If you’re planning to start a business in 2018 you could be forgiven for heading for the bright lights of London where almost 577,000 start-up businesses have launched since 2012.
However, it’s been revealed that if you want to find the best place to start a business in the UK then you should head north! Analysis from Barclays bank has placed Bradford as top of the leader board ahead of Leicester, Coventry, Edinburgh and Liverpool.
The Barclays’ SME Growth Factors Index took into account 12 key factors including business rate relief, infrastructure, broadband speed and labour productivity.
The highest concentration of start-ups is currently in London, Birmingham and Leeds yet when it comes to the strength of growth in these cities, the results are less positive. Business costs, poor infrastructure and quality of all life negatively affect growth in these areas.
In contrast, just 16,800 of businesses have started in Bradford in 2012 yet it has the strongest growth factors which are vital to business productivity and growth.
Ian Rand, CEO of Barclays Business Banking, said:
“It’s really encouraging to see that so many areas offering growth potential are outside of London and the south east. We undertook this study because we support small companies right across the country, and are keen to help more people start and grow businesses wherever opportunities exist. Entrepreneurs need to consider the market for their particular company, but an environment that supports growth can make a real difference. The growth factors identified by the research can become even more valuable when small companies start looking to scale up and grow, which is something we particularly encourage.”