To help, life insurance broker, Reassured, has analysed key factors, such as unemployment rate, salary, bills, number of small businesses, as well as crime ratings to reveal the best areas to start your small business. Please see the top 10 rankings below:

Starting your own business can be one of the most stressful life experiences, and choosing the area you want your business located can be even trickier. For those looking to start their search for a new business location, the cities that landed in the top five are as follows:

London

It might not come as a shock that the capital took the first spot as the best place to start your small business. With over 1,106,545 small businesses located in the city, it’s the perfect spot for entrepreneurs interested in building their businesses while having the chance to network in the city. In London, the average salary is £59,176, so you can look ahead to payday once your business is up and running.

York

Claiming second place, York received a total score of 5.1, and is home to beautiful buildings and small, quirky businesses. This medieval city has a low crime rate and was even named the third safest city in the UK in 20223. In addition to this, York sees tourists all year around and is a busy city for shops and businesses.

Newcastle

Following closely in York’s heels is Newcastle, scoring an overall rating of 4.8. Newcastle is also a thriving student hub and came fifth with the number of young people (17.45%). In addition to this, the average salary is £31,772, and there are over 19,000 small businesses in the city!

Oxford

Home to the oldest university in Britain and picturesque streets, Oxford takes fourth place, with an average salary of £35,742 per annum and nearly 11,000 small businesses. Located in Oxfordshire, you can access large lots of space for your new business – if it’s a shop, you’ll be able to profit from a large number of tourists and students coming to the city every year.

Norwich

Coming fifth in the best area for small businesses in the UK for 2023 is Norwich. With its beautiful cathedral and surrounding green space, this is a great southern city to test your business. With an average salary of £31,252 and over 11,000 small businesses, Norwich can offer many opportunities to young entrepreneurs interested in starting a small business.

A spokesperson from Reassured comments on the research: “We know starting a new business can be daunting, which is why we have looked at key factors to determine the best places in the UK for startups so that you can easier choose the area best suited for you and your business plan.”