Bromsgrove sees the biggest growth in startups in the UK

Bromsgrove

Bromsgrove, West Midlands has seen the biggest growth in startups, with a 171.3 per cent increase in new businesses from 2018 to 2019.

That’s according to new bank Tide, in it’s latest research.

Looking at the rate at which startups were founded in 2018 and 2019, the research revealed that the top ten regions with the biggest growth in new start-ups were dominated by the South and the Midlands, with the top 3 including Bromsgrove, Wyre Forest and Redditch.
Tide’s research isn’t new. In March this year, telecoms company Circleloop, revealed the same thing, which it had compiled using government data.
The regions with the biggest growth in new startups
  1. Bromsgrove, West Midlands – 171.3 per cent increase

  2. Wyre Forest, West Midlands – 142 per cent increase

  3. Redditch, West Midlands – 131.6 per cent increase

  4. Kettering, East Midlands – 100 per cent increase

  5. Bournemouth, South West – 95.8 per centincrease

  6. Telford and Wrekin, West Midlands – 67.9 per cent increase

  7. Wychavon, West Midlands – 67.4 per centincrease

  8. Southampton, West Midlands – 59.3 per cent increase

  9. Hinckley and Bosworth – 51.5 per cent increase

  10. St Albans, South East – 43.6 per cent increase

Oliver Prill, CEO at Tide, said:“Taking the step into entrepreneurship is a big one, and I am always impressed by the number of people who are keen to leap into the unknown and give it a go, particularly in the last year, when we have seen an unprecedented number of new businesses emerge. It’s a very difficult step to take though, and as the data shows, not all start-ups make it.
“There are a number of steps that new business owners can take to increase their chances of success.
  1. Before quitting your day job to start a business, try to run your business alongside your job – this can be exhausting, but it gives you the opportunity to see if the business can generate an income without the financial pressure

  2. When you’re ready to take the plunge and dedicate all your time to your business, take the time to assess how to use your time most effectively – the admin side of running a business is time consuming, but there are services, like Tide, out there to lighten the burden

  3. Fail fast – if something isn’t working, don’t waste time and energy trying to make it work, be agile and try something new. The beauty of starting your own business is that you have the freedom to take in the direction you want.”