Lancashire has seen a surge in newly registered companies in 2020 with a record of 12,655 start-ups in the last 12 months.
The number of newly registered companies in the county stood at 11,229 in 2019 so the latest figures show a 12.7% increase. There is now a total of 83,690 registered companies in Lancashire.
So, why are we seeing so many new businesses in the area? While thousands found themselves on furlough or out of work completely over the last 12 months, some have turned to creating their own businesses as a stream of income or as a ‘side-hustle’. We’ve seen many innovative new ventures starting their lives out of what has undoubtedly been a challenging year for business.
Start-ups in areas such as e-commerce/retail and consultancy can either be run solely or partly from home during government-imposed lockdowns providing an attractive and future-proof business model which works well amongst the many restrictions on trading and movement during the pandemic.
In Lancashire, Preston formed the highest number of new businesses in 2020; 1,704 were set up in the city. This has been cited as a contributing factor in Preston being named as the best city to live and work in in the North West. This is not an easy feat when you consider it was up against heavyweights such as Liverpool and Manchester!
Preston also performed well in categories such as jobs, health, housing, income, skills, transport, income distribution, work-life balance, and the environment. We have been a part of the Preston business community for a number of years now and are pleased to see the city gaining the recognition it deserves.
In another of Farleys’ hometowns, Blackburn with Darwen has recorded the second highest number of new business registrations with a total of 1,641 in 2020.
For many, starting their own business from home offers a flexibility to work around other commitments such as home-schooling or a partner’s work shifts and allows them to pursue an area of business they are passionate about. If you are thinking of setting up your own business, make sure to do the relevant research and seek professional legal and financial advice to ensure your business has the best possible chance of success.
Farleys’ commercial law team has vast experience of assisting businesses of all sizes in navigating the challenges they face from start-ups to long-established companies. To speak to our specialists about the business legal solutions we can offer, please call 0845 287 0939 or contact us by email.
