It’s official: Fenland one of the top places in UK to start a new business

A new study has revealed the UK’s top 10 areas to start a new business in 2023 and Fenland ranks 7th with a survival rate of 96.90%

The money.co.uk business insurance experts have analysed the latest government data to uncover the UK regions that have seen the greatest survival rates for new entrepreneurs.

• Rutland demonstrates exceptional business resilience with a 1-year survival rate of 98.6%, providing a favourable environment for start ups.

• The Forest of Dean stands out with a 5-year survival rate of 55.4%, showcasing long-term stability.

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Anyone can start a new business, whether a small sole trader or the next big multinational. But not all businesses thrive, and the truth is that many fail. But where in the UK sees the greatest survival rate for new businesses? 

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The UK regions where new businesses have the greatest survival rate: 

• Rutland tops the list with the highest 1-year survival rate of 98.6%. It saw 350 new businesses established in 2020, of which 345 survived their 1st year.

• West Dunbartonshire in Scotland ranks 2nd, with a 1-year survival rate of 98.0%. There were 245 new businesses in 2020, and 240 survived their 1st year. This emphasises that the locality supports new ventures, leading to a high success rate.

• Looking across five years, survival rates are understandably lower. The highest 5-year survival rate was observed in the Forest of Dean, with 55.4% of the 325 businesses started in 2016 surviving for five years.
• Money.co.uk business expert Cam Jaques provides his advice on starting a business in the UK:

   

  1. Business Plan:

  A comprehensive business plan is the first step to starting a business. The plan should outline your business idea, target market, unique selling proposition, operational structure, marketing and sales strategy, and detailed financial forecasts.

   

  2. Legal Structure:

  Consider your business’s most appropriate legal structure – sole trader, partnership, or limited company. Each has implications for tax, ownership, and liability.

   

  3. Register Your Business:

  If you decide to set up a limited company, you’ll need to register it with Companies House. If you are a sole trader or in a partnership, you must register with HM Revenue and Customs (HMRC).

   

  4. Business Finances:

  You need to keep track of your business’s income and expenses. Open a business bank account, set up a bookkeeping system, and consider hiring an accountant, particularly for complex issues like taxes.

  

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  5. Business Funding:

  Starting a business requires capital. This could come from savings, a business loan, or external investors. The UK government also offers various grants and startup loan schemes you might qualify for.

   

  6. Business Insurance:

  Business insurance is critical. At a minimum, most businesses will require liability insurance. If you have employees, you must have employers’ liability insurance. Other types of insurance, such as professional indemnity or property insurance, depend on the nature of your business.

   

  7. Compliance:

  Ensure you know any industry-specific regulations, licensing requirements, or statutory obligations. Non-compliance can lead to penalties or the closure of your business.

   

  8. Network:

  Join local business groups, chambers of commerce, or other relevant professional bodies. These organisations can offer valuable advice, resources, and networking opportunities.

   

  Remember that every business is unique, so what works for one might not work for another. Tailor these suggestions to suit your specific situation, and consider seeking advice from a business advisor or mentor.