Entrepreneurs Are Fuelling a Post Pandemic Start-Up Boom
The pandemic has kicked off a boom in start-ups according to new data from the Resolution Foundation – and we are proud to be playing an active role in supporting this upsurge.
The corporate sector has enjoyed high rates of firm creation, according to the Bouncebackability report, and the figures also show that British businesses have also emerged from the pandemic with higher cash reserves.
The Foundation’s research shows that despite the sharp economic contraction felt by the UK during the pandemic, the shift to online retail drove the boom in firm creation. Compared to pre-pandemic levels, there were 67% more firms created in the transport sector in 2021, 45% more in the wholesale sector and 34% more in the retail sector. This trend has continued into 2022, with the number of firm births in the first quarter of this year 20% higher than its pre-pandemic level.
One of the most satisfying things we do as a company is to support and incubate SMEs and we are seeing marked growth in the number of start-ups taking advantage of our flexible office suites, with their low costs and favourable terms for small businesses. A common story among our start-ups sees new business owners find their feet with us, establish and grow their firm and then either expand within a Storage Giant facility – which is very simple to do – or go on to set up a high street shop front or office, often while retaining their original Storage Giant facility. We have seen a number of our small businesses do this, including Donna Poole, who owns Pure Pets, in Newport, whose story we shared here this month. As this latest research shows, with savvy planning and research, entrepreneurs can find opportunities during tough financial times, and we are happy to play our part in supporting them across our sites in Bristol, throughout The Midlands and Wales.