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One-in-ten Britons plan start-ups during COVID-19 pandemic

Despite the economic uncertainty resulting from the coronavirus crisis, a new survey found that a 10th (11%) of Britons are planning to start their own business.

The Pitch, a British start-up competition that helps fledgling entrepreneurs to perfect their pitches and find the right platforms to use them, surveyed 2,000 Brits and discovered that many were keen to find opportunity in this unprecedented situation.

Almost half (47%) sought to start their own business as a way of making extra money, while 26% just wanted something to do. This means there is a likely proportion of furloughed staff looking at ways of being their own boss now that they have the time to formulate a plan.

Almost a fifth of those looking at setting up their own business wanted to give something back to society because of the COVID-19 pandemic, while 16% saw running their business as their only option once the lockdown eases.

The thirst for entrepreneurialism was strongest among respondents based in London, Sheffield and Newcastle. 16% of those surveyed had already started a business plan, while 11% had liaised with prospective clients and 10% had even registered their new company with Companies House.

Chris Goodfellow, founder of Box 2 Media, which operates The Pitch, said: “We know business is tougher than ever right now.

“We also know that amazing, world-changing businesses will be built during the crisis.

“Every year, we see The Pitch finalists trying to solve some of the biggest challenges we face, from mental health to tackling food waste.

“There’s no doubt the UK’s entrepreneurs are going to step up in the wake of the coronavirus crisis too.”

A sound start-up business idea requires a sound business plan, underpinned by rock-solid financials and a clear strategy to turn your vision into a profitable reality.

If you will require funding or investment in your new business venture, we can work with you to develop a business plan that presents a convincing image of how your start-up will perform and grow over time.

We can also work with you to decide the most suitable structure for your business. We’ll assess how you envisage running your business to decide whether it’s best for you to launch as a sole trader, partnership or limited company.

To arrange a free initial consultation with your local TaxAssist Accountant, call our friendly and experienced team today on 0800 0523 555 or drop us a line using our online enquiry form to start the conversation.

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