The UK’s start up boom during the pandemic
Photo by Mike Petrucci on Unsplash
Undoubtedly, the pandemic has been a devastating time for the economy, with so many layoffs and business closures, it’s been difficult to see light at the end of the tunnel.
Surprisingly enough, data shows that while there have been losses, there have also been new opportunities for many. During these trying times, people have needed to rethink their options, and settle into a new way of life. For many people, this has meant starting a new business venture.
The UK’s start up boom during the pandemic
Data from Business News Wales, showed that ‘more than 375,000 new businesses started during the coronavirus pandemic.’ You might wonder why and how these new companies emerged? Especially during such a difficult time. Many of these business ventures have been driven by necessity, as a response to sudden unemployment. For others, more time at home has meant the chance to work on a side hustle. According to the Financial Times, ‘Low-interest rates, plenty of government support and more people shopping online were all key drivers of UK Business creation.’
Online retail has been the most popular new business industry, around 5.4% of new businesses have emerged in this sector. We’ve also seen plenty of property development businesses, construction businesses, and food delivery businesses, (Business News Wales, 2021).
Two millennials to launch a new business in 2020 were friends Megan Stokes and Sarah Mills. They started creating ‘Instagram-worthy decor’, under the name of ‘Fizz Pop Events’. According to Glamour Magazine, the company ‘install epic balloon displays at all sorts of events-including some major celebrity soirees,’ (Glamour Magazine, 2021).
A surge in food delivery demand
Research from the The Guardian showed that Just Eat sales grew by 54% during the pandemic in 2020. Many people started small food delivery companies from home, cooking up delicious foods, and promoting their new brands on social media. As restrictions lift, more consumers are wanting to get back in restaurants, yet there are still plenty of opportunities for food delivery companies.
The pandemic has changed the world of work in many ways. Lots of employees have discovered that they prefer working from home, asking their employers for post-pandemic flexibility.
As the people of the world adjusted to a new normal, our lifestyle habits began to change. As a result, industries like beauty, travel, and the arts suffered an enormous amount of hardship. As the world reopens, new businesses are just what we need to boost the economy.
Is now a good time to start a new business?
With so many new ventures, many aspiring entrepreneurs are asking if now is time to take the plunge? After so long of being stuck indoors, many consumers are keen to go on a spending spree. For wannabe business owners, there are plenty of opportunities to make money and succeed.
To form a company, you’ll need to consider the company structure, including the regulations and legal aspects. To access a few support resources check out the Entrepreneur’s Association, StartUpNation, or Ladies Who Launch. Here you’ll find plenty of handy tools and tips.