Source: Dumb Little Man
Many people have aspirations of setting up their own business and working for themselves but never actually go through with it. There are many reasons for this, but the fact that it can be a huge financial risk is probably somewhere near the top.
How can you make it work? What factors should you consider to increase your success rate?
UK-based business Plusnet recently surveyed 1,000 British start-up owners, asking them where they set up and how it affected their fledgling venture. Here are some key takeaways that could help you when starting a new small town business.
Resist the Lure of a Bigger City
One of the biggest things to take from the research was that many British entrepreneurs steer clear of the capital city of London. Instead, they chose to start their business closer to home. 72% of the businesses in the survey were based outside the UK’s largest business hub, with 67% of the entrepreneurs setting up in the city or area they’re from.
With vibrant cities all over the country, it seems that new business owners are prioritizing access to local amenities.
The northern city of Newcastle has the highest number of home-grown entrepreneurs with 81%. This is followed by 79% of people in the home of the Fab Four, Liverpool. With easy transport links to the capital, including a new high-speed railway due by 2033, working away from the big city isn’t an issue.
Use Your Local Connections
Setting up your business in the city you come from has many benefits, including one that money can’t buy – your in-depth local knowledge.
Having lived in an area, 58% of business owners said this was one of their deciding factors. Not only does this mean you’ll know the geography of the city, 36% said they already knew the city was well suited for a business in their industry.
Another factor of great…
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