Start ups boom in multiple regions across the UK

Rising costs meant that 2023 presented challenges for many businesses. However, these factors didn’t stop aspiring entrepreneurs. The trade association for UK insolvency and restructuring professionals, R3, partnered with Creditsafe to conduct research into how many start-ups were created in the UK in 2023, and in most regions, the numbers are on the rise.

2023 saw a surge in businesses being established with a total of 922,661 being created. Naturally, this number accounts for businesses of all shapes and sizes, nonetheless, it is a sharp increase from the 827,031 that were launched in 2022.

The biggest jump in start ups was seen in Northern Ireland, where 59.5% more businesses were created year on year. In numbers, 2023 saw 13,280 businesses launched in the country compared to 8,325 in 2022. Interestingly, November was the most popular month to start a business in Northern Ireland.

Other regions in the study saw less significant increases, but still illustrate an entrepreneurial spirit. Greater London saw a 14.7% increase, followed by Wales and the West Midlands which both saw a 13.8% rise.

Despite these optimistic figures, business leaders need to be cautious of the pitfalls that organisations often run into. Whether it’s operational or financial management, understanding every component of an organisation is vital in creating a business that is built to last.

This means establishing a clear strategy, with tangible and realistic KPIs that can be measured accurately. Naturally, this is easier said than done, and it is worth seeking out help from fellow professionals.

Chair of R3 in Northern Ireland, and Director at Interpath Advisory, Ian Leonard warned of the financial dangers organisations face: “Setting up a new business is just the first step – directors need to stay alert to any signs of financial distress and act accordingly should they arise.”

Many business leaders struggle to take the advice of Leonard and proactively address their financial issues as well as other element of their business. This is where the Help to Grow: Management Course comes in.

The course has increased the resilience of the businesses of over 70% of attendees, and 78% of alumni adopted best business practices after the course. This is done through 12 comprehensive modules that cover every element of the business that tie in to a growth action plan.

Alumni of the Help to Grow: Management Course and co-founder of pizza company Pig and Olive, Rachel Harris reflected on how the course helped her with financial management, ‘We needed to look at the financial side of the business with costs rising everywhere. Unfortunately, we weren’t quick enough to mitigate the rising costs which caused us a problem last year. I always had a fear of finance, so it was easier to ignore.

The course gave me the tools to spot problems quicker, and make sensible changes with our team members."

If you’re looking to sure up the future of your business, one-to-one mentoring, a tailored growth plan, and comprehensive insight into every element of business, then the Help to Grow: Management Course is for you. You can find out more about this larger course here.