News

Gain circle only

Added By

Web

Editor

GAIN

Share this article

Cheapest place in the UK to start a business revealed

Research carried out by enterprise finance provider LDF has found that the best place to start a business in the UK if you want to minimise your start-up costs is.....

...Newcastle. In the North East city it costs an average of £17,008 to start your own business.


The claim was based on a survey of 850 SMEs throughout the country, which found that the average amount needed to start a business in the UK is now £27,520.


Close behind Newcastle was Southampton (£17,965), followed by Liverpool (£18,880), Cardiff (£19,569), Leeds (£20,755), Sheffield (£21,490) and Edinburgh (£22,990).


The place with the highest average start-up costs, according to LDF, is Manchester (£44,733), followed by Glasgow (£41,936), Norwich (£39,910), Brighton (£30,901), Bristol (£30,895), Birmingham (£30,817) and Plymouth (£29,784).


Perhaps surprisingly, London came in eighth position. In the capital, according to LDF, the average start-up cost is £28,742, but this is still more than £10,000 more than entrepreneurs up in Newcastle pay to launch their businesses.


The research also highlighted sectors in which more start-up funds were needed, and found that money required to start a business in leisure (£79,137) and motoring (£64,948) was far higher than other sectors, including marketing, communications and design, where start-up costs on average were less than £7,000.


According to LDF, regardless of location, almost a third of UK SMEs who responded agreed that funding was the biggest challenge they faced. To get their business off the ground, 42% of respondents had used their own savings, while 24% had sought financial help from friends and family.

Once they had set up their business, the average amount borrowed in a 12-month period by respondents was £75,408, according to LDF. The main reasons cited were to buy equipment (40%) and to fund expansion (38%).

Did you find this page useful?

YesNo
comments powered by Disqus

Proudly working with

  • Workwith1
  • Workwith2
  • Workwith3
  • Workwith4
  • Workwith5
  • Workwith16
  • Workwith7
  • Workwith20
  • Workwith15
  • Workwith10
  • Workwith11
  • Workwith12
  • Workwith14
  • Workwith9
  • Workwith17
  • Workwith18
  • Workwith19
  • Workwith8
  • Workwith21
  • Workwith22
  • Workwith23
  • Workwith24
  • Workwith25
  • Workwith26
  • Workwith27