When it comes to starting a business, the city that is often overlooked is Birmingham, which is constantly surprising. The UK’s second city was recently voted as the best UK city in the Small Business Index 2019. And, there are a number of reasons why more business should turn to Birmingham in order to excel. But, for those still unsure about Birmingham’s business potential, what does WeLoveBrum’s Alex Dudley believe could be a pivotal factor in the future of business for Birmingham?
The findings in that study could offer a change in the mind-set. That report compared 100 of the most popular cities in Europe and ranked them on a host of important factors for business such as density, prices of property and forms of external support. The second city came tenth in that research, which was just a place higher than the UK’s next best city- Glasgow.
Price Of Rent
The reason that Birmingham was able to excel in the research was mainly down to the prices of rent within the city. As well as that, the research also found that there was a high level of investment opportunities for businesses within the city. There was more success for the West Midlands, as Coventry also ranked within the top 100.
Meanwhile, Birmingham was six places above London. The second city also ranked above Liverpool, Manchester and Leeds in the findings. The city at the top of the charts was Valencia, with Madrid coming in second.
What Birmingham Offers New Businesses
The numbers behind the success of Birmingham and business do need to be appreciated, as 18,590 companies were set up in the city, and more companies from London moved to the second city than any other destination in the UK. Better yet, companies that are set up in Birmingham average a three-year survival rate, which is much higher than anywhere else in the UK. Birmingham City Council also admitted that the reason behind that was the positivity that they felt in the city despite the uncertainty of business in the future because of political unrest regarding Brexit.
There are also other factors that could compliment business in the second city, as there are four universities, which means businesses always have access to young talent. Birmingham also has the highest percentage of people under the age of 20 than any other core city within the UK. If you combine those factors, with the fact that the housing prices are cheaper than London, then it isn’t hard to see a company excelling in the second city.
The future only promises to get brighter for Birmingham too, with the city currently undergoing a massive transition in preparation for the upcoming Commonwealth Games. There are more transport links being introduced, and getting around the city will never have been easier. The future of business in Birmingham is only getting brighter with every passing month.