North West Has 91.7% Start-Up Survival Rate after Just One Year
The north west has recently been revealed to have a start-up survival rate of 91.7% after just one year. It as also been credited as having one of the highest start-up birth rates in the country.
So, whatโs driving the rise in start-up success in the region, and what makes the north west a great place to start a business?
Top three sectors according to turnover
Every region within the UK has its own high-performing sectors. Within the north west, it has been revealed that the top three sectors according to turnover are retail/wholesale, manufacturing and professional services. This closely mirrors other regions, though it also performs well in the tourism and energy sectors.
The only drawback for north west businesses has been the poor transportation links. However, the Department for Transport has enlisted the help of High Speed Two (HS2), to deliver a new high-speed national speed rail network. This will help to provide more frequent, faster and reliable travel between cities in the north west, as well as better connecting them to national stations.
Boasting excellent survival rates after 5 years
As well as boasting a 91.7% start-up survival rate in 1 year, statistics also show the north west has excellent survival rates after 5 years. This is impressive, given that the majority of businesses fail within the first 5 years of trading. It boasts a 42.9% 5-year survival rate.
So, as well as being great for start-ups, the region also benefits from stable growth. The chance of start-ups surviving their first 5 years is high, particularly when you compare it to the likes of London, which has a 39.3% survival rate for start-ups after 5 years.
Excellent connectivity
The north west also has excellent connectivity. Its digital connectivity comes in at 46%, while its 4G connectivity is a staggering 98%. This gives businesses fast, reliable connections which are essential in todayโs digital world. Businesses canโt compete if they donโt have connectivity.
There are a few other factors which make the north west a great place to start a business. Like the north east, it also has a reasonable affordability ratio, rating 4.96 compared to Londonโs 8.98 rating. However, compared to the north east, its commercial rental prices are a little higher. The average commercial rent in the region is ยฃ740, compared to just ยฃ450 in the north east.
While some improvements do still need to be made in the north west to help it compete with other regions, these latest statistics show the opportunities available. The new HS2 rail network will certainly go some way to improving accessibility in and out of the region. This, in turn, will help to boost businesses, allowing for easier and faster commutes.
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