Research reveals retail as the best industry for startups
by Startacus Admin
New analysis by cloud accounting company Ember indicates that the retail sector continues to be a pretty attractive proposition for startups...
Retail has been revealed as the UK’s best industry to start a new business according to research from cloud accounting company Ember.
Their analysis shows that the retail trade, (except for motor vehicles and motorcycles), tops the rankings in a number of key indicators for business success.
The research used ONS data to assess Britain’s 15 broad industry groups on factors including the number of businesses that were started between 2014 and 2019, compared to the number that failed in that time period, and the number of companies in that sector with a turnover of + £1 million.
Retail came out on top of the overall industry rankings thanks to one of the highest survival rates, and a healthy ratio of companies being started compared to businesses failing and as one of the most common businesses in the UK, the potential market is large.
Construction came out second in the list and Wholesale, which is defined by the government as separate from retail, ranked as the third for business success.
Of the 15 broad industry groups in the analysis, Finance & Insurance rated as the least favourable industry in which to start a new business, with one of the lowest survival rates for new companies.
Commenting on the study, Ember co-founder Daniel Hogan said: “It’s fascinating to see how the UK’s different industries perform in this analysis, and there are some very interesting insights for the country’s would-be entrepreneurs. Retail’s good survival rate and high ratio of new businesses make it a very attractive proposition for startups.”
It's great to see these positive stats for the retail sector - especially since it’s had a particularly tough time over the last 18 months as a result of the pandemic. The high street lives!
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Published on: 12th August 2021
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