Record number of new business registrations predicted in January
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.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.