UK entrepreneurs are growing in confidence – despite ongoing political argument over the current state of the economy and whether it’s driving growth.
New figures obtained from the national enterprise campaign, Start up Britain, claim over 526,446 new businesses were registered in 2013; representing an increase of just over 42,000 from 2012.
Here we take a look at the UK’s entrepreneurial hotspots as highlighted in the research:
With 136,939 businesses registered in Greater London and a further 40,052 in the South East, this area of the country has performed particularly well. In fact, the South East has managed to ride the recovery better than most areas for much of the past five years.
Despite this, the continued rise of the Midlands, Manchester and South Yorkshire reinforces the findings of a recent KPMG/ Recruitment and Employment Confederation documenting the accelerated recovery of these areas.
The successful registration of 11,765 and 16,281 companies in Manchester and Birmingham respectively could be the early signs of new economic centres developing in other area of the country.
Wales and the South West
Despite the relative success of Bristol and Cardiff, Wales and the South West are poorly represented. Key markets can offer potential for growth here but you must target your resources effectively to stand any chance of success.
The effects of the recent flooding have also taken their toll on opportunities. The inability to work effectively in local areas due to the weather will only be compounded by the impact it has on hopes for expansion and with few alternative transport links and delays to the broadband infrastructure upgrades, the lack of a wider market to grow into could hurt start-up opportunities.
Capitalising on opportunity
Targeting local markets is an essential part of achieving immediate success as an SME but there are important considerations. Seeking aid is vitally important and you need to know what help you’re eligible to receive.
November 2013 saw the 10,000th loan approved from the government’s Start-Up Loan scheme and this may be something for you to look into if you’re 30 or under. Now well past 13,000 approved loans, the scheme aims to provide a loan, a business mentor and access to partner support services to would-be entrepreneurs.
Each loan application is considered on its own merits with the loan amount determined on the strength of the business plan.
Alongside essentials such as payroll and a comprehensive business insurance policy, organising initial finance is one of the most important initial hurdles for starting up a business. The best place to start searching for these loans information is the Start-Up Loan application website.