Business Foundations

Starting a business can seem overwhelming, but we’re here to simplify the process. You’ll gain practical, real-world financial education with easy-to-understand examples, actionable steps, and real case studies.

In this course, you’ll explore the key foundations every business owner needs: understanding self-employment, getting to grips with finance, tax and accounting, choosing the right legal structure, and pulling it all together in a business plan. Think of this as your roadmap — giving you the clarity and confidence to build your business the right way.

It’s an exciting journey, but also one that comes with its own set of challenges. From managing your own finances to marketing your services, self-employment requires a diverse skill set.

Here are some of the top benefits, along with real-world examples to showcase how life-changing it can be

Unlike traditional employment, where you work for a company and receive a regular and reliable income, self-employment gives you the freedom to choose your clients, projects, and working hours.

The risks of self-employment can seem daunting, but they are manageable with careful planning, support, and the right resources.

A trusted community plays a critical role in mitigating many of these risks by offering support, knowledge, and opportunities to grow.

The aim of every business is to make profit. But what is ‘profit’?

When running a business, it's easy to assume that profit and cash are the same thing, but they are not.

Understanding the difference between the two is crucial for managing your business successfully.

Reaching breakeven is a critical milestone for any new business because it tells you when your business becomes financially sustainable.

Turnover is vanity, profit is sanity - but cash is king!

The Profit and Loss account (P&L), also known as the income statement, is one of the most important financial documents for any business.

A balance sheet is one of the core financial statements used to assess the financial health of your business.

A cash flow forecast is a vital financial tool that helps you predict the flow of money in and out of your business over a specific period.

A budget is one of the most essential tools for any business, whether you're just starting out or running an established operation.

Setting the right price or determining your day rate is crucial for the success of your business.

In this lesson, we’ll cover allowable and disallowable expenses, the difference between operating and capital expenditure, and highlight the key differences in claiming expenses as a sole trader versus a limited company.

In this lesson, we’ll cover the essential business taxes you need to know about, including corporation tax, self-assessment tax, VAT, and dividend tax.

In this lesson, we’ll explore how these methods work, highlighting the differences between the two structures and what you need to consider for each.

In this lesson, we’ll go over the key dates for filing tax returns, paying taxes, submitting accounts, and handling other business-related obligations, ensuring you stay on top of your responsibilities.

In this lesson, we’ll explore what it means to be a sole trader, how to get started, and what you need to know about taxes, liabilities, and other responsibilities.

Like sole traders, partnerships are relatively easy to set up and offer flexibility, but they come with shared responsibilities and liabilities.

In this lesson, we’ll explore what it means to form a limited company, how it works, and the benefits and obligations involved.

In this lesson, we’ll explore other types of business structures in the UK, including Limited Liability Partnerships (LLPs), Community Interest Companies (CICs), and Co-operatives. Understanding these options will help you select the best structure for your business.

A business plan is much more than just a document—it’s your roadmap to success.

Whether it’s a product or a service, you need to clearly define what you offer, how it benefits your customers, and what sets it apart from the competition.

In your business plan, defining who your suppliers are and how they fit into your operations will help ensure you have a reliable, cost-effective supply chain.

In this section of your business plan, you'll define your target audience—those who are most likely to buy your product or service.

Analysing your competition helps you identify their strengths, weaknesses, and strategies.

The right business name can capture your customers’ attention and even make them smile, while the wrong one… well, let’s avoid that!

Well done — you’ve completed Business Foundations! You now understand the essentials of self-employment, tax, pricing, accounting, and planning. The next step is simple: put your ideas into action and start building the business you’ve envisioned.