If you’re looking to start a business, location is one of the major factors you’ll need to consider. Where you base the business will have a direct impact on its success. Did you know for example, that some areas of the UK are better to start a business in terms of growth opportunities?
If growth is something you’re focusing on, below you’ll discover some of the best places to base your business.
From 2002-2015, Manchester had the fastest city centre growth rate in the UK. Its growing economy and vast range of skilled workers mean it’s a fantastic place to start a business. Once popular for its textile manufacturing industry, today all kinds of businesses are flourishing in the city. It is particularly renowned for its culture, music scene and media connections.
It boasts a 5-year start-up survival rate of 37.5% and workers earn an average of £555.90 per week. The city continues to see steady growth and it’s one of the more affordable places to start a business.
It’s unsurprising the UK’s capital has made it onto the list. Although it is the most expensive city to start a business, it also features the most opportunities. It is a particularly great place to set up businesses in the tech, finance and tourism sectors.
While competition here is high, start-ups benefit from a 5-year survival rate of 39.3%. The average weekly pay for workers is also higher than Manchester at £713.20. However, you’ll need to take into consideration that the cost of living in the city is higher than any other area of the country.
Best known as the birthplace of the legendary Beatles, Liverpool is proving to be a great place to start a business. In particular, its travel and tourism sector is booming. Its 5-year start-up survival rate is 38% and its economy is continuously improving year upon year.
So, if you’re looking to set up in a city that’s affordable and which offers ample opportunities for growth, Liverpool is a great place to consider.
Wherever you choose to base your start-up, you’re going to need to make sure you have enough capital to get started. Secured loans aren’t typically an option for start-ups, but you can take advantage of unsecured business loans to get set up.
The above are the top three cities to consider choosing as the location of your start-up. Each has great opportunities for growth and a better than average business survival rate. When choosing the right location for your business, keep in mind the type of business you’re starting, alongside the budget you have to work with.