Today the importance of sustainability practices in business cannot be overstated. More people than ever look to sustainable practices and products when deciding who they’ll do business with. If you’re looking to adopt a sustainable business model of your own to reduce your impact on the environment, then you’ll need to get to know some key sustainable business model archetypes so you can build a sustainable business of your own – and one that people really connect with.

Business model innovation often starts with small business owners. When you take up the mantle and focus on creating a business your customers care about, others will follow suit and eventually sustainability practices will be at the heart of every business. But it starts with you.

Before you start, however, you’ll need to understand what a sustainable business model is, best practices, and how to get the most out of sustainability practices as a business. You need a string foundation and solid plan to succeed as a sustainable business, so let us show you how to do it below!

What Is Sustainability In Business?

Sustainability efforts are all about meeting needs in the present without risking the future. It’s all well and good being able to create a fun plastic toy for children aged 3-5, but what happens when that toy is past its best? More often than not it ends up in landfill as a single use plastic, and that’s not good for the environment. But what if you created the toy with sustainable development principles? Chose a material that can be reused with ease, broken down and turned into something new? That meets the need of your customer in the here and now, without compromising the environment when it reaches the end of life stage.

That’s sustainability in a nutshell. But how does that translate to a business model?

What Does A Sustainable Business Model Mean?

Business models are all about creating a plan for making money. They’re the blueprint of your business, and a traditional business model would typically prioritise profit above all else. A sustainable business model still prioritises generating revenue, making profit and ultimately making your business as successful as can be. But with a sustainable focus for all of that.

You focus on making money now and adding value to your customers in the present, but without compromising the future by draining resources or creating a product that might be harmful. Sustainable business model innovation focuses on doing things differently for the benefit of everybody in the future. You won’t see as many quick wins as a sustainable business, but you will make a big difference to the world by focussing on your environmental and social impact – something customers look for from any new business today!

What Do Sustainable Business Models Focus On?

A sustainable business model must focus on sustainability efforts at all stages: economic growth, social and environmental impact, business processes, value proposition, and customer relationships. Only then can you make your new sustainable business a resounding success.

Triple Layer Business Model Canvas: Making Your Sustainable Business Model Work

There’s something known as the triple layered business model canvas in sustainable business models, and they focus on:

• A plan on how to stay financially viable (economic focus)
• A plan for staying relevant and successful in a future with volatile energy sources and rising commodity prices (environmental focus)
• A plan to engage in society and capture the ethos of the public (social focus)

What Is An Example Of A Sustainable Strategy In Business?

Sustainable business strategies focus on social, economic and environmental goals that support overall business growth. You can utilise these three key pillars of your sustainable business model as key performance indicators for the strategy. You’ll know you’ve been successful with your goals if you meet measurable targets in terms of your social impact, economic growth, and environment-first practices.

The Importance Of A Strong Sustainable Strategy

Why bother creating a sustainable business model strategy to start with? Because if you do, you’ll notice a plethora of benefits:

• long term, measurable goals – this helps give you a strategy for years and if you get it right now, it could be a sustainable strategy that doesn’t need updating for decades!
• learn industry trends – creating your initial business model and strategy necessitates that you look at your industry closely and learn the direction it is pivoting in so you can get ahead of the game and create a sustainable business that’s relevant right now, and relevant in the years ahead.
• get to know your customer base – customer relationships are the key to any business’ long term success and when you create a business model you have to think carefully about your target customers and what they want and need from your business; getting this right automatically puts you ahead of competitors.
• build a brand identity off the bat – another thing you have to think about when building a sustainable business model specifically is who you are as a business; knowing your business values and goals early helps build an identity your customers can relate to and get to know when your business launches.
• forces sustainable innovation – successful sustainable businesses get to where they are because they have to think creatively and sustainability innovation means you have to look at integrating environmental and social best practices at every stage of your product/service design and delivery, forcing you to think differently to competitors and ultimately gain a competitive advantage over them.

Where To Start With A Sustainable Business Model

Ultimately, if you want any strategic success as a new sustainable business, you’ll need to start with a value proposition statement. This tells you exactly:

• why you’re starting the business to start with
• what solutions your business offers to current sustainability concerns
• how the business makes improvements to society, the economy and environment
• how your business meets your customer’s needs in a sustainable way

Knowing these more basic points of your business model helps you create a brand identity from the start. A more sustainable business model puts your identity at its core, showing a thoughtful approach to business that protects your business growth, but also the future of the world, too.

Sustainable Strategies: Initial Things To Consider

When you know who you are and why you’re doing what you’re doing, it’s easy to build a strategy that will make your business launch more likely to succeed. Creating a strong sustainable strategy requires you to consider:

Real Business’ Top Tip For Sustainable Strategy

There’s just one thing you need to remember when you sit down to create your sustainable business model. The consumer should always dictate your strategy in every aspect of your business – social, economic and environmental.

Consumers drive business, they know what they want and you, as a business owner, need to meet those needs. At the end of the day it’s the consumers themselves that drive trends in values and dictate consumer behaviour. You then need to have a business that meets your customers where they are, satisfying their expectations.

Companies that don’t strategise end up stagnating. In order to evolve in a changing market you need to be ahead of trends and you need to be able to adapt quickly. Your business will be more sustainable if you are able to write sustainability into the very fabric of your business’s growth. We’ll show you how below.

How Do You Create A Sustainable Business Model?

Ingraining sustainable business practices into every fibre of your business is easy enough if you’re starting a new business, but it’s still do-able even if you’re pivoting your current business in another, more sustainable direction.

Build sustainability into the ethos of your business to tap into the over 50% of people who are changing their lives to become more environmentally friendly. There are simple steps that you can take in creating your business model that will allow you to compete for longer in this demanding sustainability shift.

1. Start With Values

You can make changes to your business as you go, but getting the core values right from the off is vital. That’s because a business that changes it’s values all the time is often seen as unreliable. Make sustainability a key part of your business and you’ll have a strong starting point for all future development and steps you take.

2. Shape Values Into Something Valuable

Values don’t make a business, though. After you know what makes your business what it is, you need to then make sure you create the goods and services that align with those values and offer something truly valuable to your customers.

You couldn’t claim to be a sustainable fashion brand but then offer fast-fashion goods and services. The two don’t align and it won’t take consumers long to realise it and your business will eventually be boycotted by the very customers you’re trying to attract to your business.

But if your products and services align with the values you hold dear, then your business will be far more attractive to customers and you’ll find your business to be more successful.

3. Be Future Focused

Most businesses in the UK will grow if they have a dedicated business plan with solid progression milestones that realistic, achievable, and time-sensitive. But as a sustainable business, you’ll need to think about the impact of that growth on your sustainability aims.

When your business grows you’ll need to consider how increased workforce, the need for larger premises, higher energy consumption, and geographical expansion might influence your sustainability. As your business grows, it will draw more on natural resources. Your job now is to consider how you can lighten that burden by planning for sustainability in the future.

4. Think About Your Resources

Every business uses resources – even sustainable ones. The key here is finding out whether the resources you’re using are actually sustainable and something you can continue using fairly and sustainably in the future. You’ll need to ask yourself:

• Where do your resources come from?
• How are they replenished?
• Are your supplies environmentally friendly from source or are you only looking at them from the middle of production onwards?

It is your responsibility to know where your resources come from to ensure sustainability.

5. Be Generous

Stakeholders often place more long-term trust in businesses that have shown they value sustainability in tangible ways. This long-term trust is vital to your long-term growth. Find ways to give back to the community – volunteering, donating, going green, and joining sustainability initiatives are all good ways of giving back to the environment and the community that you want to support you.

6. Think Sustainably

Consider ways in which your office or storefront could be more sustainable. It may be as simple as having more recycling options or changing to more energy-efficient lightbulbs. Or you could end up “greening” the whole building and switching to fully sustainable energy sources. Whichever it is, make sure that sustainability is constantly on your radar.

7. Promote Sustainability

Finally, get your stakeholders, employees, and colleagues on board with your sustainability plans. The more support you have, the easier it will be to create corporate structures that support a sustainable business model.

How To Create A Sustainable Business Model: Final Thoughts

We said it at the start and we’ll say it at the end: sustainability is vital in today’s business world. It’s not just because it’s all of our responsibility to look after the planet and its resources. Your customers expect sustainability today – and if you can’t prove your sustainability credentials, you’ll struggle to connect with today’s customers.

And another key thing to remember as a business owner is that a sustainable business model is sustainable. It allows for sustainable growth that makes your business a long-term success. Sustainability in business benefits everybody, including the business itself, so developing a sustainable business model just makes sense.

The post How To Create A Sustainable Business Model appeared first on Real Business.

Contrary to the myth, we do use more than 10% of our brains every single day. In fact, scientists say we use all of it. But why is it so hard to stay focused and productive if we are using all of our brain capacity? It comes down to how we use that brain power. Just as your legs can be used to walk or to sprint, your mind can be switched to autopilot, or can be engaged in mental athleticism.

If you have been battling to engage your brain, there are some simple tips to help you improve your brain power, engage your mind, and excel at life and at work. Improving your brain power and keeping your brain healthy will help you to solve more efficiently, generate new ideas, and process data more quickly. Supporting your brain health will help you achieve goals now, but it will also help your brain to stay healthy long-term, decreasing the chances of early-onset conditions like dementia.

What can you do to improve brain power?

We’ve rounded up the top suggestions from leading psychologists and neurologists for improving brain power. All of these tips can be implemented easily into your life to help you maximise your brain functionality. Our top tips are:

• Physical exercise
• Eat brain foods
• Get some sun
• Sleep well
• Learn something new
• Listen to music
• Read more
• Learn how to rest

1. Physical Exercise

It’s easy to think of exercise or physical activity as something for the body and not the brain, but as you exercise you increase blood flow to the brain, which delivers more oxygen and nutrients – the things your brain needs to work optimally. Exercise leads to the development of new nerve cells and increases the connections between brain cells to improve brain function.

Some studies found that those who exercised for more than 30 minutes, three times a week had better memory and improved cognitive function after 12 weeks than those who hadn’t done any exercise.

Research suggests that cardio activity is particularly good to maintain brain function and lessen the likelihood of a decline in mental function, or even the risk of developing Alzheimer’s disease, so incorporating running, cycling, swimming, active sports, or dance into your weekly routine can improve your physical health as well as your brain health. 

2.      Eat brain foods

We all know that food plays an important role in how we function. This is no different for our brains. Antioxidants, essential fatty acids, healthy fats and vitamin E are all essential to healthy functioning brain cells and for slowing cognitive decline. Instead of grabbing an unhealthy snack from the vending machine, stick to nuts, berries, wholegrains, fish, and avocados. The Mediterranean diet is a good healthy diet option in terms of general eating habits.

And it’s ok to treat yourself to a glass of red wine too – moderate consumption has been linked with healthy cognitive function. However, don’t accompany your glass of red with a cigarette as these undoubtedly have negative effects on brain health and are likely to lead to cognitive impairment.

Poor diet is also a factors in high blood pressure which can contribute to a decline in brain function, including memory loss and a decline in thinking skills, and the development of dementia

3. Get some sun

The easiest and healthiest way for your body to absorb vitamin D is through sun exposure. Vitamin D helps to regulate your mood and strengthens bones, teeth, and muscles. But vitamin D also slows down natural brain deterioration that comes with age. By ensuring you are getting enough vitamin D, you are helping your brain to perform better and age slower.

4. Sleep well

Have one bad night’s sleep and you will know that sleep is vital to brain functioning. It may be tempting to stay up late to work on reports or meet deadlines, but the quality of your work in the long run will suffer.

Sleep is your brain’s chance to consolidate information and build memory. Without enough sleep, your frontal lobe (the part of your brain responsible for memory and executive functioning) starts to shrink. Ideally, adults should be getting between 6-8 hours of sleep every night and waking up early. Early rising has been linked with success and productivity. If you have any sleep-related issues, such as sleep apnea, you should seek help from a qualified healthcare professional.

5. Learn something new

Your brain is like a muscle. If you do the same thing with it constantly then it will start to only be able to do that one thing. But if you challenge it, and change the movement, and try something new, you are building up strength and flexibility.

Learning something new doesn’t have to be academic either. If you get to the end of the day and are desperate to not think about work, try learning a new skill like a musical instrument, a craft, or a tactical game.

Crosswords or online puzzles can be a great way to think tactically and compete while not feeling like you’re doing work. You can also incorporate brain training activity, whether through mental puzzles or even creative outlets like painting or other arts and craft activities. Studies have found that crossword puzzles, for example, can help improve cognitive function in those already with some form of mild cognitive impairment.

6. Listen to music

Music is a unique brain stimulant because it activates multiple parts of the brain unlike most other things. Working with music on, enjoying music, or playing music can all help to stimulate your brain and enhance general cognitive functioning. Music memory is the last thing to go when people suffer from conditions such as dementia, so by linking music to other activities, you are also embedding certain brain functions more deeply into your subconscious.

7. Read more

Reading is good for so many things. People read to relax or to learn, to motivate themselves, or to escape from the realities of life. But reading has another benefit: brain building. The process of reading requires your brain to process large amounts of information in a unique way. It helps to stimulate different parts of your brain as you process, visualise, empathise, learn, and remember plot lines and characters. It doesn’t matter what genre you’re interested in, just the act of reading can help boost your brain power.

8. Learn how to rest

Just like every other part of your body, your brain needs a chance to rest. Although some stress is necessary for healthy brain function because it helps with decision-making, problem solving, and response times, too much stress can become toxic for the brain as cortisol builds up. Learning how to let your brain rest and getting a good night’s sleep can be one of the healthiest things you can do for it. Putting your feet up to rest at the end of a long day doesn’t help your brain if you’re still thinking about work.

If you’re struggling to rest, try some relaxation techniques such as mindfulness, mediation, or yoga. Alternatively, try some new hobbies or sports. Switching to a new activity that you enjoy and that allows you to use a different part of your brain or “switch off” from work pressures will help your brain detox and stay healthy.

Cognitive health conclusions

There are many ways in which people can minimise the risk factors when it comes to brain health and slowing or minimising cognitive decline. Incorporating brain exercises, physical activity, and making dietary changes to lower blood pressure can all have an impact on cognitive skills, mental focus and the brain’s ability to function well.

Even older adults who introduce some moderate aerobic activity, alongside some of the main tips mentioned above, can enhance memory function and improve their mental well being. By learning new skills, brain connections can be strengthened as multiple areas of the brain will be worked.

The post 8 Ways To Improve Your Brain Power appeared first on Real Business.

Working from home has become more popular, especially since the COVID pandemic forced business’ to rethink how they do business, often helping business owners realise that the old business structure of everybody being in the office 5 days a week probably wasn’t necessary in terms of productivity. Many people have realised the benefits of flexible working, avoiding the commute, and controlling their environment, and have turned to home working as a viable alternative to heading into the office every day.

For a lot of people, working from home means staying with a company and working online, but the brave and ambitious are turning to starting their own businesses. Although this may seem like a daunting task if you are just starting out, the process can be quite simple once you have your initial business idea and plan.

Home business ideas are a dime a dozen too. Everything from product based to service based businesses can work effectively from home. It’s all about finding a business idea with the right business structure and marketing strategy to let everyone know you’re here and open for business.

Below we look at some of the most important questions you need answers to when starting your small business from home and give you a step-by-step guide to setting up your small business. With the right information, starting your business can be exciting rather than stress-inducing. Get your at home business model right, and you could become a huge success.

Do I Need Special Permission To Run My Business From Home?

Getting permission to run a business from home depends entirely on the type of business you plan to open as well as the property you are in and if you own or rent your house. Although running a business from home is entirely legal, there are different processes to follow depending on where you live.

We’ll cover some of the processes below:

Advice For Rental Properties

If you rent your space, you may need specific permission from your landlord to run your business from the property. Check your lease agreement, and if you are unsure, ask your landlord – failing to do so could lead to serious consequences like you breaking your tenancy agreement and being evicted. You would rather they know from the start than find out later and shut you down and kick you out. You should get everything in writing and change your tenancy agreement to reflect the new arrangement. This will help you avoid any ugly surprises down the line.

If your landlord feels that your business will disturb the peace, then they can deny your request. This could include having multiple delivery vehicles every day, having vehicles blocking the road, or creating extra noise. If they think your new business idea could impact the local area and other neighbours, then they will be forced to refuse their permission.

Advice For Owned Properties

If you own your house, then you will need to check the land registry to find out if there are any restrictions on your property. You also need to consider what your business is. If it is likely to cause any damage to a neighbouring property or prevent a neighbour from enjoying their property, then you may need to rethink your plan. An at home catering business is fine if you’re baking goods and sending them out to customers, but if you’re opening up a loud restaurant from your dining space with guests coming and going at all times then you’ll probably be breaching the peace your neighbours have a right to enjoy. Businesses including noisy construction or mechanical activity can often be a disturbance and you might be better renting a commercial space in these cases too.

If your business will require you to do alterations on your house that completely change the use of the house, then you might also need to apply for special permission. Also be aware that if you change the use of your house, you may need to pay more in council tax as your rates will change from household rates to business rates.

If you are likely to have a lot of people coming to your house, getting a lot of deliveries, or are planning to advertise outside your house, then you will also need to contact the local council.

Do I Need To Register As Working From Home?

If you are starting a business, regardless of where you are working, you will need to register as self-employed, a sole trader, a partnership, or a limited company. The HMRC website will take you through all the steps to complete the process. You will need to carefully keep your own financial records for tax purposes and will need to fill out a tax self-assessment every year. Depending on the type of business you are running, you might also need to send HMRC your financial records (or books) at the end of each year.

Do I Need Business Insurance To Work From Home?

The first thing to do is check your current home insurance. You might not be covered for business items such as stock or business assets. Taking out business insurance will help you protect your capital and investment.

If you are likely to have customers coming to your house then you should also look into specific insurance to cover any accidents or injuries that occur while you are conducting business. Something as simple as a customer tripping on a stair could land you with legal fees and lawsuits, so make sure you are covered like any in-person retail businesses would need to be.

Do I Need A Business Bank Account To Work From Home?

Technically, no, you don’t need a dedicated business bank account when you start your own business at home – there’s nothing to say you have to have one. But we would generally recommend it.

Opening your own dedicated business bank account means you can more easily track the income you’re making, your expenses, and more. By doing this, you know exactly how successful and profitable your small business is.

You can just accept payments into your personal bank account too, if you prefer, but mixing personal and business finances could prove complicated the more successful your business becomes. The choice is ultimately your own, however.

Profitable Small Business Ideas For At Home Businesses

As long as you are not disturbing your neighbours or breaching rental or mortgage contracts, you can run almost any business from home. Some of the more popular choices include:

• Virtual or digital work
• Photography business
• Crafts, baking, and other homemade goods sales
• E-commerce
• Education – offering tutoring services can be a great way to learn and earn if you’re studying yourself
• Services that require you to travel such as dog walking, gardening, or cleaning services – pet owners and homeowners need support and you can offer it simply
• Consultancy

Profitable business ideas should really start with your skillset, though. Knowing what you can offer based on your skills is the key to making a successful home based business. From there you can worry about making your successful business idea a successful business!

Knowing your skillset is the start point – but what’s next?

What Are The Steps To Starting A Small Business From Home?

There are seven simple steps to starting your small business from home:

1. Develop your Business Plan
2. Make sure your Home is Suitable
3. Get the Correct Permissions and Registrations
4. Set up your Finances
5. Consider Insurance and Copyrights
6. Create your Brand
7. Market Yourself

When broken down into manageable steps, starting your business should be a relatively easy process and you can get through the frustrating administration quickly and get to doing what you love!

1. Develop your business plan

You may have been thinking about your small business for years and have a fully fleshed-out business plan, or you might still be trying to decide if you really want to leave your comfortable corner office. Either way, the place to start is developing your idea and plan now. Only then can you see if it’s a chance worth taking.

You will need to decide what goods or services you are selling, do research into your industry and field and know your competition, research your target market and know how to reach them, and think about things like start-up costs and operating expenses. These are key elements to starting your business and without this knowledge, your business is unlikely to get off the ground.

If you know you want to work from home but are still battling to find your idea, spend some time thinking about:

• What you are good at
• What you enjoy doing
• What marketable skills you have
• What markets you have easy access to
• What you can financially afford to do
• How you could market yourself, your goods, or your services uniquely
• What sets you apart in any potential market (think about your values and ideals as a person as well as your plans as a business)

2. Make sure your home is suitable

Your home’s suitability will depend entirely on the business you are starting. If you are starting a baking business, you will need to make sure your kitchen meets health and safety standards, that you have enough space for suitable storage, and that you have cleaning protocols in place. However, if you are planning to offer graphic design services from your home, all you will need is a desk, a laptop and software, and a decent internet connection.

Think about the kind of business you are starting and what you will need for it. There are a lot of forums online where you can get advice from others who have started similar businesses before you. If your home is not suitable, then you may need to hire a different space for your business or make the necessary changes or renovations to your house.

You should also factor in how your partner, children, pets, or other people in your house might influence or be influenced by your business. Will you need to put up baby gates for a home office or sound-proof a room because of a noisy parrot? These are all things to consider before you move on to the next step.

3. Get the correct permissions and registrations

As already discussed, certain permissions are needed from the local council, your landlord, or your mortgage provider, depending on where you live and the type of business you are starting. Get these permissions sorted out early to avoid delays on your business’ start date.

You will also need to register your business through HMRC.

4. Set up your finances

Depending on how your business is set up you will either need to keep a full set of books or you might be able to simply keep track of income and expenses. If you struggle with organisation or numbers, then you should consider hiring an accountant to help you get set up and explain any requirements to you. An accountant will be able to advise you on the best practices for your business and you should be able to find an accountant that you can hire for a few hours of consultancy every few months rather than someone you need as staff.

You should also open a separate business bank account. Having a separate bank account will help you keep personal and business finances separate. A lot of business accounts also have specific advantages including certain protections for your funds. Shop around and find the best business account for you.

At this stage you should already have thought about start-up costs, but if you haven’t, do it now. You need capital to start almost any business. Capital will allow you to budget in things like advertising and initial costs including software, internet, stock, or equipment necessary for running your business. If you need investors, find them now and start putting capital into your new bank account ready for all your upcoming business expenses.

5. Consider insurance and copyrights

Collect quotes on home business insurance from as many providers as you can.  You may choose not to insure, but it is better to be covered in case something happens to your business or to one of your customers because of your business. Different types of business insurance packages have been designed for different businesses, so do your homework and know what you are looking for.

• Public liability insurance will protect you if a customer is injured on your property.
• Product liability insurance will protect you if your product causes injury or damage.
• Professional indemnity insurance protects you if you offer services such as consultancy and are negligent or make a mistake that has a detrimental effect on your customer.
• Employer’s liability insurance is a legal requirement if you plan to hire employees.

You should also look into copyright laws if you are selling a new product or if you are selling anything that already has a copyright on it. Knowing about rights laws will protect your intellectual property as well as protect you from lawsuits brought on by selling copyright products (including, for instance, a cake shaped like a Disney character, or a superhero suit that uses the design of an existing character).

6. Create your brand

Branding is vital for any business. Beyond the name and colours of your business, your brand also holds your business identity. Think about what you stand for and what you want to promote. In the current cultural climate, customers are more likely to bring their business to you if they agree with your core beliefs, so make sure you know what your business stands for. This could be ethically sourced products, local investment, or family focused living.

As a small business owner, your business will probably be a reflection of who you are. What is important to you will come out in your goods or services. Condense this down and think about how it works into your image, your online presence, your packaging, your stationery, and your interactions with potential customers.

7. Market yourself

You are finally ready to start your business! Using your research and careful planning, go and find your target market and advertise your new business in the way you know will appeal to them.

Most businesses use online advertising, but if you are focusing on a local market then you might have more success going door to door, advertising at local community hubs, or getting your friends to promote your business. Think strategically about who you are selling to because strategic marketing is more successful than mass marketing for a new business no one has heard of before.

At this stage, you have everything in place to be a successful entrepreneur. All that’s left is to put on a brave face and start promoting yourself.

How To Start A Small Business From Home: Final Thoughts

Market research, a strong business idea, and a target audience to market to is the key to any business – especially when you’re starting a small business from home. You need to know the lay of the land so you can see where your business fits in all that. Start by knowing your competition and then forming an identity as a new business that stands out from your competitors.

But you can’t just opt for different. You have to make sure your difference is valuable. Offer something to your target audience that you know they need to improve what’s already out there. After that, it’s simply your job to offer a great product or service and make sure that your customers know where you are.

Starting a small business from home can prove to be incredibly lucrative – if you get it right. Follow our advice today, and we’re sure you’ll get off to a flying start.

The post How To Start A Small Business From Home In A Few Simple Steps appeared first on Real Business.

Strategic and effective marketing is more important to the success of your business than ever before. In the age of the internet, you’ll need a strong and resilient online marketing strategy and presence if you want to attract your target audience and experience business growth.

Marketing consultants have the ability to completely transform your marketing plan for the better and help get your company the attention that it deserves. The availability of marketing consultants in the UK has increased dramatically in recent years as more and more marketing avenues have opened up, and a larger focus has needed to be placed by business owners on strategic marketing activities.

What can a marketing consultant do for my business?

A marketing consultant should be a highly qualified and experienced person in the field of marketing that offers advice, strategy and sometimes the actual campaign implementation.

Hiring a marketing consultant to oversee your marketing campaigns could have a lot of benefits for your business, including:

• Assessing your current marketing techniques and seeing what is going wrong and what may be working by performing an in-depth audit.
• Coming up with wholly customised marketing strategies for business that will be sustainable and affordable.
• Helping you define your marketing goals and help you find practical ways of reaching them.
• Looking into what your competitors are doing with their marketing tactics, and use this information to the business’s advantage.
• Ensuring that you are on the right channels and social media platforms that would best benefit your business.
• Helping you with Google Ads, content marketing, social media marketing, keywords, blogs, search engine optimisation etc.
• Getting the most out of your marketing budget to boost sales and increase engagement.
• Helping you truly connect with your audience and attract your ideal customers.
• Increasing brand awareness.

A marketing consultant helps you get your marketing techniques right the first time around, potentially saving you time and money time by avoiding the trial and error method of trialling different strategies and techniques. A marketing consultant provides an efficient way for you to get the most out of your marketing by finding personalised solutions that work best for your brand.

What can a marketing growth consultant do for your business?

A marketing growth consultant goes a few steps further than your average marketing consultant. Marketing growth consultants focus on growing your business and your customer base through effective, performance marketing. Growth consultants usually focus on digital marketing aspects such as PPC, email marketing, social media marketing, and SEO. One of the other major focuses is conversion rate optimisation.

With growth marketing services, small businesses can expect to see fast results with a focus on creating sustainable growth for your company through the use of future casting based on marketing trends and growth estimates.

They will be able to identify what your business needs to really grow and maintain that growth through effective marketing. At the end of the day, marketing consultants and marketing growth consultants are very much the same thing.

What skills does a marketing consultant possess?

What attributes and skills should a professional marketing consultant have

• Background, education and/or experience in marketing
• Creative and out the box thinking
• Excellent communication
• Attention to detail
• Up to date with the latest marketing trends
• Tactical thinking
• Ability to find unique opportunities
• Skilled at using data and analytics to get insights
• Organisational skills

How do I choose the right marketing consultant?

Unfortunately, almost anyone can call themselves an independent consultant and offer their advice for a price. This can make finding the best marketing consultants somewhat tricky unless they already have a proven record of success.

Some marketing consultants have expertise in certain industries and focus their efforts in specific areas, i.e. retail, food, technology, healthcare etc. By using an industry specialist, you’ll know that they understand your industry as they would have worked for similar clients. Marketing can be exceptionally industry-specific, so choosing a consultant that specialises may yield better results than a general marketing consultant.

Also, ensure that the consultant you choose has proven experience as well as available case studies for you to check over to give you an idea about the sorts of results they’ll be able to achieve for you.

What if I have a marketing team already?

Just because you have a marketing team does not mean that you wouldn’t benefit from the specialised expertise that a marketing consultant brings to the table. A marketing consultant is not there to replace your team either. They will be able to step in for a short amount of time to help guide your marketing team, gather information from them about current strategies, and train them to develop and implement new strategies.

Conclusions

If you feel like your current marketing techniques are falling a little flat or are not true to your brand identity, you may want to look at making use of the services that a marketing consultant has to offer. If you’re a new business, a marketing consultant will help you start off your marketing journey on the right foot.

For established businesses, you may find that your current marketing is not generating enough leads for your needs. Consulting with a marketing expert will provide you with the marketing support you need and strategies you can execute to expand your reach and grow your business.

If you are trying to decide which marketing professional to temporarily bring into your business and help with your marketing strategy, ensure they have had previous success in your industry or similar sector. A good marketing consultant should have excellent case studies to demonstrate the effectiveness of their work for some of your competitors.

The post What Can A Marketing Consultant Do For Your Business? appeared first on Real Business.

Working from home can work really well for those who have a busy life or trouble with child care but it can also have many disadvantages, especially for business owners who often see falls in productivity from allowing remote working. Working from home isn’t anything like working in a normal office environment, and while there are some advantages (often largely for the employee), there are a number of disadvantages (usually for the employer) that we explore in this article.

The lure of the housework

One of the main problems when employees are working from home is they often get sucked into doing household chores. When in the home environment, remote workers are always surrounded by everything that needs doing.

When a person is remote working it’s so easy for them to cook something for lunch from scratch, start preparing tea, or even go out to the supermarket or corner shop. It is important to remember that all of these things are something they simply wouldn’t be able to do if they were out at work or at the office.

The distraction of the housework when working from home can be huge. Because people at home are in their own property, it can be very easy for them to think, ‘I’ll just tidy the kitchen’ or ‘I’ll just do the vacuuming’ – tasks they wouldn’t be able to do if they were physically in the workplace. Housework simply becomes a way for employees to avoid doing their actual work, and what may seem a small task or break away often becomes several hours.

No daily structure

When in the workplace, employees will often have set working hours, set breaks, and usually, a plan to work by in order to complete all their daily tasks. They will usually have a routine, from waking in the morning, to grabbing breakfast, and then probably making the daily commute to work.

When working from home, it can be all too easy for employees to completely lose this structure and have no real plan. A lie-in can become a common occurrence, and they might not know what time to start and could genuinely just feel like they really don’t know how to start the day anymore. Some employees actually benefit from being ‘managed’ to some extent, especially if they struggle with organisational skills, and for them working from home and the lack of structure can present difficulties and make it feel like hard work.

Traditionally, people have tried to maintain a distinct separation between work and their personal life, with work being done in the workplace and the home environment being used for winding down, spending time with family, cooking and relaxing, etc. Working from home can really disturb this equilibrium. Setting a structure to a day when working from home can be tough because employees haven’t necessarily got anything that separates home life from their work life, it is all done in the same building.

Lack of community and teamwork

People, by nature, are social creatures at heart which is why working from home can induce a real lack of community and teamwork. What many people consider a big disadvantage of working from home is the total lack of community and teamwork. Some employees may thrive when around other people, and for them working from home might be a struggle. Home working can often feel very isolated and lonely.

While the prospect of working from home can make some people very excited, without the distractions of the workplace and some incredible home comforts, there are others that might find it all too difficult to spend long hours alone and collaborate with just a computer screen. People’s productivity can be better when they are surrounded by other people and the hustle and bustle of a thriving environment.

Nothing quite replaces face-to-face interaction and communication with actual work colleagues and the laughs that can also come with it. Today there are various platforms such as Zoom, Skype, etc., where work colleagues can connect through video calls and conferences, though it just doesn’t feel the same as colleagues sitting together, having that personal interaction and brainstorming ideas to work effectively.

Need to be extremely self-motivated

Lack of motivation can be a real issue for some of those working from home. It sometimes can be hard for employees to get themselves into the right mindset to smash those targets and meet goals, especially when they might be struggling to get out of their PJs.

To work from home, employees really have to be self-motivated and if this isn’t something that comes naturally then they really have to put some time and effort into developing this skill.

In order to stay motivated at home, it is vital that employees create a working environment or space at home where they feel able to focus and complete tasks. If their idea of working from home consists of sitting in bed, not getting dressed, or sitting in front of the television with a laptop, it is unlikely that they will be very productive.

Certain personality types may struggle

The big problem with certain personality types, especially introverts, is that they can struggle so much with being alone. If someone is the type of person that needs to go to work because it’s a huge part of their wellbeing, in the sense of mixing with other people, then being stuck at home alone all day every day can be pretty damaging to mental health.

Some people really rely on the interaction they have with their work colleagues, and in some cases, it can be the only interaction they get at all. Working from home can contribute to depression and feelings of loneliness and isolation. While virtual meetings can help to some degree, they aren’t the solution for everyone’s needs.

Studies have looked at the effects on workers’ mental health due to working from home. It has been found that well-being, stress, depression, fatigue, quality of life, strain, and happiness mostly diminished while spending long periods working from home.

The impact on health outcomes was strongly influenced by the degree of organisational support available to employees, colleague support, social connectedness (outside of work), and levels of work to family conflict. Overall, women were less likely to experience improved health outcomes when working from home.

Mobile phone and social media

Most day jobs mean that employees can’t be on their phone every 5 seconds checking social media and replying to messages. The lure of social media and the checking of the phone constantly can be such a big distraction when it comes to working from home. With nobody monitoring behaviour, the temptation is always there for employees to be sucked into wasting time on mobile use throughout the day.

If employees are having to work from home regularly then this may mean them having to mute phone notifications and only checking their email at hourly intervals. Of course, this can be difficult if they don’t feel the need to be that disciplined, but it can be a big drawback of working at home.

There are too many distractions

Unless employees have their own physical space and separate working environment at home, such as an office or separate building, then they are probably susceptible to a whole host of different distractions. Many people do find that working from home can bring along with it the benefit of a good work-life balance.

Many employees may feel that working from home allows more time to be with family and take part in other life events, but there is a little more to the picture. Watching TV and listening to music can be huge distractions to working from home life.

A survey released by Glassdoor, where nearly 1,000 employees were asked about their top concerns when working from home between March 11 and March 13, 2020, reported that roughly 32% of employees say watching TV is a top distraction when working remotely, followed by 27% who say child care is a huge distraction.

When employees are at work, the main thing they need to do is focus and concentrate while doing their job. Focusing and applying themselves can prove to be highly difficult with the distractions of family wanting attention or other household noises. Not every home working environment can provide good working conditions as an office space can.

Lack of equipment and support

When working from home, employees are often away from all of the facilities and equipment they need to complete their job tasks. Being around colleagues and able to have a quick conversation and get questions answered can often become a long-winded process when working from home. It can turn into an unanswered phone call or several emails and a long wait.

Employees might not have access to all the same information sources, and office equipment such as printers, papers may be lacking, so working from home can be much more challenging in this sense. They might also face technical problems and equipment not working or even have slow internet. It may also be necessary to set up virtual private networks for employees to encrypt data and provide secure access over the internet at home.

What’s more, at home employees likely haven’t got the correct set up in place to ensure work surfaces are the correct height, and a lack of dedicated desk, poor-quality chairs and subsequently, bad postures can become very common. Neither of these should be an issue with a properly equipped home office. Without a proper desk and decent office chair, an employee’s back, neck, and shoulders will eventually suffer.

Conclusions

Working from home and away from a traditional office and fellow employees can come with its challenges. For many, it is an unnatural way of working, and the social aspects and teamwork methods are lost when employees are separated from co-workers and not physically present. It can be easy for employees to feel isolated and become a victim of all the distractions, including family members, that are going on around them.

For home working to work for your business, you need to ensure your employees are self-motivated and able stick to a good working schedule and plan accordingly to ensure productivity stays high. With good organisation, employees can make hybrid working models productive. It’s a case of employees being able to adapt to the situation and trying to separate their professional and private life the best way that they can to overcome some of the disadvantages outlined.

The post The Disadvantages Of Working From Home For Employers appeared first on Real Business.

In the UK alone, there are over 1,000 franchise systems – some recognisable like McDonald’s, and others less so, but still franchises nonetheless. With more than 50,000 individual franchisees, you can tell it’s big business in the UK. Franchises employ approximately 710,000 people and bring in more than £19 billion for the UK economy each year. Joining a franchise sounds like a smart business move if you’re just starting out and want the benefit of a structured, big name, without having to build your own reputation from scratch.

The franchise industry has continued to grow at an exceptional rate over the past couple of decades in the UK, with 97% of franchises proving to be successful. Owning a franchise provides you with the opportunity of being a business owner with a tried and tested business model behind you – and usually a huge, respected name in your industry, which automatically attracts attention, too. A franchise agreement lays out all of the guidelines to follow, and you’ll already have a loyal customer base, so a lot of the groundwork is already done for you!

Of course, brands don’t just let you operate with their name behind them for the fun of it. There are franchise costs involved and a franchise business must pay an initial investment and ongoing fees to the franchisor in order to carry on as a franchisee beneath them.

If you are interested in purchasing a franchise, it is important that you understand the fee structure so that you know what you’re getting yourself into so you can obtain the right financial backing. Below we’ll discuss all the costs and fees involved so you can make an informed decision as a prospective franchisee to determine if it’s worthwhile for you as a business opportunity.

What Are Typical Franchise Fees?

It is hard to put an exact figure on typical franchise fees as they differ greatly from franchise to franchise. But potential franchisees can expect to pay an initial fee, as well as some sort of monthly or yearly fee to cover royalties etc.

You’ll pay royalty fees, marketing fees to cover marketing campaigns which benefit you and your specific franchise, and a larger fixed fee initially to start operating as a franchisee. These ongoing royalty fees can be quite large, but they do vary depending on the franchise ownership and their specific structures.

What Are The Initial Franchise Fees To Enter A Franchise Agreement?

Once the franchisee’s application has been accepted, and the franchise agreement has been signed, the franchisee will need to pay the initial franchise fee, which gives them the right to use the company’s brand name, logo etc. This fee usually also covers the training that the franchisee and their staff will receive from the franchisor, as well as expert advice and business guidelines.

Training is necessary, as it’s this initial training that ensures you and your franchise staff all operate in the way the franchise brand would expect. At the end of the day, it’s in your and the brand’s interest to try and operate your franchise in a way that makes it hard for customers to realise your business is a franchise of the franchisor at all.

This fee can cost anywhere between under £10,000 to over £5 million, so the gap is really quite large and will be dependent on the franchise company’s success and notability. That being said, the British Franchise Association speculates that the average initial franchise fee is around £40,000 across the franchise industry. Remember, though, that this is the upfront fee. Other costs will be incurred each year.

As a ‘rule of thumb’, the initial franchise fee is around 5 to 10 per cent of the total investment, but this isn’t always the case, and it can end up being much more depending on the specific franchise brand and their total ongoing costs vs upfront payment.

Why Are Initial Fees Necessary?

The franchisor has most likely worked long and hard to bring their business to where it is today. That is why they are very careful about who they accept as franchisees, because ultimately franchisees represent their business and could either enhance or damage their hard-earned reputation.

The franchise fee covers the intellectual property cost, including logo, trademark, brand name and business plan, that the franchisor is going to share with you in the franchise agreement. This fee is also set to cover the costs of training the franchisee and their team and provide them with expert insights into their business realm.

While some initial franchise fees may seem like a massive upfront expense, you need to remember that you’ll be receiving a tried and tested business model that most likely has a large customer base that is excited about your branch’s opening. Customers know what to expect, so they are more likely to support a franchise than a brand new business. You’ll also be receiving ongoing support from the franchisor.

As there are only a limited number of franchise opportunities per territory, the initial franchise fee is there to ensure that potential franchisees are serious about being a part of the franchise and representing the brand.

If the upfront fee was lower, there could be countless people who think they want to join a franchise, only for that deal to fall through at the last minute. Higher fees help you show you’re serious about this business opportunity and it protects the franchise brand.

What Are The Ongoing Franchise Costs?

Franchisees are usually expected to pay a weekly, monthly or yearly continuing fee to the franchisor. This fee structure will differ between franchises, but it can be a standard, set fee, or a percentage of sales. Some franchisors ask for as much as 20% of sales, but the average is around 7%.

A service fee ensures that the franchisor maintains an interest in you and your franchise, but the fact that service fees are often a percentage of the sales and not the profit could have a negative impact on the franchisee if you’re not performing well in terms of profit and loss. The service fee may become an unwelcome expense that eats away at your profit before you’ve even calculated it – but you should be aware of these ongoing expenses before you sign any franchise agreement.

A word of caution: be wary of franchise agreements and contracts that allow the franchisor to increase the service fee yearly.

What Does It Cost To Run Your Franchise?

It may seem obvious, but as a franchisee, you will be responsible for all of the usual business expenses such as:

• Rent
• Employee wages/salaries
• Insurance
• Tax
• Stock
• Utilities
• Interest on any business loans

The franchisor is not responsible for any of your day-to-day business expenses. You may also have unexpected expenses thrust upon you by the franchisor, such as new uniforms to comply with franchise consistency etc. You may also be required to make minimum stock purchases and other required expenses that you would have more control over if you were running your own business.

Whilst this might seem irritating and as though the franchisor is controlling the way you do business, a successful franchise brand knows what they’re doing and can help turn your business into a success if you follow their advice and support. That way, everybody wins.

Is It Easy To Obtain Financial Backing For Purchasing A Franchise?

If you do not have the upfront amount for the initial franchise and start-up fees, you may need to look at getting financial backing from a bank or other money lender. Getting financial backing for buying a franchise is often a lot easier than if you were trying to get a loan to start your own business. This is because franchises have tried and tested business plans and a loyal customer base and are often seen as less likely to fail than a brand new business that is still establishing itself.

As long as you have a clean financial track record, you should not have much of an issue obtaining the financing you need to purchase a franchise. You may need investment funding for shop fitting, rent, equipment, and working capital on top of the initial franchise fee. Before you start looking for finance for the franchise you intend on purchasing, ensure that you have a realistic estimate of the total investment that will be required to get your franchise up and running.

Franchise Fees For Potential Franchisees: Final Thoughts

Only the franchisor can tell you exactly how much it will cost you, both upfront and as ongoing expenses, to become a franchisee for their brand. Hopefully today has been enough to prepare you to expect to pay certain fees as you become a franchisee, so you can enter discussions with a clear plan of what to expect.

Remember to be wary if ongoing fees can be edited on the fly each year by the franchisor, as it may become untenable to continue as a franchisee in this scenario.

Becoming a franchisee can be a lucrative business deal for you. You’ll benefit from operating as an established brand with all the customer loyalty and reputation that comes along with that, making drumming up interest in your new branch easy. But you have to make sure the fees work for you in a practical sense.

Discuss your options with your franchisor, ensure you’re well-informed, and ask the right questions and you might find that a franchise business opportunity is right for you.

The post Franchise Fees Explained For Potential Franchisees appeared first on Real Business.

The big nine zeros; the billion. It seems like only a few years ago that millionaires were the real heavy hitters. These days there are countless millionaires, and it is billionaires that set the standards and goals for the mega-rich. Dozens of billionaires have become household names worldwide, and many aspire to be like them and obtain their level of success, while others vilify them for hoarding wealth.

However you feel about billionaires, at the end of the day, they add immensely to the growth of the economy, and many of them are exceptionally charitable.

But how did billionaires get to where they are? What is the actual number of billionaires in the world? What do their lives look like? Who is the average billionaire? In this article, we take a step inside the lives of the mega-rich and look at 10 facts about billionaires you may be unaware of. As most billionaires’ wealth is calculated in USD, it will be the currency that we will be referring to in this article so that there is a singular point of reference.

#1 What jobs do billionaires have

It’s virtually impossible to become a billionaire if you’re working a regular job, so what roles do billionaires have exactly? Most billionaires are some sort of entrepreneur, with more than 42% of billionaires that got their first billion before the age of 40—doing so in the field of technology. The technological field is growing at an exponential rate, so there are a lot of opportunities for innovative entrepreneurs to make their fortunes. E-commerce is another industry in which we have seen many billionaires succeed.

Many billionaires have never been to college and instead embarked on pursuing their innovative business ideas from a young age.

Surprisingly, only around 20% of billionaires inherited their wealth. This means that the vast majority of billionaires made their money on their own two feet. While they may have had some help along the way, there are numerous billionaires that started out with very little and came from ‘normal’ backgrounds.

While most billionaires are entrepreneurs of sorts, almost all of them make passive income through investments and other passive streams of income, which brings us to our next question…

#2 How many sources of income does a billionaire have

Forget about a regular salary and a singular source of income; millionaires and billionaires usually have several streams of income, including:

• Earned income – This is the income earned by doing something. It is usually a regular job where you are working for someone else. This is how most billionaires start out, but over time many of them do away with earned income and focus on other sources.
• Profit income – Profit income is where you sell something for more than what it originally cost you. Profit income comes from businesses large and small and requires a degree of entrepreneurship. Most billionaires will always maintain some form of profit income because when done correctly, it can earn you huge amounts.
• Interest income – Interest is the money earned on lending money, usually to the bank, and allows you to earn a passive income with basically zero effort from your end. Most billionaires will have multiple streams of interest income coming in each month.
• Dividend income – Dividend income is the money you make by being a shareholder in certain companies. It is also passive, and you’ll get a return on your shares and investments. Most billionaires are very business savvy and have expert financial advisors who can accurately advise them about which businesses to invest in.
• Rental income – Rental income comes from buying property and renting it out. While buying a property can require quite a large amount of money upfront, over time, you’ll be able to make your investment back and start profiting off your rentals. There are numerous billionaires involved in the property and rental market.
• Capital Gains – This is the money you receive for any assets you own that increase in value. Billionaires are likely to own many such assets.
• Royalty Income – Royalties are paid out for allowing someone to use your idea, design or product. A good example is JK Rowling earning royalties for every copy of her books being sold. As these books will continue to sell for years to come, she’s likely to enjoy a healthy royalty income.

The thing is that most of these income sources are only really worthwhile if you already have a significant amount of money, and in this way, it is often easier for the mega-rich to become even richer. Almost all of the income streams listed above are very difficult for the average person to get into.

#3 In which month are most Billionaires born?

According to various surveys, it appears as if the most popular birth month for billionaires is September, with many famous billionaires being Virgos (including Warren Buffet and Jack Ma). Libra is another popular star sign amongst billionaires and famous billionaires such as Ralph Lauren and Alice Walton fall under this star sign.

So if you’re born in September, the odds may be in your favour when it comes to becoming a billionaire. But in all seriousness, a birth month is simply a coincidence, and to become a billionaire, you’ll either need to be born rich or work exceptionally hard and smart.

#4 How old are billionaires?

It often takes billionaires most of their lifetime to hit the big nine zeros, and most billionaires are between the ages of 50 and 70. The average age of billionaires in 2025 is 66. That being said, we are seeing more and more younger billionaires such as Mark Zuckerburg and Kylie Jenner.

#5 Which country has the most billionaires?

According to the Hurun Global Rich List in 2025, the United States has the most billionaires (870). China comes in a close second (823 billionaires). India has the third biggest concentration of billionaires, around 284 billionaires in total.

India and the rest of Asia are predicted to produce many more billionaires in the near future.

#6 Which billionaires are the most charitable

With so much wealth available to them, it is no wonder that so many billionaires are very charitable. While they are under no obligation to give to charity, there are many people who expect them to and believe that it is the duty of billionaires to be charitable.

• J.K Rowling fell off the Forbes Billionaires’ List when she gave away millions to various charities.
• Bill Gates is one of the biggest donors and has announced that the majority of his wealth will go to charity when he dies and plans to leave ‘just’ $10million for each of his children. He is not holding off giving until he dies, though, and both Bill and his wife Melinda have donated around $10billion to causes such as health care and economic development.
• Warren Buffet is also known to be one of the most charitable men in the world, and it is said that he has donated almost half of his wealth to various philanthropic causes.
• George Soros is another generous billionaire who has given around $3.1billion to human rights causes and economic development in Eastern Europe.
• Mark Zuckerburg famously gave away $900 million to the Silicon Valley Community Foundations.

With poverty and lack of government funding being such a prevalent occurrence in countries around the world, there are many human rights activists calling on billionaires to ‘give while they live’ and give away 5% of their wealth to worthy causes each year.

#7 What do billionaires spend their money on?

The average billionaire has around $80 million to spend how they please each year. It is quite hard to comprehend being a billionaire and the spending power that they have. The richest in the world can spend $88,000, with the effect being the same as the average American spending $1. So, what do the mega-rich spend their money on?

Obviously, many billionaires enjoy the finer things in life and spend their money on lavish items such as mansions, private jets, sports cars, yachts, and designer clothing. Many billionaires own homes in a handful of countries and have a garage full of cars.

Others prefer to live a bit more frugally and enjoy a relatively ‘normal’ life. Billionaires like Mark Zuckerburg are known for wearing a pair of jeans and a T-shirt almost every day. That being said, Zuckerburg owns multiple houses, two of which are in Hawaii.

Art, collectables, and unique one-of-a-kind items are where billionaires can show off their taste and personality while supporting famous artists and designers. Alice Walton is famous for spending a whopping $44.4 million on a Georgia O’ Keef painting.

How would you spend your $80 million each year?

#8 Which billionaires are women?

Money knows no age, race, sexuality, or gender. Of all the billionaires in the world, approximately 13% of them are women, with some of the most famous women billionaires being Oprah Winfrey and Kylie Jenner, who is also the world’s youngest billionaire.

The richest female billionaires in the world, including Alice Walton and Mackenzie Scott, are not as highly publicised as male billionaires, and they lead relatively low profile lives even though they are incredibly successful women. The top 10 richest women in the world are definitely not as famous as the top 10 richest men. Most women billionaires are from China, and China is home to 66% of the world’s women billionaires.

#9 How many billionaires are there in the world?

According to the Hurun Global Rich List, there are approximately 3,442 billionaires in the world as of 2025. The previous 12 months saw 163 new billionaires added to the world’s billionaires rich list.

According to the list, Elon Musk is the richest person in the world – the fourth time in five years that he has been top of the pile. His total net worth is estimated to be $420 billion, up 82% on the previous year.

Some of the other most famous (and richest) on the Hurun Global Rich List include Jeff Bezos ($266 billion), Mark Zuckerburg ($242 billion), and Jensen Huang ($128 billion). Donald Trump broke into the Hurun Top 500 in 2025, with his wealth an estimated $7.2 billion and boosted not so much by success in politics but his share in social media platform Truth Social.

With the way things are going, we can expect the official list of billionaires to continue growing and the numbers to expand to other countries.

#10 Is it possible to be a billionaire in secret?

The lives of famous billionaires are often very public and garner a lot of media attention. Once the world knows that you’re a billionaire, you really need to upgrade your security and be careful with what you say and do. You may find yourself in a position where people only want to be friends with you and get to know you for your money.

So, is it possible to be a secret billionaire – and actually own more than a billion dollars – and not have the whole world know about the large amount in your bank account? Well…yes. Because there is no alarm that goes off as soon as you make your first billion, it is very possible to be a billionaire in secret.

There may even be billionaires out there that are completely unaware of the fact that they are billionaires as it’s never straightforward to estimate the total wealth of the richest people, or for others to have full knowledge of their personal finances. Estimated wealth can also change rapidly with fluctuations in stock prices and other investments that are impacted by market factors.

Of course, many people would probably suspect that you’re doing quite well for yourself, especially if you associate with wealthy people, but if you keep a low profile and lead a relatively simple life, you could be able to fly under the radar. The more glamorous and opulent your lifestyle is, the more attention you’re likely to draw attention to yourself, and this is when people, and the media, could start making speculations about your net worth.

The post 10 Things You Didn’t Know About Billionaires appeared first on Real Business.

Some of the world’s most successful companies are franchises and have become household names across the globe. Just look at McDonalds, Burger King, and KFC. They have thousands of branches in numerous countries, and their business model allows for exponential growth.

According to British Franchising Association figures the franchise sector contributes over £19 billion to the UK economy and employs in excess of 700,000 people. Franchising has continued to grow despite cyclical economic downturns, proving to be an incredibly resilient business structure.

Before investing in or starting up any sort of franchise, it is very important to understand how the franchise business model operates. This article outlines some of the basics and need-to-know facts about franchises and the franchise system.

What is a simple franchise definition?

In the most simple form of the word, a franchise is a right or a license that is sold by the franchisor to the franchisee. The franchisor is the person who owns the company name, and the franchisee is an individual looking to buy the right to set up a branch of the company and trade under the company name.

What are the origins of franchises?

One of the very first instances of franchises can be traced back to Isaac Singer, who started mass-producing Singer sewing machines in the 1860s. He began with creating repair and servicing licenses for local merchants and then created licenses for salesmen too. And thus, a franchising revolution was born. It took a while for franchising to catch on to the mainstream, but as soon as massive companies such as Coca Cola and Pepsi started using the franchising structure, there was no going back!

Where catering and cars once ruled the franchising arena, these days, there are thousands of franchises that span across a multitude of different industries, including everything from pet grooming to technology to recruitment agencies. There are many benefits to both the franchisee and franchisor that has caused franchise popularity to boom.

There are currently over 1,000 franchise brands in the UK today!

What is a franchise in business?

A business franchise can be looked at as a company that has multiple branches across multiple locations. Many guidelines determine how the business is managed, but business franchises are most definitely the most popular types of franchises. A franchise is a business partnership, and it is often a great alternative for people who want to own a business but don’t have the innovative ideas of their own.

There are two other types of franchises, namely:

• Product – A product franchise agreement allows the franchisee to sell a specific product using the franchisor’s logo, trademark and brand name. This product could be sold online or within a physical store.
• Manufacturing – A manufacturing franchise agreement allows the franchisee to manufacture and sell the franchisor’s products while using their logo, brand name etc.

There are cases in which franchise agreements cover all types of franchises, but for the most part, it is business franchises that are the most popular and are used in franchises such as McDonalds.

What is a franchise, and how does it work?

The way in which a business franchise is structured usually differs slightly from company to company but it is essentially a joint venture between a franchisor and franchisee. However, the franchisor will not be involved in the day-to-day running of the franchisee’s business.

There will be the initial upfront fee of purchasing the license, and the franchisor may often receive payment for providing equipment, training and business advisory services to get up and running. From then on, the franchisee will pay regular ongoing franchise fees and royalties to the franchisor as outlined in the agreement.

The franchise agreement will list the partnership details, including any ongoing fees and the period of time that the contract is valid for (usually 5 to 20 years with the option to renew should everything go according to plan). The franchisee will be required to adhere to very strict guidelines laid down by the franchisor that will determine everything from opening hours to branding and employee uniforms. This is so that a cohesive, coherent and consistent approach is maintained across all branches.

If the franchisee does not stick to these guidelines or franchise rules, they may be in danger of breaching the contract and ultimately being forced to give up the franchise. The contract is most times completely confidential as trade secrets, business processes and other confidential information about the franchisor’s business may be included in the contract. As a franchisee, you will not be able to share this information with anyone.

What are some benefits to owning a franchise

There are many benefits to making a franchise investment and owning a business franchise. While the franchisor will often be responsible for providing training and ongoing support, there are many other advantages of these types of franchisor licenses that make them a golden opportunity for prospective franchisees. Some advantages include:

• Receive guidance and business support from the franchisor and other successful business people
• Have an already well-known, established business and instant brand recognition
• You don’t need to come up with a business idea, or business plan or marketing strategy of your own
• Access already market-tested products and services
• Start your business with an already-established customer base
• Acquiring financing for a franchise is generally easier than when trying to get funding to start your own business
• Enjoy business relationships that the franchisor has already established
• There are already intricate support and security systems in place should you need them
• The opportunity to be your own boss and have realistic estimated financial performance expectations

What are some disadvantages to running a franchise

Running a franchise is very different to owning your own business, and some of the disadvantages that franchise owners may experience include:

• You have very little to no control over business operations as the entire structure, business format and operating methods will have already been laid out.
• The request to make necessary changes can be a time-consuming procedure.
• You are tied to the suppliers that the franchisor has stipulated.
• Your customers will most likely be location-based. If another branch opened in a nearby suburb, you might very well lose a large portion of your customers.
• You run the risk of other franchisees ruining the reputation of your business by their mistakes.
• There are heavy start-up costs, including the franchise fee, and the franchisor usually takes an ongoing percentage of sales revenue and other royalties and franchisor fees.
• It can be exceptionally difficult, if not impossible, to get out of a franchise agreement should you find it unsatisfactory.

Is owning a franchise right for you?

As you can tell by the previously listed advantages and disadvantages, there are many pros and cons to owning a franchise, and it certainly isn’t a one-stop solution for budding business owners.

Creative, innovative entrepreneurs usually shy away from franchises as they aren’t able to implement their own ideas and incentives and have very little control over how the business is run. Franchisees are often left feeling like glorified managers, following strict guidelines, instead of the independent business owners they once imagined themselves to be.

If you do your research correctly and find a franchise agreement that is fair and benefits both parties, it could be a very good opportunity for you. Be sure to always do your research and know exactly what you’re signing up for, but with the right choice, you could benefit from a successful franchisor’s brand.

What are the world’s most successful franchises?

The top 10 franchises in the world currently include:

• McDonald’s
• KFC
• Burger King
• 7- Eleven
• Domino’s
• Ace Hardware Corporation
• Century 21
• Papa John’s
• Taco Bell
• Pizza Hut

While most of these franchises are very well-known household names, many of them started with very humble beginnings and probably much less capital than you would expect. While the majority are fast food-orientated franchises, this is not to say that there are not other excellent non-food-related franchise opportunities out there.

How do I buy a franchise

Buying a franchise is not as easy as one may think. Franchisors want to be very confident in the person that they share some of their company secrets with. After all, a failed branch could reflect badly on the company as a whole.

In order to apply to own a franchise in the UK, you can search through listings on sites such as Franchise Direct. Franchise opportunities are also very often spread through word of mouth, so knowing people within the business and franchise communities is often very helpful.

The screening process for purchasing a franchise includes a detailed application, an interview, and submitting your financial information. In order to increase your chances of getting the opportunity to own a franchise, you’ll want to do your research when it comes to the company and show a true interest and passion for what they do. The more information you have, the better. Also, ensure that the company is a franchise that you really want to invest in. You’ll be playing by their rules for years to come, and you don’t want to sign yourself into an agreement that isn’t in line with your goals and your lifestyle. There are actually many franchise opportunities out there, and you are more likely to be successful if you apply for a franchise that suits you and your previous experience, interest and knowledge.

While it is not a requirement to have experience as a franchisee, most franchisors will want to choose franchisees that have studied business or know business concepts. Personality may also play a significant role in the success of your interview. As a franchisee, you will be working with a fairly large team, and franchisors often look for a personality type that the team will get on with.

Once you have been accepted, you’ll need to sign the franchise agreement that will outline everything you need to know in great detail. Contracts usually differ greatly from franchise to franchise. Some may allow you to work alongside a partner, while others may not.

This binding agreement should not be taken lightly, and you should get advice from a lawyer or legal representative should you not understand anything fully.

Once you have made an effort to understand the contract and sign it fully, you’ll need to learn as much as you can about the company and what is expected of you. The franchisor should assist you with training, inventory, suppliers etc.

Pros & cons of being a franchisor

For most of this article, we have looked at franchises through the lens of the franchisee, but what about being a franchisor? Being a franchisor is a completely different role altogether. Instead of following the rules, you get to make them. And you get to see others carry out your business plan, possibly across the world! Some of the pros associated with being a franchisor include:

• The opportunity to greatly expand your client base
• You’ll be able to scale your business to a bigger scale than you’d ever be able to without franchising
• Eventually reach an international target market through franchisees
• Create jobs for thousands of people
• Create a passive income for yourself where you can eventually sit back, relax, and let your franchisees make money for you

But being a franchisor can also be exceptionally stressful. Some of the cons include:

• Intensive screening processes to find the right franchisees
• Putting your trust in franchisees to uphold the reputation of your business and keep trade secrets to themselves
• It often takes many years for your business to be successful enough to become a franchise and a franchise that franchisees would like to invest in at that
• As you scale up, you will be dealing with more and more people, so it’s essential to have a good human resources team in place.

Is buying a franchise better than starting my own business?

Starting a business in the UK is actually very straightforward, and you can easily start a business on a small scale and allow it to grow. If you want to express your own business ideas and innovations, then starting your own business is probably better for you.

Buying a franchise means that you don’t necessarily need excessive business knowledge as everything will be laid out in front of you, and you’ll already have a customer base that trusts the established brand. The franchisee usually pays the franchisor fees associated with buying a franchise and these are often worth the investment as you should start making money fairly quickly, depending on your branch’s location.

It’s impossible to say whether starting a new business is better than buying a franchise, as each offers unique opportunities and challenges. Franchises provide businesses the chance to use a proven formula and track record that may increase their chances of success but limit their opportunity for innovation.

Since the last recession, the franchise industry has grown around 20%, proving that this industry is not going anywhere. If you’re looking for a great business opportunity that lays out everything you need to know, franchising could be for you!

The post What Is A Franchise In The UK? appeared first on Real Business.

There are many people with entrepreneurial spirits who want to bring their business ideas to life but they feel that they can’t because of the time constraints of holding a regular job, studying towards a degree, or running a household. Did you know that most start-ups fail because of a lack of knowledge and resources, not a lack of time?

There are thousands of highly successful entrepreneurs that started their businesses while still working full time jobs and raising families. While it may not be easy to start generating a decent business income straight away, it is definitely possible to gain success as a part-time entrepreneur, especially if running a business online.

Can you start a business part-time?

In the UK, you are legally allowed to start a business even if you are a full-time employee. In this case, you will be classed as both employed and a self-employed business owner.

The only thing that would interfere with your plans to start a business is if you are an employee and your employment contract states that you are unable to start a business while working for your current company. If you are uncertain if you may run into legal issues by starting up a business while being employed, have a chat with your head of HR.

In a confidential conversation they’ll be able to explain what your employment contract allows you to do. In most cases, starting a business while being employed should not be a problem, unless of course you are planning to set up as a direct competitor to your current employer!

If you find yourself in a position in which you are both employed and self-employed, you’ll still be required to pay taxes. This means having to submit a Self Assessment tax review, even if your own employer is paying your PAYE. You are also required to pay your own NIC contributions.

Obviously the more time you have to invest into your new business the better, but many businesses were started on a part-time basis. If your business becomes highly successful, you can always leave your job or other commitments, as well as get help for your business.

The fact that you are only able to work on your business on a part-time basis should not deter you from bringing your business idea to life. Many people lead very busy lives but still have exciting business ideas that they believe they can earn extra money from or deliver significant growth. So, whether you’re a student, single mom, or busy volunteer, you can still run your own business part-time.

How many hours a day do entrepreneurs work?

Unlike paid work in regular job, there are no definitive timeframes on how long an entrepreneur should commit to starting and building up their business. Many people are drawn to the idea of becoming a business owner as they can work to a schedule that suits them (and potentially fits around their paid employment).

A recent New York Enterprise Report found that small business owners can work up to twice as much as those with regular jobs, with 50 hour and even 60 hour work weeks being commonplace. This would result in entrepreneurs working around 10 to 14 hours a day!

But then there is the other side of the spectrum where budding business owners are only able to dedicate a few hours of their evenings and weekends, and in these cases entrepreneurs would only work between two and four hours a day on their own part time business.

Studies have shown that getting right the time that a business owner spends working on their business is important – more hours does not necessarily mean better results. In fact, overworking could result in burnout which may put a halt on business operations.

In the beginning stages, more time is usually required to get the business going initially, and business owners will have the startup costs to consider, but once things are running smoothly the owner can usually take something of a step back. However, owning a business is full of unexpected demands and it may be difficult to plan a proper working schedule when you are not engaging in full time entrepreneurship.

How to be successful as a part-time entrepreneur

Becoming a successful part-time entrepreneur can be challenging, so here are some tips to get you started:

• Develop strong time management skills – As you’ll probably be working on a tight schedule, it will be important for you to have very strong time management skills. Set up a schedule with boundaries between your day job, play, working on your business, family time etc. Of course some circumstances will require some flexibility, but having a defined schedule is important for staying on track and maintaining your own space.
• Find a co-founder/ business partner that you can trust – A fantastic way to get a business off the ground, if you have limited time, is to find a trustworthy co-founder/business partner. This way the responsibility and tasks are shared among you so that not all the pressure is on your shoulders.
• Prioritise your time – It’s time to take a good hard look at what you spend your time doing and cut back on certain ‘time-wasters’ such as TV, scrolling on social media, video games etc. Even if you just pull back a little on time-wasters, you’ll have more time to spend on your business.
• Avoid burnout – Burnout is common among part time entrepreneurs who also hold regular jobs or are at university. Stretching yourself too thin could result in you falling ill or suffering severely from stress. Ensure that you’re getting enough to eat, enough sleep, and spending enough time relaxing and on leisure activities.
• Make sure you have a solid plan in place with definitive business goals – Having a plan in place and a defined target audience will make all the difference and help you stay on track. It will provide you with something to refer to should you ever feel lost or unsure of your next step with your new business.

Are you ready to become a part-time entrepreneur? 

If you have a strong business idea and have equipped yourself with the knowledge, capital and skills to get your business off the ground, you are most likely ready to start generating income streams and become a successful business owner, even on part-time basis. Remember that starting a business is a marathon and not a sprint, so practice patience and ensure that you are always learning new things along the way.

You may need to pick up and develop new skills that full time entrepreneur might outsource of entrust to another person, such as social media management and tax administration, and online courses can often be a good way to prepare yourself for some of the duties involved in running your own business. Depending on the nature of your business, you may also need to get together an online portfolio or have some online customer reviews to demonstrate to your target market your abilities and previous work.

As long as you have some time to dedicate to your business and some sort of flexibility, the fact that you are only able to give attention to your business on a part time basis shouldn’t play a very large role in its success. With a good business idea and clear business plans, you should be able to see your business grow and start to earning some valuable extra income, even through part time entrepreneurship.

The post Can you be a part-time entrepreneur? appeared first on Real Business.

Have you ever noticed that what you think about has a direct impact on your behaviour? Rarely do actions lead to thought, instead, your thoughts dictate your actions. This basic truth is the reason that mindset is so important. Your mindset will set your course in every aspect of your life, including your business.

Something as simple as a mindset shift for business can make a huge difference to how you run your business and whether you enjoy business success. But our minds can be difficult things to manage and changing your mind to a business mindset is not always easy. We’ve gathered the seven key elements to a business mindset to help business owners succeed.

1.       Positivity

People in business get told “no” a lot. What separates those who succeed from those that don’t is a positive attitude and ability to always see the silver lining. If you’re a cup-half-empty kind of person then the first thing you need to change is your negativity to a positive outlook.

Negativity is the easy route. It’s also the common route. It takes a specific mindset to be able to pull yourself out of the mainstream of criticism and complaining and set your mind to positive. Changing the way you think about a situation and having self belief changes your perspective on it. It will also help you to see new possibilities, new methods, and routes to success that other people haven’t been able to see yet.

Although the “power of positive thinking” has become cliché and trite, the research can back it up. People with a positive mentality are more likely to be confident and successful. Positivity also reduces your chances of high blood pressure, depression, anxiety, and stress – all conditions that can cause major setbacks to your business ambitions.

2.       Flexibility

The main terms you might hear when you start looking at mindsets are “growth mindset” and “fixed mindset”. These terms have become more popular as more research has been done into how people approach new situations, react to change, and learn.

A person with a fixed mindset is more interested in results, battles to overcome setbacks, and can lose interest in things quickly if difficulty arises. Their mindsets don’t let them persevere, adapt to changes or even take calculated risks, because everything is fixed and firm.

Developing a growth mindset helps you be more flexible and new ideas. You will be more interested in constructive criticism than actual outcomes because you will be able to find places to grow and improve. With a growth mindset you can remain open to new ideas, adjust strategies, business models and ways of working to bounce back quickly from setbacks.

3.       Determination

One of the most important personality traits for any businessperson to have is determination. Determination and drive feed into the way you set up goals, plan strategies, and overcome difficulties.

Without determination, you are unlikely to achieve your goals. This is because determination is what gives an entrepreneur the instinct to set unique and ambitious goals. Determination will also help you to plan a course to reach your goals because each step that is charted is carefully thought through and part of a strategy.

A determined person will stick to their decisions knowing that they can trust themselves. Determined small business owners will also act on their decisions – and without action, nothing will ever happen. Adjust your mindset to embrace determination.

4.       Relationships

Powerful and successful business people know how to create and build strong relationships. Some may call it networking, others call it connecting, but either way it is the ability to meet people, listen to them, and build confidence and trust with them.

No relationship is a waste, and a savvy business mind will understand that and make the most of every relationship. Even if you are an introvert and conversation doesn’t seem to come naturally, practice conversing with new people and developing relationships. Family, friends, colleagues, and business connections will all help you to achieve your business goals, if you put the proper time and effort into cultivating them.

5.       Leadership

Confident leaders are people who are followed, it’s that simple. Whether it is because they inspire, are generous, or exude wisdom, the one thing that unites all leaders is their ability to connect to their followers and command respect. Leaders are not inactive; they take those first steps so that they clear a path for others. They have self confidence and are brave and think quickly on their feet.

If you are not a natural-born leader, spend some time thinking about the people who inspire you and who you look up to. What traits can you imitate to make you a better and more confident leader? How can you change your mindset from one of following others to one of leading them?

6.       Learning

The growth mindset makes an appearance here again. Lifelong learners and people who stay on top of trends and business changes are the ones who will be able to thrive and experience good business development. Continuous learning is vital when industries are constantly changing, so to succeed in business you should be investing your time in reading, studying, analysing trends, and talking to other people in the industry so you can make informed decisions and improve your chances of long term success.

Albert Einstein famously said “the more I learn, the less I know” when talking about his ongoing pursuit of knowledge. Take this humble approach and adjust your mindset to that of a scholar – always hungry to learn and grow and adapt to ever-changing markets.

7.       Courage

Finally, a business mindset is a courageous one. In any career you will hear “no” a lot. Your ideas might be belittled, you could be turned down for a loan, or your friends and colleagues might not believe in your business. To truly succeed, you will need to adjust your mindset and stand firm in what you believe.

If you don’t believe in yourself, you can’t expect your colleagues, employers, employees, competition, or customers to believe in you either. Know your worth and choose to face each new day and each new challenge with courage. A courageous person won’t quit, and often, the simple refusal to quit is what sets many business owners up for success.

Conclusions

Having a business mindset involves a full consideration of the potential risks and rewards of business decisions. But it doesn’t preclude business owners from being flexible and adjusting strategies and business plans according to market conditions. Through continuous learning and willingness for business owners to embrace new opportunities with the right mindset, they can achieve their objectives and ensure success.

The post 7 Key Elements To Change Your Mind To A Business Mindset appeared first on Real Business.