Cornwall has one of the best start-up survival rates in the country

With thousands of new businesses established every year, Cherie Woodhouse looks at some of the support available to help these companies grow and thrive.

Cornwall is enjoying a grassroots revolution as the county becomes one of the best places in the UK to launch a new business.

Office of National Statistics figures show that Cornwall has one of the highest five-year survival rates for start-up business in the country, at 46.9% compared with the national average of 42.4%.

In fact the South West as a whole ranks as the best region in the UK for start-ups, with 45.6% of fledgling businesses making it to the five-year milestone.

In 2019, 2,948 new businesses were launched in Cornwall alone, according to recent figures released by the Inform Direct Review of Company Formations, using data from Companies House and the ONS.

Business support has been a key plank of successive EU funding programmes in Cornwall and the Isles of Scilly, recognising that the area’s micro-business economy has needed help to overcome barriers to growth, from the availability of funding to finding the right skills. Despite the UK leaving the European Union, the current EU programme runs until 2023 and includes almost £100m of funding for business support projects.

But with so much help on offer, it can be difficult for a new business to understand what is right for them.

That’s why the Cornwall & Isles of Scilly Growth Hub was created in 2016, helping to guide both emerging and established businesses as they make their mark in a diverse range of industries, from food to children’s literature and online eco-apps.

“New business growth is thriving in Cornwall and we are thrilled to be able to meet and help businesses as they start on this exciting journey,” said Matt Borne, Business Connections Manager at the Growth Hub.

“From further training to marketing advice or funding, by understanding exactly what each business hopes to achieve we are able to pinpoint the services that could help them reach their goals.”

As part of its funded service, the local Growth Hub holds business reviews with both new and established firms, so its Business Connectors can understand their ideas in detail while discussing the type of support and funding each business may want to access.

 “People choose to set up their own business for a range of reasons, including those who want to change careers, have been made redundant, are serial entrepreneurs, or retired and are ready to focus on their own individual business ambitions,” said Matt.

“No matter what their objectives, we talk to all of them about understanding why they are launching a new enterprise; what they hope to achieve and who their customers are. This helps them to discover exactly what they have to do to make their business work and it allows us to signpost them to the best ongoing financial and business support available.”

Among those taking part in a recent business review was Sharon Covey, a career-long chef in the process of launching Barking Buddies, a walking, grooming, pet sitting and pet taxi service based in Penryn.

She explained the benefits of contacting the Growth Hub: “It would have taken me a long time to find all of the information that the Growth Hub signposted me to because there is so much support out there.

“Following my business review, I feel really motivated to keep going. The Growth Hub suggested a number of organisations for me to contact for possible support and I also felt really inspired by all the other business people at the session.”

Matt added that Access to Finance, Unlocking Potential, Digital Peninsula Network and Outset Cornwall are among the organisations that can offer ongoing business support to start-ups.

“The core part of our service is to help these businesses hit the ground running by introducing them to the business support available to them,” he said.

The Growth Hub is impartial, free and independent. It works with a full range of local businesses, from sole traders and not for profit organisations to start-up and established businesses with fewer than 250 employees.

“We are here to help businesses to manage and access the huge amount of support available to them,” said Matt.

The Cornwall & Isles of Scilly Growth Hub is part-funded by the European Regional Development Fund and match funded by Cornwall Council, the Department for Business, Energy & Industrial Strategy and the Cornwall & Isles of Scilly Local Enterprise Partnership. 

For more information and to discuss your business with the Growth Hub, call 01209 708660 or visit www.ciosgrowthhub.com

Cornish Rock Gin case study

One Cornish start-up that has benefited from the business support available is Cornish Rock Gin.

The growing business is the brainchild of Angie and George Malde, who create small batches of gin that are distilled by hand using pure Cornish spring water and botanicals. Since establishing their new venture in 2018, they have diversified their product range to include five different gins and two spiced rums. Rock Gin also supplies 50 farm shops in Cornwall and Devon and St Austell Brewery’s estate, and the business is now looking for distributors in London.

Angie began speaking with the Growth Hub team in March 2018, as she looked for ways to transform her business ambitions into reality. She has since been signposted for further support including Unlocking Potential’s Breakthrough Cornwall team for start-up business support; Superfast Business Cornwall for web and online support; Avanti’s Connecting Rural Cornwall project for subsidised broadband at their house; the BIG2 grant scheme to help fund machinery, and SWMAS, which supports growth in manufacturing businesses.

Angie said: “Because of the signposting, we were able to receive grant funding to help us buy our first still and we have also been supported to purchase a bottling plant which has transformed our efficiency and the scale and growth of production.”

“We are so pleased with how the business is growing and we are looking forward to an exciting future. But we wouldn’t have been in this position without the Growth Hub.”

Top tips to starting a business

Launching a business can be a daunting prospect, but help is at hand. Here the Growth Hub offers some top tips when thinking of establishing your own enterprise:

Know your audience - make sure you are aware of your market and who your customers are. If you don’t have customers, you don’t have a business.

Finance – Funds, for example private investment, borrowing or grants, are vital to help you to pay for the things you will need to get your business off the ground.

Be Aware – Do your research and make sure you know about the regulations you need to adhere to when setting up your business.

Prepare – Put together a business plan so that you understand what you want to achieve from launching your business and how you are going to get there.

These tips are just the start - the Growth Hub can support your business to get the right advice to help it grow now and into the future.