Should You Start A New Business in 2021?

Should You Start A New Business in 2021?

Financial Services including Accountancy, Tax, VAT, Business Support & Start-Ups, Essex

 

 

Business Start UpDespite Coronavirus, many new businesses started last year, in fact the virus gave rise to several gaps in the market and opportunities. Many people have had to adapt, and change direction in the face of redundancies. The phrase ‘new normal’ has been coined to describe these situations, summing them up perfectly. Not much can dampen the entrepreneurial spirit fortunately, as research shows.

Between June and August 2020, an extra 59,358 new companies were created at Companies House. The biggest growth sectors were e-commerce (up 88% with 12,490 new businesses registered), clothing (up 55%) and, predictably, medical goods retailers (up 176%). The type of companies that suffered a drop off were veterinarians [down 48%], opticians [down 33%] and of course aircraft repair and maintenance [down 44%].

While some of these the figures seem extremely optimistic there is a sad side, as people have been forced to act after losing their jobs. These new businesses are often sole traders too, meaning they aren’t in a position to employ others, and this is the case for 77% of small businesses in the UK.

Thinking up a business idea and getting starting can seem overwhelming and complex. There are many things you have to think about from having an excellent idea to registering and financing a company. It’s extremely advisable to consult a financial advisor such as John S Culwick to make sure you have a good chance of success. We will take you step by step through every aspect of your start up, which will give you the confidence you need to go for it!

If you plan to have a company website, we would recommend marketing and SEO specialists Autus Chelmsford. They can help set up and manage an A1, bespoke website for your business, and know all the strategies for keeping you ahead of the game.

 

 

Chartered Accountant, Over 30 years Experience in Financial Services, Basildon, Billericay, Hockley, Essex