There are multiple factors that you need to evaluate before investing your time, energy and money in any business, because these contribute to the success of a business in the long run. Although, with the right kind of strategy, careful planning and smart execution, you can make any business work but there are some fundamental dynamics beyond hard work that can be a decisive for your business’s success or failure such as; location of your business, the local demand for your product/service, cost of running a business in a specific area etc. So, when running a business, it is essential to play on the pros a place has to offer.
Northampton has been ranked as one of the best towns to start a business in the UK over the past 5 years over and over again. Research reveals that Northampton has 43 new businesses per 10,000 population i.e. above London at 42 and well beyond the UK average of 12. Considering these stats, you might be wondering what makes Northampton an ideal place to start a business. Let me shed some light!
“There are many benefits of being based in Northampton. First of all, it’s got great transport links so it’s very well located. But secondly, and more importantly, I think it’s got a vibrant business community here. We’ve got a lot of inward investment, good cultural development coming through the town, and a strong sense of history and heritage that plays well with what Carlsberg’s purpose stands for.”
Julian Momen – Chief Executive of Carlsberg UK
The town has this status because of;
- Central location & Transport links
- Affordability
- Close proximity to many of the UK’s main economic hubs
- Local efforts to entice business growth.
- Talent pool
Let’s have a look at some of these factors, contributing to a favorable business atmosphere, in more detail.
1. CENTRAL LOCATION & TRANSPORT LINKS
Northampton’s’ central location makes it a great place to start a business. You are only an hour away from London, Birmingham, Oxford & Cambridge. This means that your business stays accessible from the commercial cities but at the same time it doesn’t cost you as much as it would cost in any of those cities. So, the location doesn’t only contribute to great connectivity but is also a cost effective base to start a business. This is especially beneficial for logistics companies, as well as for businesses branched in multiple cities.
“For companies with activities across the UK, the area is a strong choice for a headquarters location, due to the easy access to many of the UK’s main economic hubs.”
Chartered Accountants UHY Hacker Young Report
Another benefit of owning a business in Northampton is that the transport links via the M1 and the rail system are second to none as it’s very centrally located, so the commute costs are generally low. Transport related businesses are also very common in Northampton and this in turn gives rise to service element required to coordinate these.
2. AFFORDABILITY & QUALITY OF LIFE
As mentioned earlier, the cost of running a business in Northampton is considerably lower as compared to other business towns. These costs could be of any nature ranging from office rents to transportation and general living cost that you can save on simply because of your business location. Let me explain this with an example;
One of my clients has two clothes shops; one in Northampton and the other in Bedford. The Northampton shop costs around £400/month in rent and the other one costs £1,600. Although, an exact like for like comparison is difficult but they both offer similar functionality and are located on similar distances from respective town centres. The Northampton store gets far more footfall and the overall profitability is much better than its counterpart which indicates outstanding value for money.
“High rents are driving many firms out of London and the South-East. Northampton’s position within the UK, as well as local efforts to entice business growth, makes moving or starting up there an exciting prospect for many business owners.”
Chartered Accountants UHY Hacker Young Report
Other than the affordability factor, the town is also working on renewing the town to offer an improved quality of life. These improvements will make Northampton much more enticing to live or work in. Northampton Waterside Enterprise Zone, the largest urban enterprise zone in the UK also makes Northampton an attractive town to set up a business.
This area is a hub of;
- Business
- Development opportunities
- Industrial estates
- Sports stadium sites.
This perfect combination of affordability, connectivity and a strong business network makes Northampton just the right place to setup your business.
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3. STRONG BUSINESS COMMUNITY
As a university town Northampton benefits from the growth hub where entrepreneurs are supported from day one and given an opportunity to network with other local businesses. There is also a fresh stream of qualified employees being released into the workforce and a close relationship between the two means that academic courses can be tailored to support local businesses.
“There is a strong entrepreneurial spirit in Northampton, and one of our strengths is our diverse business base.”
Cllr Tim Hadland, Cabinet Member, Northampton Borough Council.
Northampton Shire Enterprise Partnership (NEP) also offers direction and practical support to businesses, including;
- Finding Work Spaces
- Staff Recruitment
- Getting Funding
- Rent Free Space
“By being in the Northampton enterprise zone, we create a real sense of togetherness with other businesses. Most importantly, we have a town and county administration that are very pro-business and pro-development and growth.”
Julian Momen- Chief Executive, Carlsberg, UK.
Moreover, Northampton has thousands of thriving businesses from a versatile set of industries ranging from food industry, automobile, manufacturing to tech companies worth £1.5 billion to the local economy. As a hub of such versatile set of small and big businesses, there is incredible business potential that can be generated through networking.
“As a Council, we are very proud of our town’s growth and prosperity. Our Waterside Enterprise Zone, Alive regeneration programme and Business Incentive schemes demonstrate our commitment to business. We aim to make expansion and investment as simple as possible, and we look forward to welcoming more businesses who want to share in our ambition for the town. I’d encourage everyone to come and find out what Northampton has to offer.”
Cllr Tim Hadland, Cabinet Member, Northampton Borough Council.
Conclusion
With a strong and supportive business community, affordability of running a business and the quality of life that this town has to offer, Northampton definitely has a very favorable atmosphere for setting up a business. If you are a business based in Northampton, make the most of these business growth opportunities that come with this location.
