Sir Alan Sugar’s budding entrepreneurs might be directed towards his boardroom in London however a new report’s found our nation’s capital city’s not necessarily the best place to start a business. That accolade’s gone to Brighton which has just been revealed as the UK’s new start-up capital.
Brighton’s got much more going for it than just pebble beaches and sticks of rock according to the research by the Association of Accounting Technicians (AAT). They ranked 64 of the UK’s biggest cities based on how well suited they are to starting up a business. Criteria included digital connectivity, business density and the amount of small business closures.
The seaside city of Brighton led the pack because of its high number of small business start-ups and high density of small and medium-sized enterprises. It also ranked well for digital connectivity, coming second only to Luton for its superfast broadband penetration rate.
Cambridge notched up a close second overall on account of its large number of high growth SMEs and small number of closures. Other cities at the top of the table included Leicester, Worthing and Reading.
Surprisingly, despite having the largest number of start-ups, London only made it to number nine on the list. The high number of SME closures, average broadband speeds and soaring property prices all contributed to our capital city ranking further down the list than places such as Aldershot and Crawley.
AAT Chief Executive Mark Farrar said,
“The success of London as a global centre for business has been one of the UK’s biggest success stories of the past 20 years however the tables could now be turning. The opportunities available in the UK’s provincial cities make them an extremely attractive place to invest in and it’s encouraging to see the high number of new businesses opening and thriving across the country.”
Commenting on the findings, Head of Businesscomparison.com, Philip Brennan said,
“With the right organisation and financial backing start-ups are thriving up and down the country. Whilst it’s true that there’s a wealth of opportunity and contacts in London there are many very successful small and medium sized businesses up and down the country. It’s interesting that the locations that have come out well in this survey are mainly satellite cities which are easily commutable to London. Many of them also have great Universities on their doorstep. At Businesscomparison.com we help SMEs to search for the best deal for financial products such as invoice finance, commercial mortgages and loans no matter where they are in the country – that’s the beauty of a digital business comparison website. It’s a geographically even marketplace to support ventures in any city. Many start-up business leaders are looking for a one-stop-shop for financial products and that’s what we provide.”
Feeling like the grass might be greener (and the profits might be higher) in another city?
Here are Businesscomparison.com’s top 5 tips for relocating your business:
- Is this best for you or your business?
What might be an attractive location for you to relocate to might not hit the spot for your enterprise or pave the way for a sustainable future. Do your research and try to strike a balance.
2. Have you researched the local business community?
If you find an area attractive for relocation then lots of similar businesses might too. Whilst being in a competitive market is healthy you don’t want to be battling it out as the eighth hairdresser or estate agent on the high street.
3. What about local amenities?
You may struggle to attract the brightest and most talented employees if you are not easily commutable or near a good spot for lunch.
4. Is there space to expand?
Think big – if your business relocation takes off then it might not be long before you need even larger premises and more staff. Take this into account to avoid moving again in the short-term.
5. Are there other changes to your business you can make?
Embrace relocation and use it as an opportunity to modernise. Whether it be by using new technologies, new working practices or by rebranding. Go for it!