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Saturday, July 13, 2024

Lancashire’s Allure for Entrepreneurs: A Thriving Hub for Business Growth

Lancashire, with a rich history and vibrant business community, has become an attractive destination for entrepreneurs seeking to start and grow their businesses. In recent years, the region has experienced a surge in entrepreneurial activity, fueled by various factors. Lancashire’s economy has seen steady growth and in the past five years demonstrated a Gross Value Added (GVA) of approximately £28.6 billion per year, as reported by Lancashire County Council. For those looking to make a go of a business, there are worse places to choose.

This article explores the key elements that have been drawing entrepreneurs to start businesses in Lancashire, including its supportive business environment, strategic location, and access to excellent legal coverage for navigating potential legal disaputes, such as personal injury claims.

An Entrepreneurial Region
Lancashire boasts a supportive environment that nurtures entrepreneurial endeavours. The region is home to a network of business support organisations, incubators, and accelerators including Blackburn-based Cyber Innovation Lab and Unity Centre of Excellence Incubator programmes that provide guidance, mentoring, and funding opportunities for startups and small businesses. The collaborative ecosystem facilitates knowledge-sharing and fosters innovation, allowing entrepreneurs to thrive and grow their ventures.
Strategic Location and Connectivity
Lancashire’s convenient location offers numerous advantages for businesses, and is a big reason for its popularity. Situated in the heart of the UK, the region provides excellent connectivity to major cities like London, Manchester and Birmingham, and several major airports, ports and train links. It’s no wonder that Lancashire is home to 55,000 businesses in 2023.

Accessibility not only facilitates the movement of goods and services but also enhances business collaboration and networking opportunities for entrepreneurs. Being able to easily connect with suppliers, partners, and customers, expands brand reach and market presence.

Access to Legal Support
One notable aspect that attracts entrepreneurs to Lancashire is the availability of exceptional legal support, particularly for small businesses that can’t afford to navigate complex legal matters that can befall SMEs, including high-cost cases like personal injury claims or employment disputes. Lancashire is well-served by a legal industry with expertise in various areas, providing comprehensive coverage and representation for businesses. Legal professionals offer invaluable guidance to small businesses of a wide range, including compliance with regulations, protecting intellectual property, and providing representation during legal disputes. The legal sector in Lancashire is thriving, employing over 17,000 people and generating significant economic value, as per the Lancashire Law Society.

Lancashire’s appeal is clear to see. Beyond all those financial, logistical and practical factors, it’s a region of the UK with welcoming people, beautiful landscapes and a sense of community that you might not find everywhere.

For business, the availability of top-notch services, financial support, connections and transport links ensures that entrepreneurs have the necessary support to navigate the many challenges that they face in their journey to maturity. Lancashire has taken big steps to offer all of them. However, as more entrepreneurs discover the advantages offered by Lancashire, it’s only going to become more of a thriving hub of new ventures – and not one to miss out on for an ambitious entrepreneur.

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