Monthly Archives: October 2020

Hot Business News Today

2020 set to be record year for new companies created

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Originally written by Timothy Adler on Small Business
This year should see record number of companies created, with an extra 84,758 businesses setting up in 2020 compared with 2019.
This is equivalent to a 12.3 per cent increase year on year, which is the highest percentage growth since 2011 and the highest actual growth on record.
Between June and August, an additional 59,358 new companies were created at Companies House, according to research.
>See also: How to become a sole trader
Sectors seeing the highest growth included e-commerce (up 88 per cent with 12,490 new businesses registered), clothing (up 55 per cent) and, unsurprisingly, retailers of medical goods (up 176 per cent).
Although on the face of it the SHL research is good news, the reality is that many new companies are created by those who have lost their jobs because of Covid-19.
Rather than create employment, 77 per cent of the UK’s 6m small businesses are sole traders offering little chance of employment to others.
>See also: Registering a company name – a Small Business guide
And there is also a question mark as to how many of the 59,538 companies created between June and August are even legitimate, given the widespread fraud which has gone on with

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Hot Business News Today

How to adopt a subscription service into your small business

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Originally written by Anna Jordan on Small Business
Firms are increasingly incorporating subscriptions into their business models – or shifting to a subscription-based model entirely.
With restrictions, lockdowns and further uncertainty ahead, it looks as if this will continue to grow as entrepreneurs look at new ways to do business which will give them a steady income that can be sustained online.
We explore the surge of the subscription-based business model and what a business needs to do to get started.
Why should I introduce a subscription service?
Subscription economy is worth £323bn, according to research from Barclays Payments. 65 per cent of homes are signed up to a subscription service, with the average number of subscriptions totalling seven. UK spends £552m a year on subscription services. Increased 50.2 per cent year on year during April – the height of lockdown.
Zuora’s COVID-19 Subscription Impact Report reveals of those businesses that already offer subscriptions, four out of five companies are still growing despite the economic impact of the COVID-19 pandemic.
In fact, 50 per cent of all subscription companies are growing just as fast as they were before the pandemic while 18 per cent are seeing an acceleration in subscriber growth.
What’s more, subscription companies tend to be

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