The most sensible answer is No, don’t start a business right now.
You don’t want to be one of those people with no income because your business is not considered essential and you’re not active.
However, should you start the planning process and prepare everything you need to launch your business post-pandemic? Absolutely!!!
Why start your business now?
The UK’s economy relies on taxes paid by small business owners to boost the economy.
In response to the pandemic, the UK government is investing A TON of money into protecting the people, fighting the virus and supporting small businesses affected by it.
When the pandemic is over, the UK government will have to rebuild.
The fastest way to rebuild the economy, no different than after World War II, is to invest into small business growth and entrepreneurship. This is what the plan to ensure small businesses across the UK will have a future!
That means, more government funding for small business owners to take advantage of.
The Main 2 Reasons:
- Many of the businesses affected by Covid-19 will not make it through the pandemic and will have a tough time recouping the revenue lost.
Will they restart again once the pandemic is over? Likely not due to the costs associated and funds already lost.
This leaves you with an opportunity to take their position in the marketplace.
Here is an example:
A local Used Tire Shop is losing business for over a month now; they are not seeing any customers and their rent is £4,600 per month. Another month of this could easily force them to declare bankruptcy.
This business has been around for 15+ years, but due to circumstances of the money needed to be invested, they are 2 months in of rent, wages and expenses without income – that is a big cost and they may have to close doors.
This however is a perfect opportunity for a new owner to jump in and take over.
- The funding that will be available post-pandemic is designed to help businesses succeed and grow in order to boost the economy.
This is the time to start the planning process and take advantage of the funds that will be available.
Think about it, the funds available from the government will help you startup, pay for the necessary costs of hiring, training, marketing, purchase of the needed tools and equipment, leasehold improvements and more.
You need a business plan to take advantage, so no need to delay the process any longer – get to work and get that business plan in place.