Belfast is one of top UK cities to start a business

Belfast is in the top five best cities in the UK to start a business, according to online magazine, StartupsGeek.com. 

It comes after Canterbury, Sunderland, Liverpool and Swansea.

Belfast is also the fourth top city for graduate retention.

StartupsGeek.com created a study looking at the best place to start a business in the UK. The data analyses the cost over five years of starting a business, broken down into cost of salaries and office space.

The research also looks into other factors including graduation retention rate, five year start-up survival rate, and average internet speed among others. The full study is available here: https://www.startupsgeek.com/uk-startup-business-data/.

It seems that the global pandemic dramatically affected Brits thoughts on wanting to become their own boss. Another study found 20 per cent of people were considering starting their own business or taking on a side job during the lockdown.

The number of new businesses registered in Wales alone from April to July was just 10.7% lower than the same period in 2019 – with the equivalent figures for the past two months actually higher. In addition, the Federation of Small Businesses (FSB) Wales reported an increase in inquiries from people looking to become self-employed.

But many may be put off by their location and Start Up Geeks’ study aims to help potential entrepreneurs make an informed decision on which city to start a business.

The top 10 cities for starting a new business:

Canterbury took first prize as the best place to start a new business. Low start-up costs and a large talent pool, make it an attractive option to start a new business.

The only Northern-Irish location to appear in the ranking, Belfast was deemed fifth best due to healthy metrics including low office rental costs and low team member salaries.

Belfast business data

Joe Dawson, co-editor of StartupsGeek.com, said it’s often repeated that small businesses are the backbone of the British economy.

“I think that small business has a big role to play in the economic bounce-back that we need after the trauma of 2020. The statistics in this study give us a snapshot of current conditions but it will be down to the next generation of entrepreneurs to capitalise on these opportunities.

“However, with the right funding and policy to support those wanting to strike out on their own, local authorities and government would be able to create conditions for small businesses to thrive in any of the forty locations in our study,” he added.

FULL RESULTS

The top 10 cities to start a business by start-up cost (salary + office space):

The top 10 cities for graduate retention rate:

Top 10 cities with the best five year start-up survival rate: