• Laura Steele

Why Peterborough Is A Great Place To Start Your New Business

Here at Peterborough Small Business Awards we are all about celebrating and recognising those awesome businesses and people in business across Peterborough. But did you know that Peterborough is a really good place to start a business?

Raisin Banking completed a study that looked at the best cities to start a new business. In their study they analysed business survival rates. They also looked at office costs and unemployment figures. Peterborough ranked sixth in the list of top cities to invest in for starting a new business.

Research shows that around 670,000 new businesses are started in the UK every year. Around 20% (one in five) of those businesses fail within their first year. However, in Peterborough the business survival rate is over 87.6%. This is an impressive percentage when compared to the rest of the UK and other cities.

At last count there were over 8,700 business operating in and around Peterborough. By far, the largest proportion of the business community in Peterborough is small and micro-businesses. In fact, no less than 98% of businesses operating in Peterborough are either small or micro-businesses.

Let’s put that into context. These micro and small businesses in Peterborough provide 52% of jobs locally. The other 48% of jobs are offered by big name employers. This is why a city needs a balanced mix of small, medium and large businesses; which is what Peterborough offers.

Interestingly, there are two ‘source’ locations where companies have Peterborough in their sights. One of these is London. Businesses in London can see where they can make huge cost savings by moving the hob of their operations out of the ‘big smoke’ to Peterborough. In turn, this means more potential work for local businesses and suppliers in Peterborough.

The second ‘source’ is Europe. Companies with headquarters in the Netherlands, France, Norway, Spain, Denmark and Poland are choosing Peterborough as their location of choice to start up their business in the UK. Once again, this means more potential for those local businesses in Peterborough.

Peterborough is a great place to start and run your micro or small business, and who knows what it could become. If you dream it, you can achieve it!

If you are interested in starting a new venture, be sure to visit our awards Partners Acorn Ventures

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