The north of the country could be the best place to start or grow your business in 2018, according to new research.
- Autumn Budget 2017: what small business owners need to know
- Drive a diesel van or car for work? These are the changes you need to know about
- Will Virgin Money be your next small business bank?
- What is business insurance?
The study, from small business payment specialist Square, looked at confidence among small business owners, along with the available support, market growth, and potential new business owners.
Five of the top 15 cities for business growth are in the north
In fourth, fifth, seventh, 13th, and 14th place respectively, Newcastle, Sheffield, Liverpool, Manchester, and Leeds show that the north of the country may be the best place for small businesses to set their sights in 2018.
And if you thought the capital might have pipped them to the post, you’d be wrong. Belfast took first place, while Cardiff came in third.
Positive outlook for Northern Ireland, Wales, and Scotland
Belfast seems like the city to watch in 2018, with 41 per cent of respondents forecasting growth in the coming year, and 73 per cent describing themselves as confident in their business environment.
Meanwhile, Cardiff also made the top three, as two Scottish cities – Edinburgh and Glasgow – have also been listed.
The best cities for starting out
Not to be entirely out-done, London topped the list for most members of the general public looking to start their own business in the next five years – though as many small business owners know, thinking about starting a business and actually doing it are two very different things.
Edinburgh and Leeds came in second and third for entrepreneurship, at 15 and 14 per cent to London’s 18 per cent.
The top 15 places to run a business in 2018
Square looked across the data it gathered from the survey to create its ranking of cities with the best potential for small business growth.
Here are the top 15:
| 1 | Belfast |
| 2 | Nottingham |
| 3 | Cardiff |
| 4 | Newcastle |
| 5 | Sheffield |
| 6 | Edinburgh |
| 7 | Liverpool |
| 8 | Norwich |
| 9 | Southampton |
| 10 | London |
| 11 | Bristol |
| 12 | Birmingham |
| 13 | Manchester |
| 14 | Glasgow |
| 15 | Leeds |
Cashless payments impact market growth
According to a previous study by Square, the majority of British shoppers prefer to pay by card, yet over three million UK small businesses don’t accept card payments.
With small businesses often having to compete against larger, chain companies, moving towards card payment may be one way to boost growth. In Sheffield and Southampton, over two thirds of respondents said they would be more likely to shop locally if card payments were accepted.
How optimistic are you about your business growth in 2018? Let us know in the comments.
Looking for self-employed insurance?
With Simply Business you can build a single self employed insurance policy combining the covers that are relevant to you. Whether it’s public liability insurance, professional indemnity or whatever else you need, we’ll run you a quick quote online, and let you decide if we’re a good fit.
