Small Business Prices releases new study into the best countries to start a successful business
2021 was the year of The Great Resignation in America. In the US, the year of uncertainty, working from home and people wanting more from life led to a record number of people quitting their jobs.
Is 2022 the year of the entrepreneur?
The study looks at numerous metrics including; the number of registered businesses, the type of industries they are in, business survival rates (%), and Gross Domestic Spending on Research and Development.
Out of over 43 countries analyzed, the United States has been revealed as the best country in the world to start a successful business, with over 733,825 registered businesses and over gross domestic spending on research and development at a staggering 453,408 (million £).
You can find the top 10 countries to start a business below:
1 United States
2 United Kingdom
3 Australia
4 France
5 Chile
6 Italy
7 Spain
8 Turkey
9 Mexico
10 Germany
Both the US and UK have over 650,000 registered businesses (the USA has 733,825 and the UK 664,974). However, they differ massively on how much they spend on research and development. The USA spends just under half a billion on elevating businesses across their country, whereas the UK spends a considerably lower amount of £38,315 million.
On the other end of the scale, Iceland, Austria, and Canada were ranked the least successful countries to start a business in – with low numbers of new businesses, lower business survival rates in Canada (60%), and much less investment in Gross Domestic spending on research and development in Iceland.
Of course, it is not only the country that can have an effect on whether a business is successful. There are various other factors that contribute – including the type of industry a business falls into.
Small Business Prices study not only analyses which countries to start a business in, but it also lets us know which industries are an entrepreneur’s best bet to start up in.
The data reveals the following is set to be the three most successful industries in the next 2 years:
1 The Biotech industry – expected growth 144%
2 Pharmaceutical companies – expected growth 140.4%
3 Healthcare products – expected growth 52.6%
The most successful industry worldwide as of January 2021 was that of the biotechnological drug industry. 547 firms were established within this industry at the beginning of last year, showing that entrepreneurs clearly saw a huge gap in this market. Although this industry requires a lot of training, understanding, and education, entrepreneurs have failed to be put off venturing into this market.
Biotech is also expected to see the most expected growth revenue within the next 2 years, with an influx of 144%. Both drug industries (biotechnical and pharmaceutical) surpass all the other industries expected growth by a huge percentage. The outbreak of COVID-19 and the desperate need for the world to find the best medical treatments possible is most likely the causing factor of this.
Meanwhile, new entrepreneurs may want to avoid these three industries based on the lack of expected growth in revenue in the next 2 years:
1 Oil and Gas production – expected growth -7.24%
2 Real Estate Investment Trusts – expected growth 2.2%
3 Investment and Asset Management companies – expected growth 4.8%
For more information on the best countries and industries for start-ups, view the full research here: The Best Countries & Industries To Start a Business (smallbusinessprices.co.uk)