More than seven per cent of Birmingham businesses started in the tough economic climate of the last three years are turning over £100,000, according to a new report.
Around one in 20 UK businesses, set up since 2009, are turning over £200,000, and around one in 65 are reaching a half million in turnover, the business banking arm of Barclays said.
Outside London, the areas with the highest number of firms turning over more than £100,000 in the last three years are Berkshire with 14.9 per cent, the Buckinghamshire County Council area with 14.4 per cent, Cambridgeshire County Council area with 13.5 per cent, East Derbyshire with 13.5 per cent and East Riding of Yorkshire with 13 per cent.
Kathy Leo, Barclays area manager in Birmingham, said: “These figures show that starting your own business can offer a credible alternative to working for another employer.
“What makes this so extraordinary is that these businesses are ‘recession babies’ – born, grown and succeeding in the current markets. “Clearly, there are a lot of opportunities out there for start-ups which our entrepreneurs are aggressively going after.
“Even if your ambition isn’t to reach the financial stratosphere, there are many, many businesses providing their owners with a good income below £100,000 turnover.”
Ms Leo added: “The record numbers of start-up businesses is partly the Dragon’s Den effect - seeing inspirational people on television who are following their business dreams.
“We’re also seeing a new generation of young entrepreneurs who have learned about business at their school.
“Others are entrepreneurs through necessity, as their situation means they can’t get salaried employment.
“The cost of starting a business today can be extraordinarily low.
“Many businesses exist just with an electronic shop window, rather than a high street presence.
“They work and trade online, and their customers could just as easily be in Sydney as Sheffield.”