Start Up Loans reflects on the inspirational small business successes of 2020

Richard Bearman is Managing Director of Start Up Loans, a government-backed programme launched in 2012 to provide loans to early stage businesses throughout the UK who might otherwise have struggled to secure backing from high street lenders.

Start Up Loans reflects on the inspirational small business successes of 2020

Richard Bearman is Managing Director of Start Up Loans, a government-backed programme launched in 2012 to provide loans to early stage businesses throughout the UK who might otherwise have struggled to secure backing from high street lenders. Amidst the latest national lockdown, Richard examines what we can learn from many of the businesses financed by the scheme who continue to adapt in the face of unprecedented economic disruption. 

The year ahead will no doubt be causing a lot of small businesses anxiety over the uncertainty and likely challenges it presents. With that in mind, I thought it would be helpful to look at the some of the ways in which small businesses adapted in 2020, allowing them not only to survive but, in some cases, to prosper. 

While we mustn’t overlook the hardships that business owners have faced over the last year, it’s a testament to them how quickly many adapted to new ways of working, managing the increased need for digital skills and methods of reaching customers in the face of Covid-19. If there’s anything positive to take from 2020’s impact on small businesses, it’s how their owners stepped up with tenacity to face the challenges head on.

For some entrepreneurs, 2020 was their most successful year to date. Businesses that were able to spot changing consumer trends quickly and adapt not only kept their companies afloat, but saw increased demand for their services. And it wasn’t just online and digital businesses; start-ups in struggling sectors such as hospitality and personal care found creative ways to reshape their offerings. 

Our Start Up Loans Ambassadors, all small businesses which started with one of our low-interest, Government-backed loans, serve as good examples of how business plans were evolved effectively in 2020. Now, as 2021 begins to pick up pace, they are as prepared as they possibly could be for another year of disruption. 

From building an online presence from scratch, to creating new demand for their goods and services, here’s how some of our 2020/21 Ambassadors coped with the ongoing pandemic. Hopefully, these can give inspiration and confidence to other small businesses for the year ahead:  

Anthony Quinn, from Nottingham, founder of The Pudding Pantry 

Anthony Quinn, 33, took out a loan of £10,000 in 2013 to launch The Pudding Pantry ‘ a dessert inspired brunch restaurant in the heart of Nottingham. When lockdown was imposed on the nation, Anthony had to think outside the box, and launched a takeaway and delivery service as well as an at-home afternoon tea experience, to ensure customers were not left disappointed. 

I was most surprised by how much more cost-efficient take out actually is compared to the staff costs needed to cover table service. We now sell more afternoon teas as takeout than we ever did for dining in!

Kate Collins, from Merseyside, founder of My Outdoor Classroom CIC

Kate Collins, 37, took out £3,000 in 2013 to launch My Outdoor Classroom CIC ‘ a company that provides outdoor learning and play opportunities for children in Merseyside and Greater Manchester. During the 2020 lockdowns, Kate was forced to put the physical activities on hold but continued sending activity ideas to families free of charge to keep them occupied. When she was able to, she reopened and launched sessions for parents and new babies to combat post-natal isolation, which has been increasing as a result of Covid-19. 

I was certainly surprised at the huge demand for our sessions whenever we could operate in 2020. Our toddler groups in September sold out in 20 minutes! We were also nominated for two awards last year and were finalists for the Liverpool Echo Awards, which is a huge confidence boost.

Daniel Edwards, from Bawtry, founder of D&K Accounting

Daniel Edwards, 34, took out £25,000 in 2016 to launch D&K Accounting ‘ a firm that specialises in helping small businesses. Previously operating as a physical office, the firm had to quickly adjust to at-home working practices to ensure it kept managing its sub-contractors efficiently and maintained morale. The firm advices 150 clients and now has more in the pipeline as a result of the pandemic accelerating the need for people to revisit their finances. 

It was a full team effort to support each other as we transitioned to working completely virtually, but we managed to not only maintain and grow our existing client base, but also win an SME News Finance award for our business development.

Margaret Morrison-Macleod, from Glasgow, founder of The Divine Hag

Margaret Morrison-Macleod, 59, took out £18,000 to purchase a workshop space and equipment to launch The Divine Hag, an aromatherapy company producing products and running workshops. Her physical workshops were put on hold due to local and national lockdowns throughout 2020, so Margaret launched online versions instead and saw sales increase as her significant customer base continued to support her. 

I was amazed that sales not only continued, but substantially increased! I was able to fully establish my place in the market by adapting my website and focusing on my social media presence ‘ something I’d not considered before the restrictions.

ABOUT THE AUTHOR
Richard Bearman
Richard Bearman
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