London ranks second for independent business
Small Business Prices has analysed the best regions in the UK to start an independent business looking at metrics such as average survival rate and weekly spend per person.
The campaign also reveals which independent businesses have the highest and lowest openings and closures.
With over 560,000 businesses already - the highest in the UK, the capital is one of the best regions to start a business due to its competitive nature. London also has the fourth-highest five-year survival rate in the UK at 62% along with the average weekly expenditure per person at £250 per week.
Only 57% of independent businesses in the UK make it to the five-year mark.
Accommodation businesses are most likely to survive in their third year, with 93% of them lasting. This is closely followed by petrol filling stations and entertainment businesses.
The fifth-year is where businesses are largely affected, with some sectors almost reducing by half. Less than half (47%) of fashion shops will make it to their fifth year.
Accommodation and petrol filling stations are the most likely to survive once opening, with 99% of them making it to their first year.
The South East region is home to more than 470,000 businesses with an impressive five-year survival rate of 64% making it the most prosperous region to set up shop in the UK.
With 63% of businesses surviving until their fifth anniversary, the East has the third highest survival rate for businesses in the UK.
Over 300,000 businesses are located in the North West, and 62% of businesses making it to their fifth year in the region.
The South East had the highest average weekly spend at £272 per person, whilst the West Midlands had the lowest at £198.
Businesses based in experiences and grooming had the highest number of openings, with over 800 barber shops opening in 2018.
Beauty salons, tobacconists and restaurants and bars all experienced growth in store openings, whilst banks, pubs and estate agents all experienced several closures.