Contents
Northampton is the second biggest town in the UK after Reading and there is a lot of speculation as to why it hasn’t been given city status. Is it because it supported the Roundheads in the English civil war and the monarchy is still holding a grudge?
Either way this article will focus on the opportunities to do business in Northampton and the town’s economic personality.
Northampton was listed by Experian as one of the top places to start a new business in the UK—proof of its business friendly credentials.
Key Takeaways
Northampton offers small businesses a central location in the UK, fast internet, great mobile phone coverage and a local enterprise support system that encourages business growth and connectivity.
Despite the business friendly environment, challenges in Northampton include intense competition, a close knit business community that’s hard for new entrants to get into and practical logistical issues like traffic and parking.
Independent retailers and restaurants, local events, small business rate relief and a supportive community mean a good work life balance and long term opportunities for growth but recruitment can be tough due to high employment rates.
Before you continue reading…
Our clients enjoy these things as standard:
- Three working hour response time for queries
- Fixed monthly payments and any ad hoc fees pre-agreed
- Full UK based team in the office 9-5 Monday-Friday
- All-inclusive tax planning and software support
- Free representation in the event of an enquiry
The Pros
Northampton is known as the UK’s hub and it offers a mix of old and new that is perfect for small businesses and entrepreneurs. It offers opportunities where being central location meets strong business support services and good communication channels to help businesses grow.
Central Location and Accessibility
In the middle of England, Northampton’s central location has many benefits for small business owners. This location gives you easy access to big cities like London, Oxford, Cambridge and Birmingham. Small business owners can be close to these economic powerhouses without the costs that come with them.
The ease of access to the M1 & M6 and a really well connected train station means every major business centre in England is only ever a short journey away.
Business Support and Resources
With grants and loans available from the Local Enterprise Partnership and West Northamptonshire Council, turning your business idea into a reality is much easier. As well as financial support these organisations offer a wealth of resources such as business mentoring, workshops and networking events. These resources help entrepreneurs to not only secure the funding but also develop the skills and connections to grow and sustain their business.
The support system in Northampton is designed to encourage innovation and entrepreneurship making it a great place for start-ups and small businesses to set up and thrive in a competitive market.
There is also a strong voice for small business through the Northampton BID, Chamber of Commerce and Federation of Small Businesses. These organisations play a key role in representing the needs and interests of small business owners and making sure their voices are heard in local government and policy making.
They offer a platform for business owners to network, share ideas and collaborate on initiatives that drive economic growth and community development.
They also run events, workshops and seminars to equip small business owners with the latest information and tools to navigate the business landscape. From marketing to financial management these sessions are invaluable learning opportunities to help businesses stay competitive and innovative.
Additionally the Northampton BID, Chamber of Commerce and Federation of Small Businesses work to build a sense of community among local businesses. By promoting collaboration over competition they help create a business supportive environment where businesses can flourish together. This community focus not only helps individual businesses but also the overall economy of Northampton.
In summary the strong voice of these organisations is key to the support system for small business in Northampton making it a great place to start and grow your business.
Communication
In today’s fast paced business world fast and clear communication isn’t just nice to have – it’s essential. Northampton businesses have great broadband and mobile phone coverage so messages get through whether it’s an international video call or a local marketing campaign.
Independence
The streets of Northampton are buzzing with the independence that small business brings to the town. Famous for its shoe and leather industry and variety of independent shops the town is a real showcase of skilled makers and niche markets.
Small Business Rates Relief
The town has affordable premises with low rateable values and plenty of small spaces for new businesses to keep costs down and profits up. This supportive environment takes the financial pressure off small business owners so they can focus on growing their business.
The low rateable values in the area mean many small businesses get reduced business rates or none at all. This can be a lifeline for start-ups and small businesses with tight budgets. By keeping overheads low businesses can put more into growth initiatives like marketing, product development and customer service.
Stats
One of the top places to start a business in the UK and even beats London with 43 new businesses per 10,000 residents. These stats prove Northampton is a town for entrepreneurs and a great place for businesses to flourish.
The town’s central location and support system for small business makes it a destination for budding entrepreneurs. The availability of grants, loans and business mentoring services adds to its business friendly environment. The local community and the town’s cultural scene also contributes to a great quality of life which is a big draw for talent. All these combine to make a great ground for new businesses to not only start but also grow and thrive in a competitive market.
The Cons
Starting a business in Northampton comes with its own set of challenges. The town has many advantages for new entrepreneurs but also its own unique obstacles to overcome.
Entrepreneurs face the tight knit local business community, competition and practical issues like traffic and limited parking. Running a business here means paying attention to detail and staying one step ahead of the problems.
Hermetical Business Community
Getting into the business scene in Northampton can feel like trying to crack a hard nut especially for newbies. The town’s established networks can be a barrier to entry, so new businesses need to invest heavily in marketing and sales to get a foothold.
These business communities aren’t unique to Northampton but it does highlight the need to build relationships and brand identity. New businesses need to be prepared for intense networking and reputation management – every opportunity to stand out.
Business Competition
And with so many businesses competing for customers in Northampton the competition is fierce especially in industries like accounting and transport. This can be a challenge and an opportunity for new businesses. On one hand it requires innovative strategies, great customer service and unique value propositions to stand out and attract customers.
On the other hand the number of businesses means there’s a big market and high demand so there’s opportunity for those who can navigate the competition.
Overall while the competition in Northampton is tough it’s also a dynamic and busy business community where innovation and excellence is rewarded. Entrepreneurs who put in the work to understand their market and their customers can do very well in this town.
Parking & Traffic
Running a business in Northampton comes with some practical issues especially when it comes to parking and traffic. Finding a parking space can be a real pain for business owners and customers and the parking wardens don’t make it any easier. These everyday problems can impact the customer experience and ultimately the business.
Compared to towns like Milton Keynes traffic in Northampton can feel more chaotic so businesses need to plan for these issues to keep things running smoothly and to give their customers a good experience. Sorting out these problems is key to keeping customers happy and the business running.
Hard to Recruit
With one of the highest employment rates in the UK at 79% finding the right talent is tough. In a town where most people are already employed the competition for skilled workers is as fierce as it is for customers.
The high employment rate is a double edged sword; it’s a strong local economy but also means businesses have to work harder to attract and retain the right people. With every shop, company and partnership looking for the best talent, having an attractive job package and a great company culture is key.
Summary
So all in all Northampton is a good place for small businesses. Its central location, business infrastructure and independent feel makes it a great for entrepreneurs. But it’s not without its challenges, tight business communities, competition and everyday issues like traffic and parking. By sorting out these challenges and being determined running a business in Northampton can go from being a juggling act to a success.
Frequently Asked Questions
What makes Northampton’s central location advantageous for small businesses?
Northampton’s central location in the UK means businesses have easy access to major towns and transport links so it’s an environment where businesses can expand in many ways.
This is good for small businesses who want to grow.
How does Northampton support the growth and development of small businesses?
West Northamptonshire Council supports small businesses in Northampton with financial support, reliable internet and resources. This helps business growth and gives entrepreneurs a supportive environment to grow.
Are there any financial benefits for small businesses starting up in Northampton?
Starting a small business in Northampton can offer financial benefits including Small Business Rates Relief, low rateable values and smaller premises that allows new businesses to start and grow affordably. These benefits help with the cost of setting up and growing the business.
What are some of the challenges small businesses might face in Northampton?
Small businesses in Northampton will face; entering established business sectors, competing with industry competition and parking and traffic problems.
Is it difficult to recruit talent for small businesses in Northampton?
Yes finding skilled workers for small businesses in Northampton is tough because of the high employment rate and competition for skilled people in the job market.
