New research reveals businesses in the beverage manufacturing industry have a business survival rate of over 41%, the second highest of any UK industry.
Understanding the dynamics of an industry, including survival rates, GDP, and regional performance, is essential to success when launching or scaling a business.
To help budding entrepreneurs and SMEs, new research from the business experts at Sopro has revealed the UK industries with the best survival rates, and offer tips on how to maximize profits.
You can view the study in full here: https://sopro.io/resources/
Business survival rates by industry in the UK
|
Rank |
Industry |
Number of new enterprise births |
Number of new enterprise deaths |
Business survival rates |
|
1 |
Electricity, gas, steam and air conditioning supply |
3,625 |
1,915 |
47.17% |
|
2 |
Manufacture of beverages |
2,265 |
1,325 |
41.50% |
|
3 |
Financial service activities (except insurance and pension funding) |
9,310 |
5,600 |
39.85% |
|
4 |
Sewerage |
645 |
415 |
35.66% |
|
5 |
Remediation activities and other waste management services. |
1,105 |
715 |
35.29% |
|
6 |
Manufacture of chemicals and chemical products |
2,365 |
1,555 |
34.25% |
|
7 |
Real estate activities |
65,960 |
43,605 |
33.89% |
|
8 |
Manufacture of food products |
7,330 |
4,875 |
33.49% |
|
9 |
Manufacture of other non-metallic mineral products |
2,240 |
1,505 |
32.81% |
|
10 |
Construction of buildings |
103,235 |
70,035 |
32.16% |
Manufacture of beverages
The manufacture of beverages industry has the second-best business survival rate in the UK, at 41.5%. Of 2,265 new businesses formed in this industry, just 1,325 have not lasted in a five-year span (2017-2022). This is due to a consistently high demand from both hospitality businesses and individual consumers driving sales.
Ryan Welmans, Co-Founder and CEO at Sopro, comments:
“When starting a business, it’s imperative to do your research. You’ll want to choose an industry that aligns with your areas of expertise, of course. But for a real chance of success, you’ll also need to consider market size, trends, growth rates, and competition – as well as how you’ll set yourself apart from the competition.
“Being proactive is crucial when building your business and securing clients or sales. Understanding your potential customer’s needs is key so you can offer a truly beneficial product or service. You can achieve this by utilising buyer personas, which ascertain key information about prospective customers, such as their professional background, challenges they face in their respective fields, their content preferences, and budget authority.
“With your buyer personas established, you can use lead generation and prospecting, whether in-house or via an external team, to identify new potential clients. Lead generation and prospecting use outbound one-to-one marketing activities, such as emails, phone calls, or social media messaging.
“This can be used to target businesses that have previously shown interest in your services or clients that fit your buyer personas, to really drive results and get your business in front of your target customers – and, importantly, ahead of your competition.”
View the full report here, and supporting images here.
Notes to editor:
Sopro is a leading, global multi-channel prospecting service that enables B2B businesses to sell more by discovering and engaging their future customers.
The team’s sophisticated lead generation approach carefully blends the right levels of email, LinkedIn, social ads, phone data, and more to produce the best results for your campaign.
Sopro has 9 years of expertise, resources, and strategy, offering a custom approach to nail the targeting, messaging and channels to optimise your campaign. All messages are sent from your sales reps and replies land back in your inbox.
Media Contact: Lowri Evans, lowri@digitaloft.co.uk
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