If you’ve ever wondered where the best place to open up shop is, whether it be physically or virtually, our partner School of Marketing has all of the answers for you.
In a recent study conducted by School of Marketing, it was found that Cardiff was the best region in the UK to open up a business - based on an analysis of ONS data on the number of new businesses and closing businesses in 2021.
In 2021, Cardiff saw a 72.14% higher amount of business openings compared to closures - with a huge 3,460 businesses opening, in comparison to 2,010 shutting down. This means that for every 10 businesses that close in Cardiff, 17 new ones began - this is an amazing figure and shows great potential for the Welsh capital. So, if you’re thinking about starting your business in Cardiff, it seems it is most definitely the place to be.
Mansfield came in second with 625 new businesses, which is a lower figure than Cardiff, however, only 380 businesses closed the whole year, leaving the city with a 64.47% difference of business openings to closures in 2021.
See the full list of regions and their statistics below.
The study also found that there has been a 4% rise in business openings since 2019 (pre-pandemic). However, overall there has been a 5% higher number of business closures since 2019 - so are we still seeing the effects of the pandemic on businesses?
“With many prospective business owners holding out to begin their companies with the uncertainty of the Covid 19 pandemic, this list not only shows the best regions to do so but also highlights how in many areas, the economy is starting to flourish again. It’s interesting to see the diversity of the regions in the top ten, with welsh areas, northern regions and London boroughs all performing well for new business” - a spokesperson from School of Marketing. cca