Where’s the best place in the UK to launch new businesses? The latest research from card payment provider Dojo reveals the UK’s top spots for entrepreneurs. Does your city make the cut?
Best cities to launch new businesses
According to Dojo, Birmingham is the number one city in the UK for ambitious new businesses. Bristol took second place while Leeds came in third.
To work out a city’s rank, Dojo scored them out of 250 taking into account:
- Percentage of new businesses compared to closed businesses
- Business growth over the last five years
- Survival rate of new firms after five years
- Number of companies with more than ten employees
- Number of online searches for ‘how to start a business’
Based on these criteria, Birmingham scored 186 out of 250. Nicknamed ‘the city of a thousand trades’, it’s fitting that one of the UK’s first manufacturing towns has the highest number of large businesses. In fact, 3,985 firms in Birmingham have more than ten employees.
Not only that, Birmingham residents have been found to be the most ambitious too. More people in the city have Googled ‘how to start a new business’ than anywhere else.
In second-placed Bristol, new businesses have a 43% survival rate, showing that start-ups aren’t just fleeting ventures but in it for the long haul.
Leeds may have taken bronze, but it was a close call with Leeds scoring 170 points to Bristol’s 176. According to Dojo’s research, the birthplace of Marks & Spencer (which started out as a market stall in Leeds city centre) has seen a 63% increase in people searching for ways to fund new businesses.
Other cities and their position in the top ten were:
- 4th – London
- 5th – Leicester
- 6th – Belfast
- 7th – Manchester
- 8th – Glasgow
- 9th – Southampton
- 10th – Bradford
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Cities with the biggest growth in new businesses
Newport has seen the biggest growth in new businesses with a 30% increase over the last five years.
Businesses there are in good company with the likes of BT and Nokia basing themselves in the Welsh city. Plus, with average house prices at £179,861 compared to the UK average of more than £250,000, settling down in Wales could be an attractive option for ambitious entrepreneurs looking to relocate.
In second place came Salford with a 20% increase in growth. And with Salford’s Media City on their doorstep, aspiring business owners don’t have to look far for inspiration.
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Entrepreneurs get ahead online
Dojo found that entrepreneurs are using online resources to gain knowledge rather than going down traditional routes of further or higher education. But with university tuition setting you back at least £9,000, it’s not hard to see why.
Instead, savvy entrepreneurs are tapping into the likes of YouTube for advice and guidance.
Opportunities don’t even have to be about coming up with new ideas. Whether you want to set yourself up as a cleaner or try your hand at a franchise, there are countless options.
Plus, with a plethora of accessible resources, like these free office software packages and apps for business expenses, help is just a few clicks away.
