For those looking to set up successful shop in 2018 and beyond, Aberdeen, Leicester and Cambridge topped the ranks for small business success based on a number of factors including available talent, affordable costs, convenience and growth figures.
Surprisingly, London, Birmingham and Manchester were bottom of the ranks, offering the least potential and growth to those looking to make it on their own.
The index, created by leading printers, Solopress, ranked the UK’s 30 largest cities, by a number of considerations, including: graduate figures, five-year survival rates, commercial rent costs per square foot, cost of living, wages and business closure figures.
Aberdeen topped the charts across the board, ranking third for survival rates overall. Add to that a placement in the top ten for weekly pay and start-up growth, plus reasonable business rates and it makes a measure for success.
Leicester closely follows in the midst of the Midlands boom, it ranks fourth place for start-up growth, tenth place for number of start-ups set up in the country and sixth place for affordable commercial rent. It’s five-year survival rate of 40% also ranks reasonably well.
Cambridge follows is third place. It’s reputation for a large cluster of tech start-ups and businesses has already earnt its name as ‘Silicon Fen’. Its heavy student population, ranking second in the country means business in terms of graduate prospects, alongside a top ten placement for five-year start-up survival rates and a top five spot for wages are what make Cambridge the ideal location to go it alone.
Of the ten most promising cities, three are situated in the heart of Yorkshire, Leeds, Sheffield and Bradford a nod to the rise in economy outside of the London suburbs. And despite its failing economy after the financial crash, Sunderland is on the rise. It came out first with its affordable office space and its five-year survival rates ranked in the top ten.
Aron Priest, Co-Founder at Solopress commented: “Our findings prove that you don’t need to be in London to make it in the world of business. As a business based in Essex we can vouch that there are prosperous places for business all over the UK. It’s no longer about being based in the capital; it’s about the right mix of people, enthusiasm and an idea of the local economy.”
Solopress has launched a report: Start-up Britain: The best UK cities to start a business in an attempt to highlight the locations where a start-up is more likely to succeed: https://www.solopress.com/blog/business-marketing/start-up-britain/.