The Business Evolution of Edinburgh and Business Opportunities
Date : Aug 26, 2020
Author : Isaac Addo
Edinburgh is such an appealing city in terms of aesthetics with an ancient castle and beautiful hills accompanied by a craggy coastline. In recent times, this is also known as a very modern and cosmopolitan city where the old is most certainly making way for the new with a neat grid system changing the perspective of the city.
While Glasgow is more economically significant, Edinburgh is the most talked-about city in recent decades. After all, Edinburgh is the fastest growing city in Scotland with a population of over 500,000, and this rise is even quicker than we see in London.
The Vitality Index also labelled Edinburgh as the best prospect for economic growth in the UK. This index by Lambert Smith Hampton is a study of the health of cities and takes factors such as affluence, productivity, education and entrepreneurialism into account. Access to a substantial workforce is said to be one of the most important factors for business opportunities in Edinburgh, which has fueled a demand for property.
But let’s rewind just a little so that we can better understand the growth of Edinburgh.
Edinburgh: Innovation and the “Athens of the North”
Edinburgh was once a medieval town and one that sustained hundreds of attacks from relentless enemies. In time, markets began to crop up in the capital and the general population was enticed to the city by the opportunity to buy or sell along with the attraction of theatre and entertainment. As markets swelled and the transport system excelled, Edinburgh became a hive of trading activity for merchants near and far.
In the 18th century, Edinburgh was nicknamed “the Athens of the North” due to the lofty ideals, culture, art and literature in the region. It’s also now home to the Scottish parliament, and this is mostly to do with the strength of the economy.
Over the past ten years, employment has increased by 23%, and this has more than bolstered the university culture, which has made this a powerhouse for innovation in particular. It’s another reason why Edinburgh entices companies. For instance, the inventor of the telephone, Alexander Graham Bell, comes from this region. Also, Skyscanner was based here before a $1.7 billion sale to a Chinese travel firm, and these are merely examples of success in this regard.
At the same time, the talent pool is another important factor for the growth of Edinburgh in recent times. You see, the city is famous for the University of Edinburgh but also the School of Informatics, Napier University and Heriot-Watt University. Tech Nation also recently outlined how Edinburgh plays host to 17% of the highest-growth firms in the UK, not to mention 360+ startups and 25,000+ digital workers!
And this is all good news for landlords and property developers, but this overall economic health has benefited the city in every other way. For instance, between 2012 and 2017, the number of registered businesses has increased by 18.2% in Edinburgh, which is significantly more than the 10.5% average for Scotland as a whole.
Dominant Sectors for Business Opportunities in Edinburgh for 2020
Edinburgh has experienced a surge in Fintech enterprises which seems to have coincided with the rising number of tourists/students in the city. Just so you know, the University of Edinburgh went from 27,000 to 34,500 students in just the past ten years and similar numbers can be found in other universities. It’s still very early stages for the financial system and technology, which makes this an appealing consideration for startups or entrepreneurs with the right skills and resources.
Tourism is another strong performer and likely to grow with more than 3 million visitors to the city each year. It’s not just the city itself that visitors find appealing but also the fact that Edinburgh is a gateway to everywhere else in Scotland. With this in mind, online and offline tourism services will always be in great demand.
Unsurprisingly, Edinburgh is the focus of immense house-building for commercial clients. Also, in recent years, over 65% of residential properties sold in Scotland took place in Edinburgh. Any services or products that can provide value to the real estate industry in Edinburgh is likely to find great reward.
And then there’s CodeBase – the largest tech incubator in the UK which assists many big clients such as Par Equity, Pentech Ventures, and Archangels. Moreover, the Creative Exchange, Techcube and the Melting Pot which are similar workplaces in which digital businesses can grow and thrive in Edinburgh.
But what business, in particular, might be worth thinking about for startups?
Business Opportunities in Edinburgh for Startups
Online Training and Management – Online training is a frugal area that helps businesses track, improve and define practice in the workplace. e-Learning is an excellent example in this instance, for the startup raised over $7 million in recent years. Appointedd is another successful startup that works with online management and booking for businesses which highlight the increased need for online courses for companies in Edinburgh.
Web-Based Accounting and Financial Services
It’s no secret that the Fintech industry is blowing up in Edinburgh. Many web-based accounting firms are also taking advantage of the economic growth in Edinburgh. FreeAgent is an example of a digital accounting service for entrepreneurs and small businesses. In just a few short years, this impressive startup has raised over $10 million, mostly from an IPO in 2016.
Tech companies are everywhere in Edinburgh, and the ID Co raised $9.1 million to give people more control and protection over their identity and data.
Consultancy is also growing at the same rate as business registration in Edinburgh. Sharein is a platform that is trying to take advantage of this growth by helping businesses raise funds from new investors. Needless to say, there are hundreds of avenues when it comes to starting a new business in the tech space.
Analytics and Data Startups
Algorithms and analytics are the driving force of every marketing campaign regardless of the industry. Providing access to this data is essential, and several startups are tasked with measuring and creating strategies for certain opportunities for clients. For example, TVSquared helps television advertisers optimize their adverts, while Topolytics uses geospatial analytics and mapping to identify gas leaks or hazardous material.
It’s true that Glasgow is bigger and more powerful in terms of the economy, but business opportunities in Edinburgh is arguably better for finding access to highly skilled workers. What’s more, this is possibly a more convenient gateway to Scotland for international investors and an exciting hub that provides greater opportunities for networking in particular. Finally, there’s a good reason why so many studies mention Edinburgh in the same breath as world-leading economies which makes this city not only appealing to tourists but also students, investors, business owners from all over the world.
Business Opportunities In Manchester
Date : Jun 11, 2020
Author : Isaac Addo
Categories : Business Tips
The Business Evolution of Manchester
Manchester might still be sitting in the shadow of London somewhat, but this vibrant city is growing at an incredible rate. You will find many world-class universities within easy reach and an investment agency that has a staggering success rate for helping new businesses get started in the city. It’s also a major hub for healthcare research and development, and then there’s the talent pool and a formidable transport system.
You see, Manchester airport is the largest regional airport in the UK that services more than two hundred destinations around the world. When you add that impressive statistic to an excellent motorway infrastructure, you should understand how the city provides easy access to a wide range of international and domestic markets. You will also find that Manchester is overflowing with talent and over 100,000 professionals are working in manufacturing, while there are almost 15,000 studying engineering in the city.
From the Industrial Revolution to Cosmopolitan Manchester
Manchester began growing at an exponential rate in the 19th century which was primarily due to the textile industry during the industrial revolution. Although settled by the ancient Romans, the Victorian era is visible on every corner. You will also find an outstanding transport system, but much of the population has relocated to the surrounding countryside in recent decades. This move was necessary for many people, for Manchester was a place of opportunity throughout this time, and large numbers came from Ireland, in particular, to search for work. Later on, large numbers of immigrants from other European countries began arriving, and this is precisely why Manchester has the second-highest population of Jewish people in the United Kingdom.
However, not everything lasts forever, and this was certainly true about the industrial revolution, which declined in the mid-20th-century. Social and economic conditions were especially difficult during this time, but the 1990s brought investment, gentrification and a renewed sense of vigour for the city. Today, Manchester is home to many prominent education facilities, broadcasting networks and sporting arenas. It’s also now one of the most cosmopolitan cities in the world and an exciting alternative to London for business owners.
Business Opportunities in Manchester – A Thriving Hub for Every Industry and Business in the UK
Believe it or not, the number of businesses in Manchester grew from 79,000 to more than 105,000 in recent years.
Retail is the dominant player and accounts for over 20% of these companies, but the professional, scientific and technical industry is not far behind. Growth continues for these companies, but research shows that businesses are now more focused on domestic affairs as opposed to international markets.
For this reason, construction and manufacturing are ahead of the services industry. While inflation and imports have dropped since Brexit, the economy is still moving courageously in the right direction. Although this should be expected with international orders, and no significant concerns exist regarding exchange rates, interest rates or the issues mentioned above.
The Growing Economy and Workforce in Manchester
Manchester is a large metropolitan area and one of the most significant cities when it comes to shaping the overall economy in the UK with business opportunities in Manchester. Manchester consists of ten boroughs which make it the largest regional economy outside of London. It has a gross added value of £62+ billion and experienced job growth of 80% during the past decade as the economy grew by 42%. It’s also home to an incredibly diverse economy and many large companies such as Google, Kellogg’s Siemens and BNY Mellon. There are over 2,000 foreign-owned businesses in Manchester, which is a testament to the governments’ commitment to supporting regional economies in the UK.
In case you might be asking yourself, many companies are attracted to Manchester by an impressive supply chain and easy access to talent. From manufacturing and engineering to assembly and distribution, the transport and general ecosystem is perfect for the likes of these big name brands. After all, there are no less than five famous universities in Manchester which can provide qualified workers at any point in time.
And then there’s MIDAS – the significant investment agency in Manchester…
MIDAS is committed to securing new investments and employment for the city of Manchester. More specifically, MIDAS can help businesses with finance, research and expert knowledge, while enabling these companies to network or find a suitable property. Now, this only begins to explain the power and utility of MIDAS, and this agency has already provided valuable assistance to many of the biggest companies in the city.
Types of Successful Industries and Companies that Operate in Manchester
While retailing, manufacturing and engineering have a clear presence in the city among the business opportunities in Manchester, it’s clear that technology, health and specialist industries are more and more common.
Health and science – Manchester is a hub for cancer biomarkers that conduct clinical trials using modern radiotherapy techniques. What’s more, bionic eye implants and hip replacement surgery was pioneered in Manchester, and many research and development labs continue to operate throughout the city. Even the health system in Manchester is devolved, which makes the Manchester health and science industry, one of the most innovative in the country.
Technology – Manchester is also a haven for technology and digital clusters. It’s a collaborative hub where networking is high on the agenda for tech-minded workers, and support is never far away for entrepreneurs. Given the easy access to talent, there is also a great workers base for new companies and global players such as IBM, CISCO and Amazon have communities in the city.
Specialist Industries/Companies – Data analytics is an excellent example of the specialist software development firms you will find in Manchester. However, these niche strengths extend to many industries and companies that focus on things like animation and gaming or media production and broadcasting. Either way, creativity and innovation are significant factors and another reason why so many new businesses choose to locate in Manchester.
Starting a business in Manchester will bring up similar questions as London. However, given the lower costs involved, Manchester is often favoured by companies that recognize both the talent available and easy access to global markets. It’s also important to understand that Manchester is home to an already robust economy and the kind of business opportunities in Manchester that one simply might not find in the overcrowded capital.
Business Opportunities in London
Date : Jun 08, 2020
Author : Isaac Addo
London is a tireless innovator of commerce with a reputation for independent thinkers and transformative businesses. It’s true; the capital city is home to many of the most forward-thinking entrepreneurs and easy access to a very highly skilled workforce.
But what else makes London such an enticing hub for business?
For many new businesses, London is the quickest place from which to access relevant channels of support. In other words, most enterprise centres or governmental support services are based in the capital, and these institutions are very supportive of small enterprises. Networking is another prominent factor for success, and with more than one million businesses registered in London, there is simply no better place to make connections. And then there’s the transport, infrastructure and local amenities, for few cities can compare to London when it comes to getting around, acquiring space, entertaining clients or even just feeling the pulse in the world of commerce.
In this article, we take a look at the business evolution of London and what types of business we might expect to flourish soon. But to better understand this phenomenal economic growth, it’s essential to know how the shape and population of London have evolved since the earliest of times.
How the Population and Evolution of London is Shaped by Business
London was founded by the Romans and confined to one square mile until the seventeenth century. Believe it or not, the city was even abandoned in 410AD, and many farmsteads were built in places such as Hampton, Enfield and Chelsea. What’s more, the Great Fire left almost nothing behind in 1666, and it was another century before the population, structure and notoriety of London began to soar.
So that you know, the capital city has a population of 8.9 million and a population density of more than 4,500 people per square kilometre. However, it was only during the mid-1700s when this population began rising to more than two million. Another century later, the London Underground was opened, which meant that residents were able to leave the crowded city for suburban areas. With this in mind, the population was able to rise to more than six million people and then peaked at 8.5 million in the 1940s.
But what can we take from these trends in terms of the evolution of business?
Well, in modern times, this high population density is due to the relocation of natives from rural areas, and the influx of migrant workers pre-Brexit. More specifically, London is densely populated because of the number of job opportunities, schools and colleges, not to mention the endless lineup of amenities and attractions throughout the city. When you combine these factors with the benefits mentioned above of starting a business here, we can know precisely why London is one of the largest economies in the world.
The Phenomenal Economic Growth of London
According to recent studies, London accounts for 17% of the total GDP in Great Britain and continues to thrive in the realms of trade and commerce. While manufacturing, construction, wholesale, tourism and healthcare remain strong, finance leads the way.
The financial sector is by far the most dominant with 7.5% of the country’s GDP and more than two million in terms of workforce. You see, London is a major centre for foreign exchange trade and an overwhelming number of financial institutions. From Barclays and HSBC to CitiBank and PWC, these finance giants are visible on every corner. What’s more, the London Stock Exchange is home to thousands of companies and responsible for one-third of all transactions across the globe.
Now, that’s not to say the financial sector is the only one to prosper. After all, 20% of the best selling drugs in the world are manufactured in the UK and top pharmaceutical companies such as GlaxoSmithKline, Unilever and AstraZeneca are based in London. Moreover, BP and Shell are busy propping up the oil and gas industry, while Tesco, Halfords and Sainsburys dominate a very healthy retail sector. As if that’s not enough, the tourism sector in London is recognised as having high growth potential and tourists spend an estimated £15 million per year in the capital. For this reason, the London plan is focused on developing the city’s image as a major tourism destination.
London is also a vibrant centre for law, design, fashion, media, and film. As if that’s not enough, technology is one of the fastest-growing sectors in recent years and a study at Oxford Research predicts the tech sector will generate 46,000 jobs by the year 2024.
And that’s just part of the story.
For instance, Green Plant Productions is a waste removal company and one of the largest in the United Kingdom with an annual turnover above £30 billion. Also, Lotus Leisure Limited is a twenty-year-old vehicle rental specialist with an equally impressive turnover of £18 billion last year.
Meanwhile, small and medium-sized enterprises form the backbone of the economy in London and in light of the potential for growth in every sector, many experts suggest that now is the perfect time for graduates, entrepreneurs and startups to take advantage of everything that London has to offer a new business.
Factors to Consider Before Starting a Business in London
It’s essential to consider specific questions when it comes to starting a new business in any given city.
For example, will this venture be profitable in ten or twenty years? Does this product or service have the potential to withstand times of economic uncertainty?
On the other hand, it makes sense to remember that qualifications or experience may not be necessary, but specific training and skills are most often required to succeed. Also, startup capital is never easy to raise but always easy to spend. With this in mind, it’s less stressful to proceed with ventures that rely on hard work as opposed to capital.
But what types of business opportunities in London exist?
It depends on the lay of your skills, experience or passion. However, there are certain areas of business that seem to be moving faster than others.
Cannabidiol (CBD) Industry – CBD is the phytocompound, also called cannabidiol. CBD has influenced people’s wellbeing by providing relief from symptoms of chronic illness and extreme pain. CBD products are gaining immense traction, and the CBD industry is expected to eclipse £1 billion in the UK over the next five years. It’s a market that needs more regulation, but honest players seem to be benefiting from this increase in demand.
Eco-Beauty Industry – environmental awareness is providing opportunities to newcomers in the beauty industry. That is to say, more and more customers are turning away from major brands and choosing smaller businesses that focus on sustainability and alternative products.
Connected Fitness – As life becomes busier, people have less time to use the gym. For this reason, convenient solutions are a major focus in the fitness industry with apps and home workout sessions being a particular focus for new businesses.
These are just a few trends and examples of opportunities that can help identify niche areas in an economy which is already overflowing with companies/ideas.
London is one of the most cosmopolitan cities in the world and a leading light for fashion, food, music and lifestyle in general. While the financial sector and financial institutions are likely to dominate for some time into the future, the same opportunities exist for every other sector and business. Either way, with an unwavering left-field attitude, the business owners and independent thinkers of London continue to anticipate the future of their business in the capital.