Lockdown has undoubtedly been tough for people in the UK, with jobs being lost and businesses going into bankruptcy. However, there has been some hope on the horizon, with more people than ever using the pandemic as a potential opportunity to expand what they can do; accessing new markets. Others have used lockdowns around the country as a wake-up call to diversify what they can do and offer to the business and professional world.
With the UK economy being a predominantly service-based economy, there are for many, ample opportunities to set up all nature of businesses. For example, with the likes of renewable energy coming to the fore and government insulation schemes like the Green Home Grants Scheme starting, opportunities to connect applicants with the scheme are being taken up by a number of entrepreneurs and companies.
Alternatively, with so many people now working from home in greater numbers than ever before, home offices and workspaces are more popular and widespread than they have ever been. These range from converted spare rooms in properties to custom-built structures in properties’ gardens, kitted out and ready to function as a fully-fledged office for all seasons. Again, there are more companies than ever before that can offer, facilitate and broker these services across the whole country.
Embracing Quick Opportunities
With people’s behaviours changing quickly and in bigger ways than ever before, more of what we do and enjoy is being done so in the comfort of our own homes, as opposed to in offices and other external premises as was the case previously.
For example, when it comes to exercising, people are increasingly working from home, often further away from the gyms they previously frequented. Therefore, sales of gym and workout equipment online has soared, as have home workout programmes, with the likes of the Body Coach in the UK seeing growth like never before.
Another such example is in the case of speciality and craft coffee. Previously this would be picked up on the way into an office or would be available in the office. However, now that more people are working form home, many are ordering such coffee online to be enjoyed out of the office.
The above examples and others all give rise to new opportunities for those willing to take some risks to start a business, fulfilling the growing demand in so many areas with ingenious solutions. Many companies offering all nature of products and services have sometimes very lucrative affiliate and partnership opportunities for third parties to benefit from. Thus, by setting up a well-optimised website selling coffee for example, you could see your income rise nicely over time.
Funding for your new venture
A common problem faced by businesses and side projects of any type is that of funding, money and business capital. Although, if based in a particular city, as everyone else is, it is possible to find an angel investor in London or an investor willing to give you seed funding for example, it is more likely that you will have to fund the initial stages of your business yourself.
It is always recommended that you keep yourself out of debt so far as you can and therefore if you have access to savings or money you can use immediately, this will usually be preferable. You may discuss with family and friends who could lend you the money you need too, as they are unlikely to charge you interest as a lender may.
A common method for building up the necessary initial money needed for a business is to remortgage a property or take out a second mortgage, utilising equity in a property you own to unlock the money you need to get a business off the ground or expand it further. However, this does come with risks, the largest of which being that if you default and don’t make your repayments, your property can be repossessed through the courts. As well as losing your property, repossession orders will severely damage you chances of being able to get any future loans or credit.