Pandemic start-ups

Have you seen an increase since COVID began?

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Afternoon Folks,

Hope everyone enjoyed their long weekend. Our team came across a talk from Quickbooks VP Chris Evans during this year's Quickbook Connect event on the rise of the pandemic start-up. 

According to Evans' research, the number of start-ups had increased by 14% last year and some have shown themselves to be thriving despite the difficult conditions. 

And it seems that social media is a big part of these lockdown businesses' success as, according to another Quickbooks study, 3 in 4 pandemic start-ups rely on them and some spend a whopping 7 hours a day keeping their channels up to date.

With this in mind, What are peoples' experiences with pandemic start-ups - have you noticed an uptick amongst your clients? Also, will you be changing your social media strategy in light of its increasing use amongst potential clients? (As long as it doesn't take you away from the Any Answers community of course!)

Thanks everyone, looking forward to hearing from you.

Replies (7)

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paddle steamer
03rd May 2022 15:58

It is an interesting outcome that a weaker economy can lead to more new business entities starting up ,but it does partly make sense, those possibly losing jobs leaping into self employment.

The main catch with new business type clients is the time that needs input at the front end and the percentage survival rate into years two and three.

(And of course a reluctance to appoint an accountant (no money) and an increase in basic questions within Any Answers)

Thanks (2)
By TaxTeddy
03rd May 2022 16:03

Haven't seen any startups at all. Quite a few new clients but those seem driven by a need for cost savings as they all come from larger firms.

We're not on any social media so no change there for us.

Thanks (0)
By DKB-Sheffield
03rd May 2022 16:26

Call me cynical but, I wonder how many 'new' startups were actually existing businesses who now realise it doesn't actually pay to be 'under the radar'?

I had an interesting conversation with an existing client the other week who had been talking to some of his 'mates down the pub'. They'd been complaining about how HMG had done nothing at all for the self employed during the pandemic. My client said he had few complaints (having legitimately claimed significant SEISS 1-3 grants). However, many of the others didn't qualify as they're not 'registered'/ 'in the club'. Others only received small grants based on a low level of earnings. The main complaint, 'HMRC didn't take cash jobs into account!. I clearly asked for names of these 'mates' but, the client was not forthcoming! Only one name was mentionned at all... "Smithy".

Thanks (4)