuss the business' strategy and direction
      • appoint a non-executive director to the board, or establish an advisory board to provide an impartial viewpoint and help prevent emotions from clouding business decisions
      • establish a family constitution creating policies that will guide the family's relationship with the business
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    • Managing conflict in family businesses

      The potential for conflict in family businesses can be greater than for other businesses - typically due to a clash between commercial and emotional concerns.

      However, conflict can be seen as a challenge - or even as a positive driver for change. For example, a disagreement between family members on the strategic direction of your business may result in a much-needed rethinking of your business plan and a new agreed vision for the business.

      Such outcomes, though, are only possible if techniques for avoiding, managing and resolving disputes have already been established.

      How to avoid conflict in family businesses

      Think about how people in your family business communicate with each other. Are emotional issues kept separate from business discussions? Are mechanisms in place to allow all employees - not just family members - to contribute their views? Or does one person tend to dominate?

      The best way of avoiding conflict is to prevent misunderstandings from happening in the first place. Drawing up a family constitution can help you achieve this.

      Plan how you'll deal with conflict and disagreements and set this out in the family business constitution, for further information see: 

      Holding a meeting of the business' management may be appropriate for addressing relatively minor disputes.

      For more serious matters you may want to involve an independent third party - many family businesses benefit from having a non-executive director or business adviser - to act as an impartial mediator.

      Mediation Northern Ireland supports parties dealing with change, contention, conflict and difference to find acceptable and non-violent agreement.

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    • Develop a remuneration strategy for your family business

      Remuneration needn't be a thorny issue for family-run businesses. It is advised to have a remuneration strategy which is consistent, fair and open.

      Resentment and conflict tend to occur when these three attributes are missing - for example, if family staff members are paid more than non-family employees without good reason.

      Family members who hold shares but who aren't active in the business may also question the remuneration of those who are.

      Develop a remuneration strategy for your family-run business

      When creating a remuneration strategy for your family business, consider the following:

      • An individual's pay should be based on their value rather than their personal need. Look at what the market rate is for the job.
      • Family members shouldn't be lured into the business with inflated salaries. Likewise, they shouldn't need to endure unreasonably small salaries to prove their loyalty.
      • Benefits, bonuses and incentives should be based on set criteria.
      • Unreasonably high salaries and phantom jobs shouldn't be used to transfer tax-deductible wealth to family members.
      • Post-retirement remuneration plans should be agreed before they come into play.
      • Non-family employees doing the same work as family members should receive the same remuneration.

      It's important that your remuneration policy is seen to be fair and objective. Write it down, be open about it and review it regularly.

      For further information see set the right pay rates and employing family members.

      Advice from an outsider - a HR consultant, for example - can be invaluable in avoiding remuneration disputes.

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    • Create a successful family-business constitution

      One way to successfully manage conflict in a family business is to have a family-business constitution. When well drawn-up, such a document can even prevent conflict occurring in the first place.

      A family-business constitution - sometimes known as a family charter - is partly a statement of general principles. It outlines your business' core values and vision, and your family's commitment to them.

      Importantly, it is also a practical guide for running the business and a framework you can use to deal with family business issues that have the potential to cause disputes.

      The process of drawing up a family constitution should be collaborative, involving everybody with a stake in the business. The document should be regularly reviewed.

      Structure your constitution

      A typical family-business constitution might include the following sections:

      • business goals, vision and values
      • leadership
      • rights and responsibilities of shareholders
      • management structure
      • entry principles for family members
      • criteria for succession
      • exit policies
      • rights, responsibilities and obligations of family appointments - pay, incentives, performance management and reporting lines
      • rights, responsibilities and obligations of family members not working in the business
      • appointment and rights of non-family board members, management and employees
      • training, remuneration and appraisal of employees - both family and non-family
      • developing the next generation
      • involvement of non-executive directors and other outsiders
      • communication channels
      • dispute-resolution procedures
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    • Succession planning in family businesses

      How best to pass on your business to the next generation will be one of the biggest challenges you face. You need to make the right decisions for you, your family and your business - balancing the needs of all three.

      It can be made easier if you plan the succession process early - ideally when you set up the business.

      Your succession plan should include:

      • your key goals for the succession process
      • a timetable of the transition stages, from identifying a successor to the staged and then full transfer of responsibilities
      • contingency plans in case the unforeseen happens, such as your intended successor declining the role

      Questions you should ask yourself include the following:

      • Does my intended successor have the right skills and abilities?
      • Does my intended successor actually want to take over?
      • Is my plan fair to all family members?
      • Does it minimise the potential for conflict?
      • Will family succession be tax-efficient?
      • Is family succession the best option or would an alternative exit strategy - such as a trade sale or management buy-out - be a better option?

      For further information, see selling or passing a business to a family member and consider your exit strategy when starting up

      Read our local case study on succession planning in a family business with Eugene McKeever, Managing Director of the McKeever Hotel Group.

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    • Family-run businesses

      Running a family business - Mash Direct (video)

      Martin and Tracy Hamilton, owners of Mash Direct, discuss how they run their family business.

      Mash Direct is a family-owned farming and food production enterprise launched in 2004 in County Down, Northern Ireland. With six generations of farming expertise, Mash Direct provides quick-serve vegetable and potato dishes to local and UK markets.

      Here Martin, Tracy and their sons Lance and Jack, explain how they use the skills of each family member to create an award-winning business.

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