With growth in the Scottish economy at its fastest in two years, now appears the be the time for budding start up entrepreneurs to turn their small business idea into a reality.
The first quarter of the year saw Gross Domestic Product up by 0.5%, a rate similar to that of the rest of the UK. Even with growth numbers expected to slow in the second half of the year, the government said that the growth rates, combined with a record high employment figure of 75.9%, was evidence of the Scottish economy going from strength to strength.
Of course, not every area of Scottish business has enjoyed improvement, and some sectors more than others offer better prospects right now for new business. Here, we discuss four areas of the Scottish economy that are showing considerable promise.
Come September, FinTech Scotland will host a global three-week festival that will celebrate what has become one of the nation’s most successful business communities and economies. Fintech has thrived in Scotland over the past 12 months, with prominent firms from London, California and Hong Kong having established operations in Scotland to augment their growth.
Edinburgh and Glasgow play host to a burgeoning fintech scene, with plenty of synergy amongst fintech businesses working within their own niches of the sector.
Generally speaking, Scotland offers a huge amount of funding for start-ups through the likes of Business Gateway and Scottish Enterprise, but businesses offering sustainable services will benefit from further support from Zero Waste Scotland. Any business concept that will work towards reducing the nation’s waste or carbon emissions can apply for further funding which often comes with no strings attached.
Furthermore, there is an increasingly strong network of investors looking to offer financial support to eco-friendly enterprise.
The creative industries sit amongst a number of sectors where Scotland offers a distinct comparative advantage against the rest of the UK. Glasgow has developed a gentrified creative hub which houses various co-working opportunities for those working in the likes of fashion, graphics and digital.
Creative start ups in Scotland have the challenge of winning over creative talent that has traditionally moved away from the area upon completing study, however, with a growing buzz around the country’s art and design sector, it’s a good time to be joining the revolution.
The services sector remains dominant within Scotland, and automotive servicing will always have its place in the market. With revamped MOT laws creating better advisory opportunities for garages, car servicing offers great profit potential. Through the likes of Gallagher, it’s also easy to get covered appropriately against the unique liabilities of the industry.
Amid continued Brexit uncertainty, many will remain hesitant to make a move to start a new business. However, with some burgeoning sectors in the nation offering notable appeal, now may be the time for budding entrepreneurs to play to the strengths of Scotland’s rising economy.
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