The best UK regions to start a business
Cardiff is the UK’s best region to start a business, new research has revealed.
The study by marketing training hub School of Marketing analysed the latest ONS data on the number of new businesses and closing businesses.
It found that the Cardiff area was the best place to start a business. 2021 saw 72.14% higher business openings than closures, with 3,460 new businesses in the region compared to 2,010 shutting down. This meant that for every ten businesses that died, roughly 17 new ones started. In the city of Cardiff itself, the financial and business sector is the largest employer, with 20% of the city’s workforce employed in this field.
Mansfield comes in second, with 625 new businesses in the area compared to the 380 that closed in 2021 which meant that for every ten businesses that closed, around 16 more were started. The 260 new businesses in the third quarter of 2021 was not only the highest post-pandemic statistic but also the highest since 2017.
Wolverhampton comes in third with 50.85% more new businesses than closures, with 1,780 business births and 1,180 deaths in 2021. For every ten businesses that closed in the area, 15 new businesses were founded. The city of Wolverhampton was named the fourth-best UK city to launch a business in a 2015 report by Quality Formations, so it’s clear from this data that the city remains a hotbed for entrepeuneurs.
