Setting Up A Business In Birmingham: 6 Things To Consider
- 06 Jun 2022
Did you know the location of a business can impact the company's success? Funding and market research are two factors that many will associate as influential in whether a company succeeds or fails. There are numerous other factors, including the location.
Businesses that sell products want to be located in an area with plenty of foot traffic. This helps increase the chance of people noticing the shop and choosing to enter. With office-based companies, the location of their business is also important.
Being located in a popular city with a central location means that the company can attract and retain talented employees. It also offers excellent transport links, making it easy for people to commute long distances.
For many businesses, London is often the first prime location that they will consider building their company. However, the cost of London rental offices and the fierce competition could put some companies at risk of not being able to succeed. Business leaders should consider looking elsewhere to build their company's base. One place that is worth considering is Birmingham. Recently, Birmingham is becoming a popular choice for many looking to kickstart their company after being named the UK's regional start-up capital.
Here are a few things to consider for business leaders looking to start a company in Birmingham.
Cost Of Offices
Property costs are one of the most significant expenses for a company. Although some modern businesses have adopted a remote working workstyle, having a physical location is still a preferred choice for many business leaders. As mentioned, the right place is essential in business. Choosing Birmingham to be the home for your business can be a financially wise choice. Birmingham pricing for office rent, wages, travel and all other overhead costs are just a fraction of what they are in London.
Aside from being significantly cheaper, Birmingham is a city that is thriving economically. As most companies have set up their business in London, there is very little competition in Birmingham, which can help your company to succeed.
Implementing IT Security
IT plays a vital role in many modern businesses. It helps them to work effectively and efficiently. As technology advances, the list of possibilities extends with new ways to run a company becoming available.
When choosing Birmingham for your company's base, look into working with local businesses. For instance, consider finding IT support in Birmingham to help implement security measures for your company. You could use the Computer support from Birmingham-based Geek-Guru to help you ensure that your company's IT system is safe and secure.
Having security measures in place and constantly monitoring, reviewing, and updating will help minimise any potential IT security risks and breaches. This can help your business maintain a positive image, aiming to ensure their customers' information is well protected.
Industries That Are Growing
With each passing year, Birmingham continues to be a leader in business and innovation. There are deeply invested values within these industries. Currently, the main growing areas within Birmingham are its arts, food, history, infrastructure and tech hubs. Technology is rapidly advancing, and there is a growing demand for businesses that operate in certain areas of this popular industry.
Birmingham is a metropolitan city that is brimming in culture and diversity. Talented individuals from different backgrounds and communities who have their own experiences live throughout the city. Having this diversity can bring new perspectives, other voices and opinions to a company. It could help business leaders with growing their business.
Diverse Talent Pool
Birmingham is home to top universities. There are countless talented students at these universities who are expanding their knowledge and refining their skills in their chosen subject area. Out of 130 institutions surveyed, Birmingham was ranked 19th in the University guide league table. Some of the academic courses offered ranked within the top 10.
When these students graduate, some will look for jobs within the city and in the industries they have studied about. Companies, especially start-ups, can benefit from working with young talented individuals who will bring fresh ideas and up-to-date knowledge of the industry, trends and the latest software. All of this can be beneficial for a growing company.
If you choose Birmingham as your base for your company, you will likely attract a diverse group of talented individuals. You will likely receive applications from recently graduated students or younger individuals, but the knowledge and experience they provide will be valuable.
Birmingham is an expanding city that is thriving. As it continues to rise and slowly dominate particular industries, there are many funding opportunities and grants available that start-ups should consider taking advantage of. Combined authorities across the West Midlands offer local support and apprenticeship opportunities.
These opportunities could help a business leader in the early stages of building their company. Those early days are crucial moments as they help set the foundation upon which the company is then created. Business leaders have to ensure that they establish a stable foundation on which they can then build their dream business and accomplish the goals they have set for themselves.
Transport Links Available
It is likely that you will have to travel when building up your start-up. You may have to visit other towns and cities to meet with potential clients and investors. Being based in Birmingham means you will have access to numerous transport links. There are frequent buses that can connect you to different areas surrounding the city and a large train station with strong connections to other major cities throughout the country.
If you have team members travelling in, ensure that the area of Birmingham you choose has public transport links available. This will help you increase your chances of finding and hiring talented team members for the company.
The Bottom Line
Birmingham is a growing hub for many industries, and it is showing no signs of slowing down anytime soon. The central location makes it a well-connected spot, and the low costs of running a business are an attraction for countless companies. All of these reasons combined are attractive factors that have enticed a rising number of start-ups. It is understandable why they would choose Birmingham to establish the home of their business. There are plenty of opportunities available to utilise, which could help them succeed.
Of course, other factors are not related to location that can influence the success of their business that they need to consider. For example, they need to know if there is a demand in the market for the service or product that they are offering. They have to ensure that they maintain a positive reputation online to help market the company better. Avoiding some of the most common reasons why start-ups fail will help your business be included in the statistic of companies that fail within the first few years of being in business.
Choosing Birmingham as the place to build your business should certainly be something worth considering. Should you decide to look into setting up your business in Birmingham, keep these factors in mind to help you make your final decision. It could help you accomplish your dream of starting and running your own business.