Choosing your location is one of the most important decisions you make as a business owner.
You need to surround yourself with like-minded experts, healthy competition and make your business easily accessible to your primary customer base. Get it right and it’ll make your business. Get it wrong and it could break you.
Of course, the right location is rarely cheap, so you need to choose wisely in order to get the office you want, in the place you want, at the right price.
We’ve highlighted some of the knowledge bases that particular industries have centred around in different parts of the UK. By creating ‘hubs’ for specific sectors, there are skilled pools of talent, established supply chains and higher-quality networking and collaboration opportunities.
- Real Estate - Outside of London, Salford emerges from data supplied by the Office for National Statistics as a hub for real estate. Driven by the establishment of media city and the creative hub around that, there has been a boom in the local real estate industry as high-skilled employees and entrepreneurs move in.
- Creative and Communication Technology Sectors - Mostly based in London and the South East, with small pockets of expertise dotted around the rest of the UK. A primary hub for advertising, media and associated industries, the bulk of revenue generated in this sector comes from the capital. There are emerging challengers to London’s dominant position however, namely the North West and Yorkshire, where creative industries such as marketing and digital design are successfully disrupting the status quo.
- High-tech economy - There are a number of smaller high-tech hubs around the UK. Perhaps the most successful however is in the historically oil and gas-dependent city of Aberdeen. It has diversified into a centre for cutting edge technological excellence and is the largest high-tech hub outside of London and the South East. In part this has been driven by the needs of the oil industry, developing technological innovation through software, sensors and robotics to maximise oil field yields in the North Sea.
- Professional services - If your business is finance, legal or other professional services, then outside of London you need to look North. Manchester, Liverpool, Leeds and Edinburgh were among the top cities identified for professional services in a survey by thecity.co.uk as key locations - employing between 18 and 30,000 people each in these sectors.
- Retail and wholesale - Should you be operating in a retail environment, Essex and the East of England are flourishing, generating a total turnover of £142 billion. While it is far from the only region where retail is strong - the North West, South East and London also score highly - it is interesting that retail is the dominant sector in the East specifically, according to a study by BDO Global.
As you can see, there are plenty of areas around the UK for you to start up your new business, you don’t have to pack up your things and move to the centre of London to flourish. You could find plenty of opportunities right on your doorstep!
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