Flexible working offices are set to increase by 20% annually over the next five years. At the same time, the number of startups in the UK is set to grow.
With needs changing, now is a key time for entrepreneurs to consider the best cities in the UK to start your business.
A recent study by MoneySuperMarket shows the UK’s best business hubs for startups are:
- Bristol – The best business hub in the UK, ranking higher than the UK’s capital, with one of the lowest average business insurance costs (£260), along with the fastest average broadband speed of all cities in the top five.
- London – Stereotypically one of the UK’s best business hubs, but with the associated costs and competition that comes with setting up business in the UK’s capital. London has the highest cost of business insurance and also has the lowest number of co-working spaces available per capita.
- Edinburgh – The Scottish capital offers many opportunities for those looking for co-working space. It has 20,300 startups and an average broadband speed of 34 Mbps.
The study considered the number of co-working spaces in each area, average business insurance costs, broadband speeds and the number of startups in each city.
Location is a key decision
A MoneySuperMarket spokesperson said: “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.”
In terms of insurance, price comparison website MoneySuperMarket said: “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.”