Great news for businesses and entrepreneurs based in Leeds - new research reveals Leeds is the second-highest scoring city in the North where entrepreneurs are the most likely to succeed.
The study – conducted by the Centre for Economics and Business Research (Cebr) on behalf of Kleinwort Hambros, a private banking and wealth management firm – consisted of monitoring start-up activity and their success over periods lasting three years, as well as general economic business conditions and any government support available in the form of grants.
Their findings reinforce the belief that Leeds is one of the best places in the UK to start-up a new business. This innovative city is also an ideal area to relocate an established business which could do with the boost of moving into a thriving hub of entrepreneurial endeavour.
Leeds businesses benefitting from a dynamic and diverse workforce
One of the main reasons businesses are doing so well in Leeds is the steady influx of a dynamic and diverse workforce. That workforce is regular supplemented by the city’s universities, which are known to attract talented students from around the UK and the rest of the world.
As the Leeds Career Centre notes, many students decide to stay in Leeds when they have graduated and this vibrant city has one of the most diverse economies in all of Britain’s major employment centres.
Many of these ambitious young people are joining new and exciting business ventures once they graduate, if they’re not starting them up themselves.
Chris Perkins runs the Leeds-based office for Kleinwort Hambros and believes the success of Leeds as hub of business and entrepreneurship is due to contributions from both public and private sector initiatives.
Talking to the Yorkshire Post, Perkins spoke about Leeds rise in prominence as a leading business hub in Britain.
“Whilst we would expect London to dominate any rankings of thriving places for start-ups in the UK, it is great to see that Leeds is now firmly in the top fifteen places to produce the most successful entrepreneurs of the future.
“This is testament to the great efforts made by both public and private sector initiatives to provide support for young companies and their founders. These results show that this investment is really bearing fruit,” said Perkins.
Multiple reasons why entrepreneurs choose Leeds
Perkins added that an additional factor of the city’s success is that many people are moving away from what have been their traditional or existing business ventures and using the wealth they have accumulated from them to pursue something different that they have previously had an interest in.
“This is particularly true of landowners who are moving away from farming and into new businesses,” commented Perkins, adding:
“In addition, people who are being made redundant are able to use government grants, which are widely available.
“There are so many reasons why Leeds is attractive to entrepreneurs. Yorkshire itself is particularly diverse and provides so many opportunities. Tourism is abundant here, there is so much to see and do in Leeds, York and Harrogate. The coast and the Yorkshire Dales also draw visitors. People are proud to use the Yorkshire brand for its appeal, both in terms of showing grit and determination, but also for its traditional values.”
Serviced and virtual offices make relocation easy
For businesses relocating to the likes of Leeds, which are unsure of their growth outlook in forthcoming months and years, flexible office space and virtual offices can be the ideal solution. Rather than committing to expensive and long-term office contracts, serviced office space, virtual offices and hired meeting rooms, are ideal spaces for start-ups and established businesses that are relocating to new cities to move into.
If your business requires serviced office space, virtual offices or professional meeting rooms to provide the flexibility to grow and nurture a professional image in the leading business city of Leeds, contact Carrwood Park today.