October was a 'milestone month' for Northern Ireland’s entrepreneurs, with start-up numbers almost doubling year-on-year

Start-up numbers in Northern Ireland were nearly twice as high in October as the same time last year, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 1,439 firms were set-up in Northern Ireland in October 2023 – a 99.6% increase on the 721 start-ups that launched in October 2022.

Start-up figures in Northern Ireland have continued to climb over the past four months, with 1,067 start-ups in July, 1,236 in August, 1,297 in September and 1,439 in October.

Northern Ireland saw the largest annual percentage increase in start-up numbers of all the nations and regions in the UK, well ahead of Greater London (21.9% increase), East Anglia (17.6%) and Scotland (16.3%).

Highlighting October as a ‘milestone month’, Ian Leonard, chair of R3 in Northern Ireland, continued: “Start-up numbers in Northern Ireland are now well above what they were for the whole of last year, as more people make the move to become their own boss, and these new firms will provide welcome opportunities for people and supply chains across Northern Ireland.”

Ian, who is a director at Interpath Advisory, continued: “That being said, in the early stages of running a business, challenges can be tough to navigate. Whether you're starting a new business or managing an existing one, it’s crucial that you are alert to the signs of financial distress and have a plan in place for dealing with them should they arise.

“When you see signs like too much inventory, cash flow issues, or problems paying your bills, that’s the time to seek advice. Speaking to a qualified professional when your concerns are at an early stage opens up more options for resolving them and will give you more time to think about how you want to move forward."