Despite a global pandemic, the entrepreneurial spirit drove many people in the UK to decide this was their time to start a business in 2020.
The keyword for 2020 seemed to be ‘pivoting’ because so many people were furloughed and others laid off, the “nothing to lose” mindset took centre stage and the drive to take a leap of faith was strong.
According to data from Companies House, almost half a million businesses were set up in 2020 alone, and 2021 looks to be going the same way.
Fiverr, the freelance services marketplace reported a phenomenal year with accelerating growth in Q4 – revenue grew 89% y/y, and active buyers grew 45% y/y and a strong finish to 2020.”
Those previously on the fence about starting a business would probably have baulked at the idea of doing so during a pandemic if someone had ever proposed the notion to them. However, the timing was perfect for those who wished to lead an entrepreneurial life and go from employed to self-employed or side-hustle into a full-time business.
As an entrepreneur and someone who took the leap from employment into setting up multiple businesses, James Sanders is all too aware of how challenging it can be to make that decision and start a business, but equally how rewarding and worthwhile the endeavour is.
Now we are starting to come out the other side of the pandemic, and there is even more economic and job uncertainty, is this a wise time to start a business?
James Sanders provides some expert tips on how to start a business post-pandemic to help prepare for success:
- Self Belief
An upside to the devastating global pandemic is that many people now have more savings stashed away thanks to restricted spending. UK savers have reportedly cut down their spend and saved on average over £2,500 during the pandemic alone.
Just because we have been living through a pandemic and an economic downturn does not mean there aren’t people out there who can afford your product or service. James Sanders says “self-belief matters a great deal when it comes to success or failure. It is this belief that will convince others to trust, invest and purchase”.
This is actually a great time to start a business because there is currently a lot of help in the form of small business grants, start-up loans and support in the market both from the government and enterprise organisations. All geared towards supporting sole traders and limited companies increase profits.
Gaining expert help and support, and investment to help start a business can be the one thing that accelerates the journey to future success.
Self-belief has never been more important to start a business because this inner strength and determination helps those who want it enough to reach their goals and keep going even on the tough days.
- See Opportunity Where Others See Impossibility
There have been centuries of challenges for each generation to overcome and overcome they have, to grow bigger and better each time. From world wars, market crashes to the plague and flu pandemics, every time, there has been a “backs to the wall” drive to keep innovating and create real value driven business ventures.
The Covid-19 pandemic has opened the door to enable many sectors to streamline their existing business structure and create new industry sectors. The success stories include flexible city workspaces, online learning, property investment, traditional retail moving to eCommerce, health tech, wearable tech, conferencing tech, tech support services, digital payments, trade and finance, food services, entertainment, and security.
Businesses within these industries used the pandemic to pivot and develop new services and products that seized the day. As the vaccination programme continues and we move away from the darkest days of the pandemic, opportunities remain within all these industries for new business ideas. So, this is the right time to start a new business and start selling post-pandemic.
- Don’t Let Others Use Risk and Fear to Stop You.
It is often said that those who want to start a business should not divulge this desire or their ideas to too many people, especially those nearest and dearest.
This is because they will always want to keep you safe, which requires less risk and accepting the presence of fear. Starting a business requires taking risks whilst feeling the fear and doing it anyway. Nothing ventured, nothing gained, right?
Microsoft, Disney, Airbnb, Uber, Burger King, FedEx, WhatsApp, IBN, HP and G.E all started during recessions. There is never a right time. There is plenty that can be put in place to minimise the risk and fear, but nothing will ever be perfect, and there’s a reason we all have these seemingly cheesy sayings like “strike while the iron’s hot” because this drive and determination is what leads to success.
Be bold, be brave, be prepared and keep getting back up, learning, and evolving says James. Spend your time in search for positive people, a like-minded network, trade your knowledge and be on point with marketing, branding and customer service. Do not get complacent and always keep focused on your own lane, not what others are doing.