London entrepreneurs face a bill of almost £30,000 to start their business according to new figures
London entrepreneurs face a bill of almost £30,000 to start a business, according to enterprise finance provider LDF.
In a survey of 850 small and medium sized businesses, LDF found that starting a business in London is less expensive than seven other UK cities.
However, the bill of £28,742 faced by an average London entrepreneur still dwarfs the costs for their peers in the cheapest location found by LDF – Newcastle.
Businesses by the Tyne often more than £10,000 less to get off the ground, at just £17,008.
But Londoners and Geordies alike will be thrilled to avoid the costs faced by businesses in Manchester, which is the most expensive place to launch a business, with an average cost of £44,733.
The research also highlighted which industries need the most cash to start a business, finding that costs for leisure and motoring startups dramatically outweigh those many other sectors at £79,137 and £64,948 respectively.
By contrast, marketing, communications and design businesses all saw startup costs of less than £7,000.
THE FULL CITY RANKINGS
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Manchester £44,733
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Glasgow £41,936
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Norwich £39,910
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Brighton £30,901
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Bristol £30,895
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Birmingham £30,817
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Plymouth £29,784
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London £28,742
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Nottingham £27,236
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Belfast £23,164
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Edinburgh £22,990
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Sheffield £21,490
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Leeds £20,755
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Cardiff £19,569
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Liverpool £18,880
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Southampton £17,965
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Newcastle £17,008