Small Business – Location, Location, Location

Moving to London is one of those activities that most young people consider at least once in their twenties and which many act upon. Some subsequently leave, others stay for decades. The ‘brain drain’ south is a cause of concern for northern counties like Yorkshire, as well as Scotland and Wales. People are lured by the promise of a massive capital city, with plenty of jobs and opportunities. The only problem is that because there are millions of people competition for jobs and customers is fierce, and let's not forget, the London lifestyle is not to everyone’s taste.

Businesses can thrive in London if they prove popular – there are certainly customers if you can attract them and there's plenty of contacts. However, with sky-high rents and the personal cost of living quite painful, London is not always the best option for starting out. Neither, for that matter, are other big cities like Birmingham and Bristol. It depends of course on your business and life-style expectations, but smaller cities like Inverness can be surprisingly business friendly.

Part of the reason for this is that enterprise committees and development agencies may be very keen on creating or maintaining jobs, therefore strongly encourage new business in their jurisdiction. In Inverness, Highlands and Islands Enterprise has invested heavily in the area in the last few years, drawing money from the EU and Scottish Executive.

The investment project into the University of the Highlands and Islands has also contributed to economic growth. However, Inverness is popular with professionals who simply want to escape from the rat race. With outstanding scenery close by, including the Great Glen and its most famous inhabitant, the Loch Ness Monster, businessmen and businesswomen simply choose to make the move and then look around to see where they can use their skills.

With the flexibility now offered by the Internet, an increasing number of small businesses can be run from rural premises. It is not always necessary to have an ‘office front’ in a reasonably well frequented location. Boreas Books, retailing fine or rare books and first editions, is located in the Orkney island archipelago and could not be further from a metropolis, but still prospers. Offering an exclusively online service it has no need of over-the-counter sales.

It is increasingly tempting to combine running a small business with enjoying a comfortable life-style. Of course, the glitter of big cities cannot to denied, but if you need something quieter, fresher and perhaps more child friendly, then setting up a small business in a less metropolitan area could beautifully let you combine business with pleasure.

To find out about the business potential of less urban places you have a number of options: contact Regional Development Agencies, Business Link or local entrepreneurial groups. Otherwise, for a fee, special marketing companies will send you over a deluge of statistics. If the figures look good and you need to escape from the city, consider whether your small business – and your family – would do just as well, if not better, in another location.

Disclaimer:

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.