Opening a business in 2020 is going to be a real challenge. Potential business owners must now deal with the coronavirus pandemic that has plagued the world since December 2019.

The coronavirus (COVID-19) pandemic has caused major changes in the economy and it has drastically altered the world that we live in. These two factors now influence how businesses open and operate.

• YOUR BUSINESS MUST BE PANDEMIC READY

The 2020 pandemic has changed how businesses operate. All businesses (regardless of industry) must be safe for customers and employees and be able to prevent people from getting and spreading this disease. One of the biggest problems with the pandemic is the transmission of the coronavirus through public gatherings.

Up until March of 2020, people could meet inside business premises, but the pandemic no longer makes this possible. Since the coronavirus is a viral disease, it has the potential to spread quickly from person to person. Also, you are aware by now that many people who have the coronavirus might not even know they have it and can transmit this disease to others without ever knowing they have been affected.

The law now requires businesses to have protections in place such as wearing face masks, hand sanitizer stations and frequent cleaning procedures. Businesses have also been required to reduce the number of people they can have inside of their business at any one time and you should check regarding your business and coronavirus laws and regulations.

•  STARTING THE RIGHT TYPE OF BUSINESS IN 2020

The Coved 19 crisis has exposed the close connection between people’s health and the economy. People who live in a society where the fear of illness and potential death is high, generally will not feel confident about venturing out into public. Remember, up until March of 2020 people were used to going out into society and interacting with each other and this fear of illness or death was not unknown.

Businesses were open. Restaurants were serving clients, sporting events were packed with spectators, cinemas had lots of visitors, and conferences had lots of attendees. Once the virus arrived; all the bars had to shut down, hairdressers could no longer operate, people couldn’t gather at the shops and even the local markets had to close.

Anyone trying to start a business must be very selective about what type of business they will run. Many businesses have been closed as a result of COVID-19. The service, retail, and hospitality industries have been severely affected by the forced closures that the coronavirus caused.

At least half of all businesses that operate within these industries before the pandemic hit, are no longer open and the forced closures and social distancing measures have made them impractical.

Tech businesses are thriving and continue to grow during the pandemic. Medical suppliers, cleaning services and even food shops have fared well during the coronavirus situation.

Ultimately, all businesses must be able to run effectively in a pandemic world.

If you start a business that is very suspectable to the negative factors of COVID-19, chances are you won’t be around for long.

• MAKE A BUSINESS PLAN

Having a business plan in place has always made good business sense and a business plan is essential to the start of a new business. Without one, you are seriously harming on how successful your company will be. A good business plan is needed to help guide your organization.

• START A BUSINESS THAT MATCHES YOUR SKILLS AND KNOWLEDGE

Of course, you can start a business in any field that you want to, and no one is limited to starting a business in their area of expertise. However, you should think about the type of business that you want to work in before you start.

Again, you can jump into any type of business that you fancy but if you don’t have skills in that area; you either won’t stick with it, perform poorly, or create a lot of problems for yourself.

• GENERAL BUSINESS ACUMEN IS NECESSARY

Having general business expertise is critical. Regardless of the type of business you start, there are some important aspects of business you must understand. For example, you should know about cash flow and how to balance your books etc.

These are but a few considerations that every business owner should be familiar with. If you don’t have a general knowledge of business, you could run into problems with many things, such as paying tax, VAT, operational rules and regulations, and knowing how to effectively dress your shop window.

• ACCOUNTABILITY AND SOCIAL MEDIA

Accountability, and I’m not talking tax or vat here, is a huge problem because very few people want to be held accountable for anything. But many people want to hold lots of businesses accountable in today’s environment and you will be held accountable for what you (and your employees) say and do.

Social media makes it easy for critics to hold businesses accountable. People can log onto their social media account and put out bad information about businesses and can also use blog sites, videos and even podcasts to cause mayhem so you 

 must make sure that you are operating with knowledge and in a way to keep your business reputable and respectful.

Treat customers with care and don’t engage in shady or dodgy business deals.

Even your own personal social media accounts should not have anything bad or questionable on them. Accountability is very serious in the modern age and your business could suffer greatly if you don’t take it seriously.

• GET INVOLVED WITH YOUR COMMUNITY

Your business should be community orientated. When you can give back to people within your neighbourhood and town, people there will know that you like to help, that you care, and they will be more willing to do business with you.

Opening a small business in 2020 will be challenging but you will have a better chance to succeed once you know what to do and how to do it.

With thanks to Christy Bella, Blogger by passion.

Abbie Hills is a graduate of the University of Winchester and runs The Dazey Hills Company

The Dazey Hills Company is a Talent Agency and Production Company focusing on inclusivity within the film and TV industry. They represent a variety of Actors and Models in the South of England, and also represent Production Crew – They also make their own films in house.

 Abbie grew up wanting to act, and she has a passion and talent for making films. Having previously worked as an actor and model she noticed how difficult it is to break into the industry for actors and creatives working and living outside of London and had always wondered why that was. She identified that there was no sort of talent management local to her, she realised that there were lots of talented people, some she knew and she didn’t, living outside of London and not being able to get local representation. Identifying a gap in the market and following her passion she decided to set up an agency herself, and The Dazey Hills Company was born.

 Abbie joined the Inspiring Enterprise programme through the University of Winchester after graduating and has been working with her Inspiring Enterprise mentor to develop and grow her ideas for the company,

Abbie says of her mentorship with Inspiring Enterprise, Winchester:

“Working with Donna has been so valuable, as a creative person it can be difficult to ground your ideas and clearly identify the next step of where you want to go. Donna has helped me pull focus on my priorities as a business owner, as well as developing further as a creative”

Abbie has been using her time in lockdown to develop the company and plans to host a variety of workshops for those who wouldn’t normally have the chance to get involved in acting and filmmaking, she is also working on ways to continue to expand and develop her client base and will, of course, be making films along the way!

You can check out The Dazey Hills Company here:

https://www.thedazeyhillscompany.co.uk/ website

Gemma joined Inspiring Enterprise via the University of Winchester and has set up a family business called Countdown Cards, selling innovative and fun cards counting down to children’s birthdays. Here she talks about her business and her time with Inspiring Enterprise

“My business idea started when my son was sad when boxing day came and he had no ‘windows to open!’ And it got me thinking 4 Year olds don’t usually understand the concept of a week and a card could be a really fun way to get them understanding how many sleeps to go to their birthday (and stop asking me!!!!) I first saw inspiring Enterprise posted a free session on FaceBook in a local residence page about managing money and got in contact. The Inspiring Enterprise probably meant the most to me when I spent time at the meet the mentor workshop sessions because you meet so may people with different opinions and can take on board lots of feedback. Someone was quite firm which was helpful than the normal cuddly and meeting up with Jane helped me get an actual plan and idea and actually see this as a business. An idea becomes different when you see it as a business. We all love a countdown so you can send some happy post with us”

Her website is www.countdowncards.co.uk

Find her on Instagram and facebook @countdowncardsuk

With lockdown still in place, now is a good time to take stock of your household finances and see where savings can be made. 

Reviewing your spending this spring – and switching to better deals – will help ensure your finances are as robust as possible. 

CANCEL ANY UNWANTED SUBSCRIPTIONS

Going through your bank statements with a fine-tooth comb is a worthwhile exercise and may throw up some surprises. According to online bank Marcus, almost a third of consumers spend an average of £120 a year on unwanted insurance policies, magazine subscriptions and memberships.

Many also fall victim to signing up to free trials and forgetting to cancel them before the trial period ends. Be ruthless although keep in mind that while no live sport is currently being shown on TV, Virgin Media and Sky are both allowing customers to ‘pause’ their sports subscriptions. Many gyms have also frozen membership fees.

Saving: £120

SWITCH TO THE BEST ENERGY DEAL

Around 11 million households are paying over the odds for their energy bills as a result of sitting on their provider’s expensive standard variable tariff.

Yet switching gas and electricity supplier could save households hundreds of pounds each year – and now is the ideal time to look for a better deal.

Anders Nilsson, of comparison website GoCompare, says: ‘Energy prices have been dropping for a while. All of the top ten cheapest energy deals currently available would save consumers a minimum of £364 a year, which could be very significant for a lot of households at the moment.’

Switching to a fixed rate tariff will provide shelter from energy price rises for the length of the deal – often a year. But it is important to take note of when the tariff ends and get ready to switch again as that date approaches.

Using an auto-switching company such as WeFlip or Look After My Bills can take the effort out of switching as you will be moved to a more competitive tariff automatically.

Saving: £364

REVIEW BROADBAND AND TV PACKAGE

Now is a good time to check whether your current broadband deal still represents value for money. Is the data allowance bigger than you really need or is the connection faster than you require?

If so, think about scaling down your package. Consider, too, how much you could save by switching from a paid-for TV subscription to a lowcost option such as Freesat and Freeview.

Anthony Morrow, chief executive of financial advice service OpenMoney, says: ‘It is not uncommon to get overly comfortable with certain broadband and TV subscription brands, sticking with them year after year even when the prices go up. However, checking to see if you’re still on the best deal could make a big difference.’

If you find a better deal, it is worth haggling with your existing provider to see whether it can up its game. If you have no luck and are out of contract, get switching.

Negotiating with an existing broadband provider or moving to a new one could save on average as much as £120 a year, according to consumer group Which?

Saving: £120

LOOK FOR A BETTER INSURANCE DEAL

Research by GoCompare shows that 4.7 million drivers have been stung by car insurance policies that automatically renew – while only half of motorists are aware they can get a cheaper deal as a new customer.

Insurers rarely offer their best prices to existing customers while companies such as Saga and Rias that specialise in cover for the over-50s do not always offer the cheapest deals.

It therefore pays to check when your insurance is due to renew and use a comparison website to search for the best deal ahead of the renewal date. A typical motorist aged 50 or over could save around £151 as a result.

Switching home insurance provider can also save households around £100 while further discounts could be obtained by those who have added security measures to their property.

Krystian Zajac, of insurance challenger brand Hiro, says: ‘If you own products such as a video doorbell, a leak detector or smart light bulbs, these all help to make your home safer and it’s worth checking whether your insurance provider will reward you with a cheaper premium.’

Saving: £251

DON’T FORGET TO SWITCH YOUR SAVINGS

Banks have been quick off the mark to slash savings rates following the Bank of England base rate cut to 0.1 per cent.

But low rates should not deter savers from moving their money to a better paying account, particularly those who are willing to lock away funds in a fixed rate savings bond. Laura Suter, of wealth manager AJ Bell, says: ‘Cash savers have suffered death by a thousand cuts this year. If you haven’t moved accounts in the past 12 months it’s likely you’re getting a paltry rate on your savings – so move it and you could bolster your income.’

Moving £25,000 from an account paying 0.1 per cent to the RCI Bank four-year fixed rate bond paying 1.8 per cent would result in extra annual interest of £428 (before tax).

Saving: £428

REDUCE YOUR MOBILE PHONE BILL

Now is a good time to ask yourself whether you are getting value for money from your mobile phone contract.

OpenMoney’s Anthony Morrow says: ‘Reducing features such as your data allowance while you’re at home could substantially reduce your bill.’

For those out of contract, switching to a SIM-only deal can also help to bring down costs, particularly if you can put up with your existing phone. Virgin Media, for example, has a £9-a-month SIM-only contract with 8GB of data if you sign up for 12 months.

The Competition and Markets Authority estimates seven out of ten people could save £222 a year by switching to a better mobile phone tariff.

Saving: £222

PROTECT YOUR PENSION FUND

Anyone concerned about their pension fund as a result of recent stock market volatility may want to consider increasing their contributions. It can also be worth hunting down old company pension schemes to see if it is worth consolidating them – but watch out for exit fees.

Samantha Seaton, of money management app Moneyhub, says: ‘It’s not uncommon for savers to have multiple pension pots by the time they reach retirement. But this often means they are incurring charges to administer each one which is not cost-effective. Combining pensions could result in lower overall charges and more money left to be invested and accumulate wealth.’

Aberdeen Standard Life’s Laura Laidlaw adds: ‘If you are nearing retirement, seek out specific advice about your pension to understand how to reduce the impact of any coronavirus-related market slumps on your hard-earned retirement savings.’

Moving a £50,000 pension fund with an annual charge of 1 per cent into one with an ongoing charge of 0.5 per cent would save £250 a year in pension costs – assuming no transfer fees.

Saving: £250

 With thanks to RACHEL WAIT, FINANCIAL MAIL ON SUNDAY

Former Prime Minister Margaret Thatcher, was once quoted as saying there is no such thing as society. After these past few crazy weeks, that quote hardly holds any weight. That said, the second part of her quote from an interview with Woman’s Own in 1987 does very much ring true. She said: ‘It is our duty to look after ourselves and then, also, to look after our neighbours.’

Small gestures can have a big impact

While she would never have imagined in her wildest dreams, or nightmares, in fact, that would be achieved by keeping away from our neighbours, what has happened in recent days is our country has really come together as a society. From the small gestures, like paperboys and girls leaving notes for self-isolated elderly people with their morning deliveries, to the efforts by the Government to try and keep the economy afloat and the public safe, it is really proving to be a collective effort.

The same can be said for businesses, which like everything and everyone, are affected by the coronavirus crisis. It has been heartening to see that while many have seen their income dramatically reduced and have had to make some very tough decisions, they still have looked out to their communities and society to see what part they can play.

Big business can do its bit

We’ve seen pubs that were forced to close transformed into community shops so locals can grab essentials to hospitality firms donating produce to food banks.

In London, the capital’s largest surplus food supplier, FareShare and City Harvest have teamed up with a charity to set up a new initiative, The London Food Alliance. The collective is distributing food from suppliers to community hubs throughout London to ensure the poor, elderly and vulnerable are provided for during the crisis.

Helping the NHS

It is really moving to see businesses of all sizes helping where they can. In the fight against COVID-19, it is, of course, those at the front line that need as much support as we can give them. Our heroes in the NHS are working around the clock to care for coronavirus suffers as well as prepare for the situation, God forbid, getting much worse. It is essential that they can focus 100% on their jobs without the distractions and worries of normal life.

And this is where businesses can help and, in fact, many are.

• Among them is Brompton Bike Hire, which is offering 30-day free bike hire to all NHS staff while NCP Car Parks is offering NHS parking at 150 locations across the UK.  
• Another parking service, an app called JustPark has launched a nationwide appeal to find free parking spaces near hospitals to avoid crucial NHS staff having to use public transport. As of last week, 700 spaces were listed at more than 150 hospitals and health centres.
• Pimlico are paying their part by offering free emergency work to NHS staff in London. The thought of coming home to find your house without heat or light or with a leaking pipe or blocked toilet is normally tough enough, but after a long shift at a hospital, it is not something that they want NHS workers to have to contemplate. They’ve also prioritised emergency call outs for the elderly and vulnerable in London.
• Hotel and hospitality venue operators are also getting involved, among the most high profile being former footballers Gary Neville and Ryan Giggs who are allowing healthcare staff free rooms at their two Manchester Hotels, while boxer Amir Khan has offered his wedding hall and retail units in Bolton to the NHS to treat Coronavirus victims.

There is no doubt in my mind that it is times like this that people’s humanity and sense of community shines through. While it is going to be incredibly tough for many people and businesses in the coming weeks and months, we must hold on to the positive that together we can overcome this crisis.

Stay safe.

First published by

Charlie Mullins