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26 NOV 20
Start Ups and Career Pivots: Four reasons now may be a good time to set up a new business

Echoing the situation in large swathes of the world, the UK economy is struggling and unemployment is on the rise. There’s a theory, though, that an economic downturn signals the perfect time for an entrepreneur to start up a new business. It’s why BiD Masters accelerated plans to introduce its franchise model. Here are a few of the reasons why now might be the right time to invest in a new venture:

1. The New Normal

 

There’s much talk about a new normal. We don’t know exactly what it looks like, but we do know that it needs the flexibility to be delivered remotely. There are some great examples of businesses that have pivoted as a reaction to the pandemic: Unilever has pivoted to prioritise its packaged food, surface cleaners, and personal hygiene product brands over other products; restaurants have moved into the takeaway market or started making cook-at-home boxes, like Spicebox@Home; Mercedes F1 worked with clinicians from University College London Hospital (UCLH) and engineers at UCL to develop breathing aids for the NHS.

There are endless opportunities to create sustainable businesses within the new normal. The Covid pandemic is the biggest disruptor yet and while it may signal an end for many, it can also bring new opportunities for the intrepid.

2. Rising Unemployment

During economic turmoil, unemployment grows. Creating a business now not only provides a career lifeline for someone, but also taps into the large pool of talent available. Millions of qualified, experienced, hard-working people are in the market for a new job. The heroes are the businesses that provide the work and the individuals who transition into new careers or start up new ventures.

3. Financial Benefits

There are a significant number of financial benefits to setting up shop right now. The UK Government is offering government-backed Start Up Loans of £500 to £25,000 at 6%p.a. with free support and guidance to help write a business plan. Successful applicants also get up to 12 months of free mentoring. Franchises are eligible for this funding, too –if you’re a bid professional looking to start up, BiD Masters is offering a franchise opportunity. Contact us for details.

It’s not just loans and business support, marketing costs are also lower. As businesses fold, advertising revenues shrink, which inevitably means ad rates go down. This is difficult for advertising media, but it can be an advantage for a savvy start up.

4. Post-Covid recovery

As awful as things are, the pandemic will come to an end. We just don’t know when. Businesses that have adapted or new ventures that have been designed to thrive in these difficult times will be perfectly positioned for growth when the economy revives.

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“I would like to take this opportunity to thank you for your excellent work, your flexibility and patience in supporting us with this very complex offer. I’m positive we will continue to cooperate in upcoming tenders.” Alstom
"Worked miracles in the time available, integrating with the in-house team quickly and seamlessly" Wärtsilä Voyage UK Ltd (formerly Transas)
"Many thanks for completing the Executive Summary for our bid. I think it has added a huge amount to our submission" Babcock
"It has been absolutely great having Giselle working on two of our major bid submissions. Giselle integrated well into the Thales teams and as a business, we really saw the benefits of her authoring capability. She added value through challenging and asking questions of the SME’s" Thales
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"Our proposal was awarded the highest overall score according to Section 3: Evaluation and Annex H: Evaluation and Assessment methodology."
"BiD Masters hit the ground running, supporting us with an unusually larger tender response (84 Question Responses). Initially reviewing our first drafts, they then assisted in shaping the content and flow of our offer. We look forward to welcoming them back into our team." Thales
“Rhianne provided the additional writing bandwidth needed at short notice. Rhianne communicated in timely and transparent way throughout.” Telent Technology
“Despite the extremely tight timeline, they were able to pick out key highlights from all of the information that had been gathered and sent, to ensure we were able to meet the criteria as detailed in the bid. Professional, detail oriented and precise.” Sussex Chamber of Commerce
“Cooperative, provided professional solutions when needed, quick responses. asking all the right questions, it was a pleasure working with everyone” JCL Consortium
“Jumped in at short notice to help us out of a last minute tricky situation. Turned work around really quickly. Juliet is great fun to work with and kept me informed all the way” Ben Coleman, CEO Performa IT
“I would like to take this opportunity to thank you for your excellent work, your flexibility and patience in supporting us with this very complex offer. I’m positive we will continue to cooperate in upcoming tenders.” Alstom