58% of new business owners in Lancashire expect to be profitable in their first year, and over half forecast a turnover of over £250k by their third year, according to the latest statistics from Boost Business Lancashire.
The statistics have been drawn from data submitted by the users of an online app, which provides an instant overview of the status of their start-up business idea. The app was produced by Lancashire LEAP, a start-up programme delivered as part of Boost, the £7.2m growth hub supported by the European Regional Development Fund.
The findings also show that while new business owners are confident that their business idea will be profitable, 46% have no prior experience of running or working for a start-up company.
Andrew Leeming, Senior Projects Officer at Lancashire County Council, said:
“It is encouraging to see the entrepreneurial spirit being alive and well in Lancashire in spite of the economic downturn of recent years. The Lancashire LEAP programme can help them by ensuring they can access any knowledge and support they may need to reach their goals.”
Lancashire LEAP provides free, intensive bootcamp sessions to ambitious new businesses, covering topics such as business planning, sales and marketing. Clients can also apply for a growth voucher, which contributes towards essential start-up costs. The programme is delivered by Regenerate Pennine Lancashire and Winning Pitch.
Extra Mile Personnel in Preston are just one business that has received support through the programme. Business owner David Dunsmore said:
“Boost have helped us access a business mentor, who is helping us clarify our growth ambitions, and we are applying for a growth voucher to help us formalise a sales structure and achieve our three year plan to grow the business.”
Business owners can find out more about the support on offer at www.boostbusinesslancashire.co.uk
