Vintage Lillie, opened with little help from the BIC
As we begin a new year we take a look at what’s new in 2016 for Sunderland businesses.
We kicked off the New Year with the news that Sunderland has been named among some top cities to start a business.
Sunderland was ranked fifth in a report looking at all 69 cities, scoring higher than London, Manchester, Liverpool and Edinburgh.
Researchers also looked at the availability of good office space and broadband speeds, then marked their findings out of 10 to draw up the national league table. The report was put together by London-based Quality Formations, which helps entrepreneurs to start-up companies.
There are many changes occurring this year, including the National Living Wage (NLW) which will be introduced in April. Employers will be required to pay all staff over the age of 25 a NLW of £7.20 per hour. According to research carried out by Yorkshire Bank 71% of SMEs believe it will lead to an increase in staff costs.
However the increase to the Employer Allowance is a positive change for SMEs. Over the next 12 months the National Insurance Employment Allowance will increase to £3,000 which is encouraging for those recruiting this year.
Furthermore, research shows nearly one in five SMEs (17%) will still invest additional funds in hiring staff over the next year.
ex teacher, Angela Karamath started her own business, AK Sports
The news that SMEs have the desire to grow and take on additional employees is fantastic news and I believe this will have a positive impact on the region and the UK economy.
Just last year alone the North East Business and Innovation Centre (BIC) saw over 1500 people from the area walk through the doors wanting to become their own boss. Some of those who started include; Scott Anderson who released a what’s on guide to help families plan days out – I’m Bored North East, a vintage furniture shop in Fulwell – Vintage Lillie and a primary school teacher who quit her job and began her own sports company – AK Sports.
If you have decided this is the year you want to take control of your career and become your own boss then why not make an appointment with our Start Up team and let us guide you to success. We would love to be part of your journey. Call 0191 516 6149 or book your appointment with an adviser.