Calling All Millennial Entrepreneurs – The Best Place to Set Up A New Business

Starting a business? Here’s which city to head to

Starting up your own business is a bold move. Throughout, you’ll be making complex decisions that could impact the overall success of your venture. Choosing the location of your business is one of the first decisions you’ll make – and it could be the most significant.

Thankfully, the heavy lifting has been done for you. A recent study has investigated which UK cities are the best for millennials wishing to start a new business. Examining costs, connectivity, accessibility and more, the research provides some key takeaways when considering the geography of your start-up.

 

LEICESTER IS NUMBER ONE FOR MILLENNIAL BUSINESSES

In all, the research considered eight varied factors. Analysing the 20 biggest cities in the UK, Leicester heads up a top 10 that looks like this:

  1. Leicester
  2. Derby
  3. Belfast
  4. Nottingham
  5. Portsmouth
  6. Southampton
  7. Hull
  8. Coventry
  9. Cardiff
  10. Edinburgh

The Midlands city takes top spot thanks to an outstanding performance across the board. Important price points are low, with office space at just £17 per square foot (3rd overall) and your morning coffee costing you just £2.57 (5th).

Leicester has developed a thriving business community too. The city is home to an annual business festival where you can expect to see some of the 11 start-ups the city boasts per 1,000 people (only Edinburgh has more). Plus, with an average age of 36.9 years (3rd overall), you’re sure to have a young bustling community around to support you.

Here are Leicester’s overall scores:

Cost of living: 66

Average age: 36.9 years

Percentage of waste recycled: 40.7%

Number of start-ups per 1,000 people: 10.85

Monthly rent of Grade B office space per square metre: £17

Percentage of properties with access to superfast broadband: 98.2

Average price of a cup of coffee: £2.57

Percentage of late trains in the city: <25%

If cost is your most important consideration, or connectivity trumps everything else, here are the best cities for the other significant factors.

 

BEST FOR COST: HULL

For those looking for the most-effective city to start your business, head north. Hull can have you up on your feet with the least amount of expenditure.

At £16 per square metre, you won’t find cheaper office space in any of the top ten cities for millennial startups. With overheads sorted, the pennies will look after you too. A cost of living score of 59.65 trumps the other nine cities in the study. You could even unburden yourself from a major financial draw, the car. Hull also came top for travel reliability, with just 20.4% of trains running late – meaning you can get to the office on time without the need for a costly vehicle.

Overall, Hull came in 8th position, scoring less impressively for the number of startups the city has per 1,000 people and internet connectivity:

Cost of living: 59.96

Average age: 37.6 years

Percentage of waste recycled: 49.5%

Number of start-ups per 1,000 people: 5.4

Monthly rent of Grade B office space per square metre: £16

Percentage of properties with access to superfast broadband: 88.8%

Average price of a cup of coffee: £2.64

Percentage of late trains in the city: 20.4%

 

BEST FOR CONNECTIVITY: PORTSMOUTH

The internet is an indispensable tool for any 21st century start up. For the best UK performance, you’ll need to set up on the south coast.

Portsmouth comes first for access to superfast broadband, with 99.6% of properties covered. Performing almost as well is neighbouring city Southampton, where 98.5% of properties were covered.

Overall, Portsmouth slides into 5th position, also scoring well for price of office space and number of startups per 1,000 people:

Cost of living: 67.65

Average age: 40.3 years

Percentage of waste recycled: 24.7%

Number of start-ups per 1,000 people: 10.5

Monthly rent of Grade B office space per square metre: £16

Percentage of properties with access to superfast broadband: 99.6%

Average price of a cup of coffee: £2.88

Percentage of late trains in the city: <25%

 

BEST FOR ECO-FRIENDLY BUSINESS: CARDIFF

We all need to consider how we can make our business more environmentally friendly, particularly if we deal with a lot of potentially recyclable materials. To ensure the best chance that they won’t be heading off to landfill, you’ll need to look across the United Kingdom.

Wales’ capital Cardiff has the best record for recycling materials, with 58% heading off to be reused. Scotland and Northern Ireland are both represented in the top four, with Belfast (2nd with 46%) and Edinburgh (4th with 41%) scoring highly.

Overall, Belfast was the strongest performing non-English city, coming in 3rd. Cardiff, scoring well on the average age of the population and cost of living, jumped in just ahead of Edinburgh in 9th:

Cost of living: 61.73

Average age: 36.7 years

Percentage of waste recycled: 58%

Number of start-ups per 1,000 people: 8.58

Monthly rent of Grade B office space per square metre: £25

Percentage of properties with access to superfast broadband: 97%

Average price of a cup of coffee: £2.46

Percentage of late trains in the city: 40%

Whatever it is that’s important to you and your business idea, there’s a UK city on hand to help you along the way. Wherever you choose to set up, congratulations on being a part of the next generation of great business minds.

 

Will is a guest content writer for print provider instantprint. Writing for industries including tech, marketing and business, Will now applies that knowledge to offer tips and advice to small businesses looking to grow.

 

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