Becoming self-employed and starting your own business from scratch is a dream many of us have, unfortunately so few of us actually follow it through. It can be daunting at first, but it can also yield great results and be incredibly rewarding.
Love Energy Savings are always looking for ways to help businesses. They make it their mission to save them money and provide advice wherever possible.
Maybe you feel like the time is now, and you’re ready to put plans into action and start your own business. First things first, though – you have to do your research and decide: where in the UK are you going to start your business and, more importantly, how much will it cost?
Fear not, because Love Energy Savings has done the hard work for you and compiled all the statistics, useful facts and handy pieces of information about each region into one big guide. All our data comes from valid and reliable sources, such as local city governments or the Office for National Statistics, so you can be sure that we’re giving your information that you can trust.
Here you can take a quick glance at average regional energy prices and rent per year, you can also read in-depth descriptions on the specialities each part of the UK is known for. The LOVE business price index has got absolutely everything you need to know, please click link at the end of this article to access the full guide.
Average energy price p/KwH – 11.11p
Cheapest Regional Supplier- Npower
Average Annual Commercial Rent (£ per sq. ft.) – £15.75
Average Annual Wage – £24,787
Business Population of Largest City – 8,340
Business Survival Rate (4 years) – 47.2%
The North East has benefited strongly from the push to establish a Northern Powerhouse over the years – so much so that it’s become the go-to place to settle down for a variety of industries. In the past, entrepreneurs may have been wary of settling in the North East, deeming it to be rather isolated, but this is fast changing, with plans for high-speed railway links coming to fruition.
Industries particularly at home in the North East include finance, energy and technology. Similar to North Scotland, this region has a good coastal footing, meaning those in the energy and manufacturing sectors – particularly energy efficiency and sustainability – can make a good home for themselves here.
Why look to the North East?
The North East is a strong contender for a number of thriving industries, but if the numbers don’t add up then you might start to look elsewhere. Fortunately, the entire region, and its largest city, have a lot going for them…
Newcastle upon Tyne is the largest city in the North East, and it should certainly be on your list of pros for settling down here. The business population of Newcastle is approximately 8,340, somewhat higher than the regional average of 5,086, but there are still plenty of opportunities for ambitious up-and-coming entrepreneurs to plant strong roots here.
As stated, two of the biggest expenditures for businesses are energy and rent. And the North East offers competitive rates for both. The average annual commercial rent per square foot here is £15.75, and the average energy price is 11.11p/KwH – meaning you can worry less about your finances and more on running your business.
Thanks to the North East’s strong ties and the improvements being made to transport links to other areas of the country, such as the North West and Yorkshire, you can choose to set up your base in Newcastle but do business elsewhere. Cheap rent allows you the flexibility to do that.
Average energy price p/KwH – 11.06p
Cheapest Regional Supplier – E.ON
Average Annual Commercial Rent (£ per sq. ft.) – £19.03
Average Annual Wage – £25,720
Business Population of Largest City – 96,840
Business Survival Rate (4 years) – 46.6%
The North West has been transformed over the past few years – so much so that it’s starting to rival London in terms of opportunities. This is only strengthened by its transport links to the North East and Yorkshire, and high-speed railway lines mean you can be in the capital in just a couple of hours.
Most consider the capital of the North West to be Manchester, and thanks to the still-growing hub of Media City UK, based in Salford Quays, the city is a hotspot for businesses specialising in digital, creative and media. But it isn’t the only city to be thriving under the recent Northern Powerhouse push. Liverpool, with its strong ties to the docks, its rich history and city-of-culture status, is also a strong contender for start-ups. This is especially true for those specialising in the areas of medicine or science, thanks to the brand-new £335 million state-of-the-art hospital opening in summer 2017. Preston and Blackpool, located a little further North, are both growing hotspots too! Preston is a huge player in our defence and aerospace industry, as well as offering an abundance of retail opportunities in the thriving city centre. And Blackpool continues to profit from a thriving tourism industry.
Is the North West best for your business?
No matter what you’re looking for, the North West is always a good location in which to establish a new business – with a four year business survival rate at almost 47%. With strong transport links and a thriving local economy – it ticks all the boxes!
Fortunately, as more attention becomes focused on the North West, more money is invested into commercial property developments in and around the major cities. This means office space is rather cheap compared with other regions, clocking in at an annual average of £19.03 per square foot.
If that wasn’t enough good news, energy prices in the region are also very reasonable: approximately 11.06p/KwH. That’s two expenditures that suddenly drop down your worry list. Plus, the North West has a stellar reputation for low costs of living. Another bonus!
Average energy price p/KwH – 10.54p
Cheapest Regional Supplier- EDF
Average Annual Commercial Rent (£ per sq. ft.) – £45.46
Average Annual Wage – £37,114
Business Population – 265,230
Business Survival Rate (4 years) – 45.8%
What can’t you say about London? Not only is it the UK capital, but it’s also garnered a reputation for being a place where entrepreneurial dreams come true and where businesses can grow from start-ups to corporations. It’s one of Europe’s major economic hubs, and each area of London has evolved on its own to nurture business niches from all walks of life.
A whole manner of sectors can thrive in London. If being a major commerce and financial hotspot of not just the whole country but the entire world wasn’t enough, here are just a few of the other sectors* that thrive in the capital.
- Fashion and retail
- Media and digital
- Professional services
- Research and development
Running a business in London
One of the biggest things to consider about London is the sheer level of resources you’d have access to if you set up there. This includes the tremendous amount of business support London has to offer – ranging from the local councils to specially funded centres.
Now let’s take a look at the numbers. As you’ll expect, the costs of setting up and running a business in London are higher than elsewhere in the country, but you have to weigh this against the opportunities it offers.
However, there’s one particular element that will significantly reduce your business expenditure – the energy prices in London are surprisingly low. At 10.54p/KwH, they’re actually among the lowest in the country. As one of the biggest costs businesses face, energy prices shouldn’t be taken lightly in your search for new ground.
To see the LOVE Business Price Index in full please visit: www.loveenergysavings.com