If you have a great idea and are planning to start-up a small business in the UK (or are already the owner of a successful SME), one of the very first decisions you need to make is about the location in which you plan to base your enterprise. Which city is best for you?

Depending on the industry, some entrepreneurs will automatically choose to start their business in a location close to home – after all, assembling products in your parlour may have been where you got your start, and now you may feel compelled to keep your business near to your beginnings. With that said, in order to truly grow, thrive and make it past your next important milestones, you might need to relocate a few miles – or a few hundred miles – away.

Moving further afield or staying close to home: read ahead to learn about the factors that may affect your decisions.

Factors that may influence your decision to move your small business

As a rapidly expanding small business owner, you probably have many complex issues and challenges on your mind; even if this is the case, you should ensure that you set aside some time to plan for your growth and potential relocation. Here are some of the myriad factors that may influence or even completely change your decision to move your business to a new city or county.

• Access to necessary resources – If your small to medium sized business relies on a natural resource or material that is more readily available in one part of the UK than another, you might find it a boon to your business to move close by. Some good examples would include someone who uses fresh seafood, woodland materials or quarried stone from specific regions.

• Proximity to a transportation hub – Are you located smack in the middle of the country when your business relies on shipping and international exports? While Birmingham and Nottingham are lovely places to live and work, they may be a hindrance when it comes to getting your goods and products on the necessary freighters and international transport for your success. Depending on your industry, pay keen attention to where your competitors are located; this may be an advantageous place for you to relocate your business.

• Location of your target demographic – If your product or service is aimed at young urban professionals, then London or Glasgow may be your best bet; however, if you are keen to attract a client with a surfer vibe, then St. Ives is more appropriate. Paying attention to the location where your desired clientele is located is smart business sense – you will be well located to the pulse of your brand.

• Support of family and friends – Does your mum or your brother give you countless hours of free or discounted labour out of the kindness of their hearts and a desire to see you succeed? If you answered yes, then you might want to consider staying put for the time being (unless you can afford part time help and the benefits of moving outweigh the impact of this free labour).

Where should you move? Some top UK cities for start-ups

If you are planning to make your move in the UK, here are some cities that you should be looking at. They can each boast an attractive mix of business savvy, transport connections, enticing business markets and other attractive factors that will make a move worth your while.

• Hull – While Hull may not offer the most thrilling local cultural scene, it is increasingly becoming a desirable location for start ups around the country owing to its affordability and ports. Offering excellent transport connections and ferries directly to Ireland, Holland and France, one would be remiss to discount Hull as a great place to do business.
• Milton Keynes – Tech start-ups can rejoice: Milton Keynes was designed just for you. This technology hub is known throughout the world as a brilliant place in which to do business – after all, it was designed as a so-called “New Town” for exactly this purpose. Home to many successful UK corporation headquarters such as Argos, Domino’s Pizza, Marshall Amps and Mercedes-Benz, this town was deliberately built near London, Birmingham, Leicester, Oxford and Cambridge, yet the cost of living and doing business is substantially lower than in any of these major centres.
• Liverpool – With the low cost of living in the Midlands, a bustling port that can rival London and a unique cultural history of its own, Liverpool is attracting businesses large and small to its thriving start-up scene. Home to dozens of business hot spots, work space hubs and businesses of all sizes, Liverpool hosted the Festival for Business in 2014 and is set to host again this year. Perhaps Liverpool is your perfect locale?
• Bristol – Recently voted the number one place in the UK to start or operate a business by the Start-up Cities Index 2015, the West Country city of Bristol is simply a brilliant place to live, work or visit. Known for fantastic transport infrastructure, one of the busiest ports in the UK, Bristol also boasts a huge new business regeneration project called the Bristol Temple Quarter Enterprise Zone. Well situated in relation to London, the South and Wales, Bristol is fast becoming an economic force to be reckoned with in Great Britain.

There’s no place like home

No matter where you decide to relocate for business reasons, you might ultimately choose to keep your headquarters close to your home – and the place where you founded your brand. International success stories such as Lush Cosmetics and Cambridge Satchel Company have grown to reach huge success around the world, but have chosen to maintain their headquarters in otherwise small towns (Poole and Cambridge, respectively).

Whether you choose to stay located in your hometown, make the move to the capital or settle on a business friendly locale in between, doing research and choosing the best city for your unique brand is always a good idea.

If you are a small business owner just getting started with an innovative new start up, you are undoubtedly excited about your (hopefully) impending success. You have the skills, you have the know how and you have the unique ideas that will propel your new company from obscurity to achievement – but do you have a registered office address and a place to work?

What is a registered office address?

In order to conduct business, all all limited companies and Limited Liability Partnerships (LLPs) (no matter the size) in the United Kingdom are legally required to have a registered office address. This is required before you start charging clients and producing invoices, and so many people ensure that this is taken care of early on in their planning processes. After all, being able to charge clients is pretty pivotal when it comes to business!

What kinds of addresses can you use?

Of course, for some types of businesses, a physical address will be a given. For instance, if you are planning to open a new craft micro brewery that focuses on British IPAs, you will have an address at which you operate, and you can choose to use this as your registered office address. (Of course, you can also choose to designate a different location as a registered office address.)

With that said, you might be operating a start up, and you might not need a set, determined physical space in order to work your magic. For instance, freelance writers, graphic designers and even event planners can do their daily tasks at a variety of different locales, including their home, a coffee shop and even down at the local pub.

In this is the case for you, what should you use for your registered business address?

• Your home –In some cases, is completely legal and acceptable for you to use your home address for your business. However, this information is completely publically accessible, and that means that your clients (not to mention anyone who cares to search you) will potentially know exactly where you live. If this does not bother you, feel free to go ahead and submit your residence as your registered office. If the idea of the general public knowing where you live gives you a bad feeling (or you feel it could leave you open for danger), it might be a better idea to utilise another option. (*Note – Some landlords will not allow you to use your home address for business purposes – ensure that you check with them in advance.)
• A traditional office space – A traditional office is a great idea if you have a staff of more than one or two people, if you need a storefront, or if you plan on expanding very rapidly. With that said, traditional office spaces do not often come cheap, and many start ups cannot afford this during their initial periods of operation.

• Registered Office & Mail forwarding services – If you plan to work at a start up hub, you may want to use a Registered office address, a service that is offered by many companies across the country. For a fee, they will allow you to use their address as your registered address, allowing you to stay on the right side of the law and keep your privacy.

What are start up hubs?

This is the ideal solution for many entrepreneurs who are just getting started. Start up hubs (also known as co-working spaces) are collectively occupied office and relaxation spaces; you rent a desk or workspace, and in some cases you can even utilise this as your registered office address.

In addition to a desk and a Wifi connection, these hubs are often also innovation labs, business incubators and social enterprise community centres. They are usually well located, affordable, attractive and well stocked with other brilliant entrepreneurs, giving you ample opportunities for networking. Work, collaborate, make use of the amenities and give your business the kick start it needs – these are cool spaces that have launched many a start up.

Start Up Hub Office Spaces Across the UK

Here are some of the finest start up hubs across the country. Remember, many start up hubs offer a signing bonus or trial offer that can glean you free office space for a day, a week or even a month.

• The Trampery – With convenient locations spread across East London, the Trampery offers its inhabitants modern and efficient office space in edgy, up and coming neighbourhoods such as Old Street, Bevenden Street, Tower Bridge and Hackney Wick. Their work spaces are tailored to their architectural surrounds; Edwardian warehouses, brand new glass towers, eco-builds and Victorian halls.
• OpenSpace – Manchester is home to this members collective of writers, artists, designers and small business owners, and OpenSpace not only gives them a place to work, it also gives them a sense of community. With desks starting at 147 pounds per month (for members), this is an affordable, friendly and functional space to work.
• Impact Hub – If you love to travel and want to wander the world while you produce your products or services, Impact Hub might be the perfect co-working space for you. With offices located all over the world, you could always use the closest address for your registered office address while taking advantage of an unlimited membership that will grant you access to spaces across the globe.
• Baltic Creative – Need a great working space in Liverpool? Baltic Creative is for you. Located in the revitalised Liverpool Docks, this hub is comprised of regenerated warehouse spaces that will lend your business an on-trend feel and help you connect with other entrepreneurs in the area.
• Funkyspaces – Funkyspaces provides bare bones desk space (think less community building and relaxation spaces and more just a place to get to work and connect to wifi) to Bristol start ups and freelancers. With locations across the city (and rock bottom prices starting at 53 pounds per month), this is a great solution for those who want to get down to work and don’t really fancy socialising.
• The Hot Desk – Located in Glasgow, The Hot Desk provides solutions for many different types of businesses; students, freelancers, designers and start up entrepreneurs will all find pricing structures that work for them (5 days a month starts at just 60 pounds). Featuring super fast internet connections, a bike shed and a communal kitchen, this is a great option for any business in need of a desk.

Business insurance can be a struggle, especially for start-ups, with an array of covers available. Cutting corners and getting it wrong can prove costly, putting your business and even your personal assets at risk. The right cover will provide comfort – allowing you to focus on the business itself. Make it a priority after you’ve completed your company formation.

Learn your legal and contractual responsibilities

Ask yourself – are there any insurance requirements placed upon me? If you’re not sure ask your broker for guidance, they’re there to help.

Want to put a sign outside your new shop? You’ll likely need public liability. Working with a City bank? You’ll probably need professional indemnity. Employing staff? You’ll most definitely need employer’s liability (read more here).

From industry to occupation the cover you’ll require will change, so look at your business long and hard, conduct your research and make sure know what insurance you’ll need.

Ensure you’re covering enough

Many insurers will apply penalties if you ‘under insure’ items so it’s important to get sufficient cover in place. For example, say your equipment is worth £10,000, but you choose to only cover £5,000 (50%) as you doubt you’ll lose it all and you want to cut costs on the policy. A claim of £4,000 would be reduced to £2,000 (50%) before any excess deduction.

Always look at the bigger picture. A few pounds shaved off your policy cost could set you back hundreds, even thousands later down the line.

Seek a reputable insurer

Insurers are bound by several regulated duties, but the way they choose to carry these out may vary – so choose wisely. Researching your insurer is key here and with the web it’s easier than ever. Feefo is a good source of this research, as is consumer championWhich?. Cast an eye over sites like these and you’ll be better placed to make an informed decision.

Look for endorsements and exclusions

So, you’re on your way to building a policy with a reputable insurer, set at the right levels and fulfilling all of your requirements – what else should you look out for?

Insurers will often place certain conditions on a policy called endorsements and exclusions. You’ll usually find these highlighted or listed on your schedule and they can alter things that you might expect to be covered normally. For instance; you may find a flood exclusion means the stock cover you took out won’t apply if it gets damaged in a flood.

Bear in mind that as well as exclusions, other conditions may exist on the policy. Perhaps you’re required to carry out regular training, stock checks, audits and the like. You will only know by asking or carefully checking through your policy.

Ask where the added value is

Finally, you’ve found two policies that cover everything you need, both from reputable insurers and at prices that are almost the same. How do you choose between them?

A good way would be to search for the added value in the policies. Many insurers will include extras such as –

• Legal advice lines for tax and HR enquiries

• Seasonal stock increases

• Personal accident cover (in case you get injured and can’t work)

• Goods in transit cover

In short, take your time when choosing a policy and ask as many questions as possible. Although insuring your business can seem like a nuisance and something you want to get over and done with quickly, it’s important to invest ample time in picking that first policy – it’ll potentially provide greater security and peace of mind for years to come.To get your quote click here