This blog is extracted from the article 'The secrets to business survival in Scotland and Copeland' posted on The Telegraph on 30th April 2018
From collaboration to local government support, here's why start-ups in these two areas are most likely to survive their first five years.
There are myriad reasons why start-ups don’t survive their formative years, from a lack of funding to poor leadership. But companies in Scotland and Copeland, west Cumbria, are getting it right, with a recent Royal Mail study revealing that they have the country’s highest survival rates for their first five years (at 56pc and 54pc respectively).
Here’s how they have cracked the code to business longevity.
Local schemes and support
Vanessa Cowan is chief executive of the Copeland-based wig shop, Glamorous Butterfly, which she founded in 2014 after being diagnosed with Alopecia Universalis.
She attributes the business’s survival to the local government, which not only connected her with hospitals to grow her client base, but also provided 12 weeks of coaching and a mentor.
Local firms helped too, with property developers, Britain’s Energy Coast, offering a six-week start-up course, £500 grant and social media training. The Cumbria Chamber of Commerce also coached her on tax, data protection and wages.
“All the help and support was advertised in our local press, radio and libraries – and I would have struggled without it,” says Ms Cowan, who cites Copeland’s affordable property prices and rents as another reason for the region’s small business success.
If you would like more information about Glamorous Butterfly, please visit the website www.glamorousbutterfly.co.uk or get in touch with Vanessa directly:
Facebook page: Glamorous Butterfly
Instagram page: glamorousbutterfly76
You can read the original (entire) blog post on The Telegraph.