According to the research by Tide, a leading UK business financial platform, of the 350,505 businesses started in the UK in 2014, only 148,870 survived five years.
By looking at the survival rate of new businesses over a five year period, between 2014 and 2019, the research(https://www.tide.co/british-entrepreneurial-index/) revealed the areas where startups are most likely to survive.
Ranking first in the list is Ballymena with 75 of the 135 startups surviving at least five years. The survival rate in Ballymena is 55.6%, significantly higher than the UK average of 43.9%.West Somerset follows Ballymena, with a survival rate of 54.5% still going strong five years after their genesis. Sticking in the South West for third place is the district of Torridge in Devon where 54.2% of startups survive.
Commending on the findings, Oliver Prill, CEO at Tide said: “Taking the step into entrepreneurship is a big one, and I am always impressed by the number of people who are keen to leap into the unknown and give it a go, particularly in the last year, when we have seen an unprecedented number of new businesses emerge.
“It’s a very difficult step to take though, and as the data shows, not all start-ups make it.
“There are a number of steps that new business owners can take to increase their chances of success.
“Before quitting your day job to start a business, try to run your business alongside your job - this can be exhausting, but it gives you the opportunity to see if the business can generate an income without the financial pressure
Fail fast - if something isn’t working, don’t waste time and energy trying to make it work, be agile and try something new. The beauty of starting your own business is that you have the freedom to take in the direction you want.”