New research has revealed the 15 best cities in Britain in which to start a business, with Scotland claiming top spot. The survey, by Paymentsense, looked into such things as business demography, the UK labour market, the local cost of living, self-employment rate and average utility bills to discover the cities which offer the best conditions for start-ups and new businesses.
Location is obviously an important factor in determining a start-up’s success as businesses need to situate themselves in a place that makes it convenient for them to carry out their services, while making it easy for customers to access them. “It’s all about getting the right balance,” says Guy Moreve, head of marketing at Paymentsense. “You need to find somewhere that fits in with your target demographic, but is also sustainable for you.
“The cities outlined stand out because they are places that already have an established business community with a pool of potential customers, and yet they still have potential for further growth. To be successful, entrepreneurs need to find their niche within these places, put together a comprehensive plan, and work hard to execute it.”
1. Aberdeen
- 5-year start-up survival rate: 53.5%
- Average gross weekly pay: £583.90
- Self-employed rate: 7.7%
- Population: 229,800
- Average utility bill (1 bed flat): £195.30
- How ‘rich’ is Aberdeen? £127.7m earned by working professionals each week
2. Bath
- 5-year start-up survival rate: 49.1%
- Average gross weekly pay: £543.30
- Self-employed rate: 12.5%
- Population: 187,100
- Average utility bill (1 bed flat): £109.70
- How ‘rich’ is Bath? £97.6m earned by working professionals each week
3. Brighton & Hove
- 5-year start-up survival rate: 45.9%
- Average gross weekly pay: £577.90
- Self-employed rate: 16%
- Population: 289,200
- Average utility bill (1 bed flat): £149.40
- How ‘rich’ is Brighton & Hove? £158.8m earned by working professionals each week
4. Leicester
- 5-year start-up survival rate: 44.4%
- Average gross weekly pay: £497.90
- Self-employed rate: 5.2%
- Population: 348,300
- Average utility bill (1 bed flat): £159.50
- How ‘rich’ is Leicester? £166m earned by working professionals each week
5. Edinburgh
- 5-year start-up survival rate: 44.2%
- Average gross weekly pay: £598.50
- Self-employed rate: 7.3%
- Population: 507,200
- Average utility bill (1 bed flat): £102.40
- How ‘rich’ is Edinburgh? £292m earned by working professionals each week
6. Leeds
- 5-year start-up survival rate: 44.2%
- Average gross weekly pay: £507.80
- Self-employed rate: 8.4%
- Population: 781,700
- Average utility bill (1 bed flat): £122.10
- How ‘rich’ is Leeds? £378.7m earned by working professionals each week
- Bristol
- 5-year start-up survival rate: 43.8%
- Average gross weekly pay: £539.90
- Self-employed rate: 10.4%
- Population: 454,200
- Average utility bill (1 bed flat): £142.80
- How ‘rich’ is Bristol? £233.9m earned by working professionals each week
8. Milton Keynes
- 5-year start-up survival rate: 42.6%
- Average gross weekly pay: £602.40
- Self-employed rate: 9.7%
- Population: 264,500
- Average utility bill (1 bed flat): £165.70
- How ‘rich’ is Milton Keynes? £152.6m earned by working professionals each week
9. Newcastle upon Tyne
- 5-year start-up survival rate: 42.5%
- Average gross weekly pay: £532.50
- Self-employed rate: 7%
- Population: 296,500
- Average utility bill (1 bed flat): £149.40
- How ‘rich’ is Newcastle? £146.7 earned by working professionals each week
10. Southend-on-Sea
- 5-year start-up survival rate: 42.4%
- Average gross weekly pay: £573.20
- Self-employed rate: 10.3%
- Population: 179,800
- Average utility bill (1 bed flat): £137.30
- How ‘rich’ is Southend? £97.9m earned by working professionals each week
11. Sheffield
- 5-year start-up survival rate: 42.3%
- Average gross weekly pay: £526.60
- Self-employed rate: 7.9%
- Population: 575,400
- Average utility bill (1 bed flat): £132.30
- How ‘rich’ is Sheffield? £286m earned by working professionals each week
12. Cardiff
- 5-year start-up survival rate: 41.4%
- Average gross weekly pay: £528.80
- Self-employed rate: 7.2%
- Population: 361,500
- Average utility bill (1 bed flat): £95.40
- How ‘rich’ is Cardiff? £180.5m earned by working professionals each week
13. Birmingham
- 5-year start-up survival rate: 39%
- Average gross weekly pay: £523
- Self-employed rate: 8.6%
- Population: 1,124,800
- Average utility bill (1 bed flat): £140.30
- How ‘rich’ is Birmingham? £544.2 earned by working professionals each week
14. Manchester
- 5-year start-up survival rate: 38.9%
- Average gross weekly pay: £570.80
- Self-employed rate: 7.5%
- Population: 541,300
- Average utility bill (1 bed flat): £148
- How ‘rich’ is Manchester? £288.6m earned by working professionals each week
- Liverpool
- 5-year start-up survival rate: 38.6%
- Average gross weekly pay: £509.20
- Self-employed rate: 6.8%
- Population: 484,600
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