They said 2014 was the ‘year of the entrepreneur’, and indeed it has been. 2013 alone saw over 525,000 new businesses registered with Companies House, and this year has seen thousands more start ups across the UK. It is clear that 2015 is also headed in much the same direction; a direction of sheer entrepreneurial spirit! Industry experts believe that 2015 will be a positive year for a new generation of entrepreneurs. One thing to consider though is where is the best place in the UK to establish your start up business?
This article will take a look at some of the prime locations across the UK for new business ventures.
According to Start Up Britain, there has been a record number of entrepreneurial activity in London and the South East regions, which are fast becoming known as “Britain’s entrepreneurial power house”. With a staggering 137,000 (figures rounded up) new start ups registered with Companies House this year so far in the greater London area, it is evident that London is the no.1 hotspot for new businesses in the UK.
Ranking second is Birmingham, which is considered to be the‘top performing city outside of the south east’ regions. According to businessbirmingham, Birmingham is named “the UK’s most entrepreneurial region”. Data from Companies House 2013 found that Birmingham had a staggering 16,281 companies registered, which is a significant number when compared to other regions such as Glasgow (8,085 startups), Coventry (6446 statups), Cardiff (5974 startups) and Newcastle upon Tyne (5530 startups).
The Guardian also reports that Birmingham is fast becoming a hotspot for technology business start-ups in particular. This may come as a result of the city being the only UK city to have won an award against global competitors for the title of ‘FDI Destination of the Future’ at the global investment awards held in Shanghai. As a city that appears to be in favour of attracting foreign direct investment (FDI), it is clear that Birmingham is on the right path to joining London and the South East as an entrepreneurial power house for the UK too.
If you are keen on getting your business idea off the ground and you want Birmingham to be your destination of choice, then take a look at e4f.co.uk. Birmingham based e4f is an incubator that provides professional coaching office space and technology.
However, the rest of the UK is also performing well overall. Co-founder of StartUp Britain, Emma Jones commented on the UK’s hotspots saying,
“There are also impressive pockets of entrepreneurial activity in the North West, South Yorkshire, the Midlands and Scotland.”
This is something all first time entrepreneurs should bear in mind when deciding on where to establish their business. In many cases, it is worth making the move to a location that is more ‘entrepreneur-friendly’, and where there are grants and advice readily available to you too.
With over 7 million individuals employed as a direct result of small business ventures, and with 95% of all companies in the UK being classified as small or ‘micro’ businesses, it is evident that encouragement and support is necessary to those looking to start up their own business. The economy needs a constant injection of employment opportunities and investment, and so any new viable business venture ought to be supported.
Have you started for your own business, or do you have any plans to do so in the next year? Where will you be establishing your new start-up? Share your exciting plans below!