The coronavirus pandemic has created huge uncertainty in many industries, but there are businesses that have started up during the pandemic to meet a specific need. In essence, the opportunity for innovation and creativity has born new businesses out of Covid-19.
From new healthcare technologies to the home delivery of flowers and artisan foods, entrepreneurial spirit is alive and thriving in the UK. Following the ‘stay at home’ orders, consumers turned to activities such as DIY and at-home fitness, to fill the days and weeks of lockdown.
The pet industry saw a surge in business as people bought pets and pet-related products. Delivery services were also in high demand as everyone shopped more online. So what new businesses are being born out of Covid-19?
Here are some that delivered the products and services the world needed in this unprecedented period.
Home improvement was a key activity during lockdown, which provided the downtime not always available previously to complete lengthy DIY projects. Whilst the do-it-yourself market thrived, new businesses also recognised there was a need for local residents to find reliable tradespeople.
From this, more trades ‘marketplaces’ were born out of Covid-19, offering householders trustworthy recommendations and allowing tradespeople the opportunity to advertise their services.
Flowers and gardening
Panic buying and the inevitable empty supermarket shelves also drove a desire to become more self-sufficient for many. This enabled businesses to set up to provide everything needed for a kitchen garden, from seeds to trowels and compost to recycling bins.
‘Boutique’ flower businesses have also emerged from Covid-19, offering flexible weekly deliveries of flowers to bring the outside in and make home a cheerier place. These flower subscription services are likely to continue when the pandemic is over, as people realise the simple joy that flowers can bring.
Online flower services in general are flourishing, with people sending bouquets to loved ones they may not be able to see in person. Freddie’s Flowers is one such example, where UK active customers have increased from 60,000 at the beginning of March 2020 to 135,000 in February 2021.
Community based businesses
Businesses based around local communities are also emerging as a result of Covid-19, including those related to food – an example being the provision of curated lists of food producers and related services such as flower deliveries. These businesses are supporting local suppliers, and helping communities to connect and access sustainable supplies.
The use of technology has been a significant influence for good during Covid-19, and nowhere more so than in healthcare. Businesses that use or have developed technologies allowing doctors to carry out consultations with their patients remotely, and enable those in hospital to see their families when visiting isn’t allowed, have been key in helping to manage the pandemic.
With gyms and leisure centres forced to close down during the national lockdowns and regional restrictions, a clear demand arose for online fitness classes. Again, technology has been the key to enabling business to pivot from in-person to digital fitness, with technology companies helping providers to set up the online platform they need.
If you have set up a new business during the Covid-19 pandemic, or you’re considering setting up a new business, it’s vital to enlist an accountant to fulfil your financial reporting duties.
About the Author
David Tattersall is Head of Client Relations at Handpicked Accountants, a network dedicated to shortlisting reliable, trusted, and qualified accountants across the UK. Handpicked Accountants bridges the gap between business owners and leading accountants.