Top 5 Locations to Start Up a Business

Top 5 Locations to Start Up a Business

Sep,2018 By Smarty Software Knowledge Base

When opening a business, everyone knows that location is key. You could have a unique product or service, but it could mean nothing if the location is incorrect. When thinking of opening a business, you need to see where the demand is high for the product or service you are offering.

The location of your business can influence many aspects of how the business operates, for example, total sales and the cost of running the business can all have an impact. The location of your business will also affect the level of competition you are likely to face from other businesses selling similar products or services.

At Smarty, we like to help startup businesses by giving them the right tools and guidance to hopefully grow their business. Finding the right location can have a big impact on how well the business will grow. Therefore, after doing some research we have come up with the top 5 locations in the UK that are best to open a business. Although it does depend on the product or service you are selling and if there is a demand for it.

5 Top Locations:
  1. Bristol
Bristol is 1 in 8 largest local English cites. In 2016 around 2,795 start-up businesses launched in the capital, this number has gone up by just under 200 from 2015 when 2600 new businesses were opened. It has been stated before, that most new businesses do not make the 5-year mark, however saying that 42.3% of businesses have survived the 5-year mark in Bristol and the survival rate between 2010-2015 was 43%. The average weekly income for Bristol businesses is around £454.60. 

Some great co-working spaces in Bristol are:

  1. Brighton
Brighton is fast becoming one of the most popular homes for new businesses and already have over 9,600 registered companies. Every year over 8 million people visit Brighton due to it being a major tourist destination. Brighton is also known as one of the UK’s most entrepreneurial capital as it has more start-ups per capita than anywhere else. From all the new businesses that open yearly in Brighton only 42.4% last up to and beyond 5-years and between 2010-2015, the survival rate for businesses was 46%. Another good selling point to open your business in Brighton is that it is less than 30 minutes’ drive London and just an hour train journey to and from London Victoria Station. Also, it is just a 30-minute drive to London Gatwick Airport. 200 new businesses where open in 2015 and business in Brighton make a weekly income of £522.90.

Top 5 co-working spaces in Brighton:

  1. Edinburgh
Edinburgh pride themselves as having one of the strongest economies in the United Kingdom outside of London. They also pride themselves as one of the most professional cities in the UK with 43% of the population having a degree or professional level qualification. According to the Financial Times Magazine, in 2013 Edinburgh was award “European Best Large City of the Future for Foreign Direct Investment and Best Large City for Foreign Direct Investment Strategy”. It has a good central point for travel and commute, it also has a growing business community and a vast number of start-ups premises.  In 2015 there were around 2975 new businesses opening in Edinburgh and 42% of these new businesses were still standing in 2010 and some are still around today. 

Edinburgh co-working spaces:

  1. Liverpool
Liverpool is becoming one of the main starts up destinations of North West England and within the UK they have one of the biggest economies as it is placed at the centre of two major economies within the North West of England. It is fast becoming the main destination for all start-ups of the North West England as it has an active City Centre, busy port and most importantly growth opportunities. The commute to London Euston is a 2-hour train journey which is quick for all central meeting. Around 2365 new businesses where open in 2015 and the average weekly income for a business in Liverpool is £405.70.

5 Co-working spaces in Liverpool for you to check out:

  1. Birmingham
In 2016 Birmingham was known for having the highest number of start-ups and the most active business population. In Birmingham, the government-backed start-up loan companies and in February 2017 was named the most entrepreneurial city outside of the capital. It comes in just after Leads as one of the second largest centres outside London for employment in financial and other business services. Businesses in Birmingham have 36.5% chance of serving the first 5 years, therefore, around 7060 new businesses opened in 2015 and 36% of these businesses have lasted beyond the 5 years with an average weekly income being at £395.00.

Co-working spaces in Birmingham:

Wherever and whenever you decide to start your own business, we Smarty Software will be happy to help you with all your automating problems.

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