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

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

New statistics released by Begbies Traynor Group, exclusively for Lincolnshire Chamber of Commerce, illustrates that the number of company incorporations in Lincolnshire was at its highest in recent years in 2019.

The data provided by Red Flag Alert indicates that Lincolnshire is attracting new businesses to its coastline and encouraging entrepreneurs to start shop in the heart of the East Midlands, more than ever, as 6,082 businesses were incorporated in 2019.

Lincolnshire is proving an aspirational place to do business as the statistics show a 17% increase in the number of new businesses incorporated in 2019 than in 2016, translating into 400 more businesses being established last year. Holding the beacon as one of the largest employment centres in the East Midlands, the statistics show a steady increase in the number of incorporations, making Lincolnshire a key contributor to the local economy.

The table shows the number of businesses incorporated in Lincolnshire from 2016 to 2019.

Company Incorporations 2016 2017 2018 2019
Lincolnshire 5700 5452 5898 6082

Gareth Rusling, partner at Begbies Traynor, Midlands, said, “It’s evident from the Red Flag data that Lincolnshire has great potential in maintaining high rates of employability and attracting fledging company owners. Business is booming and support measures are well placed to promote business continuity during the most vulnerable and volatile year for any new business.

“Covid-19 will likely take a toll on business performance in 2020; however, it’s promising to see that 2,700 new businesses have already been incorporated in Lincolnshire to date, with two financial quarters yet to go.”

Gareth Rusling

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.

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