Thinking about setting up your own business in the UK? Look no further than the thriving city of Nottingham in the East Midlands! As one of the UK’s business hot spots, Nottingham offers a wealth of benefits for small businesses, entrepreneurs, start-ups and scale-ups.
Nottingham is an ideal place to start a small business due to great its transport network, affordability and thriving economy. Local businesses are well supported with government-funded initiatives like the Growth Hub, offering advice, training, networking opportunities and access to funding.
In this blog post, we’ll explore the advantages of setting up a business in Nottingham and why it’s the perfect place to turn your entrepreneurial dreams into reality!
If you run a limited company in Nottingham or are seeking to, then please introduce yourself to Archimedia Accounts. We provide accounting support and tax advice throughout Nottingham to businesses from our office in Nottingham Science & Technology Park. Get in touch here.
8 reasons to set up a small business in Nottingham
Entrepreneurs and start-ups come to Nottingham for its excellent transport links, superb business support, healthy economy, affordable cost of living and access to talent and funding – everything growing businesses need to succeed.
Here’s Archimedia Accounts’ top 8 reasons to join us in this fantastic city.
#1 A thriving economy
The city has a long history of manufacturing, and this legacy continues today, with sectors such as engineering, textiles, and pharmaceuticals playing a significant role in the local economy. It is home to several large companies, including Boots, Capital One, Experian, and E.ON, among others.
In recent years, Nottingham has also cultivated strong growth in the science, technology, and creative industries. The city is home to two major universities, which play an important role in driving innovation and research in these sectors.
#2 Amazing business support
Nottingham City Council recognises that start-ups and small businesses play a key part in achieving its plans for economic success and is keen to attract more businesses to the city. As such, there is a wealth of business support in the area.
The Growth Hub
The government-funded D2N2 Growth Hub provides guidance and support to businesses of all sizes, from startups to established companies. The Growth Hub can help businesses access funding opportunities, connect with other businesses and industry bodies, and provides general business advice.
The Hive
Nottingham Trent University’s The Hive is a business incubator designed to inspire creativity, innovation, and entrepreneurship among its students and staff. It provides a range of support, including business advice, mentoring, funding opportunities, and collaborative workspaces.
Nottingham Enterprise Zone
Nottingham Enterprise Zone is a partnership between Nottingham City Council, Nottinghamshire County Council, and the D2N2 Local Enterprise Partnership. It is a designated area designed to encourage business growth and development in life sciences, digital technology, and manufacturing, with a particular emphasis on supporting small and medium-sized enterprises (SMEs).
The Creative Quarter
Nottingham’s Creative Business District emerged as a joint venture by Nottingham City Council and Nottingham Trent University in 2012 to encourage more businesses in the creative and digital sector into the area. The Creative Quarter Company (CQC) has since been dissolved, but its legacy is well and truly established.
Located in the heart of the city, this vibrant hub is home to a network of digital start-ups, businesses and individuals working in the creative industry. The district covers an area of approximately 100 acres and includes the Lace Market, Hockley, and Sneinton areas.
#3 The East Midlands has great transport connections
The East Midlands has a strong network of transport links by road, rail and air. It is served by several motorways, including the M1, A1, A42, and A50, providing easy access to several major cities.
There are several railway stations in the region, providing direct services to London, Birmingham, Manchester, and Sheffield. For international travel, there is East Midlands Airport, which offers direct flights to over 80 destinations worldwide.
#4 Talent pool
Nottingham has a diverse and talented workforce. It’s home to two universities – The University of Nottingham and Nottingham Trent University – which means there’s a continuous influx of young talent.
Additionally, the city has a thriving creative industry with a focus on digital media and gaming. This has led to a highly-skilled talent pool in areas such as software development, design, marketing, and advertising.
#5 Funding opportunities
There is ample opportunity for business funding in the city, including grants and access to angel investors. The D2N2 Growth Hub website provides great advice on grant funding and finance options available to small businesses and start-ups in the area.
#6 Affordability
The cost of living and house prices, although slightly above the UK average, are relatively low compared to London and other larger cities in the UK.
Office space in Nottingham is relatively affordable, with many types of commercial properties available, from shared offices, co-working spaces, private offices, virtual offices, and serviced offices. There is also a wealth of laboratory space available.
The D2N2 Growth Hub has great resources to help start-ups find the right premises for their needs and budget.
#7 A hotbed of creativity and innovation
Nottingham has a thriving creative industry, with a number of creative hubs, such as the Creative Quarter, providing a supportive environment for creative professionals to network and collaborate.
The University of Nottingham is ranked among the top 100 universities globally and is renowned for its world-leading research in areas like medicine, science, engineering, and social sciences.
#8 A vibrant city centre
It can’t be all work and no play, and Nottingham is a great place to live! It is a vibrant, cultural and historic city that offers a great quality of life. The city centre has something for everyone, including a thriving food and drink scene, great nightlife, cafes, and independent shops.
It’s also a city of culture and rich history, with plenty of museums and galleries – and did you know that it is a designated UNESCO city thanks to its strong literary heritage?
For an escape from city life, Nottingham is surrounded by beautiful countryside, including the stunning Peak District National Park, which is just a short drive away. And, of course, there’s the legendary Sherwood Forest, which is famous for being the home of Robin Hood.
As you can see, Nottingham is an amazing place to establish a new business. It’s a vibrant, creative, and supportive city that’s bursting with innovative ideas and an entrepreneurial spirit that’s truly infectious!
Accounting support and business advisory from Archimedia Accounts
The services of a professional accountant are a valuable investment for any start-up or limited company in Nottingham that wants to grow and succeed. At Archimedia, we provide accounting and business planning services to many local companies who consider us a valued part of their team.
We have a particular flair for tax planning which helps our clients to save money to reinvest in their growing businesses and bolster their own personal wealth.
Please get in touch to find out how our accountants can support your Nottingham business and help you on your way to growth and success.
In Summary
Nottingham is a welcoming city with great opportunities for limited companies, entrepreneurs and start-ups. It has two fantastic universities, a strong economy, great travel connections, affordable property and office space and a wealth of local business support.
It’s also a great place to live as well as work, with a thriving city centre and abundant countryside on its doorstep.
