There are numerous reasons why you should consider launching a small business in Edinburgh, aside from the fact that the Scottish capital’s average monthly rent of £946 remains relatively competitive.
Skill levels in Edinburgh are also relatively high, with 57.7% of the local population boasting NVQ Level 4 qualifications or above. This is the third-highest tally in the UK, with Edinburgh’s world class university a hotbed for burgeoning talent across a number of industries.
But what are the other advantages that should compel you to launch a new venture in Edinburgh? Let’s take a look.
1. Access Genuine Support for Your Startup
We’ve already touched on the Scottish capital’s access to talent, which continues to drive entrepreneurship in the region and saw a total of 3,055 ventures launch successfully in 2015.
The influential presence of the University of Edinburgh (along with the Queen Margaret and Heriot-Watt establishments) is critical to an increasingly impressive talent pool, while the reputation of the region as a world class education provider also offers firms access to various resources for support and R&D.
From accelerators to science parks, these entities create a support network that drive small business growth in Edinburgh, while laying the foundation for fresh innovation and sustainable startup advancement.
This type of support should not be overlooked, regardless of your underlying business model or the industry that you operate in.
2. There’s a Diverse Range of Office Accommodation Available in Edinburgh
While it may not always be cheap to rent commercial property in Edinburgh, it’s inevitable that prices will increase incrementally in line with demand and competition.
It’s also fair to surmise that Edinburgh is home to a diverse selection of accommodation options, including Class A, B and C properties that offer variable benefits and price points.
This means that you can identify office space for rent in Edinburgh that suits your precise circumstances, including your bottom-line budget, future growth forecasts and the surrounding transportation links.
You can also source commercial property on both short and long-term contracts in Edinburgh, helping you to create a flexible agreement that offers genuine value for money.
3. Consider Grants and Funding in Edinburgh
As Edinburgh has become an increasingly popular haven for small businesses and ventures in the UK, the local authority has also moved to offer generous grants and funding initiatives to entrepreneurs.
The local council currently operates the so-called Small Business Loan Fund, for example, which provides interest free loans of up £2,500 to help qualifying entrepreneurs get their ideas off the ground.
These loans are typically reserved for new firms in their first year of trading, while genuinely small businesses that employ less than 10 people will also be prioritised over larger applicants.
Similar eligibility criteria also apply to the £50,000 loans offered by East Scotland Investment Fund. However, in this instance priority is given to firms that have previously struggled to raise capital and are therefore able to provide a clear funding gap.