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Articles by Michael Buckworth
Manage the Risks of Starting a Business
Photo by Wokandapix on Pixabay By Michael Buckworth Life involves risk, now more so than ever. If I go to this party, will I end up catching COVID; if I get on a plane, will I get ill? Most people balance risk, reward and necessity subconsciously. We go to see a friend who is having a hard time, but perhaps don’t go to a rave as we realise that we are more likely to catch the latest variant when in close proximity with thousands of drunken people. Lets Get Risky Setting up a business involves risk.
How to do a business risk assessment
Michael Buckworth offers a masterclass in how to assess the dangers to your business It’s raining as you stumble out of a bar at 1:00am. Pulling your coat over your head, you make your way to the train station but when you arrive you realise it’s been closed for an hour. You need to find another way home, and you have a choice. You could call a taxi or you could flag down the nearest car and see if they’ll give you a ride. Let’s weigh up the two options.
Hobby Or Business- What’s The Difference And Does It Matter?
Some of the most successful businesses have come about because the founder was trying to solve a problem that they had experienced, often just for their own benefit. There is nothing wrong with setting up a money-making project as a hobby, and no need for a hobby to necessarily turn into a full-fledged business. But it is worth understanding your own motivations and being clear with yourself about what you want to achieve. What is the difference between a hobby and a business?
Doing the Data Dance: Why Data Protection is Paramount to Your Business
About Latest Posts Michael Buckworth is the founder of Buckworths and the author of Built on Rock, an entrepreneur’s legal guide to startup success. You are setting up your business and have a million problems to worry about. Languishing toward the bottom of your painfully long to-do list are the words “privacy policy for website.” You plan to find a precedent online at some point and use that for now. After all, nobody actually reads privacy policies, right?
Cautionary claims
We make comparisons every day. “This gym is better than that gym.” “His car is cooler than her car.” “My child is smarter than your child.” We generally know that these sorts of judgments are based on our own subjective criteria, yet we are happy to make them, and may well actually believe them to be true. We often compare products and services using (what we think are) objective criteria.
Yule need to rethink your rewards to keep staff motivated this Christmas
Christmas is traditionally a key time of the year to motivate employees with rewards and incentives. However, this year we are all dealing with a completely different set of circumstances. Christmas is traditionally a key time of the year to motivate employees with rewards and incentives. However, this year we are all dealing with a completely different set of circumstances. Christmas at work usually consists of team parties, secret santa’s and the much awaited Christmas bonuses.
The UK enters a recession, but what's next?
The worst-kept secret in the country is out - the UK economy has entered what some economists are terming a 'mega recession' The worst-kept secret in the country is out - the UK economy has entered what some economists are terming a 'mega recession' - a term that didn't exist previously but had to be created to describe this country’s current predicament. The country’s economic nosedive resulted in a 20.4% drop in GDP between April and June.
What the Government needs to do to save British start-ups
Tech start-ups could be emptied out unless Government acts quickly over state aid and tax breaks It’s been nearly four months since Boris Johnson ordered the country into lockdown and yet the Government is still chasing its tail about the best way to protect the economy. Since March, the Government has enacted a swathe of COVID-19 economic relief schemes – stretching from the deft, such as the furlough scheme, to the ill-thought-out. The Future Fund belongs in the latter category.
Lawyer questions UK government's Future Fund
The pandemic, though primarily a human tragedy, is wreaking havoc on jobs and economies globally. In the UK, SMEs make up 98 percent of private sector businesses, and employ more than 16 million people. Evidently, small businesses and startups will be a vital part of the UK’s economic recovery as we emerge from the pandemic, usually contributing £1.9trn per year to the economy.
Why now is a perfect opportunity to source funding
The pandemic, apart from being a human tragedy, has also caused major economic disruption, with countries facing soaring unemployment rates and stock markets hitting record lows. However, disruption and opportunity going hand in hand is a familiar concept for investors. The collapse of the dotcom bubble, which took place two decades ago, spelt the end for many companies, but also provided room for newcomers like Amazon to grow, while Spotify and Uber were children of the 2008 recession.
The Government’s Future Fund Is Not Fit for Purpose
The coronavirus pandemic has devastated lives, jobs and economies worldwide. SMEs comprise 98% of private sector businesses in the UK, employing around 16 million people, and contributing £1.9 trillion per year to the economy.
The UK Government needs to take a lockdown extension off the table to save SMEs
This week, Rishi Sunak launched a new “Business Bounce Back” loan scheme to help Britain’s struggling SMEs amid growing concern over their inability to access the Treasury’s pre-existing rescue packages. This week, Rishi Sunak launched a new “Business Bounce Back” loan scheme to help Britain’s struggling SMEs amid growing concern over their inability to access the Treasury’s pre-existing rescue packages.
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