With furlough coming to an end, could this be the right time to start your own business?
In an effort to combat the effects of Coronavirus on the UK workforce as the pandemic hit earlier this year, the government introduced the Coronavirus Job Retention Scheme. Employees placed on leave due to COVID-19 disruptions have been able to receive 80% of their wage up to £2,500 a month.
At present, the scheme is set to end in October. Research from think tank Bright Blue suggests that around 44% of organisations expect to make some or all of their furloughed staff redundant.
The results of Coronavirus, lockdown and the fall in consumer confidence are starting to be felt on a large scale across the UK economy. On 12 August, the Chancellor announced that the UK had been pushed into a recession.
As the world continues to navigate its way through these unchartered waters, it is important to recognise and take advantage of the new opportunities created during times of hardship.
Recessions are a good time for people to take the leap and start their own business. Some of today’s biggest global enterprises, Uber, Groupon, Airbnb and WhatsApp were all established during the last global recession
In the new “low-touch” economy, where new businesses have an advantage of starting with a new business model that will help them adapt and become more robust. With jobs prospects moving into uncertain times, it’s time people took back control of their time, ideas and talents and start an enterprise that they can shape and grow.
Taking the leap and becoming your own boss may feel like a daunting prospect, but it’s important to remember that you don’t have to do it alone. There are an abundance of schemes and programmes that can support with starting a high-flying business. One such programme is the Durham Ambitious Business Start-ups (‘DABS’).
DABS is an ERDF-funded programme that helps high-quality start-ups in County Durham start trading and offers premium quality support during your critical first 12 months in business.
Different from many other business accelerators, the DABS programme offers two unique support packages. One for those who have a great idea and have not yet started their business, and another for those new entrepreneurs at the start of their exciting journey. Tailored support that allows DABS to maximise the success of your business.
The DABS programme aims to foster a start-up environment throughout County Durham to help new and prospective business owners support and learn from each other.
Jenny Halford, Enterprise Development Manager, Business Durham said: “There are so many new market opportunities in this changing business landscape. There is no better time than now to try out ambitious new business ideas, which can be supported by our pioneering resources and first-class start-up experience.”
Find out more about the DABS programme and they support they can offer to help you get your business off the ground by visiting their website.