Research gathered by Paymentsense, Europe’s leading merchant service provider, has shown that Leicester is one of the best cities in the UK for entrepreneurs looking to start a small business in 2018.
Leicester is ranked in the top 5 amongst Aberdeen, Bath, Brighton & Hove and Edinburgh. The data focuses on Leicester’s strong heritage in textiles and shoes – and how industry still plays a huge role in the city’s economy, along with engineering and retail.
As part of the study, Paymentsense carried out extensive research on the business climate in each city, looking into business demography, the UK labour market, and the cost of living for the past 5 years.
The data highlights how Leicester is famous for its cultural diversity and how the bustling city centre attracts locals and tourists alike.
The data for Leicester also suggests the following key stats:
- 5-year start-up survival rate: 44.4%
- Average gross weekly pay: £497.90
- Self-employed rate: 5.2%
- Population: 348,300
- Average utility bill (1 bed flat): £159.50
- How ‘rich’ is Leicester? £166m earned by working professionals each week
The University of Leicester helps to support start-ups in Leicester both originating locally and from the University. In the last 9 years over 5,000 students engaged in enterprise activities and start-up programmes outside of their studies, resulting in hundreds of Leicester students and graduates starting a new businesses with an above average survival rate and an average of 2 jobs created per business.
The Leicester Innovation Hub, part-funded by European Regional Development Fund, is building on this success by offering dedicated incubation/start-up support to even more students and graduates. They are currently looking for more students and graduates interested in developing their ideas to apply for up to £1500 worth of support to start-up.
For students or graduates looking for help to develop their business ideas, send your details to firstname.lastname@example.org