In the first year of trading 91% of small businesses will succeed, However, after five years, only four out of ten small businesses are still trading. And after 10, it’s only a third.1
So, what does it take to make a business successful?
Well it appears that the location in which you live and work has a lot to do with how successful your venture will be.
London is the business capital of the UK, but with expensive office rates, higher wages and increased competition many entrepreneurs are looking to leave the capital and setup shop elsewhere in the country.
A new report by Wren Kitchens has revealed the areas of the UK that host the best entrepreneurs.
The data was conducted by analysing UK government data on business births, business turnover and number of local business units per towns and cities across the UK.
The areas of the UK that host the best entrepreneurs outside of London
The below table details the top 10:
To calculate the index, we first normalised the data categories individually from 0 to 1 and then summed the results.
On this scale, for
- The number of new local units (shops and premises opened by businesses) – The higher index would be weighted closer to 1
- The increase/decrease in businesses turning over £50000+ (Thousands) - The higher the number is weighted closer to 1
- The number of business births – The higher the number is weighted closer to 1
- The number of business deaths – The more deaths the closer to 0