West Midlands is named 'best place to start a business' in new analysis
New businesses are more likely to succeed in the West Midlands than any other region of the country, according to new research
The analysis ranked each county based on factors that are key to a new business’s success, including the number of start-ups in the last year, business growth rates, average broadband speeds, and distance to London.
The West Midlands took the top spot due to its thriving business community. With 13,785 new businesses founded in the last year alone – more than anywhere else in the UK – and one of the largest populations of ‘high growth’ businesses, the central area offers budding entrepreneurs a wider pool of talent and increased economic activity.
This, along with its strong average broadband speeds (93.4Mbps), proximity to the capital (115 miles) and convenient transport links to the rest of the UK, make the county an ideal location for new enterprises.
The research, which was conducted by ultrafast broadband provider, Trooli, analysed data on new businesses, business growth rates, broadband speeds from Ofcom and the Office for National Statistics (ONS). Each county was ranked for each of these three factors, plus their distance from London and given a score. An average was then taken to determine the most desirable locations.
Andy Conibere, CEO of Trooli, said: "Given how important connectivity is to business success, we weren’t surprised to see counties in the Midlands and South of England taking the top spot.
"With reliable broadband speeds, convenient links to London, and a history of exceptional business growth, areas like the West Midlands offer huge opportunities for entrepreneurs."
