The startup world is a fiercely competitive one, with companies across sectors opening and closing every day. Safestore have carried out research to find the biggest concerns for biggest owners, their most fundamental goals, and what they believe to be the top reasons for a business failing. We’ve also looked at UK regions to compare the rate of businesses opening and closing over the last 6 years.
Biggest Issues Facing Business
In every sector, business owners are faced with a number of problems to solve every day of the week. We’ve looked at 8 major business sectors to find what matters most.
Rate of Business Closure by Region
According to PwC, the UK has seen an average of over 5,600 businesses close yearly since 2013, which is nearly 30% higher than the number of openings every year. When the figures are combined to show a net increase/decrease, all UK regions recorded a deficit in the number of businesses opened/closed.
Goals vs. Mistakes
By taking a look at existing survey data, Safestore have been able to highlight both the primary objectives for a business owner, and the most common reasons for failure. Some of the highlights from the research can be found below.
So if you’re planning on starting out on a new venture, as well as knowing the industry and region you’re going to be in, be sure to know what you’re goals are and what to look out for on the long road to success.
Sources and Methodology
The data relating to sectors and goals/mistakes of business owners is taken from existing surveys. For the rate of business closures we used PwC’s consumer insight report.
Other sources used below: