Am I mad starting a business during lockdown?
If you are there are a lot of you out there! In March Britain went into lockdown to deal with the Covid pandemic, one would expect that new businesses being established would fall and that forecast was correct for March, April and May…..however in June there were 77,574 new formations compared to 52,779 in June 2019, that’s a 47% growth.
Emma Jones, founder of Enterprise Nation, appeared on BBC Breakfast to discuss the figures. She said: "We've seen a wealth of people start businesses. People across the land are spotting gaps in the market and seeing how customers are buying in different ways.
It would appear that as many businesses set to close and unemployment rises it will be these inspiring entrepreneurs that will be helping Britain economy recover over the coming years.
Starting a business is difficult at the best of times and always comes with risk, but during a pandemic when the banks are not loaning money and your personal saving are depleting most will be sensible to act cautiously.
Top tips for all you Furlough-Preneurs
- Do something you feel passionate about – if you have been working in a role that you’ve hated for years refrain from stating up a business in that same sector. Look at your other skillset and identify your passions. You’re more likely to stick at a business and be successful if you have a passion for your work!
- Find a gap in the market or solve a problem for society, your local community or industry sector. I would suggest looking around your local area, what would help you and your community in the changing world we live in? Don’t try and compete with a well-established business in your local community. Established local businesses have will have loyalty from customers. Identify a need for something that currently isn’t available or in short supply.
- Identify what you can do or achieve with only a small about of cash – online businesses can be started relatively cheaply. If you can create a business that doesn’t need a shop front or office space you’ll save a fortune. (Although its likely in the coming months you will be able to pick up a heavily discounted lease or long rent free periods due to previous occupants closing and terminating leases early)
- Build a team – unemployment levels are due to rise catastrophically in the next 12 months. Reach out to friends, family and ex colleagues or new contacts on networking platforms. People will agree to work at reduced rates and on a consultancy basis just to keep themselves busy, gain new, and develop existing skills.
You probably feel that there are a million other more important things to start trading than dealing with legal documents, after all its much more exciting creating a website and the branding than reading and negotiating a contract. However, if you want to protect your investment in your business, then having the right agreements and legal documentation in in place early on is essential.
Walker Rose Solicitor has created a new set of start-up packages for all you budding business owners. Check out the discounted legal drafting packages here.
Don’t forget to check out government grants that are available to you : www.gov.uk/business-finance-support & www.startuploans.co.uk/business-advice/get-small-business-government-grant/
Grants are available to help with a range of start-up costs such as IT needs, legal advice, accountancy advice, website builds etc.
Walker Rose Solicitors provides astute legal advice and the drafting of legal agreements, polices and documents to address your immediate and on-going business needs.
We can assist, negotiate and draft agreement terms with the co-founders, investors, employees, suppliers and customers.
We can assist whether you are a new start-up or an established business. We work for you to design ‘best practice’ doctrines ensuring and securing a smooth running and efficient workplace.
Walker Rose Solicitors provide sensible commercial legal advice and draft the agreements you need in place to reduce areas of dispute or at least provide a mechanism for the parties to resolve a dispute. We can help you grow and evolve safe in the knowledge that you, your business and your brand are protected and stand on a strong legal ground to move forward.
Our advice is always precise, resilient and affordable.
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