Keeping Your UK Start-Up Afloat Post-Lockdown - Essential Tips and Advice

Business Insights

Owning a start-up business here in the UK is always going to be a challenging adventure. There are plenty of obstacles you’ll be faced with that you will need to weather with grace and come out on the other side. Of course, that was pre-COVID-19. The worldwide pandemic took the entire world by surprise, and countries went into lockdown one after another, as businesses and the economy as a whole took a massive hit.

The good news is that for many, lockdown measures are starting to lift, or at least ease, so finding that new normal for your business is now key. But how exactly do you keep your UK start-up afloat during post-pandemic times? How do you ensure your business isn’t just another economic casualty of the times?

We’ve gone ahead and gathered a number of essential tips and advice that can make it possible for your business to not only stay afloat but potentially thrive in this new normal.

Cut Overhead Costs as Much as Possible

A great place to start is by cutting your overhead expenses as much as possible. The more you save, the more of a cushion you’ll give your business. This could, unfortunately, mean cutting staff or switching to part-time staff rather than full-time, getting a smaller office space (lower rent) or transitioning your employees to permanent work from home (no office space needed), and even energy-saving tips that will bring down the overhead.

Speak to Suppliers and Vendors to Get Better Deals

Next, you can connect with suppliers and vendors and re-visit your price points. Perhaps you can get a better deal on materials, or maybe it’s time to look around for new suppliers and vendors that can offer more competitive pricing.

Launch a Robust Online Marketing Campaign

Marketing will also be important during this time, as you want to be sure that clients know your company is open to serve them. Traditional marketing can be pretty expensive, so opt for an online marketing plan instead. These will be much more cost-effective, and even free, and can end up being more effective in terms of getting the attention of customers.

Your best bet is to be active on social network platforms such as Instagram, Facebook, and Twitter. You can actually interact with people in real-time, post engaging content, and even deals and promotions that capture their attention. Just make sure you are always directing people to your website.

Can’t Afford to Pay Yourself a Salary - What About Your Own Personal Finances?

Another very real problem for start-ups is that it may be taking all the cash flow available just to pay the bills and keep the business operating. That could leave very little - if any - money left to pay yourself a salary. So what does that mean for your personal finances? What happens if you suddenly encounter an emergency expense in your personal life, how will you pay for it? This could be something like car repairs, home repairs, or any other unexpected expense.

This may be a good time to think about a loan, even a short-term loan that can just help you get over the initial hump. As long as you can comfortably make the loan payments, it could be worth looking into.

And what about loans for people with bad credit? If you are looking for poor credit loans, this provider may be able to help. New Horizons specializes in loans for bad credit, ranging from £50 to £5,000. You can apply for a fast three to 36-month loan online making the process extremely simple. Take advantage of the no-obligation loan quote, the fact there is no credit check done, no fees are charged, and once accepted you can get your cash in as little as 15 minutes.

The idea isn’t that a loan will be a permanent fix, but it can help with emergency expenses that you just don’t have the extra cash to cover.

Is There a Potential Opportunity to Pivot?

If you've followed these tips and you're still not getting the results you were after, it could be wise to ask yourself if you can pivot the company's focus. There are plenty of businesses that are shifting their offerings, product lines, and services to better align with what customers want and need post-lockdown. It could mean you bring in new products, you work with different partners, and you appeal to a different customer base. The goal is to keep yourself open to possibilities.

Embracing the New Normal

So, rather than mourn the success your company had been enjoying before the pandemic hit, it’s time to embrace the new normal and look for creative and effective ways your business can move forward and be successful in its ventures in the short and long-term.