As lockdown conditions look set to last in some form until the Summer, the year ahead no doubt seems daunting to many people ‘ particularly given the predictions from the OBR that say the UK is set to face record unemployment figures.
However, despite the challenges caused by the pandemic, there are signs that the UK’s entrepreneurial spirit remains intact, particularly among younger generations. Amid the unprecedented economic disruption, a wave of 16-24-year olds are taking their futures into their own hands.
New research shows that around one in ten young people have launched their own venture in the last 12 months as a response to the difficult jobs market. This is an impressive figure, and it’s promising to see that the younger generations are continuing to hustle despite the challenging circumstances they find themselves in.
The figures are also encouraging for particular sectors., Our research identified that the creative industries ‘ such as music, art, media and design ‘ are the most popular for young entrepreneurs starting their own ventures. In fact, they account for nearly a fifth of the businesses started by 16-24-year olds last year.
The figure equates to around 108,000 new companies across the creative industries, based on the latest Office for National Statistics (ONS) population estimates. That’s good news for the future of a sector which has been hit hard during the Covid-19 crisis.
Further findings from our research show just how vital an online presence is for growing businesses. The figures show that young entrepreneurs overwhelmingly favour e-commerce and derive 12% more revenue from online sales than the average business owner [42% vs 30%]. In fact, over three quarters [76%] reported that they already sell, or plan to sell, through their business’ website. By comparison, only 17% of entrepreneurs over the age of 55 reported they do the same, showing a notable shift in the way start-up founders are approaching business life.
As a result, younger entrepreneurs have been successful in seizing the opportunities of e-commerce and maximising their revenues through online sales during the pandemic (rising from 32% pre-pandemic, to 42% since February 2020). This highlights the importance of being properly set up online and it’s so important to have the right guidance and support when taking the initial leap.
As a company that empowers everyday entrepreneurs, GoDaddy regularly shares advice and guidance on setting up a business online. Here are our top five tips:
1. Decide what you want to sell
It may seem obvious but it’s worth spending time identifying the niche your business could occupy ‘ and how much demand there is likely to be ‘ before launching. Research what else is out there and think about how you can differentiate your products and services.
2. Decide how you want to build your online shop
Your e-commerce site is your virtual shop window and it needs to be as compelling as possible. If you’re wanting to build a small-to-medium size online shop and are looking to get online quickly, then we would recommend a website builder solution.
3. Buy a domain name and website builder package
Your domain name will be the way that many people refer to and remember your brand, so it’s important to get a good one. With some website builders you’ll find that a domain name is included free for a year so it’s worth looking out for these kinds of deals.
4. Gather products and assets, so you’re ready to launch
Take time to ensure you have the right imagery, product details and prices and make sure they are categorised clearly on your page.
5. Market your online shop
Once you’ve launched, you need to ensure you can measure how your online shop is doing so that you can adapt as necessary and track views of your pages. One of the best ways of doing that is by installing Google Analytics.
It’s inspiring to see how so many young entrepreneurs took the pandemic as an opportunity to launch their first business. The next step is to ensure they can turn their ventures into success stories. By following these five simple steps, the foundations will be as strong as possible for the next generation of start-up founders.
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