< Previous30 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TAX Time to go it alone - is 2025 the year to become your own boss? James Pinchbeck, partner at Streets Chartered Accountants, dives into the growing appeal of entrepreneurship. A s we move into 2025, an increasing number of individuals are choosing to step away from traditional employment to carve out their own paths as entrepreneurs. Whether it’s turning a side hustle into a full-time business, making the leap from employment to self-employment, or launching a business straight out of education, the allure of becoming your own boss has never been stronger. But what’s driving this trend and how can aspiring entrepreneurs ensure their ventures succeed? The rise of self-employment and small business creation in recent years reflects both economic and cultural shifts. The COVID-19 pandemic accelerated changes in work patterns, fostering a surge in remote working, freelancing and online ventures. People began to reassess their priorities, with many seeking more autonomy, flexibility and purpose in their careers. Current data from the UK shows a notable increase in start- ups. According to Companies House, nearly 810,000 new businesses were registered in 2024, reflecting a growing appetite for self-employment and entrepreneurial ventures. Popular motivations include: Pursuing passion projects Many individuals want to transform hobbies or side hustles into sustainable businesses, aligning their work with their interests. Economic opportunities With new markets opening up, particularly in tech, creative industries and sustainable enterprises, entrepreneurs see opportunities to capitalise on emerging trends. Flexibility and freedom Starting a business offers control over working hours, location and work-life balance, which is increasingly appealing in a post-pandemic world. Start-ups today are as diverse as the entrepreneurs behind them. Some of the most common routes include: Side hustles turned businesses From selling handmade goods online to offering consultancy services, what starts as a passion project can quickly grow into a viable enterprise. Switching to self-employment Many individuals are leaving the confines of employment to freelance or start their own ventures, especially in creative, tech and professional services sectors. Graduating to enterprise For students, the idea of starting a business after graduation is increasingly a meaningful alternative to entering traditional employment. While passion and ideas are critical to starting a business, so too are sound financial planning and strategic decision- making. This is where accountants play a vital role. Here’s how they can support entrepreneurs: 1. Assessing viability: Accountants can help you evaluate the financial viability of your business idea, ensuring it has potential for long-term success. 2. Mitigating risks: Starting a business comes with risks. An experienced accountant can identify these risks and offer practical advice to mitigate them. 3. Setting up your business: From advising on the most suitable legal structure (e.g. sole trader, partnership or limited company) to registering with HMRC, accountants simplify the administrative process. 4. Financial management: Accountants help set up bookkeeping, financial reporting and cash flow systems, ensuring you maintain control over your finances from day one. 5. Ongoing advice: Beyond the numbers, accountants often act as trusted advisers, offering insights into business strategy, tax planning and even connecting you with other professionals in their networks. If you’ve been considering starting your own business, 2025 might be the perfect time. Whether you’re ready to bring a long-held idea to life or you’re seeking a fresh challenge, the right preparation and support can make all the difference. Partnering with an accountant ensures you have a solid foundation, enabling you to focus on what matters most - growing your business. 32 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TRAINING AND APPRENTICESHIPS T hough historically associated with school leavers, apprenticeships provide people of all ages an opportunity to earn while they learn and build or further a career. Whether looking to hire new staff or upskill existing employees, from entry level to management, apprenticeships can apply to employees at all levels. The Government’s flexi-job apprenticeship scheme allows people to complete short placements across sectors such as construction and creative during their apprenticeship, opening up a new paid training route to a career in these industries, to address that some sectors with flexible employment patterns and short-term roles have previously found it harder to take on an apprentice. Apprenticeships are at least 12 months long, and apprentices need guaranteed employment and pay for that whole period. The new scheme will put an end to this by using agencies that can act as employers and place apprentices on projects in different companies. An apprentice working in construction for example could fulfil several contracts. There are myriad reasons why a business should consider utilising apprenticeships, which help bring valuable skills into your business, even ahead of new changes. Often overlooked is that apprentices can be employed at different levels, from school leavers to university graduates, to the less thought of people who want to further their careers or change career direction; you can hire someone new or upskill an existing employee. As we tackle recruitment and skills crises, apprenticeships may well become an important tool to fill key gaps in an organisation and improve retention. Designed by employers to reflect the relevant knowledge, skills, and behaviours that businesses need, there are apprenticeships from level 2 to level 7 (equivalent to a degree) which allow firms to find apprenticeships that suit their learning and development requirements. Research from Grant Thornton indicates With recruitment and skills crises, apprenticeships are being proposed as a potential solution, while holding a key role in the levelling up agenda. 34 Áwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 33 TRAINING AND APPRENTICESHIPS34 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TRAINING AND APPRENTICESHIPS that businesses are recognising this and strategically making use of apprenticeships as a means of upskilling their people at all levels, achieving sustainable recruitment, gaining more desirable qualifications within a business, and advancing social mobility. Moreover, the usefulness of the ability to tailor apprenticeships to specific development requirements is being understood, with many firms utilising courses to gain valuable new skills in the fields of digital and data analysis, for example, for their organisation, plugging skills gaps. Further reasons for embracing apprenticeships include the funding available. Indeed, employers could be eligible for financial help and grants from the Government to fund apprentices. Whether new members of staff, or existing employees being upskilled, an apprenticeship can be a cost-effective option to develop the skills you need in your firm and train your workforce to be fit for the future. Though apprenticeships are certainly valuable for creating and developing your workforce, in-house training is another route increasingly being sought to adapt to the skills shortage and lack of qualified candidates, particularly where only a short duration of training is required - perhaps to respond to changes to legislation or as part of professional practice - or group training is to be undertaken. The flexibility of in-house training formats is a key reason for the popularity, with the skills development courses offered by in-house training providers customisable for employees. It means that staff can develop in the areas where they need it most, and by businesses themselves setting the objectives of the training with the expert provider, facilitates a higher return on investment. Bespoke in-house training can also be delivered at one’s convenience, with the business choosing the delivery mode, location, and time best for staff, reducing potential disruption. Some businesses however are working with training providers to integrate content delivered in in-house training within an apprenticeship, seeking a longer period of support for employees to enhance their knowledge and skills while gaining qualifications.www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 35 CORPORATE HOSPITALITY With how businesses incorporate environmental and social responsibility in their operations frequently coming under scrutiny, these initiatives must also be applied to their corporate hospitality. C orporate hospitality is more than simply an event, it is a chance to forge relationships, build loyalty, create memorable experiences, strengthen teams, retain and attract employees, and boost a business’s profile. But it is also a key opportunity in an ESG (Environmental, Social and Governance) and CSR (Corporate Social Responsibility)-focused world to showcase a company’s values, ethical practices, and commitment to making a positive impact, past their legal obligations. There are many ways corporate hospitality can incorporate a sustainable, responsible mindset and offer social value, whether organising a conference, seminar, networking event, product launch, or team building day. Vendor choice is an aspect to explore that can have a major influence. It is essential to find and hire vendors and suppliers who share your values, and by prioritising a local supplier, this brings the added benefit of reduced carbon emissions from transport, while supporting and promoting jobs, the Organising responsible events 36 Áregion’s businesses and economy. One might look for sustainable or zero-waste vendors that will help cut an event’s carbon footprint. This could be a caterer that utilises organic, in-season, ethically sourced ingredients and reusable or recyclable packaging and cutlery, or that prioritises waste reduction through composting or redistribution programmes to food banks. Working with caterers and venues to accurately provide the amount of food needed, rather than over-ordering is helpful too. In hiring third parties, making efforts to vet them to ensure staff receive a fair wage, are fairly treated, and the business works with ethical practices is equally important. Choosing a green venue is further core to responsible events, having a substantial impact on their carbon footprint. Look for locations that implement initiatives such as energy- efficient lighting and HVAC systems, recycling, waste reduction and water conservation, or perhaps are powered by renewable energy, and check for certifications that verify their commitments to sustainability. A venue’s accessibility must be considered too, to minimise travel emissions for attendees, by offering easy access to public transportation. Organisers should promote eco-friendly transportation to guests, such as trains and buses, and make it easy for them to utilise it, by sharing information on local transit routes or providing shuttle services from nearby public transport stops to the venue. Depending on the event, one may also encourage carpooling and cycling by ensuring there are bike racks and safe routes nearby. A venue should additionally be accessible in terms of providing accommodations for individuals with disabilities, guaranteeing events are inclusive for all participants. Building inclusivity and diversity into events further, one can embrace diversity in speakers, panellists, and attendees, promoting equal opportunities and representation, as well as putting thought into the diversity of the workforce, supply chain, and partners. Removing the barriers of venues is another option to tackle accessibility and sustainability of events. By switching to virtual events, the carbon footprint of travelling to and from a venue is removed alongside the effects of printing resources, meals, and buying and transporting supplies. Meanwhile, the event is opened up to a wider audience. Of course, not every event is suited to the virtual world, and fortunately there are many more actions that can be taken to improve them. Corporate hospitality can produce huge amounts of waste. Taking a conference as an example, single-use plastics, paper material, and leftover food are abound. Mitigating this where possible should thus be a priority. Dropping printed materials like agendas and invitations for apps, digital documents, and QR codes can be a big help here (which also streamline communication), as can turning away 36 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk CORPORATE HOSPITALITYwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 37 CORPORATE HOSPITALITY from single-use items like balloons and confetti in favour of reusable banners and digital displays, as well as selecting props and decorations that can be repurposed in future events. Encourage attendees to reduce waste too by providing and promoting recycling stations and requiring delegates to return lanyards and badges for reuse after the event. One might additionally quit the practice of handing out ‘swag’ at events. Frequently consisting of single use plastic items and promo materials that get thrown away, this is a major source of waste. Alternatively, consider switching to sustainable swag options, like those produced with recycled materials and that are locally produced, or opting for e-vouchers or charity tie- ins, such as an option to choose a charity for a donation. Events can further partner with charities and local organisations by donating proceeds from ticket sales and granting access to the event, whether that be facilitating the set-up of a stand for more information on an organisation or inviting educational establishments to bring up and coming students entering the business world to experience the event. To make a difference through corporate hospitality, it is essential to measure its impact pre- and post-event. This will make it easier to set goals and make informed decisions on changes that can be made ahead of an event to bolster aspects like sustainability or the investment it brings to the local economy, and help unlock future improvements once it is over. One can for instance calculate the carbon emissions associated with travel, energy use and materials to be improved on at the next event. Don’t forget to share your efforts with others as well, utilising social media to post about your practices and encourage others to follow suit, with photos, metrics, and attendee testimonials, or releasing detailed reports on your efforts and impact achieved. Organisers might also use post-event communication and surveys to ask how attendees felt about your event choices, and how you could improve. In promoting your responsible practices, it is vital, however, to ensure you do not take part in greenwashing, checking claims are supported by measurable and transparent actions. With customers, investors and the public becoming increasingly interested in responsible business practices, incorporating these into events will only grow in importance moving forwards. Not only benefiting communities and the environment, by engaging in more responsible corporate hospitality, there are numerous added positives for your company, from improved public perception and boosting employee morale, with staff proud to work for the business, to attracting and enhancing loyalty amongst clients that value social and environmental responsibility, and establishing stronger relationships with local communities, while inspiring clients, attendees and businesses to make their own events more responsible. 38 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk PUBLIC RELATIONS Roses are red, Backlinks are blue, If you persist with this tactic, The joke is on you. Journalists don’t care For your SEO plight, They’re busy with deadlines— Not your digital fight. Keep hounding for credit, You’ll win this reward: A swift email block And your calls, soon ignored. So play the smart game, Be sharp, think long-term Don’t demand things of journos Then their love you will earn “Greg, it’s Valentine’s Day, how do I get a journalist to LOVE me? “Why won’t they talk to me? Why won’t they listen? “They never return my calls!” Spoiler alert, they will NEVER return me this today. “As journos we don’t decide who gets backlinks – that’s down to the online production team. If they don’t link, that’s their prerogative and it’s often because of the impact on our own site’s SEO. “The upshot? I’ve now asked to be removed from the agency’s entire mailing list as I can’t guarantee a link and certainly don’t have time to be diving into Ts and Cs buried on a link at the bottom of their press releases. Result? No more coverage for any of their clients in any form from me. “I absolutely understand that there is pressure from clients for links, but wider exposure and brand building matter too. “Relationships between PRs and Don’t be a silly SEO and so with PR How can you improve your relationships with journalists? Greg Simpson, founder of Press For Attention PR, shares his advice – and an example of what not to do. your calls or VERY rarely. They much prefer emails. Unless they are on a deadline, and you are already working on a story together. I thought, given a Valentine’s theme, that instead of writing about what it is you SHOULD do to woo, I should instead point out their biggest turn-offs. That’s because at the tail end of 2024, I was privy to an online chat about the most short-sighted approach to media relations (the chatting to the press bit of PR) I’ve ever seen. Along with 1,743 other LinkedIn users making over 700 comments and having reposted it 80+ times. That’s because this was a post by Jane Hamilton, who runs The Sun’s employment section (and works on The Times too), who shared the following: “This week I wrote a piece on a relatively unknown company, it’s in print and online on The Sun, so decent exposure for them. However their agency has sent www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39 PUBLIC RELATIONS Journos matter also – and this is not how you build them. “PR friends, is demanding links with legal undertones a thing now?” WOW! Here’s what the agency sent Jane. “Just an FYI. All our emails, including press releases and comments, are covered under a Creative Commons license. As per the terms of the license, appropriate credit requires not only the mention of a name but also a direct link to the source. You can find further details on the requirement here. “The below features are great but the online article doesn’t link to our client. We require that the comment in question be amended to include an appropriate credit or that the article be removed.” I read this open-mouthed!! The sheer short-sightedness of this! ASK for a link by all means but don’t EXPECT it, don’t require it or don’t expect it NOT to ruin your entire campaign and media relations if you persist. 3 other things to stop by way of a bonus, for which I asked two tame journo buddies of mine for a new year’s resolution for PRs: * Large file attachments of images - clogs up emails, see phones below. * PDFs - a faff when on the phone as journalists more often than not are. * Stock images that offer zero value to the reader - lazy. A former business journalist, Greg Simpson is the author of The Small Business Guide to PR and has been recognised as one of the UK’s top 5 PR consultants, having set up Press For Attention PR in 2008. He has worked for FTSE 100 firms, charities and start-ups and conducted press conferences with Sir Richard Branson and James Caan. His background ensures a deep understanding of every facet of a successful PR campaign – from a journalist’s, client’s, and consultant’s perspective. Next >