London may be the business capital of Europe, but high overhead costs can drain a new venture’s funds. These business locations offer a far cheaper alternative.
You might have the best business idea of all time. Yet, if you fail to execute the start-up process effectively, it will likely fall flat.
Starting a business is so much more than coming up with a good idea. Before you can get to work there are plenty of hurdles to overcome and minor details to work out.
One of the most crucial details is where your business will be located. Not only do you need to consider the cost of the space, but you also need to think about how easily it will be reached by your staff and customers.
Likewise, if you’re a retailer, you must also consider the area’s demographics – a nightclub won’t succeed in an area with lots of old people, while a bingo hall won’t go down too well in a student town.
You should put plenty of thought into the location of your business, but these five popular areas might be a good place to start.
Five popular business locations for new business owners
Less than half of new businesses started in London are still going after five years. However, two thirds of Brighton start-ups survive. The seaside town has one of the highest population density levels in the South East. As a result, businesses have plenty of people to target. Likewise, sitting just 47 miles from London, businesses are in close proximity to the capital, without the high costs.
Like Brighton, York also has an above average survival rate, largely thanks to the city’s cheap office space and labour costs, which allows businesses to stretch their funds further. Likewise, York has the lowest crime rates in Yorkshire, making it a safe bet for retailers. Despite being home to a large university, York’s population are evenly spread between all age groups.
Depending on your industry, Northampton offers a lot of promise. While not yet popular with big businesses or tech start-ups, it is the place to go if you are in health, retail or service. 60% of businesses in those markets survive in the area. Likewise, with the highest level of employment in the UK, there is an eager force of workers waiting to serve your business.
The number of new companies founded in Oxford is rising, with its highly rated university producing many business-minded people. While property prices are above average, the standard of living is high and residents have money to spend. With a survival rate of just 40%, success isn’t guaranteed. However, the right idea could thrive in the city.
Rent prices are a fraction of what you would pay in London. Likewise, wages are also far lower, making Edinburgh a great option for new businesses. As the home of billion dollar start-ups FanDuel and Skyscanner, Edinburgh’s start-up scene is growing, with 55% of new businesses achieving success.
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