Partner Article

Never a bad time to start a good business

4,567 UK companies went into insolvency in the first three months of 2008 – a 17% increase from the previous quarter and 12% higher that the same time last year, according to professional services firm, PriceWaterhouseCoopers. The firm puts these closures down to customers tightening their belts because of higher living costs coupled with less credit being available.

So while it is not as negative as it first appears, these statistics and the recent failure of well-known brands such as shoe shop Dolcis and book retailer The Works, are bound to cause some concern for would-be entrepreneurs across the UK who are considering starting their own business.

Matt Thomas, editor of entrepreneurial advice website startups.co.uk, said: “There’s no hiding the fact the economic climate has taken a downturn, but that doesn’t mean it’s still not a great time to start a business. Bank lending has held firm and business plans with smart ideas, solid business models and clear revenue streams don’t go out of fashion with investors.

“If anything, a downturn can represent opportunities for new businesses who can pick up skilled workers let go by streamlining corporates and react quickly to changes in consumer spending – and if your business can survive when times are tough, it’ll flourish during a recovery. There’s never a bad time to start a good business.”

Startups.co.uk, in conjunction with Barclays, BT Business and Microsoft, have organised a series of regional networking events in order to support and inspire anyone wanting to start a successful business. The Newcastle event takes place on 19 June at St James’ Park, and features Zef Eisenberg of Maximuscle and Brian Jobling of Eutechnyx.

For more about the events visit www.startupslive.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .