A record number of new business registrations have been predicted in Britain this January, as many entrepreneurs turn New Year’s resolutions into exciting new ventures.
The forecasts were made by small business domain provider 123 Reg, based on new website registration trends over the past five years.
According to the platform’s data, new business registrations in the first week of January have grown by 20 per cent each year since 2011.
The research also revealed that UK entrepreneurs are ten per cent more likely to start their business in January than in any other month.
Commenting on the strong trend towards new business registrations, Nick Leech, digital director at 123 Reg, suggested that the Christmas holiday acts as a time of reflection for many people.
“Every year we see excitement about starting new businesses in January. Many use the holiday break from corporate life to think of exciting new business ideas and fulfil their dreams of starting out on their own,” Leech said in a statement.
Entrepreneur and founder of artisan jam company Piddington Jam, Catherine Piddington, said she used January to start her business because the new year gave her motivation.
“It also gave me the year to develop my brand and build my product line,” she explained.
Leech added that new business registrations were particularly strong during times of economic uncertainty, and pointed to the high number of domain registrations following the 2008 financial crisis.
Further research from small business accountants Crunch revealed that a third of the UK’s workforce considered a change of career in January.
The study found January 31 as the day that unsettled Brits were most likely to hand in their resignation letters – crucially, using the first pay day of the year to help fund their entrepreneurial ambitions.
Commenting on the research, Crunch CEO Darren Fell suggested that the draw of entrepreneurship was symptomatic of the “modern world of work”, as people seek out “flexible, exciting careers that fit their lifestyle”.
Government figures released in October last year showed that an extra one million small firms had been founded between 2010 and 2016.
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