Starting up your own business can be difficult – especially in the United Kingdom. Over half of the start-ups in the country won’t survive their first five years. This can be down to any number of factors. Consumer demand, poor money management, bills etc. can all influence a company’s lifespan. You may not think that location will influence your business as long as it is a good idea, but this is false. Location can be everything when it comes to business. Here are the best cities in the UK for starting a small business:
The Scottish capital has an economy that can rival London’s. The beautiful city of Edinburgh is one of the best places in the country to start up your business. Tourism is one of the most popular industries in a city that hosts one of the world’s most famous festivals – the Fringe. The city is also a big financial player nowadays. 44.2% of Edinburgh start-ups survive their first five years.
Leicester is the largest city in the East Midlands and is also one of the most culturally diverse places in the UK. The main industries that dominate the city are textiles and shoes, engineering and retail. Its busy city centre is swarming with locals and tourists, meaning for plenty business opportunity. The five-year survival rate of small businesses is 44.4%.
3. Brighton & Hove
The seaside city of Brighton is one of the most beautiful areas of England. It is also a bustling area of business. On a sunny weekend, half of London will commute down to Brighton Pier and spend time on the beach. The thriving industries in the city are tourism, retail and digital innovation. Around 45.9% of small businesses in the area will survive the first five years.
The entire are of Bath is a World Heritage Site. It should be no surprise then that tourism in the main industry. Thousands flock to the city each year to visit sites such as the Roman Bath Houses. Other industries that find success are software, publishing, retail and business services. 49.1 of people starting a small business will still be in operation 5 years later.
1. Starting a Small Business: Aberdeen
The best place in the United Kingdom to start a small business in is Aberdeen. With a survival rate after five years of 53.5%. The coastal city is strongly tied to fishing and shipbuilding. However, with these industries declining, it has rebranded itself as a perfect place for business.