OPPORTUNITIES FOR NEW BUSINESSES.With the toll COVID-19 has taken on the economy, businesses and consumer confidence, it might seem counterintuitive to set up a business now. However, there are a number of opportunities to take advantage of.For example, with the closure of hundreds of thousands of businesses, including almost 10,000 licensed premises, startups might be able to capitalise on the reduced competition that new businesses typically face during ‘normal’ times.
Businesses will also be able to enter a restriction-free trading environment while still being able to benefit from the schemes and policies that the Government created to protect firms against the worst economic impacts that restrictions had
STEPS TO TAKE
There are some things that new businesses can start doing to effectively prepare for success after COVID-19. For example, a new cafe might recognise ongoing health and safety concerns some people have about coming in, in which case they could include an online ordering and delivery service to cater for these individuals.Of course, doing that would require planning, specifically in terms of how the delivery process would work, how many employees would be needed to implement it, and how much extra it would cost.
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