New data from the Centre for Entrepreneurs has revealed a record-breaking number of business formations in June – a 47% increase on the same period last year. The increase has offset a significant drop in March, April and May of 19%, 29% and 3% and suggests the beginning of an entrepreneurial recovery.
This is not centralised in the capital as every region across the UK saw an increase in new business start-ups. However London and the Midlands (big shout out for the Mids!) are leading the way with an increase of 60%!!
There is evidence of an emerging ‘Covid economy’ as sectors related to the pandemic saw a huge increase in the number of new businesses created. There were major increases in businesses relating to disinfecting services (+400%), wholesale pharmaceuticals (+196%) and research on biotechnology (+69%)
Luke Davis, CEO and Founder of SME investment firm IW Capital, said: “This has been a turbulent period for many businesses across the country, one not experienced for generations, but this has not deterred the UK’s ecosystem of founders and entrepreneurs and the ambition and innovation that they have. We have seen a huge amount of drive from SMEs to grow and scale, through investment from the private sector – which has been incredibly supportive considering the circumstances.
So, this is all fantastic news and we all need good news this year!
Getting an idea and setting up a new business is one thing but to sustain that business is an ongoing challenge.
Questions to ask are:
- What does a new start up need?
- How do you do this without blowing your savings and/or getting a financial loan and the commitment that means?
- How do I manage the unknown at the outset (growth, covering all areas required to run a business, support contracts…..etc)?
So you need to:
- Do some market research into the validity of your ideas.
- Create an initial business plan.
- Set up the right legal structure for your business.
- Understand the financial, accounting and tax obligations
- Protect your business from a legal and disaster perspective (insurance and continuity)
- Create an identity including a brand and website.
- Devise sales and marketing strategies
- Secure funding including investment, grants, loans…
- Get business premises to represent your business
- Sort essentials including stationery (business cards etc), internet and telephony
- Ensure you have the staffing to deliver the business needs – take enquiries/liaise with callers if you are busy, book appointments, send mail/parcels….
The above does not have to be as daunting as it looks, nor does it have to cost you an arm and a leg.
This is where a Virtual Office can be the best option for you as it gives you:
- A professional and established image (a home address does not give a potential client base confidence in the longevity of the business)
- Low capital investment and low recurring business premises costs
- Support in areas that you need (nobody can be good at everything)
A DBS Virtual Office gives you so much more –
|New business requirements||Included with DBS VO||Accessible with DBS VO|
|Get appropriate business premises to represent business||Yes|
|Set up business phone number||Yes|
|Employ staff to answer calls||Yes|
|Create a business plan||Yes|
|Financial, Accounting & Tax advice||Yes|
|Business Identity advice, setting up a website||Yes|
|Sales and Marketing strategies||Yes|
In these uncertain times the key things all new business start-ups need are – the right place at the right price and flexibility.
A DBS Virtual Office is perfect for this and if your business does do well (fingers crossed) and grows then DBS can support this too. We have:
- Meeting rooms which you can book by the hour, half day or full day and offices to meet with clients or suppliers
- Flexible working options for occasional office space (by the day or a monthly package)
- Private office space of varying sizes you can take ongoing and scale to your requirements, when you need it
- All the time having continuity for your business with the same address and telephone number(s)
Times have changed and DBS are changing too. We have been evolving and developing our business for over 30 years. Now, we have adjusted our offering to meet present times – we have even more flexible options with private office space clients can take by the month!