Starting a business in the UK is something people dream of doing, but in 2016 we saw people acting on these dreams and can at last call themselves an Entrepreneur.
More people were inspired to start a new business in the North West than London last year. R3 – The UK’s leading organisation for insolvency, restructuring and turnaround, revealed that the number of active businesses increased by 32,774 since December 2015.
This new data showed that the number of companies in London grew by 6 per cent compared to the North West where there was a 10 per cent company growth.
In light of the UK having its highest level of active businesses, now over 347,200, it is easy to see that there is a strong start-up culture growing in the UK.
These figures prove that there has been a significant growth in entrepreneurial spirit and a strong drive to run a business.
The most popular business growth sectors
Transport – 46 per cent increase
Restaurants – 25 per cent increase
Technology and IT – 14 per cent increase
Professional Services – 11 per cent increase
Transport had the largest growth, with over 6,500 businesses and even though food and drink are a popular business opportunity for start-ups, there has also been a drop in these businesses succeeding due to the economy.
The growth in transport businesses is most likely due to online shopping, which in turn creates an increased demand for couriers. Also, Richard Wolff, the North West chair of R3 stated that Uber and Deliveroo have made it easier for individuals to set up and become involved in the transport business.
After seeing the growth, success and new business opportunities through 2016, it is natural for many people to see the potential and positives revolving around running your own business.
If you are inspired and wish to challenge yourself in 2017, read our Spaces and Places blog on how to Start a New Business This New Year.