Business development · 27 April 2020

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.


 
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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.

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