Firstly, now is always the best time. There will always be reasons to wait but there is never a better time than now.
That said, right now really is the best time ever and here’s why…
- People have money to spend. I know that for many, the past 12 months has been incredibly tough financially as well as the other challenges we’ve all had. There are 6 million UK households who have become ‘accidental savers’ and have saved an additional £200 billion as a result of reduced expenditure on travel, eating out, holidays etc. Even the most cautious outlook shows a built-up desire to spend this money.
- Increased enthusiasm for life. Building on this, people have been literally locked down for the majority of the last 12 months and want to get back to living life. Not only this, but for many, it has brought into focus that life is too short to delay doing the things that make them happy. That means cherishing and enjoying life even more than pre-covid and making the most of the future.
- Competition is lower. Sadly, many businesses will not recover from the effects of the pandemic. This means that competition is lower and premises are empty and available. New businesses can take advantage of this whilst also embracing changes that covid-19 has brought about as they launch. That’s almost always easier than adapting on the go like existing companies are having to.
- Government initiatives / support. Regardless of your view on the way the govt has handled and responded to the pandemic, there are many things available right now that can support you and your new business.
- Kickstarter Scheme – your business can potentially benefit from a fully funded post which helps you increase your capacity whilst providing employment for young people.
- Super deduction tax – a significant consideration for any business where you, or your customers, can benefit from tax deduction for investing in your business.
- Loans / grants – there are a range of local and national grants, loans and incentives for different types of businesses.
- Borrowing is cheap – banks and investors are demanding less in terms of interests and returns so now is a great time to get outside funding.
- Everyone is rooting for you. Lockdown 1.0 really brought a focus on a community spirit that isn’t always seen and felt in ‘normal’ times. There were groups who set up to support those who were shielding and companies who pivoted to produce the huge demand for new PPE etc. Most striking for me was the commitment to supporting small and local businesses in every way possible with a clear understanding that most large companies would survive the pandemic but the small ones may not.
There are more specific reasons that may apply to your business idea. In particular, anything related to online / remote provision stands to benefit from accelerated trends in this area.
Almost all of the above also applies to existing businesses that are considering expanding whether online or not. Are there any other key reasons that I’m missing?
So, people have the money, the desire to use it and a general attitude of wanting to support others in getting the economy back on its feet. Add the incentives available and the opportunities for new businesses to fill in the gaps and I’m convinced there really has never been a better time than right now.
What are you waiting for?
I have been busy supporting a really diverse set of businesses to set up, get funding and begin trading as well as those going through expansion / new strategy development. If you’d like to talk about any of this and / or get some support to help you and your business achieve your goals and potential then just get in touch.