The Covid-19 pandemic has seen individuals from all backgrounds look for new opportunities and angles - from offering freelance services, covid specific products, websites and more.
It was reported that around 750,000 people in the UK lost their jobs between March and August 2020 due to Covid-19. This number has likely increased as more and more companies feel the pinch and we enter a second lockdown across the country.
However, in 2020, many have enjoyed the low barriers to entry of setting up a new business. With the ability to start a business online using wordpress or Wix, or sell items through Etsy, Amazon, eBay or Instagram.
2020 has arguably been the year of the entrepreneur, which puts a more positive spin on what has otherwise been a very challenging and unpleasant year.
Another reason for the number of new businesses incorporated is perhaps due to several businesses going under and now setting up as new entities. In many cases, it may have been easier for business owners to close down their existing firm and start again.
There are also those looking to set up a business to take advantage of various schemes, tax holidays and bounce back loans offered by the UK government.
For financial compliance company RQC Group, a spokesman commented: “We have seen a large increase in firms and individuals looking to be placed under our regulatory hosting umbrella. This is a more cost-effective and quicker solution for FCA-regulated firms who want to offer investment or financial services.”
“This trend could be a reflection of more individuals who have broken away and have set up their own practices or potentially have downsized, but still want to build and grow a profitable company.”
