Less than 50% of startups are still running after five years even in the best UK locations so it is probably worth assessing the area you intend to set up in to give your business the best chance of success.
An article in the Guardian recently looked at various aspects of starting up a business including, location, employment opportunities, funding and overall start-up activity.
An assessment of which cities provided the best home for a start-up revealed some surprising results. Manchester which is set to become a so-called Northern Powerhouse saw only 35.9% of business still operating after five years.
Cambridge came out top of all UK cities with 49.4% of businesses surviving the most difficult first five years of trading. While Manchester has comparatively more businesses setting up than Cambridge, this does highlight the continuing presence of the North South Divide when it comes to business success.
When it comes to business funding for example, the amount invested in start-ups per 10,000 people was £2,975,712 compared to just 130,190 in Northern Ireland.
For businesses to survive beyond the first five years, funding and opportunity for expansion and growth are vital and the statistics show that this is more likely in cities such as Cambridge and London than elsewhere in the UK.