The entrepreneurial spirit is very much alive in the UK even amidst the pandemic. Many people have been reflecting on their life and career in recent times, which has encouraged many to take the plunge and to start their own business and enjoy the benefits that this can bring. So, whereabouts in the UK is the most entrepreneurial?
Research into New Businesses
Business card printing specialists instantprint recently conducted research that found that nearly half a million (468,371) new businesses were started in 2020. They also looked into where the cities were that these new businesses were being started and it may come as no surprise where the most entrepreneurial places are in the UK.
Here are the top 5 cities in terms of new business registrations in 2020:
- London (123,462)
- Birmingham (11,185)
- Manchester (9,684)
- Glasgow (6,166)
- Leicester (5,549)
Why People are Starting New Businesses
Unsurprisingly, it is the major cities in the UK where most new businesses are started. With many people being on furlough, made redundant and working from home, it means that lots of people have had more time on their hands and may be looking for new ways to earn money and follow their passions. These will all be driving factors as to why so many people have started their own businesses in 2020 and this trend could likely continue in 2021.
It is also worthwhile looking at what kind of new businesses have been started in recent times. It is the retail sales sector which has dominated with 22,011 new businesses in 2020, which is hardly surprising when you consider the amount of online shopping that has been done during the pandemic. Additionally, online retail businesses can be relatively easy to set up and run from home so it is a smart choice in the current situation.
Management consultancies followed at 16,869, which could signify that many people are using their expertise to help other businesses to thrive during these challenging times. Other sectors which have been popular include the buying and selling of real estate (16,747), freight transport via road (10,848) and building developer (9,217).
The research also revealed that a third of people (29%) were considering starting a business in 2021. This shows that people like the idea of starting their own business and are looking to take control of their career despite the ongoing impact of both the coronavirus pandemic and Brexit.
The UK has always been entrepreneurial and it seems that the pandemic has led many to reflect on their situation and take the plunge by starting a new business. There is certainly the potential for success and the pandemic will create new opportunities, so hopefully these entrepreneurial-minded individuals will go on to find success with their new businesses no matter where they are located in the UK.