5th January 2021
The experts at online magazine, StartupsGeek.com, have reviewed data from cost of office space to average internet speed to find out which city is the best in the UK to start a business.
- With a five year team start-up cost of £757,165 and a startup survival rate of 41%, Canterbury ranks as the best city in the UK to start a business.
- Oxbridge has a graduation retention rate below 20%, presenting an opportunity for the cities to retain their talent.
- Starting a business in London costs nearly 20% more than anywhere else in the country.
- Starting a business in Liverpool instead of London would save over £250,000 over five years in salaries.
London, October 2020: Canterbury has been named the best city to start a business in the UK, according to online magazine, StartupsGeek.com.
StartupsGeek.com created a study looking at the best place to start a business in the UK. The data analyses the cost over five years of starting a business, broken down into cost of salaries and office space. The research also looks into other factors including graduation retention rate, five year start-up survival rate, and average internet speed among others.
The full study is available here: https://www.startupsgeek.com/uk-startup-business-data/
It seems that the global pandemic dramatically affected Brits thoughts on wanting to become their own boss. Another study found 20 per cent of people were considering starting their own business or taking on a side job during the lockdown. The number of new businesses registered in Wales alone from April to July was just 10.7% lower than the same period in 2019 – with the equivalent figures for the past two months actually higher. In addition, the Federation of Small Businesses (FSB) Wales reported an increase in inquiries from people looking to become self-employed. But many may be put off by their location and Start Up Geeks’ study aims to help potential entrepreneurs make an informed decision on which city to start a business.