The aftermath of Covid 19 and new business opportunities

During the Covid-19 pandemic, many aspects of 'normal' life halted to a standstill, and so it may be surprising to hear that the numbers of those starting their own businesses actually skyrocketed during this unprecedented time. As reported by GOV.UK, between June and September of 2020, there were approximately 120,257 newly registered companies. With entrepreneurship already on the rise pre-pandemic, especially amongst 25 to 34-year-olds, perhaps it isn't that surprising that during the pandemic, more people decided to take the plunge and make the most of the opportunity lockdown presented. But why has this happened?

Anticipation of a post-pandemic boom

Many small businesses and start-ups have seemingly taken the free time provided by the pandemic to solidify their business plans in preparation for a post-pandemic boom. Whether their focus is on retail or hospitality, they know that people can't wait to get back out there and are likely to have spare cash to spend.

Throughout the pandemic, with life coming to a halt and with many established businesses closing their doors, gaps in the market opened up, allowing start-ups to carve their own niches. Whether it was selling sustainable baking supplies, designing new gym wear, or offering healthy takeaway options, these businesses have found new audiences. What's more, the COVID-19 pandemic has highlighted how important it is to shop local and support independent brands, so many start-ups are ready to make the most of increased sales.

Digital transformation

Throughout the pandemic, many businesses have moved online to keep themselves running. This digital transformation has changed many attitudes towards how business should be done and has led many to question the way things used to operate. As recognised by the Financial Times, 'Consumer attitudes and practices are changing completely', with one of these changing attitudes largely being towards the use of technology. Since the beginning of the pandemic, people have become used to ordering clothes and food online and even holding business meetings virtually instead of in person. Given how easy it is today to work remotely and market ourselves online, it's hard to see businesses ever fully going back to the 'old way' of working.

Employees and talent can be reached from anywhere

Thanks to the digital transformation we've just mentioned, working from home has become the new normal and is now seen as less of a luxury. With industries and businesses thriving online, factors such as location and travel requirements are no longer hurdles when looking for new jobs. This offers numerous benefits for businesses, including being able to tap into a wider pool of talent and potentially expanding operations into different markets.

At Nurture we are committed to looking at your business holistically with a 360 degree view point. This includes looking after your people and processes as well as profits. We can hold your virtual hand to ensure you feel supported as the relationship between all three areas evolve along with your business.

If you have started a new business during the pandemic and would like the opportunity to learn more about the accountancy services Nurture Company Health offers, book a discovery call with us today for a complimentary 60-minute meeting.