Enterprise and Entrepreneurship

What is a Freelancer? 

A freelancer is a self-employed individual, offering their skills and services to clients on a project-by-project basis, rather than working as a permanent employee for a single company. Money is earned per-job or -task. Freelancers might work for several clients. 

Examples of freelance jobs include: delivery riders, tutoring, content creators, social media management, web design, graphic design, video editing. Freelancers may find work through online platforms e.g. PeoplePerHour.com, Fiverr and Upwork, direct outreach, or referrals. 

Freelancers are not employees and are not entitled to benefits such as sick and holiday pay plus there is no guaranteed income.   

What is a Contractor?

An individual or business hired to perform a specific service or task for a set duration for a client under the terms of a contract. Contractors are not employees, often earning higher pay rates due to the lack of employment benefits. There are specialist agencies offering interim contracts for example in the HR, Finance, IT and medical areas.  

What is an Entrepreneur/ Business Owner? 

An entrepreneur/ business owner is someone who starts, owns, and operates a business with the goal of creating, delivering and capturing value—whether through products, services, or innovation, to enhance business processes and business paradigms. Unlike freelancers or contractors who typically work solo on client projects, entrepreneurs focus on building and growing a business that may eventually operate independently of their direct involvement. 

If you start working for yourself, you may need to report your income to HMRC Revenue and Customs (HMRC) and you may need to set up a business in order to comply with UK law. Many self-employed people set up as a sole trader or limited company. 

Sole trader 
A sole trader is a type of business. It’s the simplest business structure to set up and most people set up as a sole trader when first starting out as a business. A step by step guide to setting up as a sole trader plus details of  sole trader responsibilities. 

Limited company 
A limited company is another way to set up a business. It is legally separate from people who own it.  The Government provide a step by step-by-step guide to setting up a limited company 

See this Government table summarising differences between a sole trader and a limited company  

Other business set ups include a business partnership, a social enterprise, an overseas company, an unincorporated association. 

Business start-up, many stages relevant to freelancing and contracting.

Startups website - How to start a business: a 10 step guide to success

Step 1. Be clear on your idea Is there a gap in the market? Is there a problem that could be solved? see business ideas for suggestions e.g. side hustles, sustainable food startups, Startups 100 index, start-up guides and Companies House have UK Case Studies 

Step 2. Do your research – research is essential step in deciding on whether it is viable to move forward with your business idea, this includes market, audience and business research. Visit the Business and IP Centre at the British Library and make use of its vast range of publications and databases and attend a workshop free of charge.   

Step 3. Creating a business plan – your business plan will describe what your business looks like, who it serves, its purpose and end goal and will be an important tool for stakeholders including potential investors. There are lots of resources to help you for example: Start ups,  Prospects writing a successful a business plan, The King’s Trust, Start Up Donut, Write a business plan -Gov 

Step 4. Review your finances (See section 6, Funding, IP, Insurance and Tax section)  

Step 5. Choose a business structure (See section 2, Business set up section) 

Step 6. Do your admin- information on registering as self-employed, registering your business and trademark, also see section 6 Funding, IP and tax section. 

Step 7. Set up shop- information on setting up a professional website 

Step 8. Choose your suppliers- information on selecting suppliers 

Step 9. Branding and marketing 

Step 10. Grow your business Startup’s growing section details hiring, customers, marketing and strategy. Small business also has a grow area. 

Tips 

1) Access the support at Reading e.g. Henley Enterprise Lab support (see section 5) 

2) CV entrepreneurial skills are very attractive to future employers so add your venture to your CV including the transferable skills you are gaining e.g. initiative, adaptability, communication, customer service, time management, problem solving, marketing and sales, project management. 

Starting a side hustle is a fantastic way to explore your interests, develop your skills and earn extra money whilst studying. 

Here are some suggested steps to help you get started: 

Step 1 identify an opportunity/ problem that needs solving. Consider using PESTLE analysis to examine the Political, Economic, Social, Technological, Legal and Environmental external factors on the area you are considering. 

Step 2 Consider your skills and interests- what do you enjoy doing in your free time/ are skilled at? Think about how you could leverage this skill with the opportunity you have identified. 

Step 3 Choose a side hustle idea – some popular options include: Freelancing (e.g. writing, design), selling handmade or digital products, tutoring, reselling items, content creation (Blogging, YouTube, podcasting), pet sitting or dog walking. 

Step 4 Research the Market – is there demand for your product or service? Who could be your customers? Analyse competitors. Talk to potential customers, could you do a small test/ pilot of the service/ product. Collect feedback and refine. 

Step 5 Create a simple business plan with clear goals – What will you offer? how will you deliver it? What are the start-up costs? How will you price it? Set goals in terms of time commitment and income. 

Step 6 Set up the essentials – name and branding, create a website or social media presence, set up payment methods, how will you structure your business? eg sole trader, limited company (see section 2), keep a record of all transactions. 

Step 7 Launch – start small with a manageable workload, focus on building value and trust.  

Step 8 – Time Management - track your time, prioritise tasks ensuring that you balance academic commitments with your side hustle. 

Step 9 Promote, learn and adapt – continue use social media, word of mouth and online communities. Analyse what is working well, gain feedback and adapt. 

Step 10 – Keep your side hustle compliant e.g. making sure that you trade legally e.g. reporting income to the HMRC if applicable. 

Tips 

1) Access the support at Reading e.g. Henley Enterprise Lab support (see section 5) 

2) CV entrepreneurial skills are very attractive to future employers so add your venture to your CV including the transferable skills you are gaining e.g. initiative, adaptability, communication, customer service, time management, problem solving, marketing and sales, project management. 

3) Further resources: The Ultimate Side Hustle Guide 

Support for the enterprise and entrepreneurial ventures 

Henley Enterprise Lab empowers University of Reading and Henley Business School students and recent graduates to create and build start-up enterprises. This support includes those starting side hustles, freelancing and contracting enterprises as well and business start-ups. HELAB supports: 

a) deliver a range of sponsored extracurricular initiatives that support the entrepreneurial journey of students and recent graduates; 

b) collaborate with stakeholders, both within the university and externally, with regional, national and international entrepreneurial ecosystems; 

c) work with the University of Reading and Henley Business School Careers teams to help students access work and opportunities to advance their entrepreneurial journey. 


HELAB supports the following co-curricular entrepreneurship activities for students: 

- Business Idea and Start-Up Clinic - helps students and alumni who have a business idea or a start-up business progress to the next level by offering confidential, tailored, one-to-one advice and step by step goals from a business expert. Appointments are bookable on MyJobsOnline. 

- Henley Greenshoots Seed Finance Award Scheme - nurtures and supports start-ups by awarding cash prizes to start-ups that show the potential to grow and become sustainable businesses. 

- Entrepreneurship Hub - provides current University of Reading or Henley Business School students with a workspace to develop their business ideas. 

- IDEAFEST Student Business Idea Competition - a competition for Henley Business School and University of Reading students which seeks to find the best business ideas awarding cash prizes to the winners. 

- Summer Start-Up Boot Camp - a hands-on, week-long workshop event for current University of Reading and Henley Business School students, alumni and local residents, held every year to give participants the confidence and skills to start a business and make money doing what they love. 

- Entrepreneur Mentor Programme - supports University of Reading or Henley Business School student entrepreneurs by connecting them with a network of alumni that have gone onto become successful business leaders, offering their advice and support. 

- Talks on Enterprise Development - a series of talks featuring business founders sharing how they have grown their enterprise and offering answers to questions such as ‘what was your best/worst business decision?’ and ‘what your best advice for someone who is starting their own business?' 

- HELAB News - a regular newsletter, reporting news from HELAB initiatives to offer students and recent graduates an insight into the support they are provided. 

 

HELAB also works with: 

• Entrepreneurship Society - encourages student innovation and entrepreneurship through a range of events and initiatives, led by a committee of students through the Reading Students' Union. 

• The Berkshire Growth Hub provide information and resources to help you start, run and grow your business 

You can discuss your entrepreneurial ideas with Jurek Sikorski in a one-to-one appointment bookable via on MyJobsOnline. 

Funding

How to fund your business is a key question for any budding entrepreneur. The most common is through personal savings or friends and family. 10 options for funding your small business discusses the pros and cons of different options. Some common options are explored below. 

Loans 

The UK Government loan scheme for start-ups allows up to £25,000 to be borrowed. Their regularly updated database of finance and support signposts to other funding sources and assistance. 

The Skills and Business Hub has a Thames Valley Berkshire Funding Escalator to help Berkshire based businesses.  

Traditional bank loans and overdrafts are also a source of funding. 

Crowdfunding  

Crowdfunding enables individual investors to pool their money together to support a business, in return they receive a stake, other monetary reward or a perk in the business. Platforms operate in different ways, research their criteria carefully to consider the implications for your business. 

There are many crowdfunding providers including Crowdcube, Kickstarter and Indiegogo. 

Small business and Startups has advice on crowdfunding.  

As always, do research based on your needs. As for any funding application, you’ll need to make a persuasive case to attract investors. 

Intellectual property 

Intellectual property (IP) theft is surprisingly common, here are suggestions on practical measures to protect your intellectual property. The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property. Their website details registering a trade mark, registering a design, copyrighting your work and patenting an invention plus details on getting help.  

The Chartered Institute of Patent Attorneys (CIPA) offer Free IP clinics and IP Pro Bono to eligible innovators and small businesses. 

Tax and registering your business 

After starting trading, it is likely you’ll need to register your business with HMRC for tax purposes. The specific requirements depend on the business structure eg a sole trader must register with HMRC if your income exceeds £1,000 in a tax year. Further details

Insurance  

Having adequate business insurance is essential for every business, so research requirements for your sector before starting to trade. 

Your business type and model determine your insurance needs. Common examples include: 

- professional indemnity offers protection if a client claims you’ve been negligent, given poor advice or made a mistake.  

- public liability offers protection in the event a mistake was made by your business activities that caused injury or damage to a customer or member of the public. 

- buildings and contents insurance protect the structure of a property and belongings within it. 

There are many specialist packages out there, Small business and Money helper has tips. 

The British Library -  Business and IP Centre (BIPC)  
BIPC network offers free events, workshops and one-to-ones plus the UK’s largest collection of business and intellectual property (IP) information to give businesses an edge. 


Enterprise Nation 
Whether you’re launching a new business or developing an existing one, Enterprise Nation connects you to the resources to help people succeed.  


Federation of Small Business  
UK’s leading membership organisation for small businesses and the self-employed. Fees are payable to join. 


King’s Trust – support for starting a business  
The Enterprise programme is open to young people aged 18 to 30 years. Join the 91,000+ people they have helped to start a business. 
 

Small business- advice and ideas for UK small businesses and SMEs 
 

Start & Grow – How to start a business in Berkshire  
Free start-up resources and useful local contacts. 


Startupdonut  
Advice, resources and tools for starting a business. Information on getting finance, business planning, hiring, IT marketing and much more.  

 
Startups – business idea, funding help and growth  
Starting a business? Find independent advice, tools, events and information for new businesses, start-ups, small businesses and ambitious entrepreneurs.  
 

Thames Valley Chamber of Commerce 
Local Engagement. Regional Representation. Global Opportunity. 

- Damian Collier LLB (Hon) Law with Legal Studies in Europe owns Blend Media the largest Library of 360 and Virtual Reality (VR) content in the world. 

- Tim Brownstone studied Animal Science, CEO and Founder of KYMIRA. KYMIRA’a aim is to help both professional and enthusiast to easily incorporate their recovery into their lives. 

- Caolan Humphries studied Geography and Economics, Caolan and a business partner launched Kata Sustainable Sportswear 

- Sushan Peiris studies LLB Law revived Modern Voyages and started Cuisine Columbo 

- Blane Perrotton BSc Hons Surveying degree and founder and Managing Director of his own chartered surveying practice: Pride Consulting IMS (Independent Monitoring Surveying) 

- Alex Kordek studied in Department of Film, Theatre & Television AJK Agency offering corporate team building sessions, and the company grew into a dance agency representing dancers and models. 

- Lucy Tyler Self-employed translator