Starting a business? Growing your existing one? Getting the odds to lean in your favour requires a number of things – a good business plan, funding and the ability to adapt to your market. But, where do you decide to start up?
As providers of small business insurance, we’re keen to share advice, data and insight to fuel budding (and established) start-ups with their business journeys and growth plans.
So we applied data from gov.uk on the turnover of businesses across England to look at how much SMEs and large businesses make by region and by sector. And it’s fair to say that SMEs collectively trump big business in turnover terms in certain regions and sectors. There are some interesting regional comparisons too…
Here are a few interesting findings we’ve discovered using our interactive map tool:
- Education sector SMEs in the North West are securing turnover four times that of small businesses in the North East and almost twice that of SMEs in the Midlands.
- Small health and social work businesses currently dominate the field in both Yorkshire and London, SMEs in this sector make up almost two-thirds of their region’s turnover.
- In the East Midlands, SMEs in the admin sector make less than a third of the profits seen in the South East.
Explore the trends for yourself
We’ve put together an interactive map to help you visualise the potential advantages, disadvantages and opportunities for starting a particular type of business by region. It’s user-friendly too. Simply select a region on the map and a sector from the tabs on the right, to compare SME and large business turnover. The drop-down tab will let you compare turnover across different sectors.
What do the findings mean to you?
Would you be more inclined to start up in an already established sector and region, or would you prefer to enter a previously untapped market?
Do these results match up with your experiences? How is your region or sector performing?
If you find something interesting in our map results, or have an insight into business in your area, share it via Twitter @HiscoxUK or leave a comment below.
Note on stats: All information comes directly from gov.uk utilising its business population estimates for the UK and regions in 2014 data.