Surge In Business Start-Ups In Northern Ireland

The latest data has shown that there has been a large rise in business start-ups in Northern Ireland. The figures, compiled by insolvency and restructuring trade body R3, show that there were over 130% more start-ups in July this year, compared to the same month in 2022. The figures were also over 45% higher than the same month last year.

In total there were 1,563 new businesses in July, compare that to 674 in July 2022 and you can see how much the figures have soared recently. The entrepreneurial spirit is very much alive and kicking in Northern Ireland.

The Vast Majority Of Businesses Are Small And Independently Run

Chair of R3 in Northern Ireland, Ian Leonard, looking at the reasons behind this surge in start-ups, is quoted in an article on the Business Eye website as saying:

“Start-up numbers have soared in Northern Ireland over the past year. 

“The vast majority of businesses here are small and independently run, and the challenges that arose in 2022 during the peak of the cost-of-living crisis left many people hesitant to take risks with their personal finances and set up new businesses. 

“Two years later, inflation is easing, interest rates have fallen, and energy prices have settled, and it’s evident from this data that people in Northern Ireland are now seizing the opportunity to take the leap into entrepreneurship and set up their own business.”

Striking A Note Of Caution

However later on in the same article, Mr Leonard did strike a note of caution when discussing the prospects of these new start-ups. He said that:

“Despite this positive news, it’s important to remember that the first few months of a business’s life are often challenging. Directors of both new and established businesses need to stay vigilant to the early signs of financial distress such as cash flow problems, mounting debt, difficulty in paying suppliers and declining sales.

“If any of these concerns arise, I would urge business owners to seek advice from a qualified professional as early as possible. By taking early advice, you’ll have more time and more options available to navigate your way out of difficulty.”

He is certainly right that early, expert advice from a qualified professional can be the difference between success and failure for many businesses. So if you have a new business and you need some help with your business plan, tax or funding etc, don’t hesitate to get in touch with our team here at WHR Accountants on 028 3752 2909.