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Starting a business during coronavirus

Author: Henry Ejdelbaum

Tags: business, SME, starting a business

During the lockdown period, the amount of new business websites registered rose by 60% compared to the same period last year.

As many people find themselves with extra time on their hands at home, some have opted to use the time to start a new business. From supplementing their income to actually having the time to develop a dreamt-of-business ideas, many people are deciding to go down the entrepreneurial path.

However, with the instability of the economy, is now the best time to start a business? A number of businesses that started during more difficult times actually proceeded to do extremely well. Uber, for example, was founded in 2009 as the UK’s economy was still suffering from the 2008 financial crisis. It still went onto grow and is now one of the biggest start-up companies in the world.

Looking much further back, one of the most successful companies today was founded just six years before the 1929 Great Depression: Disney. Still regarded as the worst financial crisis, it was in that year that Disney’s first cartoon featuring Mickey Mouse was released. Needless to say, Disney made it through that crisis and went on to become an extremely successful company.

If you’ve started a business or you’re thinking of starting one and you’d like to talk to an accountant, get in touch with an AIMS Accountant. You’ll get a no obligation meeting at the location of your choice.