A new study indicates that sole traders are the group that has been worst affected by the Covid-19 pandemic, with close to 60% trading at lower levels than they were before it started.

This research by the Iwoca business lender shows that 58% of UK sole traders are operating at a lower level than before the pandemic, or not trading at all, despite the fact that most of the pandemic restrictions have now been lifted. It offers clear evidence that they have suffered particularly badly as a result of the long period of restrictions, with 14% of them now having ceased trading completely. This is twice the number compared with other types of business.

What makes these figures more concerning is that sole traders make up more than half – 59%, to be precise – of the total number of businesses in the UK. One option some may be considering is to get affordable financial advice from an accountant for sole traders in Goole or wherever they live.

The situation is so difficult for many at the moment that 46% told Iwoca that they cannot afford a salary for themselves during the upcoming six months. Another 28% expressed doubt about their ability to secure fresh stock, while 20% said that repaying Covid-19 loans was their main worry.

Seema Desai from Iwoca told Small Business that:

“The pandemic has hit sole traders particularly hard. We need our sole traders back on their feet.”

Nearly one third of these businesses said that making their workplaces Covid-19 safe had affected their sales.