Starting and running your own business is a rewarding journey—but it also comes with significant personal challenges that are often under-discussed. As a business coach and mentor, I’ve seen firsthand how these hurdles can impact entrepreneurs’ wellbeing, confidence, and long-term success. This blog explores the most common personal challenges UK entrepreneurs face and offers practical remedies to help you navigate them

As a small business owner in the UK, determining the most tax-efficient method to extract profits from your company is crucial for optimising your personal income and ensuring compliance with tax regulations. The primary avenues for withdrawing funds are through a combination of salary, dividends, and pension contributions. Each method has distinct tax implications and benefits. This guide outlines strategies to help you navigate these options effectively.

As of April 6, 2025, significant changes to the UK’s National Insurance Contributions (NICs) have come into effect, impacting small businesses nationwide. These adjustments, announced in the October 2024 Budget, include an increase in the employer NIC rate from 13.8% to 15% and a reduction in the secondary threshold from £9,100 to £5,000.

Setting up and running a new business can be one of the most rewarding experiences when done well.  However, it will challenge you and can be costly, both financially and to your wellbeing.  Keeping an eye on the key challenges below will increase your chances of success.

Embarking on a journey to turn your passion into a profitable business is one of the most exciting things you can do; however, there are challenges and pitfalls to avoid.  Research shows that 25% of businesses fail in the first year, with 50% in the first five years. Having a business coach/mentor can help reduce some of these challenges and risks.

So, you have decided that you want to set up and run your own business.  You have found the perfect product or service to offer customers or companies, and you believe that it will make enough money to make it worthwhile. Perhaps you are leveraging the skills and knowledge you have built up working for someone else and feel that you can go independently.  Maybe you have found a gap in the market and have something that lots of people need.  But what now? 

Today branding is still as important as ever for businesses; although you may not be a nationally or globally recognised business, how you brand your business has implications for start-ups and small businesses.  It is vital to create an identity that reflects your business and your approach to dealing with your customers.