Starting a business is one of the biggest challenges you can face. Making it a success can depend on a variety of different elements, which you need to be prepared for. One of the crucial elements which could contribute to whether your business succeeds or not is where it is based. So, for the third successive year, Informi has done the hard work for you. We’ve looked at data from the 63 largest UK towns and cities to find out what‘s on offer for someone who is considering starting a business, and determined which is the best place in 2018 to start a small business.
Comparing the locations
To create our ranking of the best places to start a business, we compared each of them for several different criteria. These were:
Number of business startups: Having a lot of startups already in an area is a good thing, showing that there is a great existing attraction for entrepreneurs.
Business stock: This is the total amount of businesses in a city, per 10,000 population, and shows that businesses have a captive audience with which to grow and thrive. Of course, to succeed in your own right you may benefit from a thriving business community around you – not least because they represent potential suppliers and customers.
Housing affordability: Having a large number of houses which are affordable can be beneficial for you, so that you can afford to live relatively close to where your business is based, and also for any employees you may have either now or in the future, who can have a shorter commute.