A new study has identified the 15 most promising places to start a business in the UK.
The research, conducted by Paymentsense, focused on the economic climate in the UK's most populated cities in order to identify the best places to start a business. Key factors that were assessed included: start-up survival rates, the cost of accommodation, the number of employed adults in each city and the average weekly pay for full-time workers.
Sheffield tops the list, thanks to its relatively low living costs as well as an impressive five-year start-up survival rate of 45%. Other cities with high start-up survival rates include: Bristol (45%), Edinburgh (43%), Nottingham (43%), Coventry (42%), Leeds (42%), Cardiff (42%) and Sunderland (42%).
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In contrast, the new business survival rate in London is 39%. Some of the UK's bigger cities have even lower start-up survival rates, including Glasgow (36%), Manchester (37%) and Liverpool (38%).
Overall, the findings show that the best cities for starting a business are:
- Sheffield
- Nottingham
- Sunderland
- Leicester
- Bristol
- Stoke-on-Trent
- Cardiff
- Leeds
- Coventry
- Edinburgh
- Liverpool
- Birmingham
- Manchester
- Glasgow
- London
