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Research reveals a quarter of tradespeople are optimistic about the future

1-minute read

Lauren Hellicar

4 August 2020

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Tradespeople have faced some of the toughest months since they set up in business. Research conducted by Simply Business backs that up, but it also shows just how resilient a bunch British tradespeople are.

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Having surveyed 840 small business owners and self-employed tradespeople within the construction industry, our data tell us:

  • the average cost of the pandemic to small businesses in the construction industry
  • how many fear they’re at risk of permanent closure
  • how many are very concerned about the future of their business

They also tell us that 24 per cent are optimistic about the future of their business – 10 per cent even said they felt confident enough to start a new business.

How much has the pandemic cost tradespeople?

The average cost of the pandemic to small businesses in the construction industry is expected to be £12,891. That’s taking lost work, lost earnings and loan repayments into consideration.

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How do tradespeople feel about the future?

Just over a third are very concerned about the future of their business. The same proportion are worried about running out of money, and the same number again said they’d had to borrow money from friends and family to stay afloat.

In these challenging times, the financial support available from the government has proven to be a lifeline for many tradespeople, with 60 per cent managing to apply for a grant or a loan to help them through the crisis.

But what next? The results reveal that two-fifths are concerned they’ll lose customers or jobs due to the pandemic.

Do these worries sound familiar? Let us know in the comments section.

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We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

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