The past year has been one filled with lots of challenges but also opportunities for many when it comes to business.
The past year has been one filled with lots of challenges but also opportunities for many when it comes to business. No matter the product or service being offered, Covid-19 has impacted how most businesses operate in some way.
Whether it’s accessing funding, establishing their brand, finding their audience or simply staying open during Covid, experienced business owners and budding entrepreneurs alike have faced serious challenges when navigating through these unprecedented times.
Virgin Money and Virgin StartUp recently commissioned research1 to establish both what worries business minds across the UK and what opportunities they see. Interestingly, the majority (77%) of new business owners confessed to needing more support when starting out than they anticipated and over a third (36%) of would-be entrepreneurs admit to being concerned about what financial support is out there.
The good news is entrepreneurs in the UK are optimistic – with almost three quarters (74%) feeling more confident about the future. The economy bouncing back (45%), customers’ willingness to spend again (44%) and more demand for what their business offers (41%) were cited as key drivers of this increased confidence.
While the pandemic has provided an opportunity for many people to take their passion and turn it into a full-time business, some would-be entrepreneurs are feeling a bit more cautious, with almost a third (31%) planning on waiting beyond the next 12 months before setting up their new business.