If you’re thinking of starting up your own business and have a product or service you think will sweep the market; stop and consider where in the UK you’re going to launch, as each region or city, may not boast the same benefits as others!
The team over at TNT decided to look into this premise in a bit more detail, and dove into what really are the best places in the UK for you and your start up.
Is London simply the best?
While many businesses may assume the UK’s capital is the top place to turn your ideas into a reality, there are both ups and downs to the city.
On the plus side, London boasts a staggering 431 million GVA (gross value added), and when compared the likes of the North West which only has a GVA of 53 million, it would seem like a no brainer to start up in London. However, when you delve into the details a little further and discover that TNT found that only 39% of start-ups survive the first 5 years of trading, you may think otherwise.
But, don’t write off London just yet. Despite its low business survival rate, the capital holds the most economically active market, with industries such as finance, media, technology and tourism thriving the most.
What other regions came close?
If you’re on the hunt for a location that can offer you the highest start-up survival rate over your first five years then head to the South West. With an impressive 92% of companies surviving their first year and over 45% powering on past the five year mark, it seems safe to say if you’re looking for longevity, head out of the capital in search for somewhere different.
On the hunt for a spot that can also offer you great potential to buy a home and relocate? While it doesn’t boast the highest GVA (43%), the North West can provide you with a five year survival rate of 44% and an average property value of £130,888! Great if you’re happy to move somewhere new and settle down.
Don’t single out one location when looking to start your business
Researching a number of locations is incredibly important when you’re looking to turn your idea into a solid business venture. No matter the industry or sector you want to launch in, each region on the UK has something different to offer.
When drawing up your business plan take each factor into account. From how economically active a location is, the overall survival rate, GVA, digital connectivity and how much it is to live there; consider what you want and what your overall goals are.