A leading Start Up company based has warned about the sharp rise in new businesses in the UK – dubbed ‘Coronacoms’ – which have been set up since the start of the pandemic. Over 176,115 new companies have been launched since lockdown according to official figures released by Companies House, an increase of 3.6% from the same period last year.*
The UK’s Startup Partner believes the lack of job vacancies is driving people to set up businesses without the right support and advice, plunging people into potential further crisis. According to the Institute of Fiscal Studies, 20% of sole traders close down after just one year in business.**
Lee Lam, CEO of the UK’s Startup Partner said, “We are seeing what could be a knee jerk reaction into business ownership, with trouble looming further down the line. It is essential that people seek expert advice as early as possible to avoid failure and have the best possible chances of survival.
“We already see regional disadvantages across the UK where business survival rates are lower, for example in the North West of England. At the UK’s Startup Partner we want to give everyone the equal opportunity to thrive with the right knowledge and the crucial support they need.”
The UK’s Startup Partner was set by Lee Lam, who boasts a 20-year career in the City of London leading multi-million-pound projects for blue-chip companies. Lee was determined to provide a network of more affordable support solution for small business owners, delivered from a safe, friendly and trusted partners.
Lee continues “The UK’s StartUp Partner mission is to break down the financial barriers small businesses experience and give people top quality advice, at a realistic price. Going into business is not something you should embark on alone.”
The UK’s StartUp Partner offers monthly pay as you go support with online sessions and access to ‘on call’ advice. Subscribers pay as they go and can pause their subscription, or cancel at any time. Startups pay £200 + VAT for a 90-minute planning and strategy session with access to business advisors via Phone, Email and WhatsApp throughout the month.
Rebecca De Beukelaer, CEO of Unisalad, Student Community App added, “Being a solo business founder, I sometimes feel that I have a narrow view onto my business, because I am living and breathing it daily by myself. It’s so valuable to be able to get help and advice from such an experienced mentor, without having to spend fortunes!
“The UK’s StartUp Partner has been able to offer new suggestions that I had not previously thought of, and always asks the right questions which helps me question my current actions and in turn progress in the right way.”