THERE were more business start-ups in the first quarter of 2009 than for the last quarter of 2008, according to new figures released by Bank of Ireland.
The increase in business start-ups is as a direct result of rising unemployment across sectors such as construction and services, as innovative individuals facing the dole queue look at new ways of generating income.
There is an overall 6.6% increase in New Business Startups in Q1 2009 nationally, compared with Q4 2008, or 3,363 new company registrations. However, the findings from the latest Bank of Ireland Business start-Up Barometer reveal a 18.4% decrease in new company registrations, when compared to Q1 2008.
Enda McDonagh, Manager, Bank of Ireland said “The total start up figures come as no surprise as the year starts largely as predicted with a slow down in business start-ups and a reduction of over 18% year-on-year. However, we must not lose sight of the fact that there is a positive story here: 3,363 new businesses were formed this quarter, demonstrating the willingness of this sector to chart its own road to recovery. Despite the harsh environment, there are still some real opportunities for small businesses to develop and grow. The diversity of businesses set up in the last quarter is promising, and highlights the opportunities available – these businesses have identified new niches and market gaps.
“What’s more, history has shown us that more resilient businesses are set up in times of difficulty. Just look at Microsoft and Apple. Nonetheless, we recognise that there will be significant challenges for small businesses throughout the coming year. It is imperative that businesses remain focused in the months to come. Businesses must have a clear customer focus, be innovative in reaching its customers and maintain robust financial disciplines ”, said Mr. McDonagh.??
