Monthly Archives: September 2020

Hot Business News Today

Rishi Sunak to extend government coronavirus business support

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
Chancellor Rishi Sunak is set to extend all four of the UK’s emergency coronavirus business support schemes until the end of November.
Until now, the Treasury has resisted calls from business groups to extend the Coronavirus Business Interruption Loan Scheme (CBILS), in particular. The CBILS is due to expire at the end of October with the Bounce Back Loans scheme following shortly thereafter in November.
However, given this week’s expected further semi national lockdown, according to the Financial Times, the chancellor has bowed to the inevitable in extending all coronavirus business support schemes, which have already backed £53bn in lending to business through government guarantees.
Second national lockdown
The news comes as a thinktank warns that a second national lockdown would cost the economy £250m a day as people are kept out of pubs and restaurants and encouraged to work from home.
The Centre for Economics and Business Research (CEBR) warned that GDP could fall by between 3 per cent and 5 per cent in the last three months of this year compared with the third quarter.
Although the £250m figure is a tenth of the impact of the full-blown lockdown at its peak in April, CEBR deputy chairman

Read more...

Hot Business News Today

How to start a new business if Covid makes you redundant

by  •  • 0 Comments

Originally written by Steve Taklalsingh on Small Business
10-step guide to start a new business
Many people have gone through redundancy this year. More are likely to do so because of Covid. If you are one of them, after recovering from the initial shock, you are probably re-evaluating your life and career. Despite economic uncertainty this is proving to be a popular time to start a new business. But if this is the moment you head out on your own, where do you start and what do you need to know?
#1 – Have a good idea
Successful businesses are not successful because someone had a ground-breaking idea or invention. They’re successful because the business owner implemented the idea effectively. Having said that, you do need to really think about your business idea.

What is the problem you are trying to solve in the market?
Who is the competition?
Is there space in the market for you or is the marketplace saturated?
What do you bring to the table that others don’t?
How are you going to attract customers?

Do your research; it will be the most valuable time you’ll spend on your business.
>See also: 5 best ideas to start a small business post coronavirus
#2 – Check your status
You must

Read more...