It may be a surprising choice, but Ipswich has recently been named the best place to start a new business in the UK. The results come from a survey conducted in September 2017 by business-support group Informi, taking the latest available information from the 63 largest towns and cities in the country
Contributing Factors
Conducted over a three-year period, the Informi research took into account a variety of economic and cultural factors before deciding on the Suffolk town as the winner. These included:
Business survival rates
Also known as ‘churn rates’, this is the ratio of new companies opening in relation to closing down. Ipswich came an impressive sixth on the list, indicating that enterprise has favourable conditions to survive and flourish in the local area.
Pollution levels
Ipswich emitted just 3.71 tonnes of CO² emissions per capita during 2014 – the third best in the UK. This shows Ipswich provides a clean air environment, a notable factor that drives up the standard of living and helps sustain employment in the area.
Broadband availability
Internet connection in and around the Ipswich area is very commendable. According to a Centre for Cities study, 89.82% of properties within the region are covered by ultra-fast broadband, pushing Ipswich up ten places from the previous year. Only five towns rank higher.
Property prices
Numerous surveys place Ipswich as one of the UK’s property hotspots. According to Zoopla, house prices have risen nearly 6% in the past year – this is a strong indicator that the local economy is performing well with rising wages and job stability.
Patent applications
The Informi research also looked at the number of patent applications per 100,000 of the population. Ipswich was amongst the leading towns and cities in the UK, showing locals have a desire, as well as the conditions, to become entrepreneurs in their own right.
Panoramic view of ipswich by Steve Arnold
Reaction
The announcement was welcomed by David Ellesmere, the leader of Ipswich Borough Council. He noted:
“Ipswich has excellent road and rail communications, a new university and existing hi-tech clusters in and around the town… All this is coupled with a clean environment, more affordable housing and a high quality of life here.”
“The borough council has been working very hard to make Ipswich attractive to business, especially SMEs… It helps start-ups receive the knowledge, connections and confidence they need to turn their concepts into a success. Our new economic development team works closely with local businesses to make sure they receive wrap around support to grow and flourish.”
“Helping business and promoting jobs and skills is a key priority for the council and we are working with others to invest in the town and its future, offering enterprise zones, a good availability of business space and a commitment to transforming the town centre.”
All in all, as the Informi survey shows, Ipswich is an area with favourable conditions to start and sustain a new business. However, professional guidance is still needed along the way to ensure your company has the best chance of success. At DLR Accountants, we can help your Ipswich business flourish so don’t be afraid contact us and to ask for help.
If you’re considering starting your own business, here are some financial considerations you need to be aware of.
Featured image courtesy of Martin Pettit
