5 reasons entrepreneurs should choose Birmingham
Did you know that a poorly selected location is a foremost reason for small business failure in the UK? If you’re a budding entrepreneur with an idea for a product or service, choosing your city wisely will make a real difference to your business by saving you a world of heartache. Oxbridge Home Learning gives you five reasons why Birmingham is ideal for start-ups.
Nowadays, setting up a business in the UK is as easy as heading to Companies House and registering your brand for a mere £12 with high-hopes of becoming the next Richard Branson. 2017 saw a record 5.7 million registered businesses in the UK, however, running a business is no child’s play, and many start-ups are doomed to fail. One reason for this is their chosen location.
You may have heard recent news regarding Channel 4’s proposed relocation to another UK city, with Birmingham being a frontrunner. The aim is simple: to increase its regional output. But what is it about Birmingham that makes it an attractive place to set-up a business?
1) Magnificent Infrastructure – As part of its 20-year Big City Plan, Birmingham is rapidly transforming into a super city of accessibility that better connects Birmingham to the UK and the outside world. Recently finished projects like the Midland Metro and New Street Station renovation have made travelling to and around the city attractive, drawing more business to the city. The Transport for West Midlands are currently developing new cycle routes and a sprint rapid transit light-rail that improves journey times and reliability, while offering greener public transport. Add this HS2’s plans for a high-speed rail that transports you to London in 49min, and start-ups have an ideal environment that’s approachable from every angle for new business, employees and customers.
2) Rising Talent Pool – Birmingham is a student city, meaning you’ll be surrounded by a steady source of growing talent. After all, there are five universities in the area boasting a combined 65,000 students, including the University of Birmingham, which is ranked 15 in the UK. Not forgetting the numerous institutions, colleges and digital learning innovators like Oxbridge Home Learning who are creating more glowing graduates outside of London than any city in the UK. That’s just within the city. If we combine this info with Birmingham’s geographical position, impressive infrastructure and low worker costs, you’ll find your business ideally located to recruit the brightest, youngest and diverse graduates across the country.
3) Lower Business Costs – One of the pains of living in London is its outrageous overheads: stock, rent, wages, travel, living – everything skyrockets. For new entrepreneurs, there’s also an unprecedented amount of competition for customers and employees, meaning you need to work twice as hard to see a return. In comparison, Birmingham is significantly cheaper, and while there’s less competition, the city thrives economically. In 2017, average weekly earnings of its workforce were £422, meaning local talent is more affordable. It’s no surprise that outside of London, Birmingham has consecutively witnessed more start-ups than anywhere else in the UK, with 12,108 new businesses in 2017 alone.
4) An Investment in Industry – Birmingham is a cultural leader in innovation and business, with values and identity deeply invested in industry. It’s called England’s second city for a reason, as it’s thrived on growth, on building stuff; a hub of activity with more canals than Venice, once used for industry. As a start-up, you become part of that culture, but also an ethnically diverse metropolis with people sharing knowledge from differing backgrounds, communities and experiences offering a wealth of unique talent. Now on the rise again, Birmingham’s growing infrastructure, tech hubs, history, arts, food and library attracts the right people across the UK for personal reasons and work-life balance.
5) Business Advice & Funding – Birmingham thrives on growth and lures entrepreneurs to the city with exciting incentives, funding and support to ensure their companies survive those early business years.
The city is home to promising accelerator schemes that offer financial backing and technical services to help SMEs develop. However, if you’re looking for ongoing expert support, the Greater Birmingham Chambers of Commerce run a fantastic membership system designed to teach new businesses a range of vital skills while helping your organisation to connect and grow. Additional funding and guidance gives you belief, lowers overheads and lets you apply tested strategies and take risks without worrying. For digital start-ups, Innovation Birmingham Campus is an ideal base to maximise on growth potential. Positioned in the heart of Birmingham’s thriving educational quarter, they offer a range of innovative campus facilities like Entrepreneurs for the Future and Serendip Smart City incubator programmes that support your business and provide a platform to refine your products and services
