The United Kingdom is often regarded as one of the most business-friendly countries in the world, and with these five cities at the forefront of this trend, it will be an excellent place to establish your new venture. From rapid expansion to massive start-up centres, in recent years, the United Kingdom has been more innovative and entrepreneur focused than ever.
In the first two-quarters of 2016, 80 new businesses were created every HOUR. For many, these were exciting times. But where are the finest spots to start a business in 2022?
There are numerous factors to consider while determining the best conditions for a new firm to thrive. Here is our list of the top places to start a business in the UK.
According to the innovation organisation Nesta, Oxford is one of Britain’s creative hotspots. That’s a no-brainer given that Oxford entrepreneurs have access to 22,000 of Britain’s brightest and most hardworking young people. The famed University of Oxford has an almost infinite supply of smart graduates looking for their next big chance, notably in science and technology.
Furthermore, Oxford has a world-class level of living for when you take a break from launching your new firm. It offers wonderful architecture and environment, as well as independent stores and bars, as it is a historic city. However, it is not the cheapest on this list, with property prices far exceeding the UK average.
Between 2010 and 2016, the survival rate for new businesses in Oxford reached a pretty outstanding 41.49 per cent.
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Leeds is regarded as the leading financial centre outside of London, accounting for 4% of national output. Leeds is a northern powerhouse in terms of new business, with close linkages to Manchester and Liverpool. The city is ideal for start-ups with limited resources because it is far less expensive than London and Oxford.
Leeds has become a great site to launch new retail or restaurant enterprises, thanks to the recent Trinity shopping centre. In this huge commercial utopia, independent boutiques blend in seamlessly amongst large chains.
Start-ups also have access to one of the country’s largest student populations. Leeds has three major universities. The University of Leeds is recognised as one of the greatest in the United Kingdom.
In Leeds, the survival rate for new enterprises is roughly 42 per cent.
Bristol has an increasingly high start-up survival rate – over 43 per cent – making it the place to be for new business endeavours. Furthermore, Bristol is one of Britain’s main ports, making it the first destination for foreign markets for the 2,800 start-ups in 2016.
The city is also home to the British Temple Enterprise Zone, a project aimed at boosting economic growth by facilitating the establishment of new firms. In addition, Bristol University has a ‘Research and Enterprise Development’ project that collaborates with local firms to place ambitious students in graduate positions.
Bristol, one of the most liberal cities in the United Kingdom, is recognised for being pleasant, green, and full of independent businesses and restaurants. A wonderful environment to raise a family.
Of course, Europe’s financial hub is an ideal location for emerging firms and anyone who wants to set up a subsidiary company. In 2015, London was regarded as the world’s sixth-best start-up environment. This is primarily because of the high concentration of money and people. The diversity of investors and customers can help a wide range of enterprises grow.
The UK capital also has a variety of incubators and accelerators where you may jumpstart your firm alongside other ambitious entrepreneurs. Not to mention that London is the UK’s principal gateway to mainland Europe and the rest of the world, making it an ideal location for start-ups with global ambitions.
However, it is easy to become disoriented by London’s enormity. The sheer number of existing enterprises, both large and small, creates stiff competition for anyone attempting to break into the city. As a result, the survival rate in London is 39.1 per cent.
Cambridge, like Oxford, is making inroads into the technology and digital industries thanks to the influx of overachievers that passes through the gates of Cambridge University every year. The benefits don’t end there. The institution also maintains a programme that guides some of the world’s greatest academics to local businesses.
Cambridge is a small city, which is one of its strengths. It is well-connected, and small firms have strong ties with one another. In addition to having internal ties, Cambridge is only a short journey from London, making commercial connections to the capital extremely simple.
However, the scenic city, stunning architecture, and housing are not inexpensive. The average house price in the area is roughly £470,000.
Cambridge ranked first on our ranking for new business survival rates, with a whopping 48.9 per cent.
In 2016, the greatest city for start-ups was, According to The Guardian, Edinburgh is unquestionably one of the best places to start a business. FanDuel and Skyscanner are two ‘unicorn’ start-ups based in Edinburgh. -A unicorn start-up is valued at more than a billion pounds.
Because of a collaboration between Scottish Enterprise, the NHS, and the University of Edinburgh, Edinburgh provides particularly attractive start-up prospects for biomedical firms.
Away from business, Edinburgh has a plethora of enjoyable activities. Edinburgh is a terrific city to live in since it has so many bars, restaurants, and entertainment options, including the famous Fringe Festival.