The COVID-19 pandemic has forced many entrepreneurs to rethink their business strategy. We talk to a married couple who decided to launch a new business after the pandemic struck.
It's no secret that the pandemic has had a huge impact on millions of businesses.
While some business owners have had to scale back their operations, others have gone the opposite route and launched a new business venture in response.
We talk to Liz Sexton and her husband Doug Showell about how they adapted to the challenges that emerged from the coronavirus pandemic.
Coronavirus: how one business adapted and thrived in lockdown
‘We had to keep the business viable’
Sexton founded Stressfree Hire in 1995, which she manages with Showell. The business specialises in transforming venues for a range of events, including weddings, parties and corporate events.
Unsurprisingly, when the COVID-19 pandemic struck, the business saw a massive drop-off.
In only a year, the number of bookings for weddings plummeted from 26 to only four as lots of people postponed their wedding multiple times.
While wedding restrictions are slowly being lifted in the UK, it won’t be until at least 21 June until limits are lifted entirely – and this may change if the vaccine rollout doesn’t go to plan or if infections rise.
While the couple has a lot of bookings over the next year or so, this was of little help last year when wedding restrictions were in full force.
So, last year they decided to close a few premises, some storage facilities and the office and used the furlough scheme to furlough one staff member.
The couple’s goal was to cut costs where they could, which wasn’t challenging as they were able to secure a Government Bounce Back loan and said they're usually quite frugal anyway.
Next, they decided there was an opportunity to launch a second business.
'I started my own successful business after being furloughed'
‘We’ve been involved in everything’
Sexton and Showell both started out as accountants and worked in corporate businesses, with experience in book-keeping, compliance, health and safety, tax and payroll.
“We’ve always been hands-on with our business,” said Sexton who believes the couple has a lot of offer aspiring entrepreneurs.
“We’ve been involved in everything.”
According to Showell, this was also an opportunity for them both to ‘monetise their skill sets’ by helping people who want to start a business – but don’t know where to start.
After planning out their new venture, building a website from scratch and completing the paperwork, Stressfree Business was launched in January.
“We set up Stressfree Business within a matter of weeks,” commented Sexton, who revealed they were able to set up the new venture with a small budget.
Stressfree Business provides the tools and resources someone needs to set up and run their own business, which includes access to a Facebook group that offers regular live talks and Q&A sessions.
While this is free, the couple do charge for one-on-one consultations and consultancy work – and in the future, plan to offer a paid membership for their services and courses.
So far, Sexton said the business has had a "great response" and the process of setting it up has been smooth due to the couple’s past experience.
For those considering a new venture, Sexton and Showell recommend identifying whether there is demand by doing extensive research.
It’s also a good idea to understand who your ‘ideal client’ is so you can be clear with your messaging.
For example, it's important to understand what your ideal client buys and what their lifestyle is like, as well as use social media to promote your business.
Coronavirus: how one woman changed careers in lockdown
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