Begbies Traynor Group: Lincolnshire – Booming in New Business and Aspiring Start-Ups

Rich history of progressive thinking and business growth

The economic roots of the East Midlands date back to the industrial revolution as the region quickly built a reputation as a core contributor to the engineering and aviation industry. Soon established as the worldwide hub for aircraft production and gas turbines, it’s no wonder that the East Midlands continues to attract innovative business owners. Bolstering its standing as an incubator for start-ups, there are several support networks and initiatives which can help guide businesses through their early days in Lincolnshire.

The Lincolnshire Business Support Network (LINBIS) offers support to businesses trading in their first year, connecting them with professional mentors. The Lincolnshire Chamber of Commerce also provides access to funding such as revenue and capital grants for micro, small and medium businesses, in addition to workspace support.

Moving out of the capital

It’s natural for businesses to dream of starting a successful business in the Capital; however, the grim reality is steep rent, a higher standard of living and a tougher fight against the competition in a saturated market.

If the demand for a locally delivered service is present and you’re able to attract skilled employees for your business, selecting an alternative location to the capital can help increase survival rate, the financial health of your business and minimise financial distress levels. When selecting a place to do business, assess the trading opportunities available, regional specialisms and your potential as an employer to invest in the local community.

To access business restructuring and turnaround advice in Lincolnshire, contact Gareth Rusling, partner at Begbies Traynor Midlands, on 0114 275 5033 or email gareth.rusling@btguk.com.