you are launching a new business, location is a key factor. Although a small business might be started up at home, there may come a time when the business expands and you will be seeking business premises. Your location will be important to your customers and involves much more than choosing a suitable office to rent that is close to home.
Some areas in the UK have been hard hit by the recession and they have seen business closures, job losses and falling property prices. While this could be an advantage in terms of office rental costs, it could spell disaster for a business that relies on local trade.
The lucrative South East has always fared well despite the downturn and is a popular location for business start-ups. There are also thriving towns to be found in the North of Britain and in Scotland.
According to Centre for Cities, some cities are in a better place than others to weather the storm when it comes to the recession. Five cities in the UK have been identified as places to help the country with its recovery.
With the exception of London, these cities and towns are less vulnerable to job losses and spending cuts and have some of the best employment prospects in the country.
Bristol ranks amongst the most attractive and successful cities in the UK, with high levels of employment and a higher than average standard of living. The economy is based on sectors such as aerospace, engineering, defence, ICT, electronics and financial services.
Reading, dubbed the Silicon Valley of Europe, has one of the most dynamic economies in the UK. Many major businesses, including Microsoft, Oracle Corporation, Symantec and BG Group, have chosen to set up home in the Reading business park and across the Thames Valley.
Recently voted the best Scottish city to live and work in, Aberdeen has a thriving oil and gas industry, high levels of employment and an abundance of skilled workers..
Milton Keynes benefits from the growth of the UK solar sector, and there are several German solar companies which have established themselves in the city. Many other major companies are based in Milton Keynes, including Daimler Chrysler, Suzuki and Aston Martin.
Leeds is the second-largest manufacturing city after London and will continue to grow as the demand for British-made goods increases. The city is also a leading centre for business and financial services, a factor which helps to keeps unemployment figures low.
While London will always be a leading business hub, these five cities continue to flourish despite the difficult economic downturn. They enjoy a good standard of living, have large pools of skilled workers and are home to a high number of business start-ups.
If you are looking for the right location to start up your business, these towns could offer great potential for investment without the sky-high costs associated with the capital.