According to recent study by Virgin Money, Cambridge will be the best UK city to launch a business in 2023.
It surpasses Edinburgh, York, Oxford, and Portsmouth in the order of importance for the top five.
The survey rated cities based on a number of aspects crucial to businesses, including the quality of the internet, the rate of high-street revival, the employment rate, and innovation. Cambridge scored highly across all metrics and emerged cream of the crop, especially in terms of happiness and innovation.
Background information in the research demonstrates how difficult the past few years have been for small firms, with an expected 20% increase in insolvencies in 2022 and approximately 400,000 businesses collapsing between 2020 and 2021.
Despite this, SMEs still start up new companies. Approximately 80 new firms were listed every hour in the first half of the year, setting a record for startups registered at Companies House.
The survey also notes that 2023 is expected to be another challenging year, so businesses should give themselves the best chance of success possible. Virgin Money was motivated by this argument to publish its latest findings.
Cambridge is the top-ranked city for both happiness and innovation, and it ranks in the top five cities for commute times, employment rates, and internet quality.
With 259 patent applications per 100,000 residents, Cambridge is by far the most innovative city, outpacing Derby, which came in second with 131 applications.
According to Sharon Ellis, head of business networks at Virgin Money, starting a business is by no means simple, especially given the current economic climate, and location is only one factor that can influence success.
"It's excellent to see places outside of London coming out on top in the study, which adds to the evidence that firms are investing in successful cities outside of the capital," she says. What else do you need to know when starting a business? Location is one of the most crucial elements.
"Begin by outlining your business concept and making sure it addresses the essential questions you must answer before setting out on your trip. The next step is to create a thorough business strategy in order to launch your venture. Determine whether your business delivers something unique to the market and perform polls of specific potential clients. It's a good idea to be aware of your advantages and disadvantages.
"You should therefore organize your funds and consider more options than just choosing the best business current account for your requirements. Consider your possibilities for financial support, such as start-up financing, data and analytics tools, and other resources.
“Lastly, you’ll need to market your business. Make your company website user-friendly and easy to use and don’t forget to use social media to get the word out!”
source:https://uk.virginmoney.com/