Nottingham has long been a thriving city with a legacy of innovation. The city’s strategic location and access to natural resources played a pivotal role in its success during the Industrial Revolution. As time has progressed, Nottingham’s enterprising spirit has continued to flourish, becoming home to numerous organisations that have made their mark on both national and global stages.
Before we jump into the local business scene as it is today, let’s take a quick look at the potted history of Nottingham’s industrious past:
- Industrial Revolution (late 18th and early 19th centuries): a thriving lace and textile industry.
- Late 18th Century: a centre of export trade in religious sculpture made from Nottingham alabaster.
- Late 19th and Early 20th Centuries: the growth of the manufacturing and engineering sectors.
- 20th Century: the textile industry declined, as it did in much of the UK.
- Post-WWII: Many former industrial buildings in the Lace Market district were restored and put to new use.
- Today: In more recent times, Nottingham has seen growth in the professional, technical and scientific sectors. The business community boasts a wide variety of industries, including renowned multinational corporations to innovative startups. Along with household names like Boots, Experian, Capital One and E.ON, there is a thriving small business scene.
Why Nottingham is a great city to start a small business
There are so many compelling reasons to choose Nottingham for a new business venture. Firstly, it’s strategically located with excellent transport links to other major cities and the rest of the East Midlands.
Nottinghamshire is also home to two universities and numerous research facilities, attracting a pool of highly skilled potential employees to build your team.
When it comes to startups, there is excellent support available, including incubators and accelerators. Organisations like the D2N2 Growth Hub helps aspiring entrepreneurs in setting up a business and provide support with things like recruiting, grants and networking.
To top it off, Nottingham is less expensive than many other major cities. The cost of living here is relatively low, and there is plenty of affordable office space.
Further reading – Why is Nottingham a good place to start a limited company?
Nottingham business statistics
- In 2021, there were 12,020 registered enterprises in Nottingham (an increase of 1.3% since 2020, compared to an overall national decline of -0.1%).
- In 2021, 3,045 new businesses were registered in Greater Nottingham, of which 1,350 were in Nottingham City.
- Just under 80% of businesses in Nottingham City are classed as micro businesses (i.e. they have fewer than 10 employees).
- Since 2016, 94.3% of Greater Nottingham businesses have survived their first year, in line with the national average
Source: Nottingham Insight
Breakdown of sectors in Nottingham City 2022
- Professional, scientific and technical – 12.3%
- Retail – 11.7%
- Accommodation and food services – 8.9%
- Construction – 8.5%
- Business administration and support services – 8%
- Health – 7.3%
- Arts, entertainment, recreation & other services – 6.5%
- Information and communication – 5.3%
- Financial & insurance – 5.3%
- Manufacturing – 5%
- Other – 21.2%
Source: UK Business Data, ONS, 2022
Nottingham: a hub of scientific and technical innovation
In recent years, Nottingham has seen a remarkable surge in its professional, scientific, and technical sectors. As home to two major universities – The University of Nottingham and Nottingham and Trent University – the region’s focus on education has fostered a skilled workforce, attracting talent from all over the country.
Nottingham’s burgeoning professional sector includes a diverse range of businesses, from IT and software development companies to architecture and engineering firms. The city has also become a hotbed for scientific research and development, particularly in biotechnology, pharmaceuticals, and green energy initiatives.
This thriving ecosystem has boosted local economic growth and enhanced Notthingham’s reputation as a centre for education, research, and technological advancement. The city’s commitment to fostering innovation and embracing emerging technologies promises a bright economic future.
Archimedia Accounts is proud to support the Nottingham business community
The team at Archimedia Accounts is made up of experienced entrepreneurs and financial professionals. With many successful enterprises under our belts, we are keen to share our knowledge of the local market with fellow Nottingham business owners.
We can offer a range of financial and accounting support, from the basics like bookkeeping to insightful financial support like management accounting, as well as fully outsourced accounting. Tax is a particular speciality of ours, and we help many local businesses in Nottingham with tax planning to reduce their company and personal tax liability.
Get in touch for a free initial consultation and find out how we can help your Nottingham business thrive.