New wave of entrepreneurs create 300,000 businesses

A total of 300,000 new businesses have been set up in the UK, according to the latest figures from the Department for Business, Innovation and Skills.

The number rose from 4.5million at the beginning of 2011 to a record 4.8million at the start of 2012.
Those 4.8 million businesses employ an estimated 23.9 million people and have an estimated turnover of £3,100 billion.

Many of the new businesses have been set up by people who lost their jobs during the recession and used their redundancy pay to fund their new enterprise. The Government hopes these new businesses will help boost the economy and create new jobs

Business Minister Michael Fallon said: “We know that our entrepreneurs drive growth, so we will continue to do everything we can to help unleash and unlock entrepreneurs’ potential. The additional tax relief for angel investment, reforms to employment law, investment in business mentoring and further cuts in red tape are just some of the actions government is taking to create a better business environment.”

While it can be exciting and rewarding to be your own boss, there can be several pitfalls. Start-up businesses need to consider a variety of issues ranging from employment matters to business contracts and leasing agreements.

We have helped numerous new businesses get off the ground and are able to offer advice on such things as whether to set up as a sole trader, partnership or a new company. We also have valuable contacts including accountants, surveyors, valuers and financial advisers who can provide added value to the services we provide.

Please contact Charles Goodbody in our Warminster office on 01985 214444 or cgoodbody@mulaw.co.uk  if you would like more information about starting up a new business.