1 in 5 people are planning to set up a new business during lockdown, a new study reveals.
Research conducted by website building platform GoDaddy has released data from a new UK survey which found that 20% people are considering using the lockdown as an opportunity to set up a new business venture or side job.
The survey data found the top reason for people wanting to start their own business was the prospect of being their own boss (24%) and a further 21% wanted a sense of purpose.
History has found that businesses started during economic downturns“have actually gone on to be resilient and more successful than firms founded during the boom years.
One such person is Andy Walker, founder of local bakery delivery service Gingerbread Bakery. Andy had dreamed of starting his own business for years and did not want to let the pandemic stand in his way.
Andy Walker, owner of Gingerbread Bakery, said “I’ve been thinking of setting up my own bakery for a long time. It’s always been a passion of mine so after 25 years as a software developer, I decided 2020 was going to be the year I took on a new challenge.
“I started setting out plans in February but then Covid-19 started to take hold and I thought it wouldn?t happen. My online store is working brilliantly, and one day I would love to compliment my website with a bakery in town.
In fact, it is actually in times of economic hardship where a spirit of entrepreneurialism can take hold, paving the way for new, resilient businesses, says GoDaddy Regional President, Irana Wasti;
“This situation is not going to last forever but it has made us think and question what the new normal will be and where we want to be when we come out of this.
“We want to support those thinking about taking that step and pursuing their business passion because we are confident that the lockdown will give birth to a new generation of hardy entrepreneurs.