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Tuesday 24 May 2016 5:07 pm

Thinking of starting your own business? These are the industries you should avoid

By: Edith Hancock

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The City is full of ex-bankers and brokers leaving their corporate careers to strike it out on their own.

Sometimes it's a roaring success, but sometimes things don't go quite so smoothly.

For many aspiring entrepreneurs, it doesn't matter how well you run your business. New research from Vonage has revealed the industry you choose can be a minefield.

Read more: Map: The best UK cities to launch a startup

Canada may have the highest startup success rate in the capital, but tread carefully; some of the more obvious sectors in the Square Mile are a no-go.

Bad luck for those who want to scale the dizzying heights of London's skyscrapers without wearing a suit. External building cleaning is the riskiest industry to set up your own business. The study found that almost a quarter of UK cleaning firms set up in 2014 have already folded.

[infographic id="784"]

Vonage says the City's big recruitment firms have little to fear from new rivals.

Read more: Brexit fears and a recruitment crisis have pushed construction wages up

Recruitment agencies came in third behind Film Production, with more than two in every 10 businesses struggling to survive for more than two years of operation.

 

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