Over 835,000 new companies have been registered within the UK final yr
Originally written by Anna Jordan about Small Business
A staggering 835,494 new businesses were registered in the UK last year, according to Reboot SEO Agency.
This is an increase of 41 percent from 2019 when 591,924 companies were registered, and a 96 percent increase from 2018 when the number was 425,703. This is an increase of 141 percent compared to 2017, when 345,675 new companies were registered.
The most popular new business between January 2020 and January 2021 is retail sales via mail order houses or on the internet with 39,733 registered companies.
Activities in this category may include internet auctions, internet retail sales, mail order sales, radio direct sales, telephone direct sales, and television direct sales.
This is followed by buying and selling real estate with 30,637 registered companies. In third place is “Management consulting activities other than financial management” with 29,911 new business registered. “Other service activities” followed with 26,397 registrations and in fifth place “Other rental and operation of own or leased properties” with 26,264 registered companies.
The city with the highest number of new businesses is London with 219,679. In second place is Birmingham with 19,724 companies and Manchester in third place with 17,517 companies registered last year.
Gen Z leads the way for new businesses
Figures from the Accountancy Partnership show that Generation Z are leaders in starting their own business. In fact, 18,000 startups were registered in 2020.
In February 2020, the number of 16 to 20-year-olds who register as sole proprietorships rose by 72 percent compared to the previous year. In fact, it was the only age group where the number of sole proprietorships increased. The pandemic was seen as the main driver, with vacancies down 32 percent in 2020 compared to 2019 and a fifth of the hospitality jobs lost last year.
> See also: How to become a sole proprietorship
However, the trend towards Gen Z becoming entrepreneurs has been evident in recent years. Since 2017, the number of 16 to 20 year olds has increased by 206 percent and the number of 21 to 30 year olds who register as sole proprietorships has increased by 72 percent.
The data also shows that men tend to be more entrepreneurial. Overall, men make up 71 percent of new sole proprietorships, and this is the case for every age group. For 16-20 year olds, women are 80 percent less likely to start a new business than men.
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Over 835,000 new businesses were registered in the UK last year