Posted on: 12 November 2020

Planning your new business venture

Whilst COVID-19 has affected many businesses around the UK, it may feel counter-intuitive to start a business during a pandemic. However, lockdowns and the changing way in which people work and live could also present an opportunity for some entrepreneurs to start a new business venture.

We have previously written an article on the kinds of businesses that you can start with little budget, but what considerations should you take when starting a new business, especially as COVID-19 remains a threat.

New Business Considerations

Start-up costs

Thinking about how much you will need to spend to start up your new business will be a key factor when it comes to setting up a new business. COVID-19 has caused untold damage to the UK economy, so money might not be the easiest resource to come by.

There are, however, plenty of options for how you can fund a new business, such as:

  • Funding yourself through savings or other income
  • Bank support, such as start-up loans and start-up accounts
  • New business grants from charities and private funders
  • Funding from local government

Take a look at some of the businesses that you could start-up on a budget here.

COVID-19 security

Many businesses have struggled during the pandemic because of how they have been restricted from operating during the pandemic. The last thing you want is for your new business to struggle because of restrictions that might be coming in the future.

Some businesses that should stand the impact of COVID-19 are:

  • Food businesses with delivery services
  • Personal trainers
  • Online retailers
  • Social media management
  • Copywriting or graphic design
  • Blogging
  • Online tutoring
  • Online sales

Do you have the time?

Coronavirus has caused job losses, furloughs and business closures, meaning that people have more time to explore new opportunities.

Starting a new business can be exciting, but you should make sure that you have the time to give it the attention that it needs.

If you are furloughed or have a business closure, you should weigh up whether or not you have the time to keep your business running when things return to normal.

Getting the right skills

Another part of having more time due to COVID-19 is that you will be able to learn new skills to be able to start a completely new business.

There is a big drive on at the moment for people affected by COVID-19 to train to do the jobs that are viable in the current COVID-19 climate. A quick Google search can help you find advice or the training you need to set up your new business.

Business insurance with Premierline

When you are starting a new business, you will want to protect the investment that you are making. This is why it is important to have the right business insurance in place.

Every business is different and has its own business insurance needs, which is why we work with some of the UK’s most well-known insurers to make sure that you are getting the right insurance cover for your business.

To help you and your business during these unprecedented circumstances, Premierline has taken steps to ensure that we can continue to offer our award-winning service.

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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.