The need for extra income during the cost of living crisis is why Ocean City is in the UK’s top 10 most entrepreneurial cities
Over 250 new businesses launched in Plymouth in 2022, many of which were started by individuals as a side hustle to supplement their income during the cost of living crisis. New research, carried out by SME insurance provider Superscript, placed Plymouth in the top 10 most entrepreneurial cities in the UK.
The study identified Britain’s Ocean City as having one of the highest numbers of small businesses for its population size. Analyzing new data released by the Office for National Statistics, Superscript calculated that between 2021 and 2022, the number of small businesses, meaning those with up to 49 employees, in Plymouth increased by 265, representing an increase of 4. 5 %.
Cross referencing this with the latest population figures gave Plymouth a “small business per capita” score of 0.10 and put it at number nine on the national list of cities. This is in contrast to the national trend, with a decrease of 83,000 in the number of small businesses across the UK.
Rounding out the list of the 10 most entrepreneurial cities, in order of position, were Wolverhampton, Worcester, Carlisle, Hull, Norwich, Cardiff, Stoke-On-Trent, Sheffield and Southend. The most entrepreneurial cities were Mansfield, Blackburn/Darwen, Luton, Darlington, Ipswich, Stratford-upon-Avon, Maidstone, Bridgend, Maldon and Scarborough.
jon Walton, Executive Director of the Plymouth Waterfront Partnership Business Improvement District (BID), said: “Plymouth is a hugely collaborative city that supports innovation, it is testament to this that we appear in the top 10 and of course we are delighted. We provide a program of events throughout the year to drive foot traffic and awareness and support our businesses in any way we can.”
Superscript’s nationally representative survey of 1,000 new small business owners suggests that the cost-of-living crisis appears to be a factor behind many new businesses. Seven in 10 respondents (70%) agreed that the cost of living crisis prompted them to start a business to supplement their salary.
Meanwhile, 72% indicated that they started a business for the potential to earn more than their current job. The survey also suggests that the right infrastructure (15%), access to talent (15%), and where entrepreneurs already live (14%) are the most influential factors in small businesses establishing themselves where they do. make.
Entrepreneurs believe their local areas can be further improved through more government funding for local infrastructure (28%) and lower business rents (21%). And 84% said they feel positive about the future of their business despite macroeconomic challenges.
Chantel and Dave Jenkins, who have run the Millbay Salumi restaurant for the past seven years, said they decided to adapt to the many challenges facing hospitality businesses in the UK. During Covid they expanded their facility with a renovated garden and fire kitchen which has been able to capitalize on the growing desire to close outdoor food stalls.
Ms Jenkins said that Plymouth is a fantastic place to start a business, and particularly a restaurant, adding: “There’s a huge opportunity to make good food here, we’ve got amazing stuff on our doorstep, it’s a big part of the world”. , among the moors, the sea, the valley of Tamar. It means we have access to the best the Southwest has to offer. I feel very lucky to have such access to quality, local products, which is key for us.”
Plymouth placed Plymouth’s position in the top 10 due to a combination of factors, including the key role of the Plymouth Waterfront BID, describing the organization as “hugely supportive and accessible”. He also praised the willingness of other businesses to collaborate, saying: “There is a great camaraderie among the local businesses, we now have our own beer that we have made at a local brewery. The companies work with each other, which means we forge lasting and productive relationships that help our companies grow.”
As a hospitality business, expect to see more support from the government. He called for a VAT break or reduction, saying the sector is underrepresented by the government. She said: “More longer-term thinking and representation would really help.”
Cameron Shearer, co-founder and chief executive of Superscript, said: “Congratulations to Plymouth on being ranked the UK’s 9th most entrepreneurial city. Plymouth didn’t make the top 10 in 2021, so the way it has embraced entrepreneurship in the past year is all the more impressive against the backdrop of a national decline in small businesses.
“It is a difficult time for entrepreneurs right now, but history teaches us that difficult times are when great ideas and innovations are born, with companies that evolve rapidly. That’s why flexibility and customization have become top insurance requirements for small businesses that come to us for coverage.”
Jackie Mulligan, founder of ShopAppy, an online platform for shops, and an expert with the Government High Street Task Force, said: “The shift from our high streets to more experiential venues is a positive opportunity for hospitality companies in particular. It is clear that the growth of businesses in these locations is also related to the positive efforts of local partners (municipalities and BIDs), strong and supportive communities, and effective business networks, all key for entrepreneurs in this challenging climate for local economies. ”.
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