By Paul Williamson of Selling My Business, part of Begbies Traynor Group
The business sale market remains buoyant amid Covid-19 as aspiring business owners look for employment and economic certainty through business acquisitions. By departing from Covid-19 uncertainty, those holding the desire to become a business owner are taking advantage of the economic circumstances to fulfil their career dreams.
By dipping into life savings and exploring the market during this period of trading turbulence, business owners looking to sell shop are receiving interest from new industry entrants. By restarting an existing business, rather than starting a brick and mortar business, prospective buyers can save on start-up investment through the act of recycling and reusing.
As the coronavirus pandemic creates a tidal wave of change across numerous industries, from education, corporate hospitality, and entertainment, to food, events and sports, business-minded individuals are pioneering new ways to deliver their services to consumers.
Birth of new businesses during Covid-19
In light of social distancing guidelines, countrywide curfews and restricted trading measures, new business owners are adapting to economic uncertainty and pioneering ways to guarantee business continuity.
As minimising human interaction and establishing a safe and Covid-19 secure service remains to be in the best interests of business owners and customers, the social void created by the pandemic is creating a wealth of business opportunities for entrepreneurs. Due to the threat posed by Covid-19, educational institutions closed their doors since the World Health Organisation declared a global health emergency. As the UK’s National Health Services’ (NHS) campaign ‘Stay at home – Save lives – Protect the NHS’ snowballed, the doors opened for the creation of virtually-delivered services.
Education – As students take to their dining rooms, lounges, study rooms and bedrooms to attend online school, the promotion of online education businesses is soaring. According to UNESCO, over 1.2 billion children are impacted by school closures, leading to a steady rise in e-learning. From live tuition classes, interactive after-school online programmes, to remote teaching facilities, the sector is brimming with new opportunities.
Food – Online food delivery companies, Deliveroo and Uber Eats partnered with local supermarkets and independent convenience stores to extend consumer reach. As individuals and entire households reside in their homes to isolate or shield, local businesses are capitalising by developing delivery options.
Retail – As the coronavirus pandemic contributes to the downfall of some of the UK’s largest High Street Stores, such as Debenhams, reputable brands are embracing an online-only approach to reduce overheads and to minimise the impact caused by shop closures. As the pandemic demonstrates the resilience of online-only brands due to their lack of dependence on physical footfall, popularity for online marketplaces is soaring.
The coronavirus pandemic is breeding entrepreneurship, leading to the creation of new companies. As new businesses are being incorporated, the business sale market is working in tandem as individuals are recognising their lifelong desire to own a business, leading to existing shopfronts being acquired.