NEW research suggests that Redditch Borough Council is the third most successful authority at keeping new businesses afloat in the country.
The authority ranked third in the top ten of ‘least startup deaths’, with 46.2 per cent of 880 startups not seeing out their first year.
To put these figures in to perspective, Rossendale Borough Council saw a whopping 266 per cent of its startups fail.
Meanwhile Bromsgrove District Council is the most successful authority at keeping new businesses afloat, according to the research by business index CircleLoop.
Out of the 5,060 new startups recorded between January 2019 and January 2020, only 36 per cent of them failed in their first year.
It means the council had the least startup deaths out of the 300-plus local authorities researched.
Damian Hanson, co-founder of CircleLoop, said: “We hope to see that even after the struggles of 2020, people will continue to take the entrepreneurial step into setting up their own business.
“After the year we all had, it’s possible that our macroeconomic climate has driven more people to create either a new business to replace a lost job or even a ‘side hustle’ business to compensate for the loss of income.
“Starting your own business is a huge challenge and the first few years can be gruelling.
“In fact, it’s not unusual to see new business enterprises fail within the first year.
“However, with the right idea and plenty of resilience and perseverance, a startup might just be successful.”
For more information visit: https://blog.circleloop.com/the-startup-index-circleloop