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Setting up a business involves complying with a range of legal requirements. Find out which ones apply to you and your new enterprise.

What particular regulations do specific types of business (such as a hotel, or a printer, or a taxi firm) need to follow? We explain some of the key legal issues to consider for 200 types of business.

While poor governance can bring serious legal consequences, the law can also protect business owners and managers and help to prevent conflict.

Whether you want to raise finance, join forces with someone else, buy or sell a business, it pays to be aware of the legal implications.

From pay, hours and time off to discipline, grievance and hiring and firing employees, find out about your legal responsibilities as an employer.

Marketing matters. Marketing drives sales for businesses of all sizes by ensuring that customers think of their brand when they want to buy.

Commercial disputes can prove time-consuming, stressful and expensive, but having robust legal agreements can help to prevent them from occurring.

Whether your business owns or rents premises, your legal liabilities can be substantial. Commercial property law is complex, but you can avoid common pitfalls.

With information and sound advice, living up to your legal responsibilities to safeguard your employees, customers and visitors need not be difficult or costly.

As information technology continues to evolve, legislation must also change. It affects everything from data protection and online selling to internet policies for employees.

Intellectual property (IP) isn't solely relevant to larger businesses or those involved in developing innovative new products: all products have IP.

Knowing how and when you plan to sell or relinquish control of your business can help you to make better decisions and achieve the best possible outcome.

From bereavement, wills, inheritance, separation and divorce to selling a house, personal injury and traffic offences, learn more about your personal legal rights.

One in five entrepreneurs without a degree earns £100,000+

8 October 2024

Entrepreneurs who opt out of higher education are just as likely as those with degrees to earn six figures or more, according to a study by GoDaddy.

New research casts doubt on the idea that would-be entrepreneurs could benefit from studying at university before starting a business. A study by GoDaddy has found that there is no material difference in terms of financial success between those entrepreneurs with a degree and those without.

The findings show that 19% of entrepreneurs who didn't continue their education past A-levels have an annual turnover of over £100,000, matching those with degrees (also 19%). The findings come from Venture Forward, a multi-year international research initiative by GoDaddy, that analyses data from more than half a million digital microbusinesses in the UK.

What's more, over three-quarters of entrepreneurs who didn't attend university say they are glad not to have the debt burden. With the average student loan debt now exceeding £40,000 on graduation, GoDaddy's findings show that younger entrepreneurs are increasingly likely to side-step university altogether. The under-30 cohort has been impacted by both the rise in tuition fees and historically high interest rates on repayment; as a result, it seems many young people are turning to enterprise instead.

"GoDaddy's research indicates that entrepreneurship is becoming an increasingly attractive alternative to higher education. With costs rising against a challenging economic backdrop, we are seeing a generational mindset shift in the way young people look at the value of university degrees." Andrew Gradon, head of GoDaddy UK & Ireland.

It seems that young people are no longer waiting to start a business either. Entrepreneurs under 30 are twice as likely to have started a business straight after their A-levels when compared to the national average. Across entrepreneurs of all ages, only 11% left education after their A-levels. However, when looking at entrepreneurs under 30 in the research, this figure doubles to 22%.

The findings also show that:

  • Less than half of entrepreneurs who went to university (46%) feel their degree was useful for life as an entrepreneur;
  • 34% say that starting their business sooner would have been more advantageous than completing their degree.

Bringing fresh ideas to floristry

Rachel Brennan, 30, set up her floristry business Blossom and Grow in Harlow, Essex, without having attended university which now generates £140K+ in revenue. She said: "I've always been more practically minded, so attending university to get an academic qualification didn't appeal to me. Instead of higher education, I went on to take a college floristry course and gained experience at a local florist. Taking this route meant everything I learned was tailored to the industry I wanted to enter.

"Three years ago, I set up my own floristry business, Blossom and Grow. Although I didn't have a formal business qualification, I come from an entrepreneurial family. Both my dad and my sister run their own businesses so I picked up some knowledge from them.

"I now generate over £140,000 in revenue annually, and my business is continuing to grow. Over the next year, I'm planning to expand my workforce and upskill them. I want to hire young aspiring florists who, like me, didn't attend university and can bring fresh ideas and perspectives to the business."

Commenting on the findings, Andrew Gradon, head of GoDaddy UK & Ireland, said: "In parallel with the rising cost of university education, the barriers to entry for starting a business have never been lower. With online resources dramatically reducing the time and cost it takes to set up a new company, the majority (51%) of entrepreneurs under 30 reported setting up their business for £500 or less, with nearly one in four (23%) saying they needed no start-up capital at all."

Written by Rachel Miller.

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