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Small businesses in the UK have suffered in recent years amid Brexit, the onslaught of COVID, the worst cost of living crisis in a century and a looming recession.
It is estimated that the number of bankruptcies will increase by 20% in 2022, and about 400,000 businesses have closed between 2020 and 2021.
However, small and medium enterprises (SMEs) continue to launch. Last year saw a record number of startups registered with Companys House, and in the first half of this year he had about 80 new companies listed per hour.
2023 will be another challenging year as the UK enters a technological recession, so it’s important for entrepreneurs to maximize their chances of success.
A new study by Virgin Money explored the best places to start a business in the new year.
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According to their survey, Cambridge has been voted the number one place to start a business in the UK in 2023.
The study looked at business metrics such as commute time, internet quality, innovation, happiness, highway return rates, CO2 emissions per capita, business churn, and unemployment.
The city ranks in the top five for commute times, people employed, and internet quality, and is a top-ranked city for both happiness and innovation.
Cambridge is by far the best city for innovation, with 259 patent applications per 100,000 inhabitants, while Derby, the second-ranked city for innovation, has 131 applications.
Edinburgh was the second best city to start a business. Scotland’s capital performs well in most categories, ranking in the top five for CO2 emissions, business churn and employment.
Bronze medals went to York, while Oxford and Portsmouth were fourth and fifth respectively.
Victoria Poon, Virgin Start Up customer and founder of Alpaca Coffee, a Portsmouth-based sustainable specialty coffee company, talks about the flexibility of running a business in the city while using London as a hub. I commented.
“Both cities are great places to start a business for different reasons. On the south coast you can take a break from the hustle and bustle of the city.The mental health of founders is very important. Nature It’s great to be close to,” she said.
London, on the other hand, is a hub and offers great and exciting opportunities to grow your business and network. After the pandemic, both cities became greener and more supportive of small businesses. ”
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Aberdeen, Plymouth, Swindon, Southampton and Exeter rounded out the top ten.
Among other categories, Belfast offers the best commuting conditions for workers, with 0% of journeys in Northern Ireland’s capital being reported to take 60 minutes or more.
Hull, on the other hand, offers the best internet quality of any city, with an average download speed of 163 mbps.
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In the North East, the city of Sunderland reduced its emissions by 18% between 2017 and 2019, ranking among the nation’s best cities for CO2 emissions, and Newport, Wales, has the highest business churn rate.
Welsh cities had far fewer businesses closing than elsewhere, with a churn rate of -16%. This means that more businesses have opened than closed. This is 11 points ahead of second place city Norwich (-5%).
Elsewhere, Plymouth saw the best high street recovery in the first post-COVID lockdown period, while the historic city of York ranked as the city with the highest employment rate.
Sharon Ellis, Head of Business Networks at Virgin Money, said:
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She added:
“Start by fleshing out your business idea and make sure you address the key questions you need to ask yourself before starting your journey. there is.
“Then you should think beyond just organizing your finances and finding the right business checking account for your needs. Think about data and insight tools, start-up loans, and other options that can help you with finances.
“Finally, you 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.”
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