2016 Has Seen Entrepreneurship Grow to New Heights
Over the United Kingdom, start-up companies are being established at a shocking rate of 80 an hour.
Research from StartUp Britain, an initiative which has been supported by the UK Government, shows that 342,927 businesses had been registered between the months of January and June 2016, comparatively 608,110 were set up over the entirety of 2015 (which was at its time a record breaking year).
Towns over the United Kingdom are responsible to different degrees when looking outside of London. Bromsgrove in Worchester saw 29 in 1000 residents starting a business in between January and June.
Other popular start up hubs outside of the capital include East Hertfordshire, Lichfield in Staffordshire and Warrington, Cheshire.
However, it was London itself which provided the Lion’s Share of small companies making a go of it. 500 start-ups for every 1,000 residents, which is 50%! (If you consider that the Square Mile has a high concentration of offices, compared with homes.)
So it looks like 2016 will be a momentous year for the small business, last year’s peak rate was 70-an-hour pace of new companies, this year it is 10 more!
You would think that with the increased number of companies being created, there would be a correlation in the number of businesses going bust? Well actually, it seems that fewer businesses are closing down, insolvency data shows. This is despite the recent collapses of BHS and Austin Reed which saw many people lose their jobs.
Figures say that in the first three months of the year, 3.6 companies per capita less have gone out of business than the same period the previous year.
While Brexit has made an impact on some businesses, after sales of retail juggernauts such as BHS have slowed down in the wake of the verdict of the vote, having a second-hand effect on certain businesses such as small scale fashion companies. This is looking like a time in which local businesses will flourish, as this avoids most international influence.
With so many businesses starting up,
Regardless of the referendum, it is clear that the business ambition of the UK is stronger than ever.
Are you considering stating up your own business? If so contact Hart Parry accountants in Bangor are able to offer practical and professional advice on business startups.
