THERE was a sharp increase in the number of new businesses started in the north at the start of this year, new data shows.
Analysis by Insolvency and restructuring trade body R3 found 703 new businesses were formed in Northern Ireland in January.
It was the highest monthly total since October (721) and a 62 per cent jump on the December figure (435).
R3 said the increase in start-ups between December and January was the sharpest rate of any UK region.
James Neill, chair of R3 in the north said: “Northern Ireland has had an entrepreneurial start to the New Year, and these new businesses will create opportunities for people and supply chains during a challenging time for the business community and the economy.”
However, Mr Neill, who is a director at HNH, said: “it’s worth noting that the first few years of a business’s life are the most vulnerable, and the trading climate is particularly challenging at the moment.
“My advice to new company directors is simple – know your business inside out and if you spot an issue, seek help as soon as you can.
“If you’re paying bills late, making unplanned cuts or noticing a constant issue with cashflow, then these are all signs your business could be financially distressed and that it’s time to ask for help,” he added.
“There are many options out there for businesses that are struggling, but those options become fewer and the time to take a decision becomes shorter if you don’t move quickly and seek advice before the problem spirals.”
