The pandemic sparked thousands of new businesses in various sectors. As the job market dwindled, people took it upon themselves to launch start-ups and diversify their career opportunities. Massive brands, like Arcadia, went bankrupt, and other firms struggled to operate and cut staff.
Entrepreneurs made the most of 2020 by using innovative ideas to launch exciting new start-ups. Many of these new businesses have the environment at the heart of their fundamental values. They use local suppliers, eco-friendly packaging and recycled advertising materials, such as posters, flyers and business cards.
June 2020 was the busiest month for new business registrations, particularly the 27th week of the year (29th of June – 5th of July.) At this point, the pubs were reopening, and life seemed to be going back to normal – or so we thought. Tuesday was the most popular day to register a business, and Saturday was the least busy. But who likes to do work on a Saturday anyway?
Over a quarter of the new business registrations were made in London. Despite suffering a massive hit from the pandemic, London is still at the centre of business in the UK. In 2021, almost a fifth of UK adults intend to start a business and, of course, millennials make up a large portion of that number.
Unfortunately, the older generation has taken a severe hit as the crisis widened existing financial inequalities. One in eight older workers has changed their retirement plan because of the crisis. 8% of older workers plan to retire later, especially those with pension funds that have fallen invalid. However, some choose to work for longer because new work practices make it more comfortable, and appealing, to work. Only 5% of older workers are retiring earlier than intended, and unsurprisingly, this is more common in wealthier households.
Some sectors, however, have recovered and even grown from the pandemic-era. The construction industry bounced back stronger, at £80 million above the previous year’s level. Similarly, education is at 88% of last year’s level, and the government is even offering bursaries and scholarships for teacher training.
There are currently almost 400 new retraining courses, supplied by the government free of charge. These qualifications are the equivalent of an A-level in accountancy, engineering or business studies. Pretty good, right?
Healthcare vacancies are at a staggering 92% of last year’s level, and nurse apprenticeships’ funding is in the works.
The retail industry saw a significant increase in online shopping and bulk buying as stores closed. Retail was the most popular start-up sector in 2020, with over 22,000 new registrations, utilising online marketplaces like Depop, Etsy and eBay.
Although some industries, like catering and hospitality, are still diminishing – there are some positives to come out of the pandemic.
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