Whilst it is true that London has long been the business capital of the United Kingdom, there are plenty of other cities that have joined the race to business success. Earlier this month, analysed data was used to find the perfect places to start a new business in the UK, pinpointing cities like Leeds, Glasgow and Edinburgh, with Edinburgh sitting at the top of the pile.
This is not altogether surprising. With comparatively low living costs, four universities and major tourist attractions such as the city’s arts and cultural festivals, Edinburgh has been on an upward business trajectory for many years. In some ways, it is a more desirable city to start a business than London itself, which has a myriad of high living costs and large conglomerates taking up crucial space in the business landscape.
So How Has Data Placed Edinburgh In Second-Place?
The data examined multiple factors when it came to making a decision on the best UK locations for new businesses. A few of the main points are as follows:
- Business survival rate
- Active business population
- Net pay for workers
- Monthly rent
- Population estimate
- NVQ level
For Edinburgh, their business survival rate is 40.8%, whilst their active business population is at an impressive 18,695, with a net monthly pay of £2,312. When taking into account the low monthly rent (£871 per calendar month), it is easy to see why people have the incentive to take their new business into the heart of Scotland’s most prolific city.
Why Is It Important To Take A Business To The City?
Whilst the pandemic has introduced the concept of remote working, it is still more important than ever to have a so-called home for a business. Cities have a far larger density when it comes to population and vibrancy, with a diverse amount of people looking to do business and find work.
Owning a business in a city would also do more for the business’s reputation. Say a business underwent a Percepto reputation management scheme, for instance. The fact that the business is established and trading in a popular, vibrant city will do well for respected recognition and engagement from partners and customers alike.
Should I Take My New Business To Edinburgh, Then?
Where you take your new business will depend on where best you think your business fits. Just because Edinburgh has come second in the UK’s leading business landscapes, it does not mean that Edinburgh is automatically the right fit for a new business. You need to look at your product or service, as well as your intended target audience to ascertain where it is you would like to set up shop.
You must also be relatively familiar with the city itself. When it comes to business, those who have a large understanding of Edinburgh’s past, present and potential future will have a far greater chance of finding success within its walls.
Should I Take My New Business To Edinburgh, Then?
Where you take your new business will depend on where best you think your business fits. Just because Edinburgh has come second in the UK’s leading business landscapes, it does not mean that Edinburgh is automatically the right fit for a new business. You need to look at your product or service, as well as your intended target audience to ascertain where it is you would like to set up shop.
You must also be relatively familiar with the city itself. When it comes to business, those who have a large understanding of Edinburgh’s past, present and potential future will have a far greater chance of finding success within its walls.
