South West sees highest business start-up survival rate after 5 years

By Jamie Hill - 19 November 2019

Business

Are you based in the South West and have a burning idea for a business you think will be a roaring success? You’re in luck!

According to recent research by TNT focussed around the best places to start a business in the UK, the South West saw the highest survival rate over 5 years.

The region also saw an impressive start-up survival rate for 1 year too, surpassing the likes of Northern Ireland and London, which only saw an 89% survival rate vs. the South West at 92%. But why are companies flourishing in the likes of Swindon, Bath and Bristol?

New businesses are booming

In 2018 there were a total of 578 new software development and programming businesses established in the South West – these mixed with the rise in new retail & wholesale businesses, manufacturing companies and professional services, it’s safe to say if you’re looking to bring your start-up anywhere, the South West should be somewhere you take a serious look into.

If you’re looking to start up your own company, whether you’re a one-man band or are forming with a group of like-minded people, there are a wealth of other benefits to turning your vision into a reality in the South West too.

Should you up sticks and move?

One thing to consider is whether or not you’ll need to relocate. If you live a couple of hours drive or a long train journey away from the location of your choice, is it worth selling up and moving? It seems as though the South West may give you that option.

With the average property price at around £253,410, compared to a whopping £471,504 in London and £318,727 in the South East; weigh up how cost effective it would be for you and your family to relocate. It may save you a whole lot of hassle as you’ll be wanting to put your all into your new business over the first few years to make it a success.

If you’re committed you’ll be a success

Ultimately, regardless of where you take your start-up company, as long as you’re committed and understand it will be hours upon hours of hard work, including late nights and early mornings, your business will be a success. However, if you can do, you will of course want to give yourself the best chance possible. With a strong economic activity rate of 64% and a strong 4G connectivity score (ideal if your business venture is technology based or relies on the cloud), the South West is definitely a region that should be on the top of your considerations list.

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