Business ideas

31 million new business ideas developed during lockdowns

Graeme Sands – Blank Silver

February 3, 2022

Brits came up with 31 million new business ideas in the past two years alone, new research finds1 of Virgin Money. The pandemic has boosted national entrepreneurship and seen almost 16 million people (29%) come up with a new business idea.

Although Britain is teeming with business ideas, few actually turn their dreams into reality. Only one in three (37%) aspire to turn their ideas into a business, although the majority (72%) have a clear idea of ​​what their business should be and more than half (55%) would describe their ideas like something new, unusual or different.

Even fewer have taken the plunge, with only one in 20 (5%) having already started their own business. Worries about personal finances (36%) and fear of failure (36%) are the main factors preventing potential entrepreneurs from turning an idea into reality, while the rising cost of doing business (30%), ability to secure funding (29%) and having the confidence to take the plunge (28%) are other common barriers.

Emmanuel Asuquo, a small business owner and financial advisor to a wide range of entrepreneurs, said, “There are so many innovators and inventors across the country, but sometimes it can be daunting to that first step. It would be great to see more people trying to start their own business, even as a side hustle, because starting a business is one of the most exciting and fulfilling things you can do. The UK start-up scene is respected for its ingenuity and flair, but we can always call on more creative minds! »

Young people show the greatest entrepreneurial spirit, with around half of 16-24 year olds (49%) and 25-34 year olds (51%) having had a new business idea in the past two years, compared to only a third of 35-44 year olds (35%).

Making money (37%), believing in your idea (25%) and feeling satisfied and fulfilled (21%) are the top three factors that would make people take the plunge. Potential entrepreneurs should be reassured by the fact that many entrepreneurs themselves (41%) said they never planned to start their own business and the majority (57%) never had a ” flash moment” despite common stereotypes.

Graeme Sands, Acting Head of Business Banking at Virgin Money, said: “The UK is a nation buzzing with entrepreneurial ideas, and it’s impressive that we’ve collectively come up with 31 million potential ideas so far. of the pandemic. It’s natural for budding entrepreneurs to be skeptical about taking the leap and turning their idea into a business, but it’s clear to us that anyone can make it a success with the right support around them, hard work – and a bit of luck. ”

Virgin Money recently launched their new business checking account for Upstarts to grow their business. The M for Business Account comes with no monthly fees and free digital transactions to put Upstarts back in control. The account has been designed for entrepreneurs, start-ups and small businesses with an annual turnover of less than £1m, and it is digital first so people can access their business account by line as they wish and wherever they are.

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