Nobody ever said starting a business was easy. Balancing the books, staying ahead of the competition, and keeping up with consumers are just three of many things any budding entrepreneur must master to survive those crucial early years.
But did you know just how much your location alone can affect your chances of start-up success?
Weighing up such factors as population, average cost of living, and business survival rates, we highlighted the 15 best cities to start a business in the UK in 2019 earlier this year, with Sheffield beating close competition from the likes of Nottingham and Sunderland to take the coveted top spot.
This time, we’ve gone global, using a series of metrics to find the best countries to start a business. Some of them, you never would have guessed.
The United States is officially the world’s best place to start a business.
Surprise entry Belgium lands in second place thanks in part to its excellent 64.41% business survival rate and relatively low cost of living, but it was still no match for the USA. America’s mix of healthy employment rates, excellent average annual salary, and high business survival rate helped keep it head and shoulders above the competition.
The United Kingdom barely makes the top 15, landing at an unlucky 13 despite a respectable employment rate of 74.51% and a five-year enterprise survival rate of 43.64%.
The UK has a long way to go if it’s to outdo Ireland when it comes to surviving those crucial first five years of trading. Ireland takes third place with an impressive company survival rate of 80.48%, proving the luck of the Irish is anything but a myth.
Hungary made the top countries to start a business for its extremely low cost of living ($442.75) and good employment rate (69.24%).
The country’s continued initiatives to support it’s SME’s are surely paying off, solidifying the country as an attractive location for prospective business owners around the world.
Research by card payment solution’s provider Paymentsense reveals the top 27 countries around the world to start a business.