The Love Energy Savings Guide to the Best Places to Start an SME in the UK
Location, Location, Location…
However over-used that phrase remains, location will always be a primary factor to consider when starting any new business.
With the year well underway, many budding entrepreneurs will be planning their new venture, putting time, money and effort into making their dreams a reality. And while you can never be 100% sure of start-up success, you can do your research.
The team here at Love Energy Savings have used our extensive data on business energy prices to inform a comprehensive 30-page guide on the best places to start an SME in the UK, taking into account start-up births, deaths and survival rates alongside the comparison of regional energy prices, earnings and other golden nuggets of information.
The full report can be downloaded here, but to give you a little taster, we have picked out the top benefits of each of the 13 cities profiled to get you started…
Leeds – The capital of Yorkshire is widely considered to be the UK’s second financial centre, outside of London. Boasting a 47% business survival rate and comparatively cheap annual energy bills, it is the go-to destination for any financial sector start-up.
Manchester – The flagbearer of George Osborne’s Northern Powerhouse, Manchester is an obvious choice for those looking to build a business away from our nation’s capital. Great transport links and a wealth of business support options are standout benefits here.
Birmingham – According to government statistics, 5,295 businesses were born in Birmingham in 2014, more than in any other UK city, and with high-speed railway plans set to go ahead, it will only become a more attractive location for new businesses.
Liverpool – Host to the International Festival for Business in 2014, Liverpool continues to build itself a strong reputation for business success. The Liverpool Institute for Tropical Medicine means that this city is the perfect choice for those looking to enter into the medical or scientific sectors.
London – For many companies, our nation’s capital is still the best place to plant the seeds of a business empire. Property costs are high, as are salaries, but what might surprise you is that energy bills in the City of London are the lowest in the UK at an average of £2,574 per annum.
Bristol – Not an obvious choice for a budding young start-up, but with a 48.4% four-year survival rate it should be, and you will be in good company. With a business population of 18,280 it is a prime location for those looking to enter the media, creative, electronics and aerospace industries.
Newcastle-Upon-Tyne – The Northern Powerhouse isn’t just restricted to Manchester and Liverpool. This North Eastern gem has recently secured a devolution deal which will give the city more power, and with Newcastle City Council placing SMEs high on the agenda, you can be sure you will be taken care of as a start-up.
Nottingham – The home of healthcare, this East Midlands city is the perfect base for innovators in science and technology. With two universities specialising in pharmacology, you won’t be short of graduates wanting to work for you.
Glasgow – The largest city in Scotland, this Smart City has just received millions of pounds worth of funding to aid its technology sector. Home to four universities, you can rest assured that you won’t be short of a qualified workforce.
Aberdeen – Specialising in energy, economics, engineering, manufacturing and finance, this coastal city is a brilliant choice for start-ups, with the four-year business survival rate of 53% making it a strong contender in the start-up settlement stakes.
Norwich – For any business looking to set up in the renewables, agriculture or food and drink sectors, East Anglia is your go-to region. Running costs are low in this area of the UK with both energy prices and salaries below the national average.
Southampton – This port city is the ideal location for any B2C start-up. With export links to Europe and a thriving tourist trade, retailers would be in their element here as visitors pour in from every corner of the globe.
Cardiff – The capital city of Wales, Cardiff is a magnet for those in the financial and technology sectors. Cardiff City Council and Cardiff Start are there to help any young business find its feet with a 46% four-year business survival rate showing they must be doing something right.
So there you have it, 13 UK cities all with their own perks to offer. While small business success is never guaranteed, you can be sure that wherever you decide to set up, Love Energy Savings will be on hand to find you the lowest commercial electricity and gas prices for your business.
Simply put your new postcode into our comparison engine, or call our business energy team on 0800 9888 375, and you could be well on your way to saving up to 40% per year on your energy bills. Now that is a good start.