Number of businesses grows despite economic downturn

The number of businesses in the UK has been growing despite the economic downturn.

That’s the picture that emerges from figures released by the Department for Business, Innovation and Skills (BIS).

The latest statistics show that the total number of businesses rose by 48,000 to 4.5m between the start of 2009 and the start of 2010. That was an increase of 1.1%.

Business and Enterprise Minister Mark Prisk said: “Private sector enterprises will create growth in our economy so it is encouraging to see that the number of businesses at the start of 2010 had increased. This was a difficult period, and these figures show the resilience of British business.

“I am determined that the Government will do everything it can to create the right environment for these businesses to now expand and grow, and also to encourage more people to set up on their own.”

It’s pleasing to see so many new businesses setting up despite the difficult economic climate.

However, if they are to succeed, start-up businesses need to consider a variety of issues from employment matters to business contracts and leasehold agreements. There could also be concerns about how to structure the business.

Getting good legal advice at the outset can prevent damaging problems emerging later.

We have helped numerous new businesses get off the ground and are able to offer advice on such matters 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 us if you would like more information about starting up a new business.