London has always been a regional and international business hub, even in the days of the Roman empire.
The capital is booming in terms of retail, food and accommodation and technology start-ups, but according to ONS data, London is the least likely place for business survival: 61.4 per cent of all businesses based in London fail before the hit the five-year milestone.
According to author and business expert Ryan Holiday, anticipated, temporary set backs are positive failures we can learn from, unlike large-scale, permanent failure.
Having seen businesses fold and then start right back up again with a different approach, Holiday believes that entrepreneurs who succeed view failure as feedback that can help them come back even stronger.
The average failure rate for businesses across the UK is 58.3 per cent, but numerous studies have revealed that start-up success rates across the world circle the 50 per cent mark.
This isn’t necessarily indicative of bad business ideas, or poor location choices alone, but having all the variables aligned can only help.
For example, ONS figures revealed the South West is the most successful region for business longevity, and even so, it has a 55 per cent failure rate.
Expert Market compiled ONS data in an infographic, highlighting the most conducive regions for business. Is your city on the top of the list?