Sunderland among best places for start-ups in new research
Sunderland has been ranked second - ahead of London - in a league of the best places in the UK to start a business.
Online magazine, StartupsGeek.com, has reviewed data from the cost of office space to average internet speed to find out the best cities in the UK to start a company – with Sunderland finishing up in the number two spot, ahead of London.
According to the research, Sunderland provided the most affordable office space for start-ups, at almost a quarter of London’s prices, meaning that starting a business in Sunderland instead of London would save almost £350,000 over five years.
The research data analysed the cost over five years of starting a business, broken down into the cost of salaries and office space. The research also looks into other factors including graduation retention rate, five-year start-up survival rate, and average internet speed among others. Canterbury took the top spot.
Councillor Graeme Miller, leader of Sunderland City Council, said: “Businesses that are based in this city will know that it provides the perfect platform for organisations to start up and grow.
“The supportive environment we create – not only as a council through our Business Investment Team – but as a wider business community with collaboration and support, means that start-ups here have a strong record of success. It’s something I am incredibly proud of.
“It’s brilliant to see that – outside of the city – our efforts are being recognised, and we’re just delighted to finish up ahead of London and so many other cities in this research.”
It seems that the global pandemic dramatically affected Brits thoughts on wanting to become their own boss. Another study found 20 per cent of people were considering starting their own business or taking on a side job during the lockdown.
Joe Dawson, co-editor of StartupsGeek.com, said: “It’s often repeated that small businesses are the backbone of the British economy, and I think that small business has a big role to play in the economic bounce-back that we need after the trauma of 2020.
“The statistics in this study give us a snapshot of current conditions but it will be down to the next generation of entrepreneurs to capitalise on these opportunities."