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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Real Living Wage increases as more employers join the scheme

10 November 2020

The real Living Wage hourly rates for 2020/21 have been increased, widening the gap between this voluntary wage rate and the government's statutory minimum wage rates.

Over 250,000 people working for almost 7,000 real Living Wage Employers throughout the country are set for a pay rise as the new Living Wage rates rise to £9.50 across the UK (a 20p increase) and £10.85 in London (a 10p increase).

The real Living Wage rates are based on independent calculations of what people actually need to live on; it is the only UK wage rate that is voluntarily paid by nearly 7,000 UK businesses.

It is not the same as the compulsory National Living Wage, which is currently £8.72 an hour for anyone over the age of 25. The UK real Living Wage rate is 78p per hour more than the government living wage (for over 25s) and the London Living Wage is £2.13 per hour higher.

A full-time worker paid the new £9.50 real Living Wage will receive over £1,500 in additional wages annually compared to the current government minimum; for a full-time worker in London this figure rises to over £4,000.

Over 800 more employers have accredited with the Living Wage Foundation since the start of the pandemic, with major new names including Tate and LyleCapital OneNetwork Rail and the All England Lawn Tennis Club. These organisations join a network of almost 7,000 employers, including two-fifths of the FTSE 100 companies, household names like AvivaNationwide and Brewdog, as well as thousands of small businesses.

Research conducted by Cardiff Business School has highlighted the significant impact of the Living Wage campaign since the start of the pandemic. Over 250,000 workers have benefitted from an additional £200 million since the start of lockdown, including 130,000 key workers. Since 2011, over £1.3bn in extra wages has gone to workers and families through the Living Wage.

However, research by the Living Wage Foundation shows that 5.5 million employees (a fifth of employees) are still paid under the real Living Wage.

Laura Gardiner, Living Wage Foundation director, said: "Today's new Living Wage rates will give a boost to hundreds of thousands of UK workers, including thousands of key and essential workers like cleaners, care workers, and delivery drivers who have kept our economy going. Since the start of the pandemic employers have continued to sign up to a real Living Wage … These are the employers that will allow us to recover and rebuild from this crisis."

Oliver, a delivery rider at e-cargobikes.com, said: "Earning a Living Wage means I am able to support a household, including my partner, and [that] takes a huge load from my shoulders. To be employed by an organisation that not only treats people with respect but backs that up with decent pay means that I feel valued in a way that no other flexible work has provided. The psychological benefit of this will extend further than me and reminds me that I work for a company that sees further than the person as an employee, but also sees their capacity to contribute to wider society when treated fairly."

Written by Rachel Miller.

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