Jump in total new companies in Scotland

More firms were created in Scotland between 2007 and 2017 than in the 1990s, according to a study of the sector.

Challenger bank Aldermore said in its latest Future Attitudes report that 23 per cent of Scotland’s SMES were launched in the third quarter of the year, and 35 per cent between April and June.

The lender, which has outlined ambitions to grow north of the Border and recently confirmed a £1 billion-plus takeover approach from South Africa’s Firstrand, said it comes as the UK has seen a major jump in the number of businesses being started.

Thetotalin2015was383,000, from 275,000 in 2005. Aldermore also revealed that three in five SME owners in Scotland started out to become their own boss, 45 per cent wanted to make their own decisions and just over four in ten sought more flexibility in their lives.

Carl D’ammassa, group managing director, business finance at Aldermore, said: “With more people looking to become their own boss, it is vital they have a clear business plan in place to ensure everything goes as smoothly as possible, both in the run-up to launch and, more importantly, throughout the critical first 12 months of trading.”

He added that SMES “play a critical role in strengthening the UK economy and we must provide them with as much support as possible to ensure they triumph in the long run.

“Establishing or owning a business is a dream for many. However, it is key that all budding entrepreneurs realise the extensive amount of time and effort that will be needed to achieve their goals.” 0 Carl D’ammassa urges planning when setting out