The latest data, provided by Creditsafe and published by the UK’s restructuring and trade body R3, has revealed that there were a total of 16,664 businesses set up in Northern Ireland last year (2024). That is up by a huge 25% on the previous year where 13,280 businesses were set up.
This was a larger percentage yearly increase than any other region of the UK, which of course is highly encouraging for the future economic landscape of Northern Ireland. In fact most regions so a fall in the number of start-ups rather than a rise.
NI An Exciting Place To Start A Business
In an article on the Belfast Newsletter website, Ian Leonard, who is chair of R3 in Northern Ireland, said of this rise in entrepreneurship here:
“Northern Ireland has proven itself to be an exciting place to start a business. While other regions have seen a dip in new businesses, Northern Ireland continues to stand out as a hub for opportunity, attracting entrepreneurs eager to take“
“Most importantly, this surge in start-ups has brought new opportunities for local people, contributing to a more diverse and vibrant economy as we head into 2025.” advantage of its unique access to both the GB and EU markets.”
The Tech Boom Has Driven A Surge In Start-Up Numbers
Ian went on to say in the article that:
“Northern Ireland’s tech sector in particular has seen significant growth over the past year, with businesses seizing new opportunities to innovate and expand. This tech boom has driven a surge in overall start-up numbers, not just compared to 2023, but also to 2022 when there were just over 8,300 new businesses launched across Northern Ireland.
“While the growth in start-ups is promising, it’s essential that directors of both new and established businesses remain vigilant to the first signs of financial distress. Supply chain disruptions, rising costs, and high energy prices are ongoing issues that no business is immune to, and it’s important that business owners seek advice as soon as these concerns start impacting cash flow or the business’s ability to pay its bills.
“Conversations around money can be extremely difficult, but by facing your problems early, you’ll have more time to think about your next steps and more potential options available to you for resolving your concerns.”
We second that, and if your business are facing financial problems then please get in touch with someone who can guide you in the right direction, such as ourselves. Give our team a call on 028 3752 2909.
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