April Sees Record Number Of Business Start-Ups

There is no doubt that confidence is slowly but surely returning to the business community in Northern Ireland. We are finally getting back to normality after what has been a tumultuous few years, as we have all had to come to terms with the effects of the Covid-19 pandemic, the war in Ukraine and the subsequent cost of living crisis. We have also had to deal with the new trading rules and regulations brought upon us by Brexit.

Over 2,000 New Businesses Established Last Month

But there is definitely a spring in the step of many a budding business owner as shown by the record number of start-ups created in April of this year. According to the latest statistics provided by the insolvency and restructuring trade body R3 there was a staggering total of 2,311 new businesses established last month. This is a jump of over 33% compared to the previous month and only the second time there have been over 2,000 business start-ups in one month since records began.

This is a huge total for a country the size of Northern Ireland. And it is something that has been gaining momentum for some time as it had the largest yearly increase of start-ups of any region of the UK between April 2023 and April 2024. We have to be hopeful that many of these start-ups will go on to be thriving, successful businesses who create jobs and help grow the economy here, which we are sure they will.

Fantastic To See The Tech Sector Thriving

Ian Leonard, chair of R3 in Northern Ireland, is quoted in an article in the Irish News talking about these figures, saying:

“Start-up figures here have soared in the first quarter, and indeed there have been more start-ups launched in the first four months of 2024 than in the entire first eight months of 2023.

“In particular, it is fantastic to see the tech sector thriving. Belfast is emerging not just as a city seeing unprecedented growth, but as a major hub of innovation and opportunity, drawing talent and investment from across the globe.”

Ian went on to say in the article that:

“These figures are indicative of the significant opportunities for investment and growth that our economy currently provides, but equally, there remain a number of challenges and headwinds which certain businesses are facing.

“I would urge directors to remain alert to the signs of financial distress, like cash flow problems, falling margins, or problems paying bills or staff on time.”

Which of course is where we come in. If you require any assistance in developing your business and managing your finances please get in touch for an informal chat in the first instance by calling us on 028 3752 2909.