At the start of the year, the word didn’t even exist.

Yet as we rapidly head towards the end of 2020, and the economy attempts to recover after what can conservatively be described a challenging six months(!), thousands of people in the UK alone are trying to turn their professional and financial situations around by starting a new business post-lockdown.

They’re giving up the 9 to 5 – either by choice, or by force – and becoming a Covidpreneur.

What is a Covidpreneur?

As the name suggests, a Covidpreneur is somebody who has started a new business during the coronavirus pandemic.

They may have turned a bright idea into a side hustle during furlough. They may have had to be more self-sufficient after being made redundant. They may have found a way to capitalise on their lifelong passion and turn it into a means of making money. Either way, these innovative trendsetters have adapted to the ‘new normal’ by identifying a demand and finding a way to satisfy it.

And they are by no means rare. According to Business Live, the Centre for Entrepreneurs thinktank reported a 47% increase in new business formations in June 2020 alone. That means there’s an additional 25,000 businesses in existence compared to the same month in 2019.

What does more Covidpreneurs mean for the economy?

You could look at this in two ways. On the one hand, more budding entrepreneurs in the wider market means that businesses will have access to more skills and experience – and they will be able to tap into this great talent on a more flexible basis.

On the other, the rise in self-employed individuals means more competition for those who have been operating as freelancers, contractors or owner-operators for many years, like me. A little bit of healthy rivalry never hurts in business, but it will be interesting to see how this shift to self-employment changes our economic dynamics, especially in the design and marketing space.

How can you give your new venture the best chance of success?

Your business doesn’t have to be a temporary stopgap during a lull in work or productivity. There’s no reason why you can’t take your concept to the next level and find long-lasting success as a Covidpreneur. You just need to do a little prep work now to save yourself a big headache later.

Most companies fail because of a faulty business model. Don’t let yours be one of them! You need to know what you’re talking about, and you need to have a solid, well-researched plan in place that’s going to help you stay afloat and achieve your goals, whatever they may be.

You also need to understand the basics of running a business. For example, you need to work out which company structure will suit your circumstances the best; some people prefer to register as sole-traders, while others are drawn to the benefits of setting up their own limited company. You also need to look into how to keep on top of your books, what’s involved in submitting your tax returns, and how much you actually need to earn on a monthly or yearly basis to make your business financially viable.

Once you’ve learned the basics, it’s time to work on your business’ image

When all the right foundations are in place, you’ll need to turn your attention to developing a winning brand.

Why? Because businesses with a well-developed, professional-looking brand identity are much more likely to come across as credible, authoritative and trustworthy. And these are three things your customers will undoubtedly want to see in you when they’re deciding who to hand over their hard-earned cash to.

Don’t go it alone, though. When it comes to design, branding and marketing, a little bit of guidance goes a long way. Now I know there’s a lot to get your head around, and money is probably a little bit tight, but I’m more than used to working with start-ups. In fact, I offer a full suite of business startup packages that are designed specifically to meet the needs of new entrepreneurs like you!

From designing an eye-catching logo to developing a beautiful website, I can deliver everything you need to make an incredible impression on your customers and your industry. My quotes are extremely competitive, too; I work from my home studio (and have done for over two decades), which means I can keep my overheads low and pass these savings on to my clients.

Contact me now, and let’s see how I can help you get your post-COVID business off to a brilliant start!