NEWS:1m microbusinesses move online to survive COVID-19
A new study has revealed that one-fifthof microbusinesses (those with under 9 employees) have set up an online presence for the first time inorder to survive the COVID-19 outbreak.
The research conducted by GoDaddy (a website building platform for SMEs), has shown that as many as 1m microbusinesses have tried to build a digital brand as they innovate to survive the lockdown.
As Britain enters its fifth week of lockdown, many industries are finding it increasingly difficult to stay afloat. Government-backed CBILS loans are still struggling to approve the majority of business owners who applied for the scheme despite its opening over a month ago.
33% of business owners’suggested that if there were to be another two months of lockdown, they would expect a 50% drop in sales, where 38% of them would be pushed into greater debt.
?The pandemic has put extraordinary demands on the 5.6 million micro-businesses in the UK. They are vital to our economy and we have seen how resilient and determined entrepreneurs are to get through this and for micro-businesses, it has meant nothing short of the second digital revolution, “?states GoDaddy Regional President, Irana Wasti.
Laura is the Junior Reporter at Real Business and Business Advice. She's the first point of call for any PR, business owner or industry insider looking to tell a story of entrepreneurial inspiration, retell some key advice, or a ground-breaking news story. She is the core ambassador for the brand(s) and can be found attending high profile events and meeting disruptive business owners across London and beyond.