More than 10,000 new businesses were set up in the South West over summer.
According to new research from R3, the º£½ÇÊÓƵ’s insolvency and restructuring trade body there were 10,318 start-ups in the region over the summer months, an increase of 2.9% on last year's figure of 10,031.
R3’s analysis of data provided by Creditsafe, showed start-up numbers rose steadily over summer with 3,337 in June, 3,434 in July and 3,547 in August. This was a contrast to last year when numbers fell from 3,397 to 3,264 between June and July 2022, before rising to 3,370 in August.
Charlotte May, chair of R3 in the South West, said: “Start-ups have thrived this summer in the South West as more and more people have launched their own businesses, which will hopefully provide more opportunities for people and supply chains across the region.
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"This is welcome news and comes at a time when business confidence in the region is high, as inflation eases and firms look to recruit more staff.â€
The yearly increase in start-ups seen in the South West has been mirrored across almost every º£½ÇÊÓƵ region and nation, with only Yorkshire and Humberside seeing a decrease in start-up numbers. The largest increases were seen in Northern Ireland (55.8%), Greater London (12.4%) and Scotland (8.6%).
Ms May, who is associate director for South West and Wales at Manolete, continued: “However, it’s important to note that the first few years of a business’s life can be the most challenging. To minimise the risk of your business running into financial trouble, keep a sharp eye on your finances – and that applies to directors of established businesses as well as newer ones.
“Whether your business is new or not, keeping tabs on your spending and your stock levels, ensuring you have money put aside for unexpected problems, and reaching out for qualified advice as early as you can if you start to become concerned about your business and its finances, are critical when it comes to spotting and addressing signs your business may be struggling or financially distressed.
“Seeking advice as soon as you start to worry about your business is particularly important as the longer you delay this, the fewer options you have for resolving it, and you have less time to take a decision about your next step than if you’d reached out while your problems were new.â€
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