Starting out on your own can be difficult, and it can be hard to know where to begin. As each day passes more and more entrepreneurs seek to carve out their own future, taking on all the challenges and risks that come with following your dreams.
To help these entrepreneurs hit the ground running, price comparison website MoneySuperMarket has undertaken research to reveal where in the UK is truly the best place for start-ups.
To identify the key business hubs within the UK, MoneySuperMarket conducted research analysing a number of factors. These included the number of co-working spaces in each area, average business insurance costs, broadband speeds and the number of start-ups in each city.
Best business hubs in Britain
- Bristol – Bristol takes the lead as the best business hub in the UK, ranking higher than the UK’s capital. The city has one of the lowest average business insurance costs (£260), alongside the fastest average broadband speed of all cities in the top five.
- London – Although stereotypically one of the UK’s best business hubs, it’s hard to ignore the associated costs and competition that comes with setting up your business in the UK’s capital. Unsurprisingly, London has not only the highest cost of business insurance; it also has the lowest number of co-working spaces available per capita.
- Edinburgh– Falling in third position, Edinburgh offers many opportunities for those looking for co-working space. It has 20,260 start-ups and an average broadband speed of 34 Mbps.
A spokesperson at MoneySuperMarket commented: “Starting out as an entrepreneur is both daunting and exciting. Whether you are leaving the constraints of the traditional nine to five in favour of a freelance career, or embarking on new adventures and beginning your own business from a co-working office, location is a key decision, as highlighted by our research.
“For those setting up on their own, employee benefits such as life insurance are no longer available, making the purchase of a new policy a nailed-on essential for any freelancer or business owner that has dependents. For those starting their own enterprise, business insurance is a crucial consideration. In addition, cover required by law, such as employer’s liability insurance, can cover the business’s other liabilities, its assets and employees.”