Lincoln is one of the best places to start up a business

Comments (0)1

A scientific study has ranked Lincoln as the nation’s number six best spot to start a business. According to researchers, Lincoln’s cheap commercial2 rent, below-average virtual office prices and high quality of life all helped the city to outshine more established business centres London and Edinburgh. The research also showed Lincoln also boasts some of the country’s cheapest business electricity rates.

James Howell, compliance executive at Quality Formations, which carried out the study, said: “Lincoln might not be a big city but it’s punching well above its weight in terms of business potential. Between Lincoln’s two universities, cheap-as-chips commercial rent and affordable cost of living, it’s no wonder this cathedral city snagged the number six spot on our list.

Related content

“Above all else, Lincoln maintains a fairly high quality of life. The monthly cost of renting a two-bedroom property sits around 30 per cent below the UK average and childcare costs and crime rates are relatively low, too.”

At a mere 10.92 per square foot, prime office space in Lincoln is among the UK’s cheapest and for a city of under 100,000, Lincoln has got an improbably large number of available properties. Overheads like energy are slightly below the national average, too. Meanwhile, virtual office services are over a third cheaper than the UK city average, at 58.75 per month for both telephone answering and mail-forwarding services. Lincoln also boasts a broadband service that is superior to the vast majority of UK cities, with an average download speed of 20Mbps and an impressive penetration rate of superfast broadband, at 89 per cent.

Rebecca Honnan, customer service manager3 at Quality Formations, said: “A vast majority of entrepreneurs suffer under this false presumption that major industrial capitals like London or Edinburgh are the best places to start new businesses. We crafted this study to help aspiring business leaders take a step back and look at the bigger picture.

“It may not seem like a top priority when choosing a business location, but accommodation fees, childcare costs and crime rates are just as, if not more, important to the survival of a startup than the size of your local consumer base.

“After analysing all of the UK’s 69 cities and tallying up these sort of crucial elements, we found that it was the UK’s small-to-medium sized cities that were actually the most competitive.”

The city of Derby came in number one in the UK for its extensive enterprise support network and low cost of living. Derby was followed closely by pottery capital Stoke-on-Trent, which claimed the number two spot. Stoke-on-Trent’s gleaming new UniQ district, highly-integrated business support network and cheap commercial office rates helped the city to rise above Northern Ireland’s innovative capital of Belfast which finished third.

The all-encompassing study, carried out by London-based company formation experts Quality Formations, was designed to demonstrate the misguided importance e

Stoke-on-Trent, Stirling, and Coventry outperform London in terms of startup potential

Hereford has been branded the UK’s absolute worst city in which to start a business. Cities were judged on eight core criteria, including commercial property, energy prices, virtual office services, public transport, broadband service, workforce demographics, access to startup finance and quality of life. This two-week scientific study was carried out by a team of company formation experts at Quality Formations, one of the UK’s leading company formation agents.

Lincoln Is One Of The Best Places To Start Up A Business

References

  1. ^ Comments (0) (www.lincolnshireecho.co.uk)
  2. ^ Lincoln’s cheap commercial (www.lincolnshireecho.co.uk)
  3. ^ customer service manager (www.lincolnshireecho.co.uk)

Leave a Reply

Your email address will not be published. Required fields are marked *

*