Starting A Business In The Midst Of A Pandemic

Starting A New Business

 

This year has been one of unprecedented hardship for many people, but for some it provided a much-needed jolt. Starting a business has been a way to take back a measure of control and provide a sense of hope. Prior to the lockdown, interest in the idea of starting a business had been growing steadily. The total number of UK Google searches for ‘start a business’ understandably took a sharp dip at the beginning of lockdown, then bounced back to reach an all-time high in June 2020. The number of new companies being created in the UK compared with last year soared in the second half of 2020, according to the Office for National Statistics. Since then, at Nordens, we have had a surge in enquiries into our start-up services.

 

Google Statistics For Start Up Search

 

Why are there so many new start-up companies?

The pandemic has provided an opportunity for entrepreneurs to recalibrate what is most important to them. In fact, many of our clients at Nordens have said that lockdown had provided them with the ‘perfect opportunity to focus on what they really want from their career’. This was closely followed by others stating that their new business focused on a hobby or passion rather than specific work experience. Others created their own companies due to loss of jobs, or feared they were about to, and so were desperate to generate income.

One other explanation for the rise in start-ups relates to the emergence of the ‘COVID economy’. This was a demand for supplies and coronavirus-related goods which naturally grew during the pandemic, creating numerous opportunities for new companies to step in and take their share of a rapidly developing market.

Thinking of taking the leap yourself?

Launching a successful start-up is no mean feat. Starting a business requires understanding and dealing with many issues; legal, financing, sales, marketing, intellectual property protection, liability protection, human resources and much more. Interest in entrepreneurship is at an all-time high. If you’re thinking of starting your own business, you probably have lots of questions. Watch our business start-up video where you will hopefully find the required answer.

A large number of start-ups formed over the last few months have been online-only businesses, created with a view to selling products through third-party channels. As digital-first companies begin to grow and expand their operations, it is predicted that a rise in the number of lockdown start-ups will be looking for their first office spaces. The boom in direct-to-consumer sales has opened up more opportunities for small producers, to bring new products to market. The willingness of consumers to buy from multiple, small producers is massive and means the democracy of supply has fundamentally shifted.

There have been spectacular success stories of early-stage start-ups growing to be multi-billion-dollar companies during economic hardships, such as Uber, Facebook, WhatsApp and Airbnb to name but a few. Check out our previous start-up video with our CEO Mitch Hahn who goes into more detail on the topic.

There are no limits on who can become a great entrepreneur. You don’t necessarily need a university degree, a large sum of money in the bank or even business experience to start something that could become the next major success. However, what you do need is a strong plan and the perfect team with the resources to see it through.

What do you need to consider when starting up a business?

As with most things in life, preparation and research are key when planning a start-up. A good business plan is your foundation. It will guide you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and achieve growth. It’s a way to analyze the key elements of your business.

Business plans can help you get funding from banks or other lending institutions or even bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you, or investing in your company, is a smart choice and the right one. Read our article on the importance of a business plan.

Now more than ever, it’s important to have a strong value proposition that enables you to stand out in a crowded market. Whether you’re selling products, services or somewhere in between, observe your competition and discover what it is that makes your business unique and more buyable for the consumer.

Every business is unique, and every business owner is in a different financial starting position, however all need access to resourceful and experienced services. Our expert team are always happy to provide bespoke guidance to meet your specific needs. There is no time like the present, so if you have a business idea you believe in, go for it! Some of the best businesses have been set up in the toughest of times.

Contact us to find out more about our business start-up package and how we can help you on your journey in becoming a successful business owner. Call 02085300720 or email businessdevelopment@nordens.co.uk for a free consultation today.

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Mark Norden
Founder

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!