Well, just reading that, you’re probably thinking why on earth would I form a limited company during one of the worst global events since the second world war, right? Being completely honest with you, this is the best time to form a company, without doubt. With global recession looking more and more likely, many businesses are battening down the hatches and hoping to weather the storm. But for agile entrepreneurs with an appetite for innovation like yourself, now could be the perfect time to start a business of your own. So, if you’ve been thinking about what your life will look like after lockdown, don’t rule out becoming your own boss. Ever heard of Microsoft? It was formed in 1975, when there was a seriously high job shortage. It’s the same with General Motors, Burger King, and a small logistics company named FedEx.
How many people are doing it?Believe it or not, from the period starting 23/03/2020, when the UK first went into lockdown, to 10/10/2020, there was just under 60,000 limited companies formed in the UK according to company’s house. Now, not all of these will be trading now, and some will be subdivisions of other companies, but you must admit, it’s a staggering number, and if there’s this many that have been formed, doesn’t that highlight that it’s a pretty good time to start a business?
Why is it a good idea?The current pandemic has seen a flurry of innovation, with small businesses filling gaps left by bigger businesses (like local food deliveries when supermarkets can’t meet demand) and innovating to offer new services (like online course). Startup businesses are innovative and agile – exactly what the world needs right now.
It might seem counterintuitive, but economic uncertainty creates a great environment to seek funding. Interest rates are lower, means loans are more affordable. And savvy investors use a downturn to get more for their money by investing in cash-strapped startups.
A sad fact of the pandemic is that a lot of great people are going to find themselves out of work. Whilst that is bad news for them, it is good news for businesses, who can snap up top talent that is usually unavailable. Freelancers are a great source of flexible resource during a recession too. Put simply, you can hire better people without the premium price tag.
Many businesses will find themselves with less competition as competitors struggle to restart after the pandemic. For those that can innovate or borrow to survive the storm, this can be an advantage when they re-enter the marketplace.
With many businesses actively looking for new custom, now is a good time to negotiate for better terms and lower prices. If you are in a positive cash position yourself, now could also be a time to buy up other businesses or their assets, if they have decided to stop trading. It worked for General Motors.
Simply put, supplemental income refers to money that’s earned in addition to your regular income. For instance, if your salary is £35,000 a year, supplemental income is anything you’re paid on top of that, whether it’s from a side job or an investment.
Why use Just Limited?With Just Limited, the process could honestly not be any easier. We have designed the process to make it as quick, efficient, and as simple as possible to help you form your new, limited company. It’s a very quick turnaround from start to finish, with your company being formed in just a matter of days. We’ll submit everything for you. The hardest part of the process is deciding what name you’d like. Not only this, but we know that our customer service is head and shoulders above the rest. We have a dedicated team on hand to guide you through the process and to keep you updated with how your newly formed limited company is coming along. It couldn’t be simpler. So, the real question is, what are you waiting for? Just Limited have got you covered! So, get started today and form you limited company.
